Sea Q2 revenue beats, Shopee outlook raised

Sea Limited reported total GAAP revenue of US$7.8 billion for the second quarter of 2026, representing a year-on-year increase of about 48%. The result exceeded analyst estimates, highlighting continued expansion across the company’s businesses. Net income for the quarter was US$458.1 million, up approximately 10.6% compared with the same period a year earlier.

Consolidated adjusted EBITDA reached about US$917.2 million in the quarter, also increasing roughly 10.6% year-on-year. The combination of solid top-line growth and higher profitability underscored the company’s ability to scale while maintaining earnings momentum. Management noted that the momentum observed in the first quarter carried through into the second quarter.

Shopee, Sea’s e-commerce arm, was a key contributor to the quarterly performance. The segment generated about US$5.6 billion in revenue in the second quarter of 2026, a rise of roughly 48.2% year-on-year. This growth rate closely matched the consolidated revenue expansion, emphasizing the central role of e-commerce in the group’s overall results.

Shopee’s adjusted EBITDA was reported at about US$255.4 million for the quarter, up around 12.2% year-on-year. The improvement signaled ongoing progress in balancing rapid growth with profitability. These results formed a major basis for management’s decision to revise the segment’s profit outlook for the full year.

Sea raised its full-year 2026 adjusted-EBITDA outlook for Shopee to US$1.0 billion. The company had previously guided to at least US$880.6 million for Shopee adjusted EBITDA, and the new target reflects confidence in the sustainability of recent performance. Management linked the higher guidance to the strong first-half showing, including the continuation of positive momentum into the second quarter.

Following the release of the quarterly results and the upgraded Shopee outlook, Sea’s shares moved higher in pre-market trading. The market reaction aligned with the combination of a revenue beat, growing net income, and increased profit expectations for the core e-commerce business. Together, these developments positioned the company with a stronger earnings and guidance profile heading into the remainder of 2026.