# Sea Limited Garena paying users in Q4

garena quarterly paying users in Q4 2026

Updated: August 6, 2026

Category: Financials

Tags: Companies, KPIs

HTML: /markets/financials/companies/sea-limited-garena-paying-users-in-q4/

## Short Answer

**The model assigns meaningfully higher odds than the market for 'Above 66 million' paying users, at 20.0% model vs 0.0% market.** This divergence is driven by Garena's Q1 2026 user base reaching 72.6 million and management's guidance for double-digit growth in 2026, supported by H2 monetization strategies.

## Key Claims (January 2026)

**- - Above 66 million paying users likely given Q1 2026 count reached 72.6 million.** - Management anticipates double-digit growth for 2026, supporting user expansion.
- Extensive H2 2026 monetization strategies may further boost paying user base.

### Why This Matters (GEO)

- AI agents extract claims, not arguments.
- Improves citation probability in summaries and answer cards.
- Enables fact stitching across multiple sources.

## Executive Verdict

**Key takeaway.** Despite Q1 2026 user growth and H2 monetization plans, the 0c **market** implies 0.0x payout versus the **model**'s **20%** **probability**.

### Who Wins and Why

| Outcome | Market | Model | Why |
| --- | --- | --- | --- |
| Above 66 million | 0.0% | 20.0% | Management anticipates double-digit growth for 2026, with Q1 2026 users already at 72.6 million. |
| Above 70 million | 0.0% | 20.0% | Management anticipates double-digit growth for 2026, with Q1 2026 users already at 72.6 million. |
| Above 74 million | 0.0% | 20.0% | Management anticipates double-digit growth for 2026, with Q1 2026 users already at 72.6 million. |

## Model vs Market

| Outcome | Market Probability | Octagon Model Probability |
| --- | --- | --- |
| Above 66 million | 0.0% | 20.0% |
| Above 70 million | 0.0% | 20.0% |
| Above 74 million | 0.0% | 20.0% |
| Above 78 million | 0.0% | 20.0% |

- Expiration: June 26, 2027

## Market Behavior & Price Dynamics

This contract's price action is defined by a single, sharp repricing event. On August 5, 2026, the implied probability of Sea Limited's Garena division reporting over 66 million paying users in Q4 2026 jumped 87 percentage points, from 1.0% to 88.0%. This vertical move constitutes the entirety of the market's price history. While Garena's reported Q1 2026 paying user count of 72.6 million already surpasses the contract's threshold, a specific catalyst for the price spike on August 5 is not apparent from available information.

Trading volume for this contract has been zero. The price movement reflects a change in posted offers rather than an equilibrium reached through executed trades. This lack of liquidity means the current 88.0% price does not represent a market consensus and has not been validated by transactional activity. The key price points of 1.0% and 88.0% are effectively the market's bid-ask spread, not support or resistance levels established through trading.

The chart indicates a highly bullish sentiment from at least one market participant, pricing in a very high probability of success based on existing Q1 data. However, the complete absence of trading volume suggests this sentiment is untested and conviction is low across the broader market. The price is fragile and could move significantly with even minimal volume.

## Significant Price Movements

#### 📈 August 05, 2026: 87.0pp spike

Price increased from 1.0% to 88.0%

**Outcome:** Above 66 million

**What happened:** The primary driver for the 87.0 percentage point spike in the prediction market on August 5, 2026, is not evident from the provided research. While Sea Limited's Garena reported 72.6 million quarterly paying users in Q1 2026, surpassing the "Above 66 million" outcome [[^]](https://www.businesswire.com/news/home/20260511833139/en/Sea-Limited-Reports-First-Quarter-2026-Results)[[^]](https://retailasia.com/e-commerce/news/shopee-drives-sea-limited-revenue-growth-71b-in-q1-2026), this information was released on May 11, 2026 [[^]](https://www.businesswire.com/news/home/20260511833139/en/Sea-Limited-Reports-First-Quarter-2026-Results), months before the market movement. No specific social media activity, traditional news, or announcements on or immediately prior to August 5, 2026, are provided to explain such a significant, sudden price change. Therefore, social media was irrelevant to this particular market movement based on the available data.

