Key Takeaways SE's Garena saw Q3 2025 bookings jump 51% YoY, driven primarily by major Free Fire collaborations.Higher spending per user and rising payment and royalty costs are powering SE's revenue growth.SE's diversification efforts remain limited as Free Fire continues to dominate despite new publishing titles.Sea Limited’s (SE) digital entertainment arm, Garena, continues to deliver strong financial results, but its growth profile is becoming increasingly concentrated around select titles. A significan ...