Alibaba December quarter 2025: revenue up 2%, non-GAAP EPS down 67%

Alibaba reported revenue of RMB284.8 billion for the quarter ended December 31, 2025, up 2% year over year, with cloud growing 36%. Profit fell sharply as adjusted EBITA dropped 57% and operating income dropped 74%, reflecting spending on AI and quick commerce. The cloud and quick-commerce growth lines are the ones to track against the profit squeeze.

• Revenue: RMB284.8 billion, up 2% (up 9% like-for-like excluding disposed Sun Art and Intime)
• Non-GAAP diluted EPADS: RMB7.09, down 67%
• Income from operations: RMB10.6 billion, down 74%
• Adjusted EBITA: RMB23.4 billion, down 57%
• Cloud Intelligence Group revenue: RMB43.3 billion, up 36%; quick commerce revenue RMB20.8 billion, up 56%