Sea (SE) financial statements
Sea reported revenue of $19.6B in fiscal 2025, up 56.6% a year over 9 years.
Net income was $1.6B and the operating margin 10.1%, against -59.4% in 2016.
Free cash flow was $4.5B, and the company returned $14M in net buybacks.
The diluted share count rose 273% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Sea's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $346M | $414M | $827M | $2.2B | $4.4B | $10.0B | $12.4B | $11.5B | $14.7B | $19.6B |
| Cost of revenue | $233M | $327M | $812M | $1.6B | $3.0B | $6.1B | $7.3B | $7.2B | $9.6B | $12.7B |
| Gross profit | $113M | $87M | $15M | $605M | $1.3B | $3.9B | $5.2B | $5.8B | $7.2B | $10.2B |
| Research and development | $21M | $29M | $68M | $157M | $354M | $832M | $1.4B | $1.2B | $1.2B | $1.2B |
| Selling, general and admin | $300M | $564M | $946M | $1.4B | $2.4B | $4.8B | $4.7B | $3.9B | $4.7B | $5.8B |
| Operating income | -$205M | -$502M | -$989M | -$891M | -$1.3B | -$1.6B | -$1.5B | $225M | $662M | $2.0B |
| Interest expense | $23,000 | $27M | $31M | $48M | $124M | $137M | $45M | $41M | $38M | $34M |
| Pre-tax income | -$197M | -$549M | -$954M | -$1.4B | -$1.5B | -$1.7B | -$1.5B | $432M | $779M | $2.3B |
| Income tax | $9M | $11M | $4M | $86M | $142M | $333M | $168M | $263M | $321M | $651M |
| Net income | -$223M | -$560M | -$961M | -$1.5B | -$1.6B | -$2.0B | -$1.7B | $151M | $444M | $1.6B |
| EPS (diluted) | -$1.30 | -$2.72 | -$2.84 | -$3.35 | -$3.39 | -$3.84 | -$2.96 | $0.25 | $0.74 | $2.52 |
| Diluted shares | 171M | 206M | 338M | 437M | 477M | 533M | 558M | 594M | 605M | 638M |
| Gross margin | 32.7% | 21.1% | 1.8% | 27.8% | 30.8% | 39.1% | 41.6% | 50.9% | 48.9% | 52.2% |
| Operating margin | -59.4% | -121.3% | -119.6% | -41.0% | -29.8% | -15.9% | -11.9% | 2.0% | 4.5% | 10.1% |
| Net margin | -64.5% | -135.3% | -116.2% | -67.2% | -37.0% | -20.6% | -13.3% | 1.3% | 3.0% | 8.0% |
Balance sheet
Fiscal years, from Sea's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $170M | $1.4B | $1.0B | $3.2B | $6.3B | $10.2B | $6.9B | $5.4B | $8.6B | $10.6B |
| Receivables | $35M | $62M | $98M | $187M | $363M | $388M | $269M | $263M | $307M | $378M |
| Inventory | $4M | $10M | $38M | $27M | $64M | $117M | $110M | $125M | $143M | $223M |
| Total current assets | $310M | $1.7B | $1.7B | $4.4B | $8.9B | $15.1B | $12.7B | $11.8B | $16.9B | $23.2B |
| Property, plant and equipment | $31M | $74M | $192M | $319M | $386M | $1.0B | $1.4B | $1.2B | $1.1B | $1.3B |
| Goodwill | — | $31M | $31M | $31M | $216M | $540M | $230M | $113M | $108M | $104M |
| Total assets | $486M | $2.0B | $2.2B | $5.2B | $10.5B | $18.8B | $17.0B | $18.9B | $22.6B | $29.4B |
| Total current liabilities | $264M | $638M | $1.2B | $2.4B | $4.6B | $7.2B | $6.9B | $8.2B | $11.3B | $14.7B |
| Total liabilities | $406M | $1.5B | $2.4B | $4.1B | $7.0B | $11.3B | $11.2B | $12.2B | $14.1B | $16.7B |
| Shareholders' equity | -$126M | $469M | -$243M | $1.2B | $3.4B | $7.4B | $5.7B | $6.6B | $8.4B | $12.5B |
| Net debt | -$170M | -$1.3B | -$1.0B | -$3.1B | -$6.2B | -$9.2B | -$6.0B | -$2.8B | -$2.4B | -$4.2B |
Cash flow
Fiscal years, from Sea's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$102M | -$259M | -$495M | $70M | $556M | $209M | -$1.1B | $2.1B | $3.3B | $5.0B |
| Capital spending | $17M | $67M | $177M | $240M | $336M | $772M | $924M | $242M | $318M | $514M |
| Free cash flow | -$119M | -$327M | -$673M | -$170M | $220M | -$564M | -$2.0B | $1.8B | $3.0B | $4.5B |
| Stock-based compensation | $29M | $29M | $58M | $117M | $290M | $470M | $706M | $685M | $716M | $625M |
| Share buybacks (net) | — | — | — | — | — | — | — | $0 | $0 | -$14M |
| Net borrowing | — | — | — | $868,000 | $1M | $115M | $49M | $0 | $0 | — |
| Free cash flow margin | -34.4% | -78.9% | -81.3% | -7.8% | 5.0% | -5.7% | -15.9% | 16.0% | 20.1% | 23.0% |
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Open SE in InvestinglyQuestions
What was Sea's revenue in 2025?
$19.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Sea generate?
$4.5B in fiscal 2025 (operating cash flow minus capital spending).
From Sea's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.