Alibaba Group Holding Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Alibaba Group Holding Ltd files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	22,994	39,898	56,152	71,985	109,480	134,567	126,491	130,350	137,300	148,401
Cost of revenue	8,642	17,065	30,833	39,878	64,289	85,096	80,042	81,205	82,446	89,321
Gross profit	14,352	22,833	25,319	32,107	45,191	49,471	46,449	49,145	54,854	59,080
Research and development	2,479	3,628	5,578	6,085	8,736	8,749	8,263	7,237	7,876	9,645
Selling and marketing	2,370	4,352	5,928	7,156	12,442	18,898	15,070	15,947	19,847	35,521
General and administrative	1,778	2,589	3,708	3,982	8,429	5,036	6,142	5,815	6,096	4,796
Operating income	6,981	11,050	8,506	12,912	13,688	10,985	14,612	15,699	19,417	7,270
Interest expense	388	568	773	731	683	774	862	1,101	1,323	1,420
Other non-operating income	884	663	32	1,051	1,157	1,660	848	853	467	220
Pre-tax income	8,721	16,007	14,337	23,535	25,272	9,394	12,986	14,071	21,422	18,757
Income tax	2,002	2,901	2,466	2,904	4,469	4,230	2,264	3,120	4,884	4,356
Net income to minority interests	-356	-427	-1,140	-1,283	-1,114	-2,393	-1,050	-1,202	-569	-213
Net income	6,345	10,218	13,095	21,104	22,983	9,820	10,598	11,081	17,929	15,018
EPS, basic	2.55	4.00	5.06	1.00	1.06	0.45	0.50	0.55	0.95	0.83
EPS, diluted	2.47	3.91	4.97	0.99	1.04	0.45	0.50	0.54	0.92	0.80
Shares, basic (weighted)	2,493	20,425	20,640	21,017	21,619	21,558	20,980	20,182	18,791	18,568
Shares, diluted (weighted)	2,573	20,881	20,988	21,346	21,982	21,787	21,114	20,359	19,318	19,235

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	22,915	31,775	28,308	46,676	49,034	29,956	28,115	34,365	20,049	19,068
Short-term investments	589	768
Total current assets	26,516	40,949	40,272	65,377	98,196	100,726	101,632	104,270	92,886	88,543
Property, plant and equipment	2,936	10,600	13,713	14,601	22,499	27,102	25,632	25,645	28,022	40,983
Goodwill	18,221	25,850	39,477	39,089	44,686	42,525	39,037	35,965	35,209	35,862
Intangible assets	2,050	4,378	10,173	8,607	10,811	9,343	6,831	3,733	2,882	2,462
Long-term investments	4,569	6,089
Total assets	73,630	114,326	143,801	185,429	257,978	267,467	255,263	244,426	248,629	276,830
Accounts payable	6,855	12,940	17,540	22,813	39,826	42,822	40,182	41,256	45,825	52,173
Short-term debt	864	961	1,096
Total current liabilities	13,623	21,651	30,944	34,159	57,596	60,540	56,111	58,378	59,992	69,063
Long-term debt	6,665	13,610	11,385	11,385	14,863	14,869	14,134	11,923	16,867	17,032
Other non-current liabilities	188	327	922	3,567	4,694	5,028	4,424	4,414	2,432	3,506
Total liabilities	26,542	44,270	52,104	61,198	92,583	96,755	91,753	90,333	98,409	113,555
Paid-in capital	23,911	29,775	34,537	48,541	60,183	64,755	60,702	55,122	52,555	55,826
Treasury stock	-410	-356				-350	-4,188	-3,834	-5,006	-5,239
Shareholders' equity	40,504	58,320	73,348	106,683	143,086	149,619	144,105	136,635	139,162	153,796
Minority interests	6,150	11,258	17,333	16,262	20,985	19,570	17,970	15,972	9,445	8,342
Total equity	46,654	69,578	90,681	122,945	164,071	169,189	162,075	152,607	148,607	162,138
Total liabilities and equity	73,630	114,326	143,801	185,429	257,978	267,467	255,263	244,426	248,629	276,830
Shares outstanding	2,529	2,572	20,696	21,492	21,699	21,357	20,526	19,469	18,474	18,580

