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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 4,158,920 $ 2,405,153
Restricted cash (including restricted cash of the Consolidated VIEs that can only be used to settle the obligations of those Consolidated VIEs of $43,127 and $111,623 as of December 31, 2024 and 2025, respectively) 2,216,733 1,655,171
Accounts receivable, net of allowance for credit losses of $5,089 and $3,354 as of December 31, 2024 and 2025, respectively 378,047 306,657
Prepaid expenses and other assets (including prepaid expenses and other assets of the Consolidated VIEs that can only be used to settle the obligations of those Consolidated VIEs of $37 and $603 as of December 31, 2024 and 2025, respectively) 1,979,004 1,661,373
Loans receivable, net of allowance for credit losses of $443,555 and $812,760 as of December 31, 2024 and 2025, respectively (including loans receivable, net of allowance for credit losses of the Consolidated VIEs that can only be used to settle the obligations of those Consolidated VIEs of $426,995 and $952,522 as of December 31, 2024 and 2025, respectively) 7,405,741 4,052,215
Inventories, net 222,578 143,246
Short-term investments 6,413,261 6,215,423
Total current assets 23,249,495 16,857,668
Non-current assets    
Property and equipment, net 1,306,837 1,097,699
Operating lease right-of-use assets, net 1,425,198 1,054,785
Intangible assets, net 12,210 27,310
Long-term investments 1,888,829 2,694,305
Prepaid expenses and other assets (including prepaid expenses and other assets of the Consolidated VIEs that can only be used to settle the obligations of those Consolidated VIEs of $1,562 and nil as of December 31, 2024 and 2025, respectively) 185,643 138,839
Loans receivable, net of allowance for credit losses of $5,780 and $29,212 as of December 31, 2024 and 2025, respectively 558,336 108,594
Restricted cash 43,814 21,261
Deferred tax assets 596,155 517,383
Goodwill 104,462 107,625
Total non-current assets 6,121,484 5,767,801
Total assets 29,370,979 22,625,469
Current liabilities    
Accounts payable (including accounts payable of the Consolidated VIEs without recourse to the primary beneficiaries of $4,768 and $4,904 as of December 31, 2024 and 2025, respectively) 467,807 350,021
Accrued expenses and other payables (including accrued expenses and other payables of the Consolidated VIEs without recourse to the primary beneficiaries of $144,286 and $250,743 as of December 31, 2024 and 2025, respectively) 3,156,750 2,380,371
Deposits payable 3,798,250 2,711,693
Escrow payables and advances from customers (including escrow payables and advances from customers of the Consolidated VIEs without recourse to the primary beneficiaries of $18,487 and $25,030 as of December 31, 2024 and 2025, respectively) 3,096,764 2,498,094
Borrowings (including borrowings of the Consolidated VIEs without recourse to the primary beneficiaries of $50,000 and $166,271 as of December 31, 2024 and 2025, respectively) 283,181 130,615
Operating lease liabilities (including operating lease liabilities of the Consolidated VIEs without recourse to the primary beneficiaries of $10,544 and $15,124 as of December 31, 2024 and 2025, respectively) 368,115 300,274
Convertible notes 1,050,071 1,147,984
Deferred revenue (including deferred revenue of the Consolidated VIEs without recourse to the primary beneficiaries of $196,369 and $270,130 as of December 31, 2024 and 2025, respectively) 1,967,678 1,405,785
Income tax payable (including income tax payable of the Consolidated VIEs without recourse to the primary beneficiaries of $2,773 and $3,895 as of December 31, 2024 and 2025, respectively) 218,785 115,419
Total current liabilities 14,680,550 11,296,152
Non-current liabilities    
Accrued expenses and other payables (including accrued expenses and other payables of the Consolidated VIEs without recourse to the primary beneficiaries of $9,515 and $10,641 as of December 31, 2024 and 2025, respectively) 108,300 71,678
Borrowings (including borrowings of the Consolidated VIEs without recourse to the primary beneficiaries of $249,474 and $510,396 as of December 31, 2024 and 2025, respectively) 510,396 249,474
Operating lease liabilities (including operating lease liabilities of the Consolidated VIEs without recourse to the primary beneficiaries of $51,542 and $85,866 as of December 31, 2024 and 2025, respectively) 1,118,682 803,502
Deferred revenue (including deferred revenue of the Consolidated VIEs without recourse to the primary beneficiaries of $12,226 and $17,736 as of December 31, 2024 and 2025, respectively) 129,513 109,895
Convertible notes 0 1,478,784
Deferred tax liabilities (including deferred tax liabilities of the Consolidated VIEs without recourse to the primary beneficiaries of nil and $90 as of December 31, 2024 and 2025, respectively) 39,510 408
Unrecognized tax benefits (including unrecognized tax benefits of the Consolidated VIEs without recourse to the primary beneficiaries of nil and nil as of December 31, 2024 and 2025, respectively) 135,700 138,000
Total non-current liabilities 2,042,101 2,851,741
Total liabilities 16,722,651 14,147,893
Commitments and contingencies
Shareholders' equity    
Treasury stock (14,527) 0
Additional paid-in capital 19,105,403 16,703,192
Accumulated other comprehensive loss (4,824) (193,148)
Statutory reserves 17,553 17,260
Accumulated deficit (6,577,408) (8,155,264)
Total Sea Limited shareholders' equity 12,526,503 8,372,335
Non-controlling interests 121,825 105,241
Total shareholders' equity 12,648,328 8,477,576
Total liabilities and shareholders' equity 29,370,979 22,625,469
Related Party [Member]    
Current assets    
Amounts due from related parties 475,211 418,430
Current liabilities    
Amounts due to related parties (including amounts due to related parties of the Consolidated VIEs without recourse to the primary beneficiaries of $6 and $70 as of December 31, 2024 and 2025, respectively) 273,149 255,896
Class A Ordinary Shares [Member]    
Shareholders' equity    
Ordinary shares 283 272
Class B Ordinary Shares [Member]    
Shareholders' equity    
Ordinary shares $ 23 $ 23