Sea Limited 2026年一季度GAAP收入为71亿美元,同比增长46.6%,高于已给出的约64亿至66.1亿美元收入预期;但净利润仅增长6.7%,利润率压力仍是焦点。[2][18][23][29] Shopee一季度GAAP收入为51亿美元,同比增长45.1%,公司称GMV、总订单量和收入均创新高;但现有来源没有披露Q1 Shopee GMV的具体美元金额。[2][39] Monee贷款本金余额升至99亿美元,Garena bookings同比和环比均增长,说明Sea的增长并非只靠Shopee单一业务拉动。[39]

Create a landscape editorial hero image for this Studio Global article: What were Sea Limited’s Q1 2026 earnings results, and how did its revenue, net income, Shopee GMV, Garena performance, Monee loan growth, an. Article summary: Sea Limited’s Q1 2026 results were stronger than the available consensus expectations on revenue, with GAAP revenue of $7.1 billion versus an expected $6.4 billion, while net income still grew year over year but much mor. Topic tags: general, news, general web, user generated. Reference image context from search candidates: Reference image 1: visual subject "Sea Limited (NYSE: SE) is scheduled to release its first-quarter 2026 financial results before the U.S. market opens on Monday, May 12, 2026. According to Yahoo Finance’s analyst c" source context "Sea Limited Q1 Earnings Preview: What to Expect | AskTraders.com %" Reference image 2: visual subject "Sea Lim
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Sea Limited 2026年一季度GAAP收入为71亿美元,同比增长46.6%,高于已给出的约64亿至66.1亿美元收入预期;但净利润仅增长6.7%,利润率压力仍是焦点。[2][18][23][29]
Sea Limited 2026年一季度GAAP收入为71亿美元,同比增长46.6%,高于已给出的约64亿至66.1亿美元收入预期;但净利润仅增长6.7%,利润率压力仍是焦点。[2][18][23][29] Shopee一季度GAAP收入为51亿美元,同比增长45.1%,公司称GMV、总订单量和收入均创新高;但现有来源没有披露Q1 Shopee GMV的具体美元金额。[2][39]
Monee贷款本金余额升至99亿美元,Garena bookings同比和环比均增长,说明Sea的增长并非只靠Shopee单一业务拉动。[39]
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打开相关页面In the first quarter of 2026, Sea's GAAP revenue was US$7.1 billion, up 46.6% year-on-year. The Company also achieved gross profit of US$3.1 billion, up 40.7% year-on-year, and net income of US$438.2 million, up 6.7% year-on-year. Adjusted EBITDA1 increased...
Shopee’s 2025 GAAP revenue was US$16.6 billion with adjusted EBITDA of US$880.6 million, Monee generated US$3.8 billion of revenue and US$1.0 billion of adjusted EBITDA, and Garena delivered bookings of US$2.9 billion and adjusted EBITDA of US$1.7 billion....
“2025 has been a great year for Sea. All our businesses scaled well, exceeding our initial growth expectations. This broad-based robust growth is healthy and sustainable, underpinned by the growing scale of users that we serve. In 2025, Shopee served around...
In the first quarter of 2026, Sea's GAAP revenue was US$7.1 billion, up 46.6% year-on-year. The Company also achieved gross profit of US$3.1 billion, up 40.7% year-on-year, and net income of US$438.2 million, up 6.7% year-on-year. Adjusted EBITDA 1 increase...
| 毛利润 | 31亿美元 | +40.7% | 绝对金额增加,但增速低于收入。[ |
| 净利润 | 4.382亿美元 | +6.7% | 公司保持盈利,但盈利增速明显落后于收入。[ |
| 调整后EBITDA | 10亿美元 | +9.3% | 经营层面的盈利增长为正,但与收入跃升相比偏温和。[ |
财报前,AskTraders援引Yahoo Finance一致预期称Sea一季度收入预期为64亿美元,Longbridge给出的收入预期为64.555亿美元,FXEmpire给出的预期为66.1亿美元。[18][
23][
29] 以实际公布的71亿美元计算,Sea的收入大致高出这些预期5亿至7亿美元。[
2][
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但每股收益(EPS)是否也同样超预期,现有材料不能下结论。财报前,多项来源给出的Q1 EPS预期大约在0.70美元至0.77美元之间;不过,本次可用的Q1公告片段披露的是净利润,并没有提供可核验的Q1 EPS数据,MarketBeat页面也显示Actual EPS和Beat/Miss为N/A。[2][
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Sea一季度最醒目的增长引擎仍是Shopee。公司Q1演示材料显示,Shopee GAAP收入为51亿美元,同比增长45.1%,环比增长2.8%。[39] Sea还表示,Shopee在GMV、总订单量和收入上都创下新高,同时保持财务纪律。[
2]
这里有一个关键边界:现有Q1来源没有给出Shopee本季度GMV的具体美元金额。因此,更准确的说法是,Shopee的GMV创下新高,但无法从这组来源中确认2026年Q1的具体GMV数值。[2][
39]
从基数看,Shopee已经不是小规模业务。Sea称,2025年Shopee服务了约4亿活跃买家和2000万卖家。[9] 另据Sea 2025年相关材料,管理层曾将2026年Shopee GMV增长目标定在约25%,同时希望调整后EBITDA的绝对金额至少与2025年持平。[