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	5,989	9,791	11,955	19,821	21,869	7,427	9,548	9,879	17,360	14,805
Stock-based compensation	2,324	3,201	5,586	4,483	7,650	3,782	4,489	2,569	1,925	1,621
Deferred income tax	41	156	-327	-486	494	-216	-250	-729	52	-366
Change in payables	772	3,692	3,629	8,006	11,807	2,103	1,625	3,757	3,565	5,499
Cash from operations	11,670	19,955	22,496	25,507	35,378	22,520	29,086	25,289	22,532	11,049
Acquisitions	-4,860	-83	-5,280	-2,053	-2,921	-645	-175	-305	49	-176
Purchases of investments			-10,799	-4,229
Sales and maturities of investments	633	1,152	1,499	2,655	1,111	2,294	3,165	3,042	2,510	11,697
Cash from investing	-11,385	-13,374	-22,509	-15,263	-37,271	-31,327	-19,731	-3,023	-25,551	-9,762
Debt issued		7,304			4,885				4,958	0
Debt repaid		-1,371		-2,231		-1,512	0	-694	-2,235	0
Stock issued			53	12,923	27	17	2	117	1	151
Share buybacks	-1,915		-1,620		-118	-9,658	-10,884	-12,291	-11,942	-1,107
Dividends paid						0		-2,485	-4,007	-4,890
Cash from financing	4,782	3,246	-1,101	10,006	4,591	-10,167	-9,555	-14,992	-10,502	-2,983
Exchange rate effect		-967	484	579	-1,097	-1,394	514	608	133	-580
Net change in cash	5,363	8,860	-630	20,829	1,601	-20,368	314	7,882	-13,388	-2,276

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $109.74 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	39.8%	Gross profit / revenue.
Operating margin	4.9%	Operating income / revenue.
Pre-tax margin	12.6%	Pre-tax income / revenue.
Net margin	10.1%	Net income / revenue.
Operating cash flow margin	7.4%	Cash from operations / revenue.
Effective tax rate	23.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.7%	Net income / average total assets.
Return on invested capital (ROIC)	4.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	6.5%	Research and development expense / revenue.
Stock-based pay / revenue	1.1%	Stock-based compensation (from the cash flow statement) / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	7.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	5.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-62.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-20.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-11.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-16.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	12.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-8.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-13.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	17.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-5.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-51.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-27.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-20.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	10.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	1.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	11.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.28x	Current assets / current liabilities.
Quick ratio	0.28x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.28x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	41.0%	Total liabilities / total assets.
Interest coverage	5.12x	Operating income / interest expense.
Working capital	$19.48B	Current assets - current liabilities.
Goodwill and intangibles / assets	13.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$115.47B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.56x	Revenue / average total assets.
Fixed asset turnover	4.30x	Revenue / average property, plant and equipment.
Days payables	200 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.80	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.83	Net income per basic share, as reported (split-adjusted).
Revenue per share	$7.72	Revenue / diluted weighted shares.
Operating cash flow per share	$0.57	Cash from operations / diluted weighted shares.
Book value per share	$8.28	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.21	Tangible book value / shares outstanding.
Cash per share	$1.03	(Cash + short-term investments) / shares outstanding.
Payout ratio	32.6%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$256.10B	Share price x shares outstanding.
Enterprise value	$237.04B	Market cap + total debt - cash - short-term investments.
P/E	17.1x	Market cap / net income. Only when net income is positive.
P/S	1.73x	Market cap / revenue.
P/B	1.67x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.22x	Market cap / tangible book value, when positive.
P/OCF	23.2x	Market cap / cash from operations, when positive.
EV/Sales	1.60x	Enterprise value / revenue.
EV/EBIT	32.6x	Enterprise value / operating income, when both are positive.
Earnings yield	5.9%	Net income / market cap (the inverse of P/E).
Dividend yield	1.9%	Dividends paid over the period / market cap.
Shareholder yield	2.3%	(Dividends paid + share buybacks) / market cap.
PEG	1.01x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Alibaba Group Holding Ltd's revenue in fiscal 2026?

Alibaba Group Holding Ltd reported revenue of $148.40B for fiscal 2026, 8.1% higher than the year before.

Was Alibaba Group Holding Ltd profitable in fiscal 2026?

Yes. Net income was $15.02B, a net margin of 10.1%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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