Sea Ltd cash flow statement

In fiscal 2025, Sea Ltd's operations generated $5.02bn of cash; it spent $514m on capital projects, leaving free cash flow of $4.51bn. It returned $14.0m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Sea Ltd: cash flow statement, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	−25	−102	−259	−495	70	556	209	−1,056	2,080	3,277	5,025
Depreciation and amortisation	15	18	23	55	117	181	279	428	441	390	372
Stock-based pay	21	29	29	58	117	290	470	706	685	716	625
Capital spending	26	17	67	177	240	336	772	924	242	318	514
Free cash flow	−51	−119	−327	−673	−170	220	−564	−1,980	1,838	2,959	4,511
Free cash flow after stock pay	−71	−148	−355	−731	−287	−71	−1,034	−2,686	1,153	2,243	3,886
Share buybacks	—	—	—	—	—	—	—	—	0	0	14
Shares issued	185	3	961	5	1,539	2,970	4,050	50	11	146	57

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Sea Ltd's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Sea Ltd.