{"periods":["June quarter 2025","June quarter 2026"],"as_of":"2026-10-18","metrics":[{"key":"commerce_revenue","label":"E-commerce revenue","group":"Commerce","values":[198812,205862],"unit":"RMB million","meaning":"Sales across the combined commerce segment.","test":"Revenue holds up as promotional support eases.","caution":"Includes domestic, international, quick commerce and wholesale; mix changes affect margins.","kind":"Reported","source":"S1"},{"key":"commerce_profit","label":"E-commerce adjusted EBITA","group":"Commerce","values":[39988,39749],"unit":"RMB million","meaning":"Segment operating earnings on Alibaba’s adjusted basis.","test":"Profit grows along with a recovering margin.","caution":"Excludes certain costs including share-based compensation; not owner cash flow.","kind":"Reported","source":"S1"},{"key":"commerce_margin","label":"E-commerce adjusted EBITA margin","group":"Commerce","values":[20.113474035772487,19.3085659325179],"unit":"%","meaning":"Adjusted EBITA divided by the same segment’s revenue.","test":"Higher margin with resilient demand and higher absolute profit.","caution":"Calculated on the combined segment; cannot isolate quick-commerce profitability.","kind":"Calculated","source":"S1"},{"key":"cmr","label":"Customer-management revenue","group":"Commerce","values":[89199,82547],"unit":"RMB million","meaning":"Merchant monetisation through advertising and commissions.","test":"More merchant spending supported by useful customer demand.","caution":"Incentives and fee policy affect revenue; not a direct merchant-return measure. June 2026 reported change −7%; management’s like-for-like change +1%.","kind":"Reported","source":"S1"},{"key":"quick","label":"China quick-commerce revenue","group":"Commerce","values":[36725,53295],"unit":"RMB million","meaning":"Revenue from the reported quick-commerce businesses.","test":"Demand remains while support per order falls.","caution":"Includes Freshippo; revenue growth does not demonstrate retention or profit.","kind":"Reported","source":"S1"},{"key":"vip","label":"88VIP membership","group":"Commerce","values":[null,64],"unit":"million members","meaning":"Size of the high-spending membership base at period end.","test":"A growing durable base of valuable customers.","caution":"June 2026 approximately 64m; exact June 2025 count not entered. Membership is not cohort retention.","kind":"Reported","source":"S1"},{"key":"cloud_revenue","label":"Cloud & compute revenue","group":"Cloud / AI","values":[33418,48437],"unit":"RMB million","meaning":"Revenue of the cloud and compute segment.","test":"Demand fills new capacity and supports profitable growth.","caution":"Includes internal revenue before group eliminations. Use external growth alongside it.","kind":"Reported","source":"S1"},{"key":"external","label":"External cloud revenue growth","group":"Cloud / AI","values":[null,45],"unit":"% YoY","meaning":"Growth in revenue from customers outside Alibaba.","test":"External paying demand grows as capacity is deployed.","caution":"A growth rate, not an external revenue amount. No prior rate entered.","kind":"Reported","source":"S1"},{"key":"ai_revenue","label":"AI-related product revenue","group":"Cloud / AI","values":[null,12376],"unit":"RMB million","meaning":"Disclosed AI-related revenue within cloud and compute.","test":"AI usage converts into paid revenue.","caution":"Subset of cloud revenue; do not add it again. Prior exact amount not entered.","kind":"Reported","source":"S1"},{"key":"cloud_profit","label":"Cloud adjusted EBITA","group":"Cloud / AI","values":[2419,5628],"unit":"RMB million","meaning":"Reported cloud and compute segment adjusted operating earnings.","test":"Profit grows faster than segment revenue over time.","caution":"Does not deduct cloud capex or capture all group AI spending.","kind":"Reported","source":"S1"},{"key":"cloud_margin","label":"Cloud adjusted EBITA margin","group":"Cloud / AI","values":[7.238613920641571,11.619216714495117],"unit":"%","meaning":"Cloud adjusted EBITA divided