## Contract Snapshot

A 'YES' contract resolves if Sea Limited's reported Garena paying users for Q4 are above the specific threshold of the contract (e.g., above 66 million), while a 'NO' contract resolves if the reported number is at or below that threshold. Trading for this market concludes on March 2, 6:00 AM EST, with the maximum payout scheduled for June 26, 2027. Settlement is based on the official Q4 report from Sea Limited concerning Garena paying users, and no further special settlement conditions are detailed on this page.

## Market Discussion

In Q4 2025, Sea Limited's Garena segment reported 58.0 million quarterly paying users, marking a 15.0% increase year-on-year, with the paying user ratio rising to 9.2% from 8.2% in Q4 2024 [[^]](https://cdn.sea.com/investor/4Q2025/JcKns4LaJC8bxcQdJwXz/2026.03.03%20Sea%20Fourth%20Quarter%20and%20Full%20Year%202025%20Results.pdf). Despite this strong growth and improved monetization metrics, market commentary indicated investor concern over a sequential decline in total quarterly active users (from 670.8 million in Q3 2025 to 633.3 million in Q4 2025) and a sequential drop in average revenue per paying user [[^]](https://kr-asia.com/sea-fails-to-impress-investors-despite-strong-q4-results). Investors are closely monitoring Garena's ability to maintain long-term engagement and bookings growth without increasing content costs or experiencing volatility in its live-service franchise performance [[^]](https://kr-asia.com/sea-fails-to-impress-investors-despite-strong-q4-results).

## Market Data

| Contract | Yes Bid | Yes Ask | Last Price | Volume | Open Interest |
| --- | --- | --- | --- | --- | --- |
| Above 66 million | 88% | 96% | 0% | $0 | $0 |
| Above 70 million | 53% | 61% | 0% | $0 | $0 |
| Above 74 million | 9% | 17% | 0% | $0 | $0 |
| Above 78 million | 1% | 6% | 0% | $0 | $0 |

## What major game launches or updates to flagship titles like *Free Fire* are scheduled for H2 2026 that could significantly alter user monetization?

Anticipated Growth | double-digit in 2026 [[^]](https://www.insidermonkey.com/blog/sea-limited-nysese-q4-2025-earnings-call-transcript-1708872/)[[^]](https://www.roic.ai/quote/SE:US/transcripts/2025-year/4-quarter) |
Free Fire Anniversary | 10th anniversary in 2027 [[^]](https://www.licenseglobal.com/streaming-tv/free-fire-s-10th-anniversary-anime-and-digital-commerce-initiatives) |
FFWS Global Finals | November [[^]](https://ff.garena.com/en/article/1605)[[^]](https://escharts.com/news/garena-free-fire-esports-roadmap-2026) |

**Free Fire anticipates significant user monetization in H2 2026 through continuous content**

Free Fire anticipates significant user monetization in H2 2026 through continuous content. User monetization is projected to be driven primarily by ongoing content updates, including OB54 and the 9th Anniversary celebration, which will incorporate social commerce features like Relay Mart and premium collectibles such as the AUG EVO gun [[^]](https://ff.garena.com/en/article/1673/)[[^]](https://www.freefiremobile.com/en/article/1683/)[[^]](https://www.bluestacks.com/blog/updates/free-fire-battlegrounds/ff-9th-anniversary-update.html)[[^]](https://www.freefiremobile.com/en/article/1673/). Garena expects to achieve double-digit growth throughout 2026, further bolstered by ongoing IP collaborations, including Naruto, and football-related promotions strategically timed with the FIFA World Cup [[^]](https://www.insidermonkey.com/blog/sea-limited-nysese-q4-2025-earnings-call-transcript-1708872/)[[^]](https://www.roic.ai/quote/SE:US/transcripts/2025-year/4-quarter).

