Alibaba Group (NYSE: BABA; HKEX: 9988) runs China's largest online marketplaces, Taobao and Tmall, where it mostly does not own the goods: merchants pay it for pay-for-performance marketing and other customer management services, and it adds quick commerce delivery, international marketplaces, wholesale memberships and Alibaba Cloud. FY2026 (year ended Mar 31, 2026) revenue was RMB1,023.7B (US$148.4B, +3%; +11% excluding the disposed Sun Art and Intime stores), of which customer management revenue was RMB343.9B (+5%) and Cloud Intelligence RMB158.1B (+34%). Income from operations fell 64% to RMB50.2B and net income 19% to RMB102.1B (US$14.8B) as Alibaba spent heavily on quick commerce, user experience, Qwen app user acquisition and AI infrastructure; capital expenditure was RMB126.1B against operating cash flow of RMB76.2B. June quarter 2026 revenue was RMB269.0B (+9%), with AI Cloud and Compute Services up 45%.
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