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Alibaba Group Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary25 Nov, 2025
Executive summary
Revenue for the quarter ended September 30, 2025, grew 5% year-over-year to RMB247,795 million, with like-for-like revenue (excluding disposed businesses) up 15%, driven by strong AI+Cloud and consumption strategies.
Cloud Intelligence Group revenue surged 34% year-over-year, with AI-related product revenue achieving triple-digit growth for the ninth consecutive quarter.
Quick commerce scaled rapidly, improving user experience, narrowing unit economics loss, and boosting monthly active consumers on the Taobao app.
Strategic focus remains on AI+ cloud and consumption, with significant progress in AI infrastructure, foundation models, and consumer-facing AI applications.
Significant capital expenditure of approximately RMB120 billion over the past four quarters toward AI and cloud infrastructure.
Financial highlights
Consolidated revenue was RMB247,795 million, up 5% year-over-year; like-for-like revenue (excluding Sun Art and InTime) grew 15%.
Net income attributable to ordinary shareholders was RMB20,990 million, down 52% year-over-year; GAAP net income was RMB20,612 million, down 53%.
Income from operations dropped 85% year-over-year to RMB5,365 million, mainly due to increased investment in quick commerce, user experience, and technology.
Adjusted EBITA declined 78% year-over-year to RMB9,073 million.
Free cash flow for the quarter was negative RMB21,840 million, with net cash provided by operating activities at RMB10,099 million.
Outlook and guidance
Continued decisive investment in AI+ cloud and consumption to drive long-term growth, with expectations for further technology and market share gains.
Quick commerce is expected to be a core pillar, with a goal to generate CNY 1 trillion in GMV within three years.
Near-term profitability expected to fluctuate as profits and free cash flow are reinvested for future growth.
CapEx for AI infrastructure may exceed the previously planned RMB 380 billion over three years, depending on supply chain and demand.
Quantify quick commerce investment impact on ACEG EBITA
Outlook for free cash flow given current investments
How sustainable is AIDC's adjusted EBITA profit?
Quick commerce unit economics improvement drivers
Cloud AI product revenue growth sustainability?
AIDC profitability drivers and outlook?
AI CapEx allocation amid supply constraints?
Quick commerce path to RMB 1T GMV and UE sustainability?
AI investment success metrics beyond direct revenue?
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Next Alibaba Group earnings date
Q3 202619 Feb, 2026
Next Alibaba Group earnings date
Q3 202619 Feb, 2026
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Frequently asked questions
One of the largest ecommerce platforms in the world
Alibaba is one of the largest online- and ecommerce businesses in the world, and could be seen as the Amazon of China. The company was founded in 1999 by the former English teacher Jack Ma. The majority of its revenue is conducted through online marketplaces where consumers and merchants can connect, buy and sell from each other. Alibaba operates two of the most visited online platforms in China: Taobao, a C2C marketplace with similarities to eBay, and Tmall, the largest B2C ecommerce marketplace in China.
The company is also expanding into other segments such as cloud computing, digital media, and entertainment. Alibaba is considered as one of the global leaders in terms of reinventing och digitizing retail, logistics and payments. The major business divisions of Alibaba are:
Alibaba.com: A B2B ecommerce platform that connects businesses with suppliers and manufacturers around the world. It offers a range of products and services, including online storefronts, payment processing, logistics, and online marketing.
Taobao: An online shopping website that operates as a C2C and B2C platform. It offers a range of products including clothes, electronics, and home appliances. Taobao is one of the largest online marketplaces in China.
Tmall: An online shopping website that operates as a B2C platform. Tmall offers a range of high-quality, branded products, including clothing, electronics, and home appliances. It is one of the largest ecommerce platforms in China.
AliExpress: a global online marketplace that allows small businesses and individuals to sell products to buyers around the world.
Alibaba Cloud: The cloud computing division of Alibaba. It offers a range of cloud computing services, including data storage, database management, and cloud security.
Ant Group: One of the largest fintech companies in the world, offering a range of financial services, including payment processing, digital banking, and insurance.
Cainiao Network: A logistics company that provides end-to-end supply chain solutions to Alibaba's ecommerce platforms. Cainiao Network uses big data and AI technologies to optimize logistics operations and improve delivery times. Cainiao is the second largest logistics player in China behind JD.com’s logistic business, JD Logistics.
Further reading: The Story of Richard Liu Qiangdong and JD.com
Fun fact: Alibaba aspires to be a company that will last for 102 years. Why 102? When the company was founded in 1999, it set a goal to stay in business for over 3 centuries; 1999 + 102 = 2101. This signifies the long-term perspective and commitment to sustainable development.
The Rockstar Founder
Before founding Alibaba, Jack Ma applied for 31 different jobs and was rejected by every single one, the fast food chain KFC (Yum! Brands) being one of them. Ma first understood the potential of the internet during a visit to the U.S when he had his first encounter with a computer. His first search, funny enough, was for beer, and to his surprise there was a lot of information related to beer from many countries, but none from China. This was also the case for general information about China. This was the embryo to Alibaba.
Today, it is fair to state that Ma has shaped the digital era in China like no other. Overall, Jack Ma's influence on China has been significant, both in terms of driving economic growth and shaping the country's technology industry, as well as promoting entrepreneurship and advocating for social causes.
Single's Day Shopping
Single's Day is a gigantic shopping event, occurring every year on the 11th of November, celebrating singles and motivating them to shop. It has grown to be the largest shopping tradition by far for both Alibaba and consumers overall in China. Single’s Day was originally a protest against Valentine's day, which originated at Nanjing University back in the 90s.
Single’s Day is today the largest shopping day in the world. That’s right, it even exceeds Black Friday and Cyber Monday together in shopping volume, and Alibaba is the most popular ecommerce platform to spend the day on. The day is usually celebrated by searching for good deals online together with friends and family.
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