Alibaba Group Holding Limited · NYSE:BABA
Alibaba — Q3 2026 Earnings Presentation
18 slides from Alibaba's earnings presentation, Mar 19, 2026
Slide 1: December Quarter 2025 Results
December Quarter 2025 Results March 19, 2026
Slide 2: Disclaimer
Disclaimer This presentation contains certain financial measures that are not recognized under generally accepted accounting principles in the United States (“GAAP”), including but not limited to adjusted EBITDA (including adjusted EBITDA margin), adjusted EBITA (including adjusted EBITA margin), no
Slide 3: Business and Financial Highlights
Business and Financial Highlights For the quarter ended December 31, 2025: 9% • We remain focused on AI + Cloud and Consumption businesses. Total Revenue (Excluding Sun Art and Intime1) • We are seeing great momentum with gains in technology, customer adoption, and market share. 2024 2025 Consumptio
Slide 4: Financial Highlights
Financial Highlights Three months ended December 31, Nine months ended December 31, (in RMB Mn, except per share data and percentages) 2024 2025 YoY% 2024 2025 YoY% Revenue 280,154 284,843 2% 759,893 780,290 3% Income from operations 41,205 10,645 (74)% 112,440 50,998 (55)% Non-cash share-based comp
Slide 5: Cash Flow & Balance Sheet: Selected Financials
Cash Flow & Balance Sheet: Selected Financials Three months ended December 31, Nine months ended December 31, 2024 2025 2024 2025 Cash Flow RMB Mn RMB Mn USD Mn RMB Mn RMB Mn USD Mn Net cash provided by operating activities 70,915 36,032 5,152 135,989 66,803 9,553 Less: Purchase of property and equi
Slide 6: Cost of Revenue and Operating Expenses
Cost of Revenue and Operating Expenses Cost of Revenue (excluding SBC) Product Development Expenses (excluding SBC) (RMB Mn) (RMB Mn) Three months ended Nine months ended Three months ended Nine months ended % of Revenue % of Revenue Sales & Marketing Expenses (excluding SBC) General & Administrativ
Slide 7: Segment Results: Quarter ended December 31, 2025
Segment Results: Quarter ended December 31, 2025 MGI..8-,(4G:8.(7.785.+.-$.I8D<C8GHGA !"#$%$% !"#$%$% 3(4.I(%4#,(%" &G#(% 5#6#4%" &",17 )*+,--.I+. &,--.I+. 3(4.""#6.(+. 3(4.I*:.6-.(4 !"#$%&'$&#($)*+),-$,).+)#-/0)12 0I,12 0I,12 0I,12 !""894G.I: ;<= >(%"",+%4.7 ."#-#(%4#,( &,(:,"#7%4.7 ?.@.(1. 8<ABCDE
Slide 8: Consumption Businesses (1/2)
Consumption Businesses (1/2) Taobao Instant Commerce Alibaba China E-commerce Group Business Highlights E-commerce Revenue During the quarter, we executed our plan to further grow the scale of our quick • Revenue from our E-commerce business in the quarter ended December 31, 2025 commerce business,
Slide 9: Consumption Businesses (2/2)
Consumption Businesses (2/2) Alibaba International Digital Commerce Group (“AIDC”) Business Highlights International Commerce Retail Revenue For the quarter ended December 31, 2025, AIDC narrowed loss significantly year-over- • Revenue from our International commerce retail business in the quarter e
Slide 10: AI + Cloud Businesses (1/2)
AI + Cloud Businesses (1/2) T-Head App Cloud Intelligence Group Business Highlights For the quarter ended December 31, 2025, revenue from Cloud Intelligence Group was With international markets as a key strategic priority, we have continued to expand our RMB43,284 million (US$6,190 million). The yea
Slide 11: AI + Cloud Businesses (2/2)
AI + Cloud Businesses (2/2) T-Head App Business Highlights Qwen Model Family Qwen App Qwen model family, our enterprise-grade large model suite, continues to drive rapid AI Powered by our most advanced Qwen3.5 foundation model, Qwen app, our flagship adoption across key verticals, including intellig
Slide 12: All Others
All Others Segment Revenue Segment Adjusted EBITA • Revenue from All others segment was RMB67,340 million (US$9,629 million) • Adjusted EBITA from All others segment in the quarter ended December 31, 2025 in the quarter ended December 31, 2025, a decrease of 25% year-over-year, was a loss of RMB9,79
Slide 13: Appendix
Appendix
Slide 14: Segment Results: Nine months ended December 31, 2025
Segment Results: Nine months ended December 31, 2025 N#(.8-,(4G:8.(7.785.+.-$.I8B<C8JFJI !"#$%$% !"#$%$% 3(4.I(%4#,(%" &G#(% 5#6#4%" &",17 )*+,--.I+. &,--.I+. 3(4.""#6.(+. 3(4.I*:.6-.(4 !"#$%&'$&#($)*+),-$,).+)#-/0)12 0I,12 0I,12 0I,12 !""894G.I: ;<= >(%"",+%4.7 ."#-#(%4#,( &,(:,"#7%4.7 ?.@.(1. 8AB<
Slide 15: Revenue Breakdown
Revenue Breakdown KI655-4&0BIF-50N5N-C5354+56->:; J*05-4&0BIF-50N5N-C5354+56->:; !"#$%&'$&#($)*+),-$,).+)#-/0)12 !"!# !"!$ %&%G !"!# !"!$ %&%G ()*+,+,-.I*0,-123&445635-76&89 -:$";$<= -:$=;>#? -@G ->=>;">! -#>:;==? -:"G !"#$%%&'#& ()*+,-.I ()*),.I* ()0 (***,-1- (*.*,+2* (-0 ((((("(3456$%&'(%7879&%&86
Slide 16: GAAP to Non-GAAP Measures Reconciliation
GAAP to Non-GAAP Measures Reconciliation Three months ended December 31, Nine months ended December 31, 2024 2025 2024 2025 Adjusted EBITA and Adjusted EBITDA RMB Mn RMB Mn USD Mn RMB Mn RMB Mn USD Mn Income from operations 41,205 10,645 1,522 112,440 50,998 7,293 Non-cash share-based compensation e
Slide 17: GAAP to Non-GAAP Net Income Attributable to Ordinary Shareholders
GAAP to Non-GAAP Net Income Attributable to Ordinary Shareholders R;4,,G21/-;:G,/8,8G*,0,25,4GCA> +./,G21/-;:G,/8,8G*,0,25,4GCA> !"!# !"!@ !"!# !"!@ !"#$%#&$'()'*+$*',$-./,'$0/+/1 $%& $%& G()* $%& $%& G()* G+,-G./012,G3--4.56-357,G-1G148./349G:;34,;178,4:G<G53:.0 G#=>?#@ GAB>C!! G!>CC# GAAM>"== G=">
Slide 18: Slide 18
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