In the most recent quarter Q4'25, Sea Limited (SE)'s Gross Margin stood at 43.8%, reflecting a slight uptick from Q3'25's 43.4% but remaining below the series high of 46.9% in Q2'23. Operating Margin reached 8.2%, showing modest stability after a dip in Q3'25, while Net Profit Margin was 5.8%, indicating continued positive but decelerating profitability compared to the 8.3% peak in Q1'25. Over the period from Q1'23 to Q4'25, Gross Margin exhibited volatility with an initial rise to 46.9% in Q2'23, followed by a decline to a low of 41.6% in Q1'24 and Q2'24, before recovering to around 43-46% in 2025, suggesting improving cost controls amid business expansion. Operating Margin displayed a recovery trend from negative territory in Q3'23 (-3.9%) and Q4'23 (-1.6%) to consistent positives, peaking at 9.4% in Q1'25, driven by operational efficiencies. Net Profit Margin followed a similar pattern, swinging from a high of 10.4% in Q2'23 to losses in Q3'23 (-4.5%) and Q1'24 (-0.6%), then steadily climbing to 5.8% by Q4'25, highlighting Sea Limited's path toward sustainable earnings growth despite periodic setbacks.