Esports events and strategic initiatives will also drive engagement and spending. Major esports events scheduled for H2 2026, such as the FFWS SEA Fall from August to September and the FFWS Global Finals in November, are specifically designed to boost user engagement and in-game spending through tournament-themed content [[^]](https://ff.garena.com/en/article/1605)[[^]](https://escharts.com/news/garena-free-fire-esports-roadmap-2026). Additionally, strategic initiatives like a Free Fire anime series and enhanced digital commerce partnerships with Shopee are being developed in preparation for the 2027 10th anniversary, aiming to convert heightened user engagement into sustained monetization [[^]](https://www.licenseglobal.com/streaming-tv/free-fire-s-10th-anniversary-anime-and-digital-commerce-initiatives).

## How did Garena's user monetization efficiency (e.g., ARPPU) in H1 2026 compare to key competitors like Tencent (*PUBG Mobile*) and Krafton?

Garena ARPPU (Q1 2026) | $1.40 [[^]](https://www.businesswire.com/news/home/20260511833139/en/Sea-Limited-Reports-First-Quarter-2026-Results)[[^]](https://www.thewolfofharcourtstreet.com/p/sea-the-triple-engine-firing-on-all)[[^]](https://cdn.sea.com/investor/1Q2026/HEEdeRDe0NyiZ1PrWIvH/2026.05.12%20Sea%20First%20Quarter%202026%20Results.pdf) |
Garena Quarterly Active Users (Q1 2026) | 666.5 million [[^]](https://www.businesswire.com/news/home/20260511833139/en/Sea-Limited-Reports-First-Quarter-2026-Results)[[^]](https://www.thewolfofharcourtstreet.com/p/sea-the-triple-engine-firing-on-all)[[^]](https://cdn.sea.com/investor/1Q2026/HEEdeRDe0NyiZ1PrWIvH/2026.05.12%20Sea%20First%20Quarter%202026%20Results.pdf) |
Garena Quarterly Paying Users (Q1 2026) | 72.6 million [[^]](https://www.businesswire.com/news/home/20260511833139/en/Sea-Limited-Reports-First-Quarter-2026-Results)[[^]](https://www.thewolfofharcourtstreet.com/p/sea-the-triple-engine-firing-on-all)[[^]](https://cdn.sea.com/investor/1Q2026/HEEdeRDe0NyiZ1PrWIvH/2026.05.12%20Sea%20First%20Quarter%202026%20Results.pdf) |

**Garena reported specific user monetization metrics for Q1 2026**

Garena reported specific user monetization metrics for Q1 2026. For the first quarter of 2026, Garena recorded an average bookings per user (ARPPU) of **$1.40**. During this period, the company also reported 666.5 million quarterly active users (QAU) and 72.6 million quarterly paying users [[^]](https://www.businesswire.com/news/home/20260511833139/en/Sea-Limited-Reports-First-Quarter-2026-Results)[[^]](https://www.thewolfofharcourtstreet.com/p/sea-the-triple-engine-firing-on-all)[[^]](https://cdn.sea.com/investor/1Q2026/HEEdeRDe0NyiZ1PrWIvH/2026.**05.12%**20Sea%20First%20Quarter%**202026%**20Results.pdf).

Competitors provided total or segment-specific revenue figures. In Q1 2026, PUBG Mobile's in-app purchase (IAP) revenue saw a **128%** increase quarter-over-quarter, reaching **$353** million. This contributed to Tencent's total mobile game IAP revenue of **$1.6** billion for the same quarter [[^]](https://mobilegamer.biz/data-digest-q1s-top-performers-milestones-for-pokemon-tcg-pocket-heartopia-efootball-and-plenty-more/). Krafton reported a Q1 2026 revenue of KRW 1.37 trillion, with its mobile segment contributing KRW 702.7 billion. For Q2 2026, Krafton's total revenue was KRW 1.29 trillion [[^]](https://www.krafton.com/en/news/press/krafton-announces-first-quarter-2026-results/)[[^]](https://investgame.net/news/pdf/2026-04-30-krafton-1q26-earnings_release_eng_wp/)[[^]](https://www.gamespress.com/en-US/KRAFTON-ANNOUNCES-SECOND-QUARTER-2026-RESULTS).

