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Side-by-side financial comparison of Sea Ltd (SE) and Warner Bros. Discovery (WBD). Click either name above to swap in a different company.
Sea Ltd is the larger business by last-quarter revenue ($22.9B vs $9.5B, roughly 2.4× Warner Bros. Discovery). Sea Ltd runs the higher net margin — 7.0% vs -2.7%, a 9.7% gap on every dollar of revenue. On growth, Sea Ltd posted the faster year-over-year revenue change (363.4% vs -5.7%). Over the past eight quarters, Sea Ltd's revenue compounded faster (147.8% CAGR vs -2.5%).
Sea Limited is a tech conglomerate headquartered in Singapore. It is listed on the New York Stock Exchange, with revenue of US$16.8 billion (2024). Sea currently functions as a holding company for Garena, Monee and Shopee, the largest e-commerce platform in Southeast Asia.
Warner Bros. Discovery, Inc. (WBD) is an American multinational mass media and entertainment conglomerate headquartered in New York City. It was formed from WarnerMedia's spin-off by AT&T and merger with Discovery, Inc. on April 8, 2022.
SE vs WBD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $22.9B | $9.5B |
| Net Profit | $1.6B | $-252.0M |
| Gross Margin | 44.7% | — |
| Operating Margin | 8.7% | 3.7% |
| Net Margin | 7.0% | -2.7% |
| Revenue YoY | 363.4% | -5.7% |
| Net Profit YoY | — | 49.0% |
| EPS (diluted) | $2.52 | $-0.10 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $22.9B | $9.5B | ||
| Q3 25 | $6.0B | $9.0B | ||
| Q2 25 | $5.3B | $9.8B | ||
| Q1 25 | $4.8B | $9.0B | ||
| Q4 24 | $5.0B | $10.0B | ||
| Q3 24 | $4.3B | $9.6B | ||
| Q2 24 | $3.8B | $9.7B | ||
| Q1 24 | $3.7B | $10.0B |
| Q4 25 | $1.6B | $-252.0M | ||
| Q3 25 | $375.0M | $-148.0M | ||
| Q2 25 | $414.2M | $1.6B | ||
| Q1 25 | $-7.8M | $-453.0M | ||
| Q4 24 | — | $-494.0M | ||
| Q3 24 | — | $135.0M | ||
| Q2 24 | — | $-10.0B | ||
| Q1 24 | $-23.0M | $-966.0M |
| Q4 25 | 44.7% | — | ||
| Q3 25 | 43.4% | — | ||
| Q2 25 | 45.8% | — | ||
| Q1 25 | 46.2% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 41.6% | — |
| Q4 25 | 8.7% | 3.7% | ||
| Q3 25 | 8.0% | 6.8% | ||
| Q2 25 | 9.3% | -1.9% | ||
| Q1 25 | 9.4% | -0.4% | ||
| Q4 24 | — | 1.6% | ||
| Q3 24 | — | 2.9% | ||
| Q2 24 | — | -105.1% | ||
| Q1 24 | 1.9% | -2.7% |
| Q4 25 | 7.0% | -2.7% | ||
| Q3 25 | 6.3% | -1.6% | ||
| Q2 25 | 7.9% | 16.1% | ||
| Q1 25 | -0.2% | -5.0% | ||
| Q4 24 | — | -4.9% | ||
| Q3 24 | — | 1.4% | ||
| Q2 24 | — | -102.8% | ||
| Q1 24 | -0.6% | -9.7% |
| Q4 25 | $2.52 | $-0.10 | ||
| Q3 25 | $0.59 | $-0.06 | ||
| Q2 25 | $0.65 | $0.63 | ||
| Q1 25 | $0.65 | $-0.18 | ||
| Q4 24 | — | $-0.20 | ||
| Q3 24 | — | $0.05 | ||
| Q2 24 | — | $-4.07 | ||
| Q1 24 | — | $-0.40 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $10.6B | $4.6B |
| Total DebtLower is stronger | — | $32.4B |
