Often called Southeast Asia's 'mini Tencent' $Sea(SE.US) reported Q2 FY26 on Aug 11. Growth across its three segments was strong and ahead of expectations, and the key e-commerce unit saw margins continue to expand.

Q2 total revenue was $7.8bn (+48% YoY). Shopee GMV rose 28% to $38.3bn, with Adj. EBITDA of $255mn, and management reiterated a full-year target of >$1bn.

However, they flagged FX headwinds as many local currencies weakened and noted a higher GMV base in Q3–Q4. Full-year GMV growth guidance remains ~25%, with execution focused on fulfillment, ShopeeVIP, and ad monetization.

Below is Dolphin Research's Trans of $Sea(SE.US) FY26Q1 earnings call.

Often dubbed Southeast Asia's 'mini Tencent', $Sea(SE.US) reported Q1 2026 results pre-market on May 12 (U.S. time). The quarter was solid, with revenue growth and profit delivery both beating estimates.

Below is Dolphin Research's FY25 Q4 earnings call Trans for $Sea(SE.US).

Often dubbed Southeast Asia's Tencent, $Sea(SE.US) reported Q4 results premarket on Mar 3. It was a familiar split: core e-commerce and fintech posted strong, above-consensus growth, while profits across segments missed as investment ramped. With the market prioritizing profitability over growth, the stock sold off sharply again.

The following are the minutes of the $Sea(SE.US) FY25Q3 earnings call organized by Dolphin Research. For the earnings interpretation, please refer to "SEA: The Unchanged Answer Sheet Can't Compete with the Market's 'Changed Heart'." 1. Review of Core Financial Data Performance Overview: The company's total revenue for the third quarter of 2025 was $6 billion, an increase of 38% year-on-year; all three major business segments performed strongly: the e-commerce platform Shopee's GMV increased by 28% year-on-year; digital financial services revenue increased by 61% year-on-year, with loan balances up 70% year-on-year to $7.9 billion; digital entertainment bookings revenue increased by 51% year-on-year...

The Southeast Asian Little Tencent, $Sea(SE.US), delivered its Q3 earnings report on the evening of November 11, before the U.S. stock market opened. In summary, this quarter's performance is a mix of highlights and shortcomings. Firstly, growth remains very strong, with revenue and business growth across the three major segments exceeding expectations. However, as the company has started to focus more on growth rather than profit, with gross margins narrowing quarter-on-quarter and expenses maintaining high growth, the profit margins of each segment have marginally deteriorated this quarter. Specifically: 1. GMV remains strong...

The following are the minutes of the FY25Q2 earnings call for $Sea(SE.US) organized by Dolphin Research. For an interpretation of the earnings report, please refer to "SEA: Has the Southeast Asian Mini Tencent Completely 'Taken Off'?" 1. Review of Core Financial Information 2. Detailed Content of the Earnings Call 2.1 Key Information from Management Statements 1. Strategic Focus: a. Continue to prioritize growth by expanding potential markets and increasing market share, aiming for long-term profit maximization. While pursuing growth, improve profitability through strict cost control and efficiency enhancement. b. Confidence in the second half of 2025 and beyond...

The Southeast Asian Little Tencent, $Sea(SE.US), delivered another very strong second-quarter report on the evening of August 12th before the U.S. stock market opened. The growth of core indicators under its two main segments—GMV and loan balance—far exceeded expectations, with the growth side performing exceptionally well. However, due to a resurgence in expenses, the profit margins of various segments generally declined quarter-on-quarter this season. Yet, due to the strong growth, the final profit still beat expectations, with the positives outweighing the negatives. Key points are as follows: 1. Explosive GMV growth, the biggest highlight: The most critical indicator of the most crucial segment—Shopee GMV saw a year-on-year increase of 28% this season...