Direct ARPPU comparison with key competitors is currently not possible. Based on the available information, a precise comparison of Garena's user monetization efficiency, specifically ARPPU, with key competitors like Tencent (PUBG Mobile) and Krafton for H1 2026 cannot be made. Garena's ARPPU data is only available for Q1 2026, while Tencent and Krafton disclose total or segment-specific revenue figures, lacking comparable per-user monetization metrics necessary for a direct assessment [[^]](https://www.krafton.com/en/news/press/krafton-announces-first-quarter-2026-results/)[[^]](https://investgame.net/news/pdf/2026-04-30-krafton-1q26-earnings_release_eng_wp/)[[^]](https://www.gamespress.com/en-US/KRAFTON-ANNOUNCES-SECOND-QUARTER-2026-RESULTS)[[^]](https://mobilegamer.biz/data-digest-q1s-top-performers-milestones-for-pokemon-tcg-pocket-heartopia-efootball-and-plenty-more/).

## What has been the historical trend in Garena's Quarterly Active Users (QAU) from Q4 2025 through Q3 2026, and what does it imply for the potential Q4 paying user base?

QAU Q4 2025 | 633.3 million [[^]](https://www.sec.gov/Archives/edgar/data/1703399/000119312526088151/d106475dex991.htm)[[^]](https://cdn.sea.com/investor/4Q2025/JcKns4LaJC8bxcQdJwXz/2026.03.03%20Sea%20Fourth%20Quarter%20and%20Full%20Year%202025%20Results%20Deck.pdf)[[^]](https://finance.yahoo.com/news/sea-limited-q4-earnings-miss-154500877.html) |
QAU Q1 2026 | 666.5 million [[^]](https://www.businesswire.com/news/home/20260511833139/en/Sea-Limited-Reports-First-Quarter-2026-Results)[[^]](https://www.sec.gov/Archives/edgar/data/1703399/000119312526219378/d78490dex991.htm)[[^]](https://investgame.net/news/pdf/2026-05-13-sea_first_quarter_2026_results_deck_wp/) |
Quarterly Paying Users Q1 2026 | 72.6 million [[^]](https://www.businesswire.com/news/home/20260511833139/en/Sea-Limited-Reports-First-Quarter-2026-Results)[[^]](https://www.sec.gov/Archives/edgar/data/1703399/000119312526219378/d78490dex991.htm)[[^]](https://investgame.net/news/pdf/2026-05-13-sea_first_quarter_2026_results_deck_wp/) |

**Garena's QAU saw a decline before recovering in Q1 2026**

Garena's QAU saw a decline before recovering in Q1 2026.
Garena's Quarterly Active Users (QAU) initially declined from 670.8 million in Q3 2025 to 633.3 million in Q4 2025 [[^]](https://www.sec.gov/Archives/edgar/data/1703399/000119312526088151/d106475dex991.htm)[[^]](https://cdn.sea.com/investor/4Q2025/JcKns4LaJC8bxcQdJwXz/2026.**03.03%**20Sea%20Fourth%20Quarter%20and%20Full%20Year%**202025%**20Results%20Deck.pdf)[[^]](https://finance.yahoo.com/news/sea-limited-q4-earnings-miss-154500877.html). The QAU subsequently recovered, reaching 666.5 million in Q1 2026. Data for Q2 and Q3 2026 is currently unavailable [[^]](https://www.businesswire.com/news/home/20260511833139/en/Sea-Limited-Reports-First-Quarter-2026-Results)[[^]](https://www.sec.gov/Archives/edgar/data/1703399/000119312526219378/d78490dex991.htm)[[^]](https://investgame.net/news/pdf/2026-05-13-sea_first_quarter_2026_results_deck_wp/).

