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Alibaba BABA

Alibaba is a leading e-commerce and cloud computing company. In China, its primary platforms are Taobao and Tmall, while AliExpress and Trendyol support its international cross-border expansion. Alibaba is the largest cloud services provider outside the United States.

Ticker
BABA
Headquarters
Hangzhou, Zhejiang
CEO
Eddie Wu
IPO year
2014
Sector
E-commerce and Cloud
Website
alibabagroup.com/en-US/about-alibaba
Management
Team & leadership ↗

Notes & Takes

"Tech crackdown in 2021. Ant Group IPO canceled. China’s real estate crisis. A brewing provincial debt mess. Delisting risk. Taiwan war risk. Terrible acquisitions. Oh, and Pinduoduo. Alibaba has been through the ringer the last four years. In 2025 it started to shows signs of life, with growth in cloud and customer management services picking up momentum.

In 2025 they folded their food delivery and instant delivery application into Taobao and quickly stole market share from Meituan. Price subsidies ensued causing profitability to decline.

With the stock ripping 70% plus in 2025 the stock returns in 2026 will reflect their ability to maintain market share in food / instant delivery and grow GMV aggressively. AI and Cloud is the biggest driver of growth for 2026, so keeping growth rates above 30% for this segment will be important."

Commentary: January 2026

Company Financials

Open the Google Sheet ↗

Quarterly Headlines

Full financial detail for each company lives in its Google Sheet, linked above. Best viewed on desktop.

Alibaba Q1 Fiscal 2027

Mar 31, 2026

  • Cloud external revenue accelerated up 45% with AI related product revenue up triple digits for the 12th consecutive quarter
  • EBITA margin of 12% for our cloud segment
  • Revenue up 9% YoY to $39.6 billion
  • Customer management revenue down 7% YoY
  • Income from operations down 57% YoY
  • Net income of $1.5 bill down 75%
  • Starting from this quarter we will present Alibaba E-commerce group revenue as such: China E-com, China Quick Commerce, International E-com, Global Wholesale
  • AliExpress achieved operating profit this quarter. The proportion of AliExpress sales that are contributed by local product supplies has continued to increase significantly year over year

Alibaba Q4 Fiscal 2026

Mar 31, 2026

  • Revenue up 11% on a like for like basis excluding Sun Art and InTime
  • CMR increased by 1%
  • Loss from operations of $123 million with net income of $3.6 bill USD due to mark mark changes in equity investments
  • Negative free cash flow of $2.5 billion due to quick commerce investments, user acquisition of Qwen and cloud expenditures
  • 62 million consumers now are 88 VIP members
  • AIDC was about breakeven in Q4
  • T-head semiconductor, our chip design subsidiary has achieved widespread industrial application of its AI chips. The automotive sector is the leading customer segment for them

Alibaba Q3 Fiscal 2026

Dec 31, 2025

  • Cloud revenue up 36% hitting $6.1 billion
  • Qwen consumer interface surpassed 300 mill MAU
  • In consumption our quick commerce business continues to scale while unit economics improve
  • Total revenue up 9% on a like for like basis
  • Income from operations down 74%
  • We rebranded Eleme to Taobao Instant Commerce and was integrated into the Qwen app
  • Customer management revenue grew 1%
  • The Taobao app had double digit growth in monthly users driven by quick commerce
  • 88 VIP members totaled 59 million growing double digits
  • AIDC narrowed losses significantly
  • The Qwen app (consumer facing app) is now integrated with Taobao, Tmall, Instant Commerce, Amap, Fliggy and Alipay. 140 million users have ordered something by using the Qwen app.

