In Q4'25, Sea Limited's (SE) total operating expenses reached $2.07B USD, with SG&A expenses dominating at $1.79B USD and R&D expenses at $278M USD, reflecting a significant quarterly increase driven primarily by elevated SG&A costs. From Q1'23 to Q4'25, R&D expenses exhibited relative stability, fluctuating between $278M USD and $320M USD with a slight downward trend in the latter half, while SG&A expenses showed strong growth from $734M USD to $1.79B USD, marked by a notable surge starting in Q3'23 and accelerating in 2024-2025; overall, this resulted in total operating expenses rising from $1.05B USD to $2.07B USD, highlighting expanding administrative and sales investments amid business scaling.