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Sea Ltd's filing shows a business that has decisively crossed from growth-at-all-costs into self-funding profitability. Revenue reached $19.6B in FY2025 (+33.2%), and notably the growth is re-accelerating — after a FY2023 dip to $11.5B the top line has climbed two straight years and the FY2024→FY2025 jump (+33%) is the fastest since the 2021-22 era, but this time with profits attached. Net income of $1.58B (+255%) and operating income of $1.99B (+200%) confirm the inflection is operating-leverage-driven, not a one-off: gross profit grew 42% (faster than revenue), gross margin sits at 52.2%, and operating margin expanded to 10.1%. The five-year arc is the whole thesis — net income went -$2.05B → -$1.65B → +$151M → +$444M → +$1.58B — a textbook profitability ramp.

The balance sheet backs the story. Stockholders' equity grew 49.6% to $12.5B, cash rose 73% to $4.16B, and liabilities/equity of 1.33x is unremarkable for a company of this scale. Most important, operating cash flow of $5.02B (+53%) dwarfs both net income and the modest $514M capex, so reported earnings are real and conversion is strong. R&D actually fell 4% even as revenue grew a third — evidence the model is scaling without proportional spend. The accumulated deficit is still -$6.58B, but it improved 19% this year and at the current earnings pace will keep shrinking.