Garena earns US$ 746 million as Free Fire thrives
With Free Fire thriving, Garena reported revenue of US$ 746.6 million in Q2 2026, an annual increase of 33.5%.
By
Ronny Rolim
The strong performance of Free Fire helped Garena achieve a revenue of US$ 746.6 million in the second quarter of 2026. This figure represents a growth of 33.5% compared to the same period in 2025.
The numbers were officially disclosed by Sea Limited this Tuesday, August 11. Despite the emphasis on Free Fire, the US$ 746.6 million corresponds to the total revenue of Garena, and not exclusively from the Battle Royale's earnings.
Garena's revenue grows 33.5% in 2026
According to the official financial report from Sea Limited, Garena's revenue increased from US$ 559.1 million in the second quarter of 2025 to US$ 746.6 million between April and June of 2026.
The company attributed this growth to an increase in the active user base and a rise in the percentage of players making in-game purchases.
Garena ended the second quarter of 2026 with revenue of US$ 746.6 million, an annual growth of 33.5%, driven by the continued performance of Free Fire.
| Garena Indicator | Q2 2026 | Annual Variation |
|---|---|---|
| Revenue | US$ 746.6 million | +33.5% |
| Bookings | US$ 763.5 million | +15.5% |
| Adjusted EBITDA | US$ 429.8 million | +16.7% |
| Quarterly Active Users | 666.3 million | No percentage disclosed |
| Paying Users | 68.1 million | +10.2% |
Did the US$ 746 million come solely from Free Fire?
No. Sea does not report separately how much revenue each game from Garena generated. Therefore, it is not possible to state how much of this total came exclusively from Free Fire.
The US$ 746.6 million includes Garena's digital entertainment operations and its portfolio of games. However, the report highlights Free Fire as the main basis for the positive results presented in the quarter.
Forrest Li, president and CEO of Sea, stated that Free Fire sustained Garena's performance and continued to attract an average of over 100 million active players per day.
Revenue does not mean profit for Garena
Another important point is that revenue does not represent net profit. Revenue shows how much the operation recognized in accounting before deducting costs and expenses.
Garena also recorded US$ 429.8 million in adjusted EBITDA, an indicator used to track operational performance. This result grew by 16.7% compared to the second quarter of 2025 and represented 56.3% of the bookings for the period.
Adjusted EBITDA should also not be confused with net profit. Sea does not disclose a net profit specifically for Garena or for Free Fire.
What are the bookings reported by Garena?
The bookings reached US$ 763.5 million, an annual growth of 15.5%. This indicator is used by Sea as an approximation of the money spent by users in Garena's games during the quarter.
The difference exists because a purchase made within a game can be accounted as revenue over the period when the content or service is made available. Therefore, bookings and revenue appear with different values in the report.
On average, bookings per quarterly active user increased from US$ 0.99 in 2025 to US$ 1.15 in 2026.
More players are spending on Garena's games
Garena ended the quarter with 666.3 million active users, a figure close to the 664.8 million recorded in the same period of 2025.
The most significant change occurred among paying players. This group reached 68.1 million users, an increase of 10.2% in one year.
As a result, the percentage of users who spent money on games rose from 9.3% to 10.2%. This growth helps explain why revenue has advanced more quickly than the total player base.
Free Fire remains Garena's main game
Officially launched in December 2017, Free Fire continues to be Garena's most important franchise. The game maintains a daily audience of over 100 million people even after nearly nine years in operation.
This longevity is supported by frequent updates, competitive seasons, regional events, and collaborations with major franchises. The complete history can be consulted on the page about all Free Fire updates.
The outcome also demonstrates that the Battle Royale remains relevant to Sea's business. At the same time, the company is attempting to diversify Garena's catalog with projects such as Palworld Online and Monster Hunter Outlanders.
What does the result mean for players?
The report does not announce rewards, events, or immediate changes within Free Fire. The impact for players is indirect: the numbers show that Garena continues to achieve growth and high profitability with its gaming division.
The performance enhances the company's ability to maintain servers, produce updates, close new collaborations, and invest in the development of Free Fire. However, the report does not detail how much will be specifically applied to the game.
Upcoming reports from Sea will show whether growth will continue in the following months. To understand the significance of the title in this trajectory, also see when Free Fire was launched and how the game has grown and learn about the history of Garena, developer and publisher of Free Fire.
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