Sea Limited (NYSE:SE) Earnings Preview: What to Expect from the E-commerce Giant

Font: Financial Modeling Prep  • May 11, 2026

• Earnings Volatility: Analyst estimates for Sea Limited's Q1 2026 earnings vary significantly, with the company having missed expectations in the past four quarters.
• E-commerce Performance: While Shopee demonstrates strong advertising revenue growth, 2026 guidance indicates potential pressure on profit margins despite projected Gross Merchandise Volume (GMV) growth.
• Financial Health & Challenges: Sea Limited exhibits a solid balance sheet with a low debt-to-equity ratio of 0.27 and a healthy current ratio of 1.58, yet it grapples with rising operational costs and increased provisions for loan losses.

Sea Limited (NYSE:SE) is a leading global consumer internet company with a major e-commerce platform, Shopee. It competes with rivals like Lazada, which is part of the Alibaba Group. Sea Limited is scheduled to release its quarterly earnings report on May 12, 2026, before the market opens.

Ahead of the report, analyst estimates for the quarter vary. Some project an earnings per share (EPS) of $0.77 with revenue of $6.46 billion. However, other consensus estimates, as highlighted by Zacks, are higher, with an EPS of $0.96 and revenue of approximately $6.95 billion, a 35% year-over-year increase.

The company's e-commerce division, Shopee, shows strong performance with solid ad growth. In the fourth quarter of 2025, Shopee's advertising revenues increased by over 70%. However, its 2026 guidance projects about 25% growth in Gross Merchandise Volume (GMV) but an adjusted EBITDA that only matches 2025 levels, suggesting lower profit margins.

Looking at its finances, Sea Limited has a trailing twelve months price-to-earnings (P/E) ratio of 32.22. The P/E ratio helps investors gauge a company's value. The company's balance sheet shows a debt-to-equity ratio of 0.27, indicating low reliance on debt, and a current ratio of 1.58, suggesting it can cover its short-term obligations.

Despite some positive signs, Sea Limited faces rising costs and higher provisions for loan losses, driven by its loan book surging over 80%. It is also important to note that the company has missed earnings estimates in all of the last four quarters, which adds a layer of caution for the upcoming report.