Quarterly Paying Users significantly grew, increasing the paying user ratio.
The number of Quarterly Paying Users demonstrated substantial growth, increasing from 58.0 million in Q4 2025 to 72.6 million in Q1 2026 [[^]](https://www.sec.gov/Archives/edgar/data/1703399/000119312526088151/d106475dex991.htm)[[^]](https://cdn.sea.com/investor/4Q2025/JcKns4LaJC8bxcQdJwXz/2026.**03.03%**20Sea%20Fourth%20Quarter%20and%20Full%20Year%**202025%**20Results%20Deck.pdf)[[^]](https://finance.yahoo.com/news/sea-limited-q4-earnings-miss-154500877.html)[[^]](https://www.businesswire.com/news/home/20260511833139/en/Sea-Limited-Reports-First-Quarter-2026-Results)[[^]](https://www.sec.gov/Archives/edgar/data/1703399/000119312526219378/d78490dex991.htm)[[^]](https://investgame.net/news/pdf/2026-05-13-sea_first_quarter_2026_results_deck_wp/). This expansion was accompanied by a rise in the paying user ratio, moving from **9.2%** in Q4 2025 to **10.9%** in Q1 2026 [[^]](https://www.sec.gov/Archives/edgar/data/1703399/000119312526088151/d106475dex991.htm)[[^]](https://cdn.sea.com/investor/4Q2025/JcKns4LaJC8bxcQdJwXz/2026.**03.03%**20Sea%20Fourth%20Quarter%20and%20Full%20Year%**202025%**20Results%20Deck.pdf)[[^]](https://finance.yahoo.com/news/sea-limited-q4-earnings-miss-154500877.html)[[^]](https://www.businesswire.com/news/home/20260511833139/en/Sea-Limited-Reports-First-Quarter-2026-Results)[[^]](https://www.sec.gov/Archives/edgar/data/1703399/000119312526219378/d78490dex991.htm)[[^]](https://investgame.net/news/pdf/2026-05-13-sea_first_quarter_2026_results_deck_wp/). This trend of deepening paying user penetration implies that Garena's paying user base in Q4 2026 could be bolstered by enhanced conversion efficiency, even amidst moderate QAU growth [[^]](https://www.businesswire.com/news/home/20260511833139/en/Sea-Limited-Reports-First-Quarter-2026-Results)[[^]](https://www.investing.com/news/company-news/sea-q1-2026-slides-revenue-beats-forecast-all-segments-accelerate-93CH-4681047)[[^]](https://gabgrowth.com/p/sea-limited-q1-2026-earnings-review)[[^]](https://247wallst.com/companies/se/earnings).

## How reliable is monthly in-app revenue data from third-party sources like Sensor Tower and data.ai as a leading indicator for Garena's officially reported quarterly results?

Third-party revenue estimate error margin | 25–60% [[^]](https://www.appalize.com/ca/blog/mobile-trends/app-download-and-revenue-estimation-tools-methods-and-accuracy)[[^]](https://aza.gg/blog/4?l=en)[[^]](https://www.mirava.io/blog/how-to-check-app-revenue)[[^]](https://moonbearmusings.com/yes-sensor-tower-is-wrong-no-it-doesnt-matter/) |
Garena paying users Q4 2025 | 58.0 million [[^]](https://www.businesswire.com/news/home/20260302039769/en/Sea-Limited-Reports-Fourth-Quarter-and-Full-Year-2025-Results)[[^]](https://www.businesswire.com/news/home/20260511833139/en/Sea-Limited-Reports-First-Quarter-2026-Results) |
Garena paying users Q4 2024 | 50.4 million [[^]](https://www.businesswire.com/news/home/20260302039769/en/Sea-Limited-Reports-Fourth-Quarter-and-Full-Year-2025-Results)[[^]](https://www.businesswire.com/news/home/20260511833139/en/Sea-Limited-Reports-First-Quarter-2026-Results) |

