Alibaba Group Holding (BABA) Company Report

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.

3 days ago

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.

4 days ago

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.

4 days ago

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.

4 days ago

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.

4 days ago

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.

4 days ago

Bloomberg

Alibaba's Qwen AI App Achieves Rapid User Adoption

BABA

Product Launch

New Projects/Investments

Revenue Acceleration/Inflection

Alibaba's AI assistant app, Qwen, recorded over 10 million downloads within one week of its relaunch, positioning it as one of the fastest-growing AI applications globally and boosting Alibaba's stock value.
This rapid adoption is central to Alibaba's "AI-first" strategy, aiming to integrate advanced AI capabilities into core services like e-commerce, maps, and health, and to compete with global AI giants.
The underlying Qwen model series has a strong open-source foundation with over 600 million cumulative global downloads, and its flagship model Qwen3-Max ranks among the top three globally in performance, outperforming GPT-5 and Claude Opus 4.
The success reflects strong domestic demand in China for local AI products and positions Alibaba as a key contender in the competitive Chinese AI market against rivals like ByteDance and Tencent.

5 days ago

Bloomberg

Alibaba Overhauls AI App to Challenge ChatGPT in Consumer Market

BABA

Product Launch

New Projects/Investments

Alibaba is rebranding its "Tongyi" mobile AI application as "Qwen" to directly compete with ChatGPT, aiming to evolve it into a multifunctional AI assistant integrated across its digital ecosystem for tasks like shopping and personalized recommendations.
The company plans to initially offer the Qwen app for free to build a large consumer base before monetization, signaling a strategic shift to focus on everyday users rather than predominantly business customers.
This initiative reflects CEO Eddie Wu's vision of full-stack AI development, positioning AI as a core growth driver for Alibaba over the next decade.
Alibaba has committed to a three-year AI investment plan totaling approximately ¥380 billion (about $53 billion), primarily focusing on AI infrastructure.

Nov 13, 2025, 6:22 AM

Bloomberg

Alibaba's AI Investments Break Even, Boosting Ad Returns

BABA

New Projects/Investments

Revenue Acceleration/Inflection

Alibaba Group's substantial AI investments in its core e-commerce operations, particularly on Taobao and Tmall, have reached a break-even point, demonstrating measurable financial returns from large-scale AI spending.
These AI-driven improvements have resulted in a 12% increase in return on advertising spend.
The company plans to invest approximately $53 billion over the next three years to further develop AI algorithms, data centers, and commerce infrastructure.
Alibaba's domestic e-commerce unit generated $19.53 billion in revenue in the quarter ending June 30, marking a 10% year-over-year increase.

Oct 16, 2025, 12:12 PM

CNBC

BlackBird Financial Reports Strong Q1-Q3 2025 Performance

BABA

Earnings

BlackBird Financial, led by Judah Spinner, achieved an outstanding 71.4% gain for the first three quarters of 2025, significantly outperforming the S&P 500's 14% gain during the same period.
This performance validates the firm's rigorous value investing philosophy, which emphasizes understanding businesses with an owner's mindset over market speculation.
Key holdings contributing to this success included Alibaba, Dollar General, and Avis Budget Group, which were the firm's three largest investments at the beginning of the year.

Oct 14, 2025, 2:00 PM

Press Release

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