Alibaba Group Holding (BABA) Company Report

Analyst Coverage

Research analysts who have asked questions during Alibaba Group Holding earnings calls.

Gary Yu

Morgan Stanley

8 questions for BABA

Also covers: BIDU

Kenneth Fong

UBS Group AG

8 questions for BABA

Also covers: JD, PDD

Ronald Keung

Goldman Sachs

7 questions for BABA

Also covers: JD, VIPS, YMM +1 more

Alex Yao

JPMorgan Chase & Co.

6 questions for BABA

Also covers: BIDU, TCOM, TME +1 more

Alicia Yap

Citigroup

6 questions for BABA

Also covers: BIDU, BZUN, DADA +10 more

Joyce Ju

Analyst

3 questions for BABA

Also covers: JD, PDD, RERE +1 more

Thomas Chong

Jefferies Financial Group Inc.

3 questions for BABA

Also covers: ATHM, BEKE, BIDU +22 more

James Lee

Mizuho Securities

2 questions for BABA

Also covers: ABNB, BIDU, CART +5 more

Jialong Shi

Nomura

2 questions for BABA

Also covers: JD, NTES, VIPS

Jialong Xi

Nomura

2 questions for BABA

Alexei Gogolev

JPMorgan Chase & Co.

1 question for BABA

Also covers: ALKT, BSY, CCCS +14 more

Ellie Jiang

Macquarie

1 question for BABA

Also covers: TCOM, TME

Jiong Shao

Barclays

1 question for BABA

Also covers: CPNG, GRAB, SE +1 more

Youssef Squali

Truist Securities

1 question for BABA

Also covers: DASH, DV, ETSY +12 more

Yuan Leong

Citigroup

1 question for BABA

Yuan Liao

CITIC Securities

1 question for BABA

Also covers: YB, YMM

Latest news

Recent press releases and 8-K filings for BABA.

Alibaba's Cainiao Plans $2 Billion Robovan Merger with Zelos

BABA

M&A

New Projects/Investments

Alibaba's logistics arm, Cainiao, is preparing to merge its autonomous-driving unit with Chinese robovan specialist Zelos Technology to form a Cainiao Robovan business valued at about $2 billion.
The combined entity is intended to scale last-mile delivery automation across Alibaba’s logistics network, with a projection to oversee a fleet of more than 20,000 driverless delivery vehicles.
This move signals a strategic shift from capital-intensive in-house R&D toward a partnership-driven model for deploying autonomous delivery technology.
The development occurs as investors are buoyed by Alibaba’s Cloud and AI momentum and stabilizing e-commerce, even as heavier investment has weighed on near-term profitability.

6 days ago

Morningstar

Alibaba Reportedly Plans IPO for T-Head Chip Unit

BABA

New Projects/Investments

M&A

Revenue Acceleration/Inflection

Alibaba is reportedly preparing to spin off its chip unit T-Head (Pingtouge) and restructure it with partial employee ownership as a step toward an independent IPO.
This strategic move is intended to decouple and scale Alibaba’s AI-hardware ambitions, positioning T-Head to compete internationally and attract capital for AI accelerator production.
A potential formal IPO filing could occur in late 2026 or early 2027, with likely listings in Hong Kong or on Shanghai’s STAR Market.
Markets responded positively to the reports, with Alibaba’s U.S.-listed shares jumping and the rally temporarily adding approximately $29.7 billion to the company’s market value.

Jan 22, 2026, 3:33 PM

Bloomberg

Alibaba Forms Nuclear Power Joint Venture

BABA

New Projects/Investments

Alibaba has established a 250 million yuan joint venture with state-owned China National Nuclear Power and other partners to secure stable electricity for its growing AI and data-center operations.
This initiative mirrors a broader Big Tech trend, with companies like Microsoft and Meta also pursuing nuclear deals to address grid bottlenecks and the demand for consistent power for energy-intensive AI workloads.
While some analysts caution about aggressive spending on cloud and AI leading to uncertain payback, Wall Street sentiment remains largely positive, with an average 12-month price target of approximately $191.63.

Jan 21, 2026, 8:48 AM

Bloomberg

Alibaba Group Backs MiniMax's Hong Kong IPO

BABA

New Projects/Investments

Delisting/Listing Issues

Chinese AI startup MiniMax is preparing a Hong Kong IPO that could raise more than $600 million, with investor subscriptions potentially opening imminently for a targeted January listing.
Alibaba Group and the Abu Dhabi Investment Authority are reported to be key cornerstone backers for MiniMax's IPO.
Alibaba's involvement, alongside other corporate and sovereign investors, is expected to bolster IPO execution and signal confidence to other buyers, supporting MiniMax's expansion in the AI sector.
Alibaba's strong financial position, with a market capitalization around $354.3 billion and annual revenue of about $140.37 billion, underscores its capacity as a major cornerstone investor.

Dec 30, 2025, 12:08 PM

Bloomberg

Alibaba Group Holding Ltd Reports Q3 2025 Financial Results

BABA

Earnings

Share Buyback

New Projects/Investments

Alibaba Group Holding Ltd reported revenue of RMB247,795 million (US$34,808 million) for the quarter ended September 30, 2025, an increase of 5% year-over-year.
Income from operations decreased by 85% year-over-year to RMB5,365 million (US$754 million), and non-GAAP net income decreased by 72% year-over-year to RMB10,352 million (US$1,454 million), primarily due to investments in quick commerce, user experiences, and technology.
The Cloud Intelligence Group's revenue grew by 34% year-over-year to RMB39,824 million (US$5,594 million), with its adjusted EBITA increasing by 35%.
Alibaba International Digital Commerce Group (AIDC) achieved an adjusted EBITA profit of RMB162 million (US$23 million) for the quarter, compared to a loss in the prior year, with revenue growing 10% year-over-year.
The company reported a free cash flow outflow of RMB21,840 million (US$3,068 million) and repurchased US$253 million worth of ordinary shares during the quarter.

