E-commerce and gaming company Sea (NYSE:SE) beat Wall Street’s revenue expectations in Q3 2026, with revenue up 39% year on year to $8.58 billion. Its GAAP profit of $0.78 per share was 1.6% below analysts’ consensus estimates.
For more on Sea, read our full research report.
Sea (SE) Q3 2026 highlights:
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Revenue $8.58 billion vs. S&P consensus estimates of $8.11 billion (39% year-on-year growth, 5.8% beat)
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EPS (GAAP) $0.78 vs. analysts’ consensus estimates of $0.79 (1.6% miss)
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Adjusted EBITDA $931.3 million vs. analysts’ consensus estimates of $974.5 million (10.9% margin, 4.4% miss)
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Operating margin 7.7%, in line with the same quarter last year
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Paying users 68.6 million, up 2.7 million year on year
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Market capitalization $47.75 billion
On Shopee, he said, “Shopee delivered another strong quarter, again achieving new record highs in both top- and bottom-line metrics. Our strategies have proven effective at strengthening our fundamentals, giving us a growing buyer base, stronger monetization, and improving unit economics.”
Revenue growth
A company’s long-term revenue performance can indicate its overall quality. Any business can report a good quarter or two, but many enduring ones grow for years. Over the last three years, Sea grew its revenue at a strong 35.7% compounded annual growth rate. Its growth surpassed the average consumer internet company and shows its offerings resonate with customers.
This quarter, Sea reported strong year-on-year revenue growth of 39%, and its $8.58 billion of revenue exceeded Wall Street’s consensus estimates by 5.8%.
Looking ahead, sell-side analysts expect revenue to grow 21.2% over the next 12 months, according to S&P, a deceleration versus the last three years. Its growth trajectory remains attractive given its scale and suggests the market sees success for its products and services.
Paying users
User growth
As an online marketplace, Sea generates revenue growth by increasing both the number of users on its platform and the average order size in dollars.
Over the last two years, Sea’s paying users, a key performance metric for the company, increased by 18.7% annually to 68.6 million in the latest quarter. This growth rate is among the fastest of any consumer internet business and indicates its offerings have significant traction.
In Q3, Sea added 2.7 million paying users, leading to 4.1% year-on-year growth. The quarterly growth rate was lower than its two-year result, suggesting its new initiatives aren’t accelerating user growth just yet.
