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Sea Limited (SE)

Sea Limited files a 20-F with the SEC once a year, in US dollars. In the year to 31 December 2025 it reported revenue of USD 22,938 million, up 36.4% on the year before. Its profit attributable to shareholders was USD 1,578 million, up 255.2%, and diluted earnings per share USD 2.52.

Earnings per share are per ordinary share, in US dollars. The share that trades in the US can be a depositary share standing for more or fewer ordinary shares, so no price ratio is worked out on this page.

The public record on SE

Planned insider sales28 Form 144 notices in twelve months, $1.54 billion; latest 15 September 2026
Options tapeput/call 0.9 by open interest on 26 September 2026; the straddle prices a 4.5% move to 2 October 2026
Holders17 of the followed funds hold it; largest Baillie Gifford; 3 Schedule 13D or 13G filings in twelve months
Congress1 House trade disclosed in six months
Short interest10.9 million shares short, 3.24 days to cover at 15 September 2026

Profit and loss, 11 fiscal years

Year toDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019Dec 2018Dec 2017Dec 2016Dec 2015
Revenue22,93816,82013,06412,4509,9554,3762,175827414346292
Cost of sales12,6959,6157,2307,2646,0593,0271,570812327233184
Gross profit10,2447,2055,8345,1853,8961,34960514.887.3113108
Research and development1,1571,2061,1641,37783235415767.529.320.817.7
Operating profit1,985662225-1,488-1,583-1,303-891-989-502-205-83.1
Profit before tax2,281779432-1,501-1,715-1,483-1,369-954-549-197-87.5
Income tax65132126316833314285.94.110.78.511.7
Profit for the year1,611448163-1,658-2,043-1,624-1,458-961-561-225-107
Profit attributable to shareholders1,578444151-1,651-2,047-1,618-1,463-961-560-223-103

USD million, from each year's annual report on the SEC's EDGAR, the year linked to its filing, on the US GAAP tags the company filed. A line the company does not file under the standard tag is left out rather than estimated. Profit for the year includes the part that belongs to minority shareholders; profit attributable to shareholders is the part EPS is struck on.

Year toDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019Dec 2018Dec 2017Dec 2016Dec 2015
Diluted EPS2.520.740.25-2.96-3.84-3.39-3.35-2.84-2.72-1.30-0.63
Basic EPS2.650.770.27-2.96-3.84-3.39-3.35n/an/an/an/a

USD per ordinary share, as filed.

Cash flow

Year toDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019Dec 2018Dec 2017Dec 2016Dec 2015
Cash from operations5,0253,2772,080-1,05620955669.9-495-259-102n/a
Purchase of property, plant and equipment51431824292477233624017767.417.025.8
Free cash flow4,5112,9591,838-1,980-564220-170-673-327-119n/a

USD million. Purchase of property, plant and equipment is the cash line as filed; purchases of intangible assets and acquisitions are not in it. Free cash flow is cash from operations less that purchase, arithmetic on the two filed lines.

Balance sheet at year end

Year toDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019Dec 2018Dec 2017Dec 2016Dec 2015
Total assets29,37122,62518,88317,00318,75610,4565,2242,1931,988486n/a
Equity attributable to shareholders12,5278,3726,5945,7167,3993,3831,162-243469-12673.7
Cash and cash equivalents4,1592,4052,8116,0309,2486,1673,1191,0031,347170116
Borrowings, as filedn/an/an/an/an/a0.01.61.92.0n/an/a
Trade and other receivables37830726326938836318797.861.835.1n/a
Inventories22314312511011764.226.937.79.83.9n/a
Goodwill10410811323054021631.031.031.0n/an/a

USD million, at each fiscal year end. Borrowings is the company's own stated total where it files one; it is never added up from its parts here.

Ratios on the filed lines

Year toDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019Dec 2018Dec 2017Dec 2016Dec 2015
Gross margin44.7%42.8%44.7%41.6%39.1%30.8%27.8%1.8%21.1%32.7%36.9%
Operating margin8.7%3.9%1.7%-11.9%-15.9%-29.8%-41.0%-119.6%-121.3%-59.4%-28.4%
Net margin6.9%2.6%1.2%-13.3%-20.6%-37.0%-67.2%-116.2%-135.3%-64.5%-35.4%
Free cash flow margin19.7%17.6%14.1%-15.9%-5.7%5.0%-7.8%-81.3%-78.9%-34.4%n/a
Return on year-end equity12.6%5.3%2.3%-28.9%-27.7%-47.8%-125.8%n/a-119.5%n/a-140.3%
Effective tax rate28.5%41.2%60.8%n/an/an/an/an/an/an/an/a

Arithmetic on the filed lines of the same year: margins over revenue, return on equity as profit attributable to shareholders over year-end equity, tax over profit before tax.

Annual reports on EDGAR

FormYear toFiled
20-F31 December 202517 April 2026EDGAR
20-F31 December 202417 April 2025EDGAR
20-F31 December 202326 April 2024EDGAR
20-F31 December 20226 April 2023EDGAR
20-F31 December 202122 April 2022EDGAR
20-F31 December 202016 April 2021EDGAR
20-F31 December 201914 April 2020EDGAR
20-F31 December 20181 March 2019EDGAR
20-F31 December 201711 April 2018EDGAR

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