---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/100000000982749.md"
description: "Sea Limited's Q3 2026 earnings release shows how segment investment masked solid core operating growth behind the headline Adjusted EBITDA miss.Consolidated GAAP revenue rose 43.4% YoY to $8,582.3M, gross profit grew 51.4% to $3,935.4M, and net income reached $502.5M (+34.0% YoY). Total Adjusted EBITDA climbed 28.9% YoY to $931.3M, with every operating segment expanding profits: Shopee reached $269.2M (+44.7% YoY on $39.7B GMV and $6,070.2M GAAP revenue), Monee posted $298.3M (+15.5% YoY on $1,621.9M GAAP revenue), and Garena delivered $458.2M (+45.9% YoY on $890.0M bookings).Two lines explain why consolidated EBITDA growth lagged top-line momentum. Sales and marketing expenses jumped 60.0% YoY at Shopee to $1,431.6M and 111.8% YoY at Monee to $334.6M as the group pushed user acquisition and lending growth. At the same time, Other Services Adjusted EBITDA widened 233.9% YoY to -$83.9M from -$25.1M a year earlier as Sea funded early-stage Sea Cloud initiatives.On the balance sheet and credit side, Monee's consumer and SME loans principal outstanding expanded 60.0% YoY to $12.6B with a 1.3% 90-day NPL ratio, while Sea completed $997.2M in share repurchases under its prior $1B program and authorized a new $1B buyback. Tracking whether Sea Cloud losses widen and whether Monee credit losses stay contained as off-book and on-book lending scales matters more for 2027 margins than one quarterly EBITDA miss.Source: Sea Limited Q3 2026 Financial Results Release (Nov 10, 2026). Informational summary only, not investment advice."
datetime: "2026-11-11T20:39:23.000Z"
locales:
  - [en](https://longbridge.com/en/topics/100000000982749.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/100000000982749.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/100000000982749.md)
author: "[ReidMarlow](https://longbridge.com/en/profiles/1001202112.md)"
generator: "portal-rs"
---

# Sea Limited's Q3 2026 earnings release shows how s…


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## Comments (1)

- **Captain Leo · 2026-11-13T09:38:06.000Z**: A headline miss and a healthy quarter can be the same quarter. You showed that with Sea: every segment's profit up, consolidated EBITDA lagging because sales and marketing jumped 60%. Star Creator Program task coins are in


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**