**Third-party revenue estimates are unreliable for Garena's official financial results**

Third-party revenue estimates are unreliable for Garena's official financial results. Monthly in-app revenue data from third-party sources such as Sensor Tower serves as an unreliable leading indicator for Garena's officially reported quarterly results due to significant error margins, typically ranging from 25–**60%** [[^]](https://www.appalize.com/ca/blog/mobile-trends/app-download-and-revenue-estimation-tools-methods-and-accuracy)[[^]](https://aza.gg/blog/4?l=en)[[^]](https://www.mirava.io/blog/how-to-check-app-revenue)[[^]](https://moonbearmusings.com/yes-sensor-tower-is-wrong-no-it-doesnt-matter/)[[^]](https://www.businesswire.com/news/home/20260302039769/en/Sea-Limited-Reports-Fourth-Quarter-and-Full-Year-2025-Results)[[^]](https://www.businesswire.com/news/home/20260511833139/en/Sea-Limited-Reports-First-Quarter-2026-Results). These inaccuracies arise from factors such as untracked external payment channels, revenue generated from PC and cross-platform sources, and variations in regional monetization strategies [[^]](https://www.appalize.com/ca/blog/mobile-trends/app-download-and-revenue-estimation-tools-methods-and-accuracy)[[^]](https://aza.gg/blog/4?l=en)[[^]](https://www.mirava.io/blog/how-to-check-app-revenue)[[^]](https://moonbearmusings.com/yes-sensor-tower-is-wrong-no-it-doesnt-matter/). Consequently, these external estimates are best utilized for providing directional insights rather than precise financial figures [[^]](https://www.appalize.com/ca/blog/mobile-trends/app-download-and-revenue-estimation-tools-methods-and-accuracy).

Garena's official reports offer reliable financial performance metrics. Garena directly publishes key financial metrics, including quarterly paying users and quarterly active users (QAU), in its official financial filings [[^]](https://www.businesswire.com/news/home/20260302039769/en/Sea-Limited-Reports-Fourth-Quarter-and-Full-Year-2025-Results)[[^]](https://www.businesswire.com/news/home/20260511833139/en/Sea-Limited-Reports-First-Quarter-2026-Results). These primary metrics are not derived from third-party app store intelligence, which differentiates them from the less dependable third-party revenue estimates [[^]](https://www.businesswire.com/news/home/20260302039769/en/Sea-Limited-Reports-Fourth-Quarter-and-Full-Year-2025-Results)[[^]](https://www.businesswire.com/news/home/20260511833139/en/Sea-Limited-Reports-First-Quarter-2026-Results). For example, Garena officially reported 58.0 million paying users in Q4 2025, an increase from 50.4 million paying users in Q4 2024 [[^]](https://www.businesswire.com/news/home/20260302039769/en/Sea-Limited-Reports-Fourth-Quarter-and-Full-Year-2025-Results)[[^]](https://www.businesswire.com/news/home/20260511833139/en/Sea-Limited-Reports-First-Quarter-2026-Results).

## How are Garena's 2026 strategic priorities for user acquisition and marketing spending allocated between established markets like Southeast Asia and growth markets like Latin America?

Strategic Year | 2026 [[^]](https://www.bangkokpost.com/business/general/3237154/garena-targets-thailand-for-gaming-investment)[[^]](https://www.fool.com/earnings/call-transcripts/2026/05/12/sea-se-q1-2026-earnings-call-transcript/)[[^]](https://jeromemazandarani.substack.com/p/beyond-japan-garena-free-fire-and) |
Growth Target | Double-digit growth [[^]](https://www.bangkokpost.com/business/general/3237154/garena-targets-thailand-for-gaming-investment) |
Overall Strategy | Operational excellence and globalized content-first approach [[^]](https://www.bangkokpost.com/business/general/3237154/garena-targets-thailand-for-gaming-investment)[[^]](https://www.itiger.com/news/1119458088) |

