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Operating Income by Segment
Shows profitability across different business units, highlighting which segments are driving earnings and where there might be challenges or opportunities for growth.Cloud has flipped from multi‑year losses to Alibaba’s fastest‑growing operating profit center as AI monetization accelerates, turning cloud into the primary margin engine; management expects AI products to exceed 50% of cloud revenue and ARR targets that should further lift margins. Mid‑2025 segment restatements (China Commerce moved into the new Alibaba China E‑commerce Group) break comparability—so ignore raw zeros and instead focus on the reclassified China e‑commerce scale. Near‑term operating pressure (All Others losses, heavy CapEx/OpEx) will weigh cash and adjusted EBITA but is intentional to fuel longer‑term AI/cloud returns.
Date | Cloud | China Commerce | International Commerce | Local Consumer Services | Cainiao | Commerce | Digital Media and Entertainment | Innovation Initiatives and Other | Unallocated | Alibaba China E-commerce Group | All others | Inter-segment elimination | Alibaba E-commerce Group | AI Cloud and Compute Services | AI Labs and Applications |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun 30, 2026 | ¥0.00 | ¥0.00 | ¥0.00 | ¥0.00 | ¥0.00 | ¥0.00 | ¥0.00 | ¥0.00 | -¥163.00M | ¥0.00 | -¥3.34B | -¥681.00M | ¥39.75B | ¥5.63B | -¥13.86B |
Mar 31, 2026 | ¥3.80B | ¥0.00 | -¥138.00M | ¥0.00 | ¥0.00 | ¥0.00 | ¥0.00 | ¥0.00 | -¥788.00M | ¥24.01B | -¥21.16B | -¥618.00M | ¥0.00 | ¥0.00 | ¥0.00 |
Dec 31, 2025 | ¥3.91B | ¥0.00 | -¥2.02B | ¥0.00 | ¥0.00 | ¥0.00 | ¥0.00 | ¥0.00 | -¥2.72B | ¥34.61B | -¥9.79B | -¥597.00M | ¥0.00 | ¥0.00 | ¥0.00 |
Sep 30, 2025 | ¥3.60B | ¥0.00 | ¥162.00M | ¥0.00 | ¥0.00 | ¥0.00 | ¥0.00 | ¥0.00 | -¥1.22B | ¥10.50B | -¥3.37B | -¥599.00M | ¥0.00 | ¥0.00 | ¥0.00 |
Jun 30, 2025 | ¥2.95B | ¥0.00 | -¥59.00M | ¥0.00 | ¥0.00 | ¥0.00 | ¥0.00 | ¥0.00 | -¥419.00M | ¥38.39B | -¥1.42B | -¥606.00M | ¥0.00 | ¥0.00 | ¥0.00 |
Mar 31, 2025 | ¥2.42B | ¥41.75B | -¥3.57B | -¥2.32B | -¥606.00M | ¥0.00 | ¥36.00M | -¥2.54B | -¥2.03B | ¥0.00 | ¥0.00 | ¥0.00 | ¥0.00 | ¥0.00 | ¥0.00 |
Dec 31, 2024 | ¥3.14B | ¥61.08B | -¥4.95B | -¥596.00M | ¥235.00M | ¥0.00 | -¥309.00M | -¥3.16B | -¥165.00M | ¥0.00 | ¥0.00 | ¥0.00 | ¥0.00 | ¥0.00 | ¥0.00 |
Sep 30, 2024 | ¥2.66B | ¥44.59B | -¥2.90B | -¥391.00M | ¥55.00M | ¥0.00 | -¥178.00M | -¥1.58B | -¥1.27B | ¥0.00 | ¥0.00 | ¥0.00 | ¥0.00 | ¥0.00 | ¥0.00 |
Jun 30, 2024 | ¥2.34B | ¥48.81B | -¥3.71B | -¥386.00M | ¥618.00M | ¥0.00 | -¥103.00M | -¥1.26B | -¥871.00M | ¥0.00 | ¥0.00 | ¥0.00 | ¥0.00 | ¥0.00 | ¥0.00 |
Mar 31, 2024 | ¥1.43B | ¥38.50B | -¥4.08B | -¥3.20B | -¥1.34B | ¥0.00 | -¥884.00M | -¥2.82B | -¥2.90B | ¥0.00 | ¥0.00 | ¥0.00 | ¥0.00 | ¥0.00 | ¥0.00 |