Alibaba (BABA) Q2 FY26 earnings call

Earnings call· Sep 2025 (Q2 FY26)· Industrials· Nov 25, 2025

Source: earnings call transcript

Alibaba delivered steady growth in Q2 FY26, driven by robust performance in its Cloud and China E-commerce segments, particularly from AI-related products and quick commerce. The company is in a significant investment phase, aggressively deploying capital into AI infrastructure and quick commerce to secure long-term market share, which has impacted short-term profitability and free cash flow. Management expects continued strong demand for AI and aims to integrate quick commerce deeper into its ecosystem, targeting RMB 1 trillion in GMV within three years.

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BABA operating KPIs by quarter

BABA operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Dec 2024 Q3 FY25	Jun 2025 Q1 FY26	Change vs prior quarter
Paid subscription members 88VIP	49M 88 VIP members, our core consumer group maintained double digit growth reaching 49 million by the end of the quarter. Source: earnings call transcript	53M+ The number of 88VIP members, our high-spending consumers group continued to increase by double digits year-over-year, surpassing 53 million. Source: earnings call transcript	—

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.