Alibaba reported revenue of RMB284,843 million for the December 2025 quarter, up 2%, as income from operations fell 74%

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.

Alibaba Group Holding Limited reported results for the quarter ended Dec 31, 2025 in a Form 6-K, the report a foreign company files with the U.S. Securities and Exchange Commission, filed on Mar 19, 2026. Revenue was RMB284,843 million, up 2% from RMB280,154 million in the same quarter of 2024; excluding the disposed businesses of Sun Art and Intime, the company said, revenue would have grown 9% on a like-for-like basis. Income from operations fell 74% to RMB10,645 million from RMB41,205 million, which the company attributed mainly to the decrease in adjusted EBITA. Adjusted EBITA, a non-GAAP measure (one outside standard U.S. accounting rules) that Alibaba defines itself, fell 57% to RMB23,397 million from RMB54,853 million, which the company attributed mainly to its investment in quick commerce, user experiences and technology. The measure leaves out certain non-cash expenses, among them share-based compensation and the impairment of goodwill, a charge of RMB9,515 million in the quarter, up 54% from RMB6,171 million.1^,2^,3^,4^,5^,6^,7^,8

Sales and marketing expenses rose to RMB71,934 million from RMB42,675 million. Quick commerce revenue, a line of Alibaba's China e-commerce group in the release's segment table, was RMB20,842 million, up 56% from RMB13,356 million, which the company attributed mainly to order growth as a result of the rollout of Taobao Instant Commerce at the end of April 2025. Net income was RMB15,631 million, down from RMB46,434 million, and net income attributable to ordinary shareholders was RMB16,322 million, down from RMB48,945 million. Free cash flow, a non-GAAP measure of liquidity, fell 71% to RMB11,346 million from RMB39,020 million, which the company attributed mainly to the investment in quick commerce, and capital expenditures were RMB28,999 million in the quarter.9^,10^,11^,12^,13^,14^,15

Cloud Intelligence Group's segment revenue, which the release's table gives before an inter-segment elimination, rose 36% to RMB43,284 million from RMB31,742 million; excluding Alibaba-consolidated subsidiaries, the release said, it rose 35%. The segment's adjusted EBITA rose 25% to RMB3,911 million from RMB3,138 million. AI-related product revenue grew at triple-digit rates year over year for the tenth consecutive quarter, the company said. Alibaba said it launched Qwen3.5 in February, that its Qwen models passed 1 billion cumulative downloads on Hugging Face as of Jan 21, 2026, and that consumer-facing Qwen passed 300 million monthly active users across all platforms in February. It said T-Head, its chip design subsidiary, brought its proprietary GPU into production at scale. Chief Financial Officer Toby Xu said the rapid growth of the AI and cloud businesses gave the company confidence to scale investments.16^,17^,18^,19^,20^,21^,22^,23^,24^,25

Figures here are in renminbi, the currency of the release's tables; the release also gives US dollar translations made at RMB6.9931 to US$1.00, the exchange rate on Dec 31, 2025.26