by cloud segment revenue.","test":"Improving operating leverage while revenue grows.","caution":"Calculated; not a return on infrastructure investment.","kind":"Calculated","source":"S1"},{"key":"labs","label":"AI Labs & Applications adjusted EBITA","group":"Cloud / AI","values":[-3224,-13861],"unit":"RMB million","meaning":"Separate model and application segment profit or loss.","test":"Losses stabilise and narrow as paid use scales.","caution":"Cloud profit alone does not establish total AI profitability; avoid allocating group capex here.","kind":"Reported","source":"S1"},{"key":"marketing","label":"Sales & marketing expense","group":"Group cash / capital","values":[53178,47625],"unit":"RMB million","meaning":"Group expenditure reported under sales and marketing.","test":"Revenue outgrows spending without losing demand.","caution":"Group-wide, not quick-commerce subsidy spending. Incentives can also reduce revenue.","kind":"Reported","source":"S1"},{"key":"marketing_ratio","label":"Sales & marketing / revenue","group":"Group cash / capital","values":[21.47287322533232,17.70755485159117],"unit":"%","meaning":"Group sales and marketing divided by group revenue.","test":"Less spending intensity alongside stronger underlying profits.","caution":"Business mix can move the ratio. Not a customer acquisition cost measure.","kind":"Calculated","source":"S1"},{"key":"capex","label":"Group capital expenditure","group":"Group cash / capital","values":[38676,67678],"unit":"RMB million","meaning":"Reported capital spending across Alibaba.","test":"New investment produces sufficient future cash earnings.","caution":"Not standalone cloud capex. Falling spending is not automatically positive.","kind":"Reported","source":"S1"},{"key":"capex_ratio","label":"Group capex / revenue","group":"Group cash / capital","values":[15.617075573789027,25.163504404115216],"unit":"%","meaning":"Reported group capex divided by group revenue.","test":"Revenue and cash generation eventually catch up with investment.","caution":"A group intensity measure; not cloud capex divided by cloud revenue.","kind":"Calculated","source":"S1"},{"key":"ocf","label":"Group operating cash flow","group":"Group cash / capital","values":[20672,22945],"unit":"RMB million","meaning":"Cash generated by group operating activities.","test":"Cash generation supports investment without recurring dilution.","caution":"Working capital and payment timing affect quarters; cannot isolate cloud.","kind":"Reported","source":"S1"},{"key":"fcf","label":"Group reported free cash flow","group":"Group cash / capital","values":[-18815,-44670],"unit":"RMB million","meaning":"Alibaba’s reported non-GAAP free cash flow.","test":"Cash remaining after investment improves over the cycle.","caution":"Use the filing reconciliation: reported FCF is not exactly OCF less headline capex.","kind":"Reported","source":"S1"},{"key":"shares","label":"Weighted-average diluted ordinary shares","group":"Group cash / capital","values":[19142,19324],"unit":"million shares","meaning":"Average diluted denominator used for quarterly earnings.","test":"Earnings and cash value grow faster than dilution.","caution":"Not period-end shares. August 2026 placement occurs after this quarter; one ADS equals eight ordinary shares.","kind":"Reported","source":"S1"}],"sources":{"S1":{"url":"https://www.sec.gov/Archives/edgar/data/1577552/000110465926099220/tm2623667d1_ex99-1.htm","title":"June quarter 2026 earnings release","note":"Quarterly financials; segment tables; capex; FCF reconciliation; June 2025 comparatives recast to current segment basis."},"S2":{"url":"https://www.hkexnews.hk/listedco/listconews/sehk/2026/0618/2026061800844.pdf","title":"FY2026 annual report","note":"Ant ownership and equity accounting: printed p.62 and note 4(f), F-37–F-38."},"S3":{"url":"https://www.alibabagroup.com/en-US/document-2029365886510432256","title":"26 August 2026 equity placing completion","note":"710m new ordinary shares; HK$80bn gross placing. Subsequent to June quarter."}}}