Alibaba reported March-quarter 2025 revenue of RMB236,454 million, up 7%; cloud revenue rose 18%

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

On May 15, 2025, Alibaba Group Holding Limited furnished its results for the March quarter and fiscal year 2025, the year ended March 31, 2025, to the US Securities and Exchange Commission in a Form 6-K, the report a foreign private issuer files; the exhibit is its announcement to the Hong Kong stock exchange. The consolidated results were unaudited and prepared under US accounting rules. Revenue for the quarter was RMB236,454 million (US$32,584 million), up 7% from RMB221,874 million a year earlier. Income from operations was RMB28,465 million (US$3,923 million), up 93% from RMB14,765 million, which the company put down mainly to higher adjusted EBITA, a non-GAAP measure, and lower non-cash share-based compensation. Net income attributable to ordinary shareholders was RMB12,382 million (US$1,706 million), against RMB3,270 million; the company attributed the rise mainly to mark-to-market changes in its equity investments, higher income from operations and lower impairment of equity method investments, partly offset by losses on the disposal of subsidiaries.1^,2^,3^,4^,5^,6^,7^,8^,9^,10

Cloud Intelligence Group revenue, a segment figure stated before the elimination of sales between segments, was RMB30,127 million (US$4,152 million), up 18% from RMB25,595 million a year earlier; excluding Alibaba-consolidated subsidiaries, the company said, revenue rose 17%. Chief executive Eddie Wu said strong demand for AI drove the cloud revenue growth, which accelerated to 18%, and the company said AI-related product revenue kept triple-digit year-over-year growth for the seventh consecutive quarter. Cloud Intelligence Group’s adjusted EBITA rose 69% to RMB2,420 million (US$333 million) from RMB1,432 million a year earlier. In April Alibaba launched the Qwen3 series of hybrid reasoning models, two mixture-of-experts models and six dense models, led by Qwen3-235B-A22B with 235 billion parameters, 22 billion of them activated, and said it open-sourced all of them on ModelScope, Hugging Face and other platforms.11^,12^,13^,14^,15^,16^,17^,18^,19^,20

Free cash flow, a non-GAAP measure of liquidity, was RMB3,743 million (US$516 million), down 76% from RMB15,361 million a year earlier; the company attributed the fall mainly to higher cloud infrastructure expenditure, partly offset by higher adjusted EBITDA. Capital expenditures in the quarter were RMB24,612 million (US$3,392 million).21^,22

For fiscal year 2025, revenue was RMB996,347 million (US$137,300 million), up 6% from RMB941,168 million, and Cloud Intelligence Group revenue, stated on the same segment basis, was RMB118,028 million (US$16,265 million), up 11% from RMB106,374 million. Alibaba repurchased US$11.9 billion of shares in the fiscal year, a 5.1% net reduction in shares outstanding, and its board approved annual and special dividends totaling US$4.6 billion. It had 124,320 employees at March 31, 2025, against 194,320 at December 31, 2024, a fall it put down mainly to the sale and deconsolidation of Sun Art, partly offset by new hires.23^,24^,25^,26^,27^,28