Sea
SE · NYSEServices-Miscellaneous Business Services · Fiscal year ends Dec 31
Sea reported revenue of $19.6B in the fiscal year ended Dec 2025, up 33.2% from the year before. Operating income was $2B, an operating margin of 10.1%, and net income was $1.6B. Operating cash flow of $5B less capital expenditure of $514M left free cash flow of $4.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $10B | $12.4B | $11.5B | $14.7B | $19.6B |
| Cost of revenue | $6.1B | $7.3B | $7.2B | $9.6B | $12.7B |
| Gross profit | $3.9B | $5.2B | $5.8B | $7.2B | $10.2B |
| Research & development | $832M | $1.4B | $1.2B | $1.2B | $1.2B |
| Operating income | −$1.6B | −$1.5B | $225M | $662M | $2B |
| Interest expense | $137M | $45M | $41M | $38M | $34M |
| Pre-tax income | −$1.7B | −$1.5B | $432M | $779M | $2.3B |
| Income tax | $333M | $168M | $263M | $321M | $651M |
| Net income | −$2B | −$1.7B | $151M | $444M | $1.6B |
| Diluted EPS | −3.84 | −2.96 | 0.25 | 0.74 | 2.52 |
| Diluted shares | 533M | 558M | 594M | 605M | 638M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $9.2B | $6B | $2.8B | $2.4B | $4.2B |
| Receivables | $388M | $269M | $263M | $307M | $378M |
| Inventory | $117M | $110M | $125M | $143M | $223M |
| Current assets | $15.1B | $12.7B | $11.8B | $16.9B | $23.2B |
| Net PP&E | $1B | $1.4B | $1.2B | $1.1B | $1.3B |
| Goodwill | $540M | $230M | $113M | $108M | $104M |
| Total assets | $18.8B | $17B | $18.9B | $22.6B | $29.4B |
| Payables | $214M | $259M | $343M | $350M | $468M |
| Deferred revenue | $2.6B | $1.5B | $1.2B | $1.4B | $2B |
| Current liabilities | $7.2B | $6.9B | $8.2B | $11.3B | $14.7B |
| Total liabilities | $11.3B | $11.2B | $12.2B | $14.1B | $16.7B |
| Shareholders' equity | $7.4B | $5.7B | $6.6B | $8.4B | $12.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $209M | −$1.1B | $2.1B | $3.3B | $5B |
| Capital expenditure | $772M | $924M | $242M | $318M | $514M |
| Free cash flow | −$564M | −$2B | $1.8B | $3B | $4.5B |
| Depreciation & amortisation | $279M | $428M | $441M | $390M | $372M |
| Stock-based compensation | $470M | $706M | $685M | $716M | $625M |
| Acquisitions | $23M | $61M | $0 | $0 | – |
| Share buybacks | – | – | $0 | $0 | $14M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 25.1% | −8.0% | 28.6% | 33.2% |
| Operating income growth (YoY) | – | – | – | 194.6% | 199.8% |
| EPS growth (YoY) | – | – | – | 196.0% | 240.5% |
| Gross margin | 39.1% | 41.6% | 50.9% | 48.9% | 52.2% |
| Operating margin | −15.9% | −11.9% | 2.0% | 4.5% | 10.1% |
| Net margin | −20.6% | −13.3% | 1.3% | 3.0% | 8.0% |
| Return on equityBlank when equity is negative | −27.7% | −28.9% | 2.3% | 5.3% | 12.6% |
| ROCEEBIT ÷ (assets − current liabilities) | −13.7% | −14.8% | 2.1% | 5.8% | 13.5% |
| Free cash flow margin | −5.7% | −15.9% | 16.0% | 20.1% | 23.0% |
| Cash conversion (CFO ÷ net income) | −0.10x | 0.64x | 13.8x | 7.38x | 3.18x |
| Receivable days | 14 | 8 | 8 | 8 | 7 |
| Inventory days | 7 | 6 | 6 | 5 | 6 |
| Payable days | 13 | 13 | 17 | 13 | 13 |
| Interest cover | −11.6x | −32.8x | 5.47x | 17.3x | 59.1x |
| Current ratio | 2.11x | 1.83x | 1.44x | 1.49x | 1.58x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.