Sea Limited Posts $14.9 Billion First-Half Revenue as Logistics Spending Expands

Singapore-based Sea Limited generated $14.9 billion in revenue during the first half of 2026, up 47 percent from a year earlier as Shopee expanded regional fulfillment networks.

Net income rose 9 percent to $896 million over the six-month period, slowed by higher credit loss provisions at financial services arm Monee and heavy capital spending on domestic shipping capacity.

Logistics and Fintech Reshape Core Operations

Shopee solidified its lead across Southeast Asian markets by pouring capital into dedicated logistics networks, countering delivery bottlenecks that earlier pressured merchant margins. The group also preserved its overseas footprint in Brazil after retreating from short-lived retail expansions across other overseas territories.

Financial unit Monee expanded consumer credit to bring unbanked shoppers onto Shopee’s marketplace. Higher lending volumes brought higher delinquency reserves, tracking the rising credit costs across Southeast Asian digital banking books.

Earnings Split and Margin Pressures

Gaming division Garena, developer of mobile title Free Fire, provided cash flow but continued to operate with few operational ties to the group’s retail and payment wings. Sea holds a market capitalization of $68 billion, trading at 44 times earnings with a gross margin of 44.34 percent.

By comparison, Latin American peer MercadoLibre posted $19 billion in first-half revenue, though its net income slid 13 percent to $883 million under identical pressures from bad debt provisions and retail competition. Both operators demonstrate that defending marketplace supremacy in developing economies requires running integrated logistics and consumer credit arms directly on the corporate balance sheet.

Investors are monitoring whether provisions inside the Monee lending portfolio stabilize ahead of the third-quarter financial filing.