Strong Revenue Growth Amid …

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• Total Revenue: RMB247.8 billion, a 15% year-over-year growth excluding Sun Art and Intime.

• China E-commerce Revenue: RMB132.6 billion, an increase of 16%.

• Cloud Intelligence Revenue: 34% growth, with external customer revenue up 29%.

• Quick Commerce Revenue: Increased by 60%.

• Adjusted EBITDA: Decreased by 78%, impacted by strategic investments in Quick Commerce.

• GAAP Net Income: RMB20.6 billion, a decrease of 53%.

• Operating Cash Flow: RMB10.1 billion, a decrease of RMB21.3 billion year-over-year.

• Free Cash Flow: Outflow of RMB21.8 billion, reflecting investments in Quick Commerce and AI plus Cloud infrastructure.

• AIDC Revenue: Grew by 10%, with adjusted EBITDA profit of RMB162 million.

• All Other Segment Revenue: Decreased by 25% due to the disposal of Sun Art and Intime businesses.

Release Date: November 25, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

• Alibaba Group Holding Ltd (NYSE:BABA) reported a 15% year-over-year increase in total revenue, excluding Sun Art and Intime.

• Cloud Intelligence revenue rose by 34%, driven by strong demand for AI and public cloud usage.

• AI-related products posted triple-digit year-over-year growth for the ninth consecutive quarter.

• The Quick Commerce business saw a 60% increase in revenue, with significant improvements in unit economics.

• Alibaba Cloud is gaining market share across multiple segments, including hybrid cloud and financial cloud, and is the leader in China’s AI cloud market.

• Total adjusted EBITDA decreased by 78%, primarily due to strategic investments in the Quick Commerce business.

• GAAP net income decreased by 53%, attributed to a decrease in income from operations.

• Operating cash flow decreased by RMB21.3 billion compared to the same quarter last year.

• Free cash flow was an outflow of RMB21.8 billion, reflecting significant investments in Quick Commerce and AI plus Cloud infrastructure.

• The All Other segment revenue decreased by 25%, mainly due to the disposal of Sun Art and Intime businesses.

Q: How should we look at the growth outlook for Alibaba’s Cloud business, and what are the key drivers for external revenue growth? A: Yongming Wu, CEO, explained that customer demand for AI remains very strong, with orders outpacing the deployment of new servers. Demand is coming from all aspects of enterprise operations, including product development and manufacturing processes. AI adoption is deepening, requiring more compute resources, which supports strong future growth in AI demand.