Annual revenue rose from $9.96B (FY2021) to $16.82B (FY2024) and accelerated to $22.94B in FY2025, driven by Shopee and Monee.

Revenue Growth Trajectory: FY2021–FY2025

Sea Limited's reported revenue trajectory from FY2021 to FY2024 materially exceeds an often-cited 15.5% compound annual growth rate. According to Sea's annual filings and MacroTrends data, the company generated $9.955 billion in FY2021 and $16.820 billion in FY2024, yielding a three-year CAGR of 19.1% — 360 basis points higher than the widely repeated estimate of 15.5% (which would have required FY2024 revenue of only $13.11 billion).

The growth rate has since accelerated. FY2025 revenue reached $22.938 billion, a 36.4% year-over-year increase from FY2024. Measured over a two-year period from FY2023 ($13.064 billion), the CAGR stands at 29.5%. This sequential acceleration — from 4.9% growth in FY2023 to 28.8% in FY2024 to 36.4% in FY2025 — reflects the compounding impact of Sea's three operating segments reaching simultaneous positive momentum.

Quarterly data confirm the trend was consistent throughout FY2025. Sea reported $4.841 billion in Q1, $5.259 billion in Q2, $5.986 billion in Q3, and $6.852 billion in Q4, each quarter setting a new record.

Revenue (USD Bn) (USD Bn)Source: Orionmano Industries

Segment Performance in FY2025

All three of Sea's business segments delivered double-digit GAAP revenue growth in FY2025, with the e-commerce and fintech divisions acting as the primary drivers.

Shopee (E-commerce): GAAP revenue rose 33.9% year-over-year to $14.5 billion, up from $10.9 billion in FY2024. The segment served 400 million active buyers and 20 million sellers, generating $127 billion in gross merchandise value (GMV) for the full year. Shopee's adjusted EBITDA improved substantially to $880.6 million, up from $155.8 million in FY2024, reflecting operating leverage in a scale-intensive business.

Monee (Fintech): GAAP revenue increased 60.1% to $3.8 billion, up from $2.4 billion in FY2024, driven by loan book expansion. Monee's loan book surpassed $9 billion, with the platform adding over 20 million new borrowers during the year. The non-performing loan (NPL) ratio remained stable at 1.1%, a critical metric for credit-driven revenue growth. Adjusted EBITDA reached $1.0 billion, making Monee Sea's second-most profitable segment by absolute EBITDA contribution.

Garena (Digital Entertainment): GAAP revenue grew 26.1% to $2.4 billion, up from $1.9 billion in FY2024, reversing two years of revenue decline. Bookings — a leading indicator that includes deferred revenue — grew 37% year-over-year to $2.9 billion, with Garena's flagship title Free Fire sustaining over 100 million daily active users. Adjusted EBITDA for the segment was $1.7 billion.

Sales of Goods: This segment, which includes non-e-commerce retail activity, grew 30.0% to $2.0 billion from $1.6 billion in FY2024.

%Source: Orionmano Industries

Profitability Inflection and Valuation Implications

The revenue acceleration has been accompanied by a pronounced earnings inflection. Net income jumped from $447.8 million in FY2024 to $1.61 billion in FY2025, a 259.7% increase. This translates to a net income margin expansion from 5.1% in FY2024 to an estimated 9.8% in FY2025, according to TIKR analysis of Sea's filings.

Adjusted EBITDA rose 75.2% to $3.44 billion in FY2025, outpacing revenue growth by nearly 39 percentage points, indicating that each of Sea's segments is achieving improving unit economics. Gross profit grew 42.2% to $10.2 billion, versus revenue growth of 36.4%, producing gross margin expansion of roughly 180 basis points.

The market has not fully priced in this profit trajectory. As of late February 2026, Sea traded at $108.45 per share, with a 52-week range of $99.50 to $199.30. Analyst consensus tracks 26 buy and 5 outperform ratings against only 2 holds, with a mean price target of $181.49 — implying 67.3% upside from $108.45, according to TIKR's compilation. The analyst target spread, ranging from a low of $137.00 to a high of $226.00, reflects divergent views on Monee's credit cycle risk.

TIKR's mid-case discounted cash flow model targets $191.89, assuming an 18.9% revenue CAGR through 2030 and EPS growth of 32% annually. This implies a 76.9% total return from current levels at a 16% annualized internal rate of return. The bull case hinges on Monee sustaining its 70% loan book growth trajectory without NPL deterioration; the bear case assumes regulatory tightening in Southeast Asian digital finance markets.

With all three segments delivering double-digit growth, net income margins expanding, and Garena's bookings recovering to 2021 levels, Sea is positioned to sustain a 20%+ revenue CAGR through FY2028, provided Monee's credit quality remains stable and regulatory risks in Southeast Asia stay contained. The FY2025 results demonstrate that the company's transition from growth-at-all-costs to profitable scaling is operationally grounded and financially measurable.