Sea Limited
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $22.94B | $16.82B | $13.06B | $12.45B | $9.96B | $4.38B | $2.18B | $827.0M |
| Cost of Revenue | $12.69B | $9.61B | $7.23B | $7.26B | $6.06B | $3.03B | $1.57B | $812.2M |
| Gross Profit | $10.24B | $7.21B | $5.83B | $5.19B | $3.90B | $1.35B | $604.9M | $14.8M |
| Gross Margin | 44.7% | 42.8% | 44.7% | 41.6% | 39.1% | 30.8% | 27.8% | 1.8% |
| Operating Expenses | ||||||||
| Research & Development | $1.16B | $1.21B | $1.16B | $1.38B | $831.7M | $353.8M | $156.6M | $67.5M |
| SG&A Expense | $1.36B | $1.27B | $1.13B | $1.44B | $987.9M | $599.7M | $385.9M | $240.8M |
| Operating Income | $1.99B | $662.2M | $224.8M | $-1.49B | $-1.58B | $-1.30B | $-891.2M | $-988.8M |
| Operating Margin | 8.7% | 3.9% | 1.7% | -11.9% | -15.9% | -29.8% | -41.0% | -119.6% |
| Interest Expense | $33.6M | $38.3M | $41.1M | $45.4M | $136.9M | $123.8M | $48.2M | $31.3M |
| Pretax Income | $2.28B | $778.8M | $432.4M | $-1.50B | $-1.72B | $-1.48B | $-1.37B | $-953.9M |
| Income Tax Expense | $651.1M | $321.2M | $262.7M | $168.4M | $332.9M | $141.6M | $85.9M | $4.1M |
| Net Income | $1.58B | $444.3M | $150.7M | $-1.65B | $-2.05B | $-1.62B | $-1.46B | $-961.2M |
| Net Margin | 6.9% | 2.6% | 1.2% | -13.3% | -20.6% | -37.0% | -67.2% | -116.2% |
| EPS (Basic) | $2.65 | $0.77 | $0.27 | $-2.96 | $-3.84 | $-3.39 | $-3.35 | $-2.84 |
| EPS (Diluted) | $2.52 | $0.74 | $0.25 | $-2.96 | $-3.84 | $-3.39 | $-3.35 | $-2.84 |
| Shares Outstanding (Basic) | 595.0M | 575.0M | 566.6M | 558.1M | 532.7M | 477.3M | 436.6M | — |
| Shares Outstanding (Diluted) | 638.2M | 604.7M | 594.4M | 558.1M | 532.7M | 477.3M | 436.6M | — |
| Dividends Per Share | — | — | — | — | — | — | — | — |