Sea Limited (SE) annual results, year to 31 December 2025: revenue USD 22,938 million, from the 20-F
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.
The year to 31 December 2025, against the year before
| Year to | Dec 2024 | Dec 2025 |
|---|---|---|
| Revenue | 16,820 | 22,938 |
| Cost of sales | 9,615 | 12,695 |
| Gross profit | 7,205 | 10,244 |
| Research and development | 1,206 | 1,157 |
| Operating profit | 662 | 1,985 |
| Profit before tax | 779 | 2,281 |
| Income tax | 321 | 651 |
| Profit for the year | 448 | 1,611 |
| Profit attributable to shareholders | 444 | 1,578 |
| Filing | 20-F | 20-F |
USD million, from the 20-F on the SEC's EDGAR, linked in the last row, 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.
USD per ordinary share, as filed.
Cash flow
| Year to | Dec 2024 | Dec 2025 |
|---|---|---|
| Cash from operations | 3,277 | 5,025 |
| Purchase of property, plant and equipment | 318 | 514 |
| Free cash flow | 2,959 | 4,511 |
| Filing | 20-F | 20-F |
USD million. Free cash flow is cash from operations less the purchase of property, plant and equipment, arithmetic on the two filed lines.
Balance sheet at year end
| Year to | Dec 2024 | Dec 2025 |
|---|---|---|
| Total assets | 22,625 | 29,371 |
| Equity attributable to shareholders | 8,372 | 12,527 |
| Cash and cash equivalents | 2,405 | 4,159 |
| Trade and other receivables | 307 | 378 |
| Inventories | 143 | 223 |
| Goodwill | 108 | 104 |
| Filing | 20-F | 20-F |
USD million, at each fiscal year end.
Ratios on the filed lines
| Year to | Dec 2024 | Dec 2025 |
|---|---|---|
| Gross margin | 42.8% | 44.7% |
| Operating margin | 3.9% | 8.7% |
| Net margin | 2.6% | 6.9% |
| Free cash flow margin | 17.6% | 19.7% |
| Return on year-end equity | 5.3% | 12.6% |
| Effective tax rate | 41.2% | 28.5% |
| Filing | 20-F | 20-F |
Arithmetic on the filed lines of the same year.
Every annual report here
- Year to 31 December 2025, this page
- Year to 31 December 2024
- Year to 31 December 2023
- Year to 31 December 2022
- Year to 31 December 2021
- Year to 31 December 2020
- Year to 31 December 2019
- Year to 31 December 2018
- Year to 31 December 2017
- Year to 31 December 2016
- Year to 31 December 2015
Source
20-F for the year to 31 December 2025, filed 17 April 2026, accession 0001140361-26-015366: the filing on EDGAR. All of Sea Limited's filings: EDGAR company page. The figures are in US dollars as filed.
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