Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $346M | $414M | $827M | $2.18B | $4.38B | $9.96B | $12.4B | $11.5B | $14.7B | $19.6B |
| Revenue growth | — | 19.8% | 99.7% | 163.1% | 101.1% | 127.5% | 25.1% | -8.0% | 28.6% | 33.2% |
| Gross profit | $113M | $87.3M | $14.8M | $605M | $1.35B | $3.90B | $5.19B | $5.83B | $7.21B | $10.2B |
| Gross margin | 32.7% | 21.1% | 1.8% | 27.8% | 30.8% | 39.1% | 41.6% | 50.9% | 48.9% | 52.2% |
| Operating income | -$205M | -$502M | -$989M | -$891M | -$1.30B | -$1.58B | -$1.49B | $225M | $662M | $1.99B |
| Operating margin | -59.4% | -121.3% | -119.6% | -41.0% | -29.8% | -15.9% | -11.9% | 2.0% | 4.5% | 10.1% |
| Net income | -$223M | -$560M | -$961M | -$1.46B | -$1.62B | -$2.05B | -$1.65B | $151M | $444M | $1.58B |
| Net margin | -64.5% | -135.3% | -116.2% | -67.2% | -37.0% | -20.6% | -13.3% | 1.3% | 3.0% | 8.0% |
| EPS (diluted) | -$1.30 | -$2.72 | -$2.84 | -$3.35 | -$3.39 | -$3.84 | -$2.96 | $0.25 | $0.74 | $2.52 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$102M | -$259M | -$495M | $69.9M | $556M | $209M | -$1.06B | $2.08B | $3.28B | $5.02B |
| Capital expenditures | $17.0M | $67.4M | $177M | $240M | $336M | $772M | $924M | $242M | $318M | $514M |
| Free cash flow | -$119M | -$327M | -$673M | -$170M | $220M | -$564M | -$1.98B | $1.84B | $2.96B | $4.51B |
| Share buybacks | — | — | — | — | — | — | — | $0.00 | $0.00 | $14.0M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $170M | $1.35B | $1.00B | $3.12B | $6.17B | $9.25B | $6.03B | $2.81B | $2.41B | $4.16B |
| Total assets | $486M | $1.99B | $2.19B | $5.22B | $10.5B | $18.8B | $17.0B | $18.9B | $22.6B | $29.4B |
| Total liabilities | $406M | $1.51B | $2.43B | $4.05B | $7.04B | $11.3B | $11.2B | $12.2B | $14.1B | $16.7B |
| Long-term debt | — | — | $1.03M | — | — | — | — | — | — | — |
| Shareholders' equity | -$126M | $469M | -$243M | $1.16B | $3.38B | $7.40B | $5.72B | $6.59B | $8.37B | $12.5B |
| Retained earnings | -$505M | -$1.11B | -$2.07B | -$3.53B | -$5.15B | -$7.20B | -$8.75B | -$8.60B | -$8.16B | -$6.58B |
| Shares (wtd avg diluted) | 177M | — | — | 437M | 477M | 533M | 558M | 594M | 605M | 638M |
Every figure is extracted from Sea Ltd’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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