| Stockholders' EquityBook value | $12.6B | $35.9B |
| Total Assets | $29.4B | $100.1B |
| Debt / EquityLower = less leverage | — | 0.90× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $10.6B | $4.6B | ||
| Q3 25 | — | $4.3B | ||
| Q2 25 | — | $4.9B | ||
| Q1 25 | — | $3.9B | ||
| Q4 24 | $8.6B | $5.3B | ||
| Q3 24 | — | $3.3B | ||
| Q2 24 | — | $3.6B | ||
| Q1 24 | — | $3.0B |
| Q4 25 | — | $32.4B | ||
| Q3 25 | — | $33.4B | ||
| Q2 25 | — | $34.4B | ||
| Q1 25 | — | $34.6B | ||
| Q4 24 | — | $36.8B | ||
| Q3 24 | — | $37.2B | ||
| Q2 24 | — | $37.3B | ||
| Q1 24 | — | $39.1B |
| Q4 25 | $12.6B | $35.9B | ||
| Q3 25 | — | $36.0B | ||
| Q2 25 | — | $36.0B | ||
| Q1 25 | — | $33.8B | ||
| Q4 24 | $8.4B | $34.0B | ||
| Q3 24 | — | $35.1B | ||
| Q2 24 | — | $34.3B | ||
| Q1 24 | — | $44.2B |
| Q4 25 | $29.4B | $100.1B | ||
| Q3 25 | — | $100.5B | ||
| Q2 25 | — | $101.7B | ||
| Q1 25 | — | $101.7B | ||
| Q4 24 | $22.6B | $104.6B | ||
| Q3 24 | — | $106.3B | ||
| Q2 24 | — | $108.0B | ||
| Q1 24 | — | $119.8B |
| Q4 25 | — | 0.90× | ||
| Q3 25 | — | 0.93× | ||
| Q2 25 | — | 0.95× | ||
| Q1 25 | — | 1.02× | ||
| Q4 24 | — | 1.08× | ||
| Q3 24 | — | 1.06× | ||
| Q2 24 | — | 1.09× | ||
| Q1 24 | — | 0.89× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $5.0B | $1.8B |
| Free Cash FlowOCF − Capex | — | $1.4B |
| FCF MarginFCF / Revenue | — | 14.6% |
| Capex IntensityCapex / Revenue | — | 4.5% |
| Cash ConversionOCF / Net Profit | 3.12× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $3.1B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.0B | $1.8B | ||
| Q3 25 | $3.5B | $979.0M | ||
| Q2 25 | $2.4B | $983.0M | ||
| Q1 25 | $756.9M | $553.0M | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $847.0M | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | $468.5M | $585.0M |
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $701.0M | ||
| Q2 25 | — | $702.0M | ||
| Q1 25 | — | $302.0M | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $632.0M | ||
| Q2 24 | — | $976.0M | ||
| Q1 24 | — | $390.0M |
| Q4 25 | — | 14.6% | ||
| Q3 25 | — | 7.8% | ||
| Q2 25 | — | 7.2% | ||
| Q1 25 | — | 3.4% | ||
| Q4 24 | — | 24.2% | ||
| Q3 24 | — | 6.6% | ||
| Q2 24 | — | 10.0% | ||
| Q1 24 | — | 3.9% |
| Q4 25 | — | 4.5% | ||
| Q3 25 | — | 3.1% | ||
| Q2 25 | — | 2.9% | ||
| Q1 25 | — | 2.8% | ||
| Q4 24 | — | 2.9% | ||
| Q3 24 | — | 2.2% | ||
| Q2 24 | — | 2.6% | ||
| Q1 24 | — | 2.0% |
| Q4 25 | 3.12× | — | ||
| Q3 25 | 9.46× | — | ||
| Q2 25 | 5.73× | 0.62× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 6.27× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SE
Segment breakdown not available.
WBD
| Distribution Revenue | $4.8B | 51% |
| Global Linear Networks | $4.2B | 44% |
| Service Other | $307.0M | 3% |
| Related Party | $204.0M | 2% |
| Other | $7.0M | 0% |