Alibaba Q2 Fiscal 2026

Sep 30, 2025

  • Robust AI demand pushed cloud revenue up 34%
  • Customer demand for AI remains very strong. We’re not able to keep pace with the growth in customer demand as in orders in terms of the pace at which we can deploy new servers.
  • Quick commerce continued to scale with significant improvement in unit economics and drove rapid growth in monthly active consumers on the Taobao app
  • Customer management revenue up 10%
  • Over the past 4 quarters we have deployed $120 billion RMB ($17 bill USD) in capital expenditures toward AI and cloud infrastructure
  • Revenue on a like for like basis grew 15% in total
  • Income from operations was $754 million down 85% due to investments in quick commerce, user experiences and technology
  • Cash and other liquid investments totaled $80 billion USD

Alibaba Q1 Fiscal 2026

Jun 30, 2025

  • Customer management revenue grew 10%
  • Cloud Intelligence Group grew 26% with triple digit growth from AI related product revenue for the 8th consecutive quarter
  • Revenue up 10% on a like-for-like basis
  • Income from operations of $4.8 billion down 3% YoY
  • Diluted earnings per ADS was $2.51
  • Net cash provided by operating activities was $2.8 billion down 39% YoY due to cloud and instant commerce investments
  • Cash and liquid investments totaled $81 billion
  • We launched “Taobao Instant Commerce” on the Taobao app at the end of April which increased MAU’s by 25% in August
  • 88VIP members our highest spending consumer group hit 53 million people in Q1
  • Revenue from AIDC grew 19% YoY driven by strong cross border business. AIDC had significantly narrowed losses year over year and quarter over quarter.
  • Repurchased $815 million worth of shares

Alibaba Q4 Fiscal 2025

Mar 31, 2025

  • Driven by strong demand for AI, Cloud Intelligence Group grew revenue at 18%
  • Customer management revenue grew 12% at Taobao and Tmall
  • Total revenue growth of 7%
  • During fiscal 2025 we reduced our share count by 5.1%
  • Income from operations was $3.9 billion
  • Diluted earnings per ADS was $0.71
  • For the full year income from operations was $19.4 billion or net income of $17.8 billion
  • For the full year cash provided by operating activities was $22.5 billion
  • 88 VIP membership surpassed 50 million and continues to grow at double digits. Will continue to focus on retention
  • AIDC grew at 22%
  • Cainiao logistics revenue down 12%
  • Local services group up 10%
  • Repurchased $600 million worth of shares

Alibaba Q3 Fiscal 2025

Dec 31, 2024

  • Customer management revenue grew 9% at Taobao and Tmall
  • Cloud revenue grew at 13%
  • We continued to actively manage our balance sheet with significant non core asset sales
  • Total revenue up 8% YoY
  • Income from operations was $5.6 billion
  • Diluted earnings per ADS was $2.79
  • 88VIP members continues to grow at double digits now with $49 million users
  • AIDC grew revenue at 32%
  • The unit economics of the Aliexpress Choice business continued to improve
  • Cainiao Logistics revenue was down 1%
  • Local Services Group was up 12%
  • $61 billion in cash and investments with $31 billion in debt

Alibaba Q2 Fiscal 2025

Sep 30, 2024

  • Growth in our cloud business accelerated from prior quarters with revenues from public cloud products growing in double digits and AI related product revenue delivering triple digit growth
  • We are more confident in our core businesses than ever and will continue to invest in supporting long term growth
  • Our other businesses continued to improve their operating efficiency, with most of them continuing to increase their profitability or reduce losses
  • Repurchased $4.1 billion of shares, reducing 2.1% of shares outstanding since the end of June
  • Revenue up 5% YoY
  • Income from operations $5,023 USD up 5% YoY
  • Net cash provided by operating activities was $4.4 billion with free cash flow at $1.9 billion

Alibaba Q1 Fiscal 2025

Jun 30, 2024

  • Repurchased $5.8 billion worth of shares
  • Total revenue up 4% YoY
  • Income from operations was $4.9 billion down 15% YoY due to a reversal of share compensation
  • Net cash provided by operating activities was $4.6 billion
  • We had $42 million 88 VIP members and that number is growing double digits YoY
  • Double digit order growth in Taobao and Tmall YoY
  • Cloud grew at 6% YoY
  • AIDC grew at 32% YoY driven by Aliexpress