8] 这也解释了为什么投资者不会只看GMV和收入:如果增长需要持续投入,利润释放的节奏同样重要。
Garena也给一季度提供了支撑。Sea Q1演示材料显示,Garena bookings同比增长20.1%、环比增长38.5%,图表对应的2026年Q1 bookings约为9.314亿美元。[39]
这对Sea很重要。Garena是Sea的数字娱乐业务,与电商交易相比,游戏业务更容易受到产品周期、用户活跃度和内容更新节奏影响。Q1数据至少说明,Garena在2025年后的复苏没有马上降温。2025年,Sea披露Garena全年bookings为29亿美元,调整后EBITDA为17亿美元。[8]
Monee是Sea的数字金融服务业务,也是本季度增长最猛的指标之一。Sea Q1演示材料显示,Monee贷款本金余额达到99亿美元,同比增长71.3%,环比增长7.5%。[39] 公司说明,这一口径包括消费者和中小企业贷款本金余额,也包括表内和表外贷款。[
39]
这延续了Monee在2025年的强势表现。根据Sea 2025年数据,Monee当年收入为38亿美元,调整后EBITDA为10亿美元。[8] Sea还称,Monee在2025年新增超过2000万名独立首次借款人。[
9]
不过,贷款增长越快,信贷质量就越需要被持续观察。一份Maybank研报称,Monee的先买后付(BNPL)渗透率仍处于十几个百分点的中段,并提到90天不良贷款率约为1.1%;但这属于分析师背景信息,并不是本次Q1公司公告片段中披露的信贷指标。[38]
这份财报的核心矛盾是“收入很强,利润转化偏慢”。Sea一季度收入同比增长46.6%,但毛利润增长40.7%,调整后EBITDA增长9.3%,净利润仅增长6.7%。[2] 这种差距意味着,公司在追求增长时仍可能面临较高投入、费用压力或利润率压缩。
Sea管理层自己的表述也能看出这一点。公司在Q1新闻稿中称,2026年是继续加码、深化竞争护城河的一年,同时会保持财务纪律;管理层还表示,一些投资的单位经济效益已经开始改善。[16] 这是一种积极表述,但也说明“投入换增长”仍是2026年的主线之一。
这种担忧并不是一季度才出现。财报前,AskTraders提到Sea此前连续四个季度未达到盈利预期,并称2025年四季度收入超过预期但GAAP EPS低于预测。[18] 另一项来源也把此前Q4 EPS不及预期解读为市场对未来增长和盈利能力的担忧。[
17] 但就本次Q1而言,现有证据不能确认Sea公布财报后的股价反应,也不能确认Q1 EPS到底是beat还是miss。[
21]
Sea的一季度开局相当强劲:收入高于本文可用来源中的财报前预期,Shopee收入继续大幅增长,Monee贷款余额快速扩张,Garena bookings也实现同比和环比改善。[2][
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真正的短板不在需求端,而在利润质量。净利润和调整后EBITDA的增速明显低于收入增速,意味着接下来几个季度,市场会继续盯住三个问题:Shopee的投入能否带来更高利润率,Monee的贷款扩张能否保持信贷纪律,以及Sea整体费用控制能否跟上收入增长。[2][
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韦布 COSMOS-Web 画出迄今最细宇宙网图
Sea Limited Earnings Miss Raises Concerns Over Future Growth ... - Earnings Report Disappointment : Sea Limited reported a fourth-quarter EPS of $0.80, missing the expected $0.90, although revenue of $6.85 billion exceeded estimates, indicating potential fo...
Sea Limited (NYSE: SE) is scheduled to release its first-quarter 2026 financial results before the U.S. market opens on Monday, May 12, 2026. According to Yahoo Finance’s analyst consensus, Sea is expected to report revenue of $6.4 billion and earnings per...
SE Generated May 11, 2026 Current Price $84.87 EPS Estimate $$0.70 Consensus Rating Strong Buy Average Move 10.53% ... Sea Limited (SE) reports Q1 2026 earnings before the market opens on May 12, 2026, with analysts expecting $0.70 per share—a modest 7.69%...
Live Earnings Conference Call: SEA will host a live Q1 2026 earnings call on May 12, 2026 at 7:30AM ET. NYSE:SE SEA Q1 2026 Earnings Report $85.07 -1.66 (-1.91%) Closing price 05/11/2026 03:59 PM EasternExtended Trading$85.46 +0.39 (+0.46%) As of 06:30 AM E...
SEA (NYSE:SE) is set to release its Q1 2026 earnings on May 12, with analysts expecting earnings of $0.7740 per share and revenue of $6.4555 billion. The company previously reported $0.63 earnings per share for Q1 2025, missing estimates. SEA's stock recent...
Date of Next Report May 11, 2026 Estimate for Q1 26 (Revenue/ EPS) $6.61B/ $0.75 Implied change from Q4 25 (Revenue/ EPS) -3.60% / +19.05% Implied change from Q1 25 (Revenue/ EPS) +36.45% / +15.38% ... On Mar 03, 2026, SE reported earnings of 0.63 USD per s...
Shopee’s Monee BNPL platform scales with GMV, offering higher monetisation than core e-commerce with instalment yields of 20–40% and 90-day NPLs at 1.1%. BNPL penetration remains in the mid-teens, leaving a long runway for adoption. Off-platform, Monee leve...
First Quarter 2026 Results Overview A Strong Start to the Year Across All Businesses Shopee GAAP Revenue Monee Loans Principal Outstanding 1 Garena Bookings 2 US$ Billions YoY: +45.1% QoQ: +2.8% US$ Billions YoY: +71.3% QoQ: +7.5% US$ Millions YoY: +20.1% Q...