Nov 25, 2025, 9:02 PM

6-K

Alibaba Group Reports Q2 2026 Results with Strong Cloud and AI Growth Amidst Significant Investments

BABA

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

Alibaba Group's total revenue for Q2 2026 was RMB 247.8 billion, increasing 15% year-over-year excluding Sun Art and InTime. However, GAAP net income decreased 53% to RMB 20.6 billion, and free cash flow was an outflow of RMB 21.8 billion, primarily due to significant strategic investments in quick commerce and AI+ cloud infrastructure.
The company's Cloud Intelligence Group revenue rose 34%, with revenue from external customers accelerating by 29%. AI-related products continued to post triple-digit year-over-year growth for the ninth consecutive quarter, now accounting for over 20% of revenue from external customers.
Alibaba is experiencing strong and accelerating customer demand for AI, to the extent that it cannot keep pace with orders for new server deployment. The company plans to invest aggressively in AI infrastructure, noting that the previously mentioned RMB 380 billion CapEx figure for a three-year period might be "on the small side" given current demand.
Management anticipates that AI resources will continue to be undersupplied globally for the next two to three years due to supply chain bottlenecks, with all generations of GPUs currently running at full capacity.

Nov 25, 2025, 12:30 PM

Transcript

Alibaba Group Reports Q2 2026 Results with Strong Cloud and Quick Commerce Growth Amidst Strategic Investments

BABA

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

Alibaba Group reported RMB 247.8 billion in total revenue for the September quarter 2025 (Q2 2026), marking a 15% year-over-year increase excluding Sun Art and InTime.
Cloud Intelligence revenue surged 34%, with external customer revenue accelerating by 29%, driven by AI-related products which continued triple-digit growth for the ninth consecutive quarter and now account for over 20% of external customer revenue.
Strategic investments in the quick commerce business, which saw 60% revenue growth, significantly impacted profitability, leading to a 53% decrease in GAAP net income to RMB 20.6 billion and a RMB 21.8 billion free cash flow outflow.
The company is aggressively investing in AI infrastructure, with previously planned RMB 380 billion CapEx for a three-year period potentially being on the "small side" due to high customer demand and an anticipated two to three year global undersupply of AI resources.
Alibaba aims to achieve CNY 1 trillion in GMV for its quick commerce platform within three years, having already cut per order unit economics loss by 50% since July-August, and expects the scale of these investments to significantly reduce by next quarter.

Nov 25, 2025, 12:30 PM

Transcript

Alibaba Group Reports Q2 2026 Results with Strong Revenue Growth and Strategic AI/Quick Commerce Investments

BABA

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

Alibaba Group reported 15% year-over-year revenue growth (excluding Sun Art and InTime) for Q2 2026, with China e-commerce CMR growing 10% and Cloud Intelligence revenue rising 34%.
The company's GAAP net income decreased by 53% to RMB 20.6 billion, and free cash flow was an outflow of RMB 21.8 billion, primarily due to significant strategic investments in its quick commerce business and AI+ cloud infrastructure.
Strategic investments in quick commerce are focused on improving unit economics, with per order UE loss cut by 50% compared to July-August, and the business aims to generate CNY 1 trillion in GMV within three years.
Alibaba is aggressively investing in AI infrastructure, noting that the previously mentioned RMB 380 billion CapEx for a three-year period might be insufficient due to strong customer demand and an expected 2-3 year period of undersupply for AI resources globally.

Nov 25, 2025, 12:30 PM

Transcript

Alibaba Announces Q2 2026 Results with Revenue Growth and Profitability Decline

BABA

Earnings

Revenue Acceleration/Inflection

Alibaba reported consolidated revenue of RMB247,795 million for Q2 2026 (three months ended September 30, 2025), representing a 5% year-over-year increase. However, profitability saw significant declines, with net income decreasing 53% to RMB20,612 million and Adjusted EBITA falling 78% to RMB9,073 million.
The Cloud Intelligence Group was a key growth driver, with revenue increasing 34% to RMB39,824 million and Adjusted EBITA growing 35% to RMB3,604 million. AI-related product revenue within this group delivered another quarter of triple-digit year-over-year growth.
Alibaba China E-commerce Group revenue rose 16% to RMB132,578 million, primarily driven by a 10% increase in customer management revenue to RMB78,927 million and 60% growth in quick commerce revenue to RMB22,906 million. The Alibaba International Digital Commerce Group (AIDC) achieved an Adjusted EBITA profit of RMB162 million for the quarter, on 10% revenue growth to RMB34,799 million.

Nov 25, 2025, 12:30 PM

Presentation

Alibaba Reports Q2 FY2025 Earnings with Revenue Growth and Profit Decline

BABA

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Alibaba reported a 5% year-over-year revenue increase to approximately US$34.8 billion for the fiscal second quarter ended September 2025, with its Cloud Intelligence Group revenue growing 34% driven by strong AI demand.
Net income declined sharply by over 50%, and income from operations dropped 85% year-over-year, primarily due to significant investments in AI infrastructure, quick commerce, and user experience enhancements.
The company emphasized an ongoing investment phase in AI and cloud technologies, with approximately RMB120 billion in capital expenditures over the past year, aimed at building long-term value.
Mainland Chinese investors have increased their holdings to 11.07%, indicating positive sentiment towards Alibaba's AI-driven growth prospects despite short-term profitability concerns.