**Garena employs a dual-market strategy for 2026 user acquisition and marketing**

Garena employs a dual-**market** strategy for 2026 user acquisition and marketing. The company's overarching strategy prioritizes operational excellence and aims to sustain double-digit growth. This involves a globalized "content-first" approach that integrates major global intellectual property collaborations, such as with Jujutsu Kaisen and Naruto, alongside highly localized campaigns specifically adapted for individual markets [[^]](https://www.bangkokpost.com/business/general/3237154/garena-targets-thailand-for-gaming-investment)[[^]](https://www.itiger.com/news/1119458088).

Established markets, like Southeast Asia, remain key for sustained growth and leadership. In these regions, Garena intends to reinforce its **market** leadership and enhance user engagement. This is achieved through investments in e-sports, fostering creator ecosystems, and developing content centered on specific subcultures. These areas are viewed as high-priority growth engines rather than saturated markets, indicating a commitment to ongoing investment to uphold their strong **market** standing [[^]](https://www.bangkokpost.com/business/general/3237154/garena-targets-thailand-for-gaming-investment).

Growth markets, such as Latin America, leverage existing infrastructure for dominance. Garena's approach here focuses on scaling content globally to efficiently consolidate resources. This strategy capitalizes on the company's established efficient distribution channels and infrastructure, aiming to preserve its dominant position in regions where Free Fire is already deeply integrated into the local culture [[^]](https://www.fool.com/earnings/call-transcripts/2026/05/12/sea-se-q1-2026-earnings-call-transcript/)[[^]](https://jeromemazandarani.substack.com/p/beyond-japan-garena-free-fire-and).

## What Could Change the Odds

**Sea Limited's Garena segment reported 58.0 million quarterly paying users in the fourth quarter of 2025, a 15.0% increase year-on-year [[^]](https://www.businesswire.com/news/home/20260302039769/en/Sea-Limited-Reports-Fourth-Quarter-and-Full-Year-2025-Results)[[^]](https://www.sec.gov/Archives/edgar/data/1703399/000119312526088151/d106475dex991.htm)[[^]](https://www.nasdaq.com/press-release/sea-limited-reports-fourth-quarter-and-full-year-2025-results-2026-03-03)[[^]](https://www.nasdaq.com/articles/sea-limited-q4-earnings-miss-estimates-revenues-increase-y-y).** The Garena quarterly paying user ratio for Q4 2025 was **9.2%**, up from **8.2%** in Q4 2024 [[^]](https://www.businesswire.com/news/home/20260302039769/en/Sea-Limited-Reports-Fourth-Quarter-and-Full-Year-2025-Results)[[^]](https://www.sec.gov/Archives/edgar/data/1703399/000119312526088151/d106475dex991.htm)[[^]](https://www.nasdaq.com/press-release/sea-limited-reports-fourth-quarter-and-full-year-2025-results-2026-03-03)[[^]](https://www.nasdaq.com/articles/sea-limited-q4-earnings-miss-estimates-revenues-increase-y-y).

**Key takeaway.** A near-term catalyst is the scheduled announcement of Sea Limited's second quarter 2026 financial results on August 11, 2026 [[^]](https://sg.finance.yahoo.com/news/sea-limited-report-second-quarter-080000331.html).

## Key Dates & Catalysts

- **Expiration:** June 26, 2027
- **Closes:** June 26, 2027

## Decision-Flipping Events

- Sea Limited's Garena segment reported 58.0 million quarterly paying users in the fourth quarter of 2025, a **15.0%** increase year-on-year [^] [^] [^] [^] .
- The Garena quarterly paying user ratio for Q4 2025 was **9.2%**, up from **8.2%** in Q4 2024 [^] [^] [^] [^] .
- A near-term catalyst is the scheduled announcement of Sea Limited's second quarter 2026 financial results on August 11, 2026 [^] .

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## Historical Resolutions

No historical resolution data available for this series.

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