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Alibaba Group Holding Ltd. (BABA) perpetual futures
BABA perpetual futures on 22 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade BABAUSDT.
Alibaba Group provides technology infrastructure and marketing channels enabling businesses to engage customers in China and globally via platforms like Taobao, Tmall, AliExpress, and Alibaba Cloud.
$93.03-0.6%NYSE closed
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venue perp mark · Deepcoin (BABA/USDT)
Auto: highest-volume live perp venueOpen in TradingView
Trading data
Perpetual market activity
22/22 live markets
Trading data
Perpetual market activity
Venues
22
Live markets
22/22
24h volume
$9.9MCoverage: 17/22 marketsExchange-reported volume: $28.6M
Open interest
$33.7MCoverage: 20/22 markets
Best liquidity
$3.6M
LBank
Tightest spread
+1.1 bps
Ourbit
Highest volume
$4.5M
Binance
Settlement mix
USDT · 14/22
Perp/spot vol.
0.01x
Spot volume $1.1B
OI / float
+0.02%
Float $206.5B
Spot performance
1D+0.02%
5D-12.19%
1M-15.07%
6M-28.82%
YTD-35.61%
1Y-40.16%
Venue matrix
22 markets
Some venue links are sponsored. We may receive a commission, and eligible users may occasionally receive trading-fee discounts, at no additional cost to you.
| Trade | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 Binance | Trade | BABA/USDT | Trading | $93.03 | 0.0% APR 0.000% every 8h | +2.2 bps | $878.1K | $4.5M | $15.4M | USDT | - | |
 Bitget | Trade | BABA/USDT | Trading | $93.03 | 0.0% APR 0.000% every 8h | +3.2 bps | $1.2M | $2.3M | $1.3M | USDT | 20x | |
 Hyperliquid HIP-3 | Trade | xyz:BABA | Trading | $92.98 | -27.3% APR -0.00312% every 1h | +2.6 bps | - | $883.7K | $10.6M | USDC | 10x | |
 Gate.io | Trade | BABA/USDT | Trading | $93.07 | 0.0% APR 0.000% every 8h | +12.9 bps | $100.4K | $643.3K | $620.7K | USDT | 50x | |
 KuCoin | Trade | BABA/USDT | Trading | $92.97 | 0.0% APR 0.000% every 8h | +6.5 bps | $15.2K | $322.4K | $248.9K | USDT | 20x | |
 Bybit | Trade | BABA/USDT | Trading | $93.07 | 0.0% APR 0.000% every 8h | +3.2 bps | $82.1K | $295.8K | $1.7M | USDT | 25x | |
 MEXC | Trade | BABA/USDT | Trading | $93.11 | 0.0% APR 0.000% every 8h | +17.2 bps | $586.3K | $285.9K | $2.7M | USDT | 100x | |
 Bitunix | Trade | BABA/USDT | Trading | $93.04 | -12.8% APR -0.012% every 8h | +16.1 bps | $1.2M | $195.5K | $125.7K | USDT | 20x | |
 Variational | Trade | BABA/USDC | Trading | $93.00 | 0.0% APR 0.000% every 8h | +5.3 bps | no public depth feed | $186.5K | $348.7K | USDC | - | |
 GRVT | Trade | BABA/USDT | Trading | $93.02 | 0.0% APR 0.000% every 8h | +4.3 bps | $633.2K | $178.8K | $388.8 | USDT | - | |
 HTX | Trade | BABA/USDT | Trading | $93.03 | 0.0% APR 0.000% every 8h | +8.6 bps | $575K | $27.9K | $17.9K | USDT | - | |
 Ondo Perps | Trade | BABA/USD | Trading | $92.98 | - | +17.2 bps | $347.6K | $8.2K | $240.8K | USDC | 10x | |
 Aster | Trade | BABAUSDT | Trading | $93.05 | 0.0% APR 0.000% every 8h | +36.5 bps | $78.3K | $1.7K | $170.5K | USDT | - | |
 Crypto.com Exchange | Trade | BABA/USD | Trading | $92.74 | +5.0% APR +0.00057% every 1h | +110.0 bps | $7.6K | $316.9 | $3.3K | USD | 50x | |
 Helix (Injective) | Trade | BABA/USDC | Trading | $93.81 | +3.6% APR +0.00042% every 1h | - | no public depth feed | $3.8 | - | USDC | 12x | |
 Extended | Trade | BABA/USD | Trading | $92.97 | 0.0% APR 0.000% every 1h | +3.2 bps | - | $0 | $3.3K | USD | 10x | |
 Orderly Network | Trade | BABA/USDC | Trading | $92.99 | +11.0% APR +0.010% every 8h | - | no public depth feed | $0 | $2.3K | USDC | - | |
 Vest | Trade | BABA/USDC | Trading | $93.85 | +5.0% APR +0.00057% every 1h | +203.5 bps | $0 | - | - | USDC | 10x | |
 Deepcoin | Trade | BABA/USDT | Trading | $92.97 | -11.0% APR -0.010% every 8h | +2.2 bps | $2.3M | $14.5M⚠ | $93 | USDT | 25x | |
 Ourbit | Trade | BABA/USDT | Trading | $93.04 | 0.0% APR 0.000% every 8h | +1.1 bps | $2.3M | $2M⚠ | $216.3K | USDT | 100x | |
 LBank | Trade | BABA/USDT | Trading | $93.03 | 0.0% APR 0.000% every 8h | +2.2 bps | $3.6M | $1.5M⚠ | $59.2K | USDT | 20x | |
 BingX | Trade | BABA-USDT | Trading | $93.04 | +5.5% APR +0.00500% every 8h | +4.3 bps | $1.3M | $735.8K⚠ | $873.5 | USDT | - |
Unverified volume: implausibly high against open interest, a typical sign of wash trading. These venues are listed last.
Tokenized wrappers of the real stock, tradable on-chain and on crypto exchanges around the clock. Premium/discount compares the token price to our stock reference price. Data: CoinMarketCap · Robinhood · DexScreener · GeckoTerminal.
| Product | Price | Premium vs stock | 24h Vol. | Market Cap | Chains |
|---|---|---|---|---|---|
| BABABbStocks | $92.93 | -0.10% | $1.4M | $7.2M | BNB Smart Chain (BEP20) |
| BABAonOndo GM | $94.08 | +1.13% | $1.2M | $2.2M | Ethereum · BNB Smart Chain (BEP20) · Solana · HyperEVM |
| rBABATokenized | $92.95 | -0.09% | $84k | $326k | Arbitrum |
| BABATokenized | $93.00 | -0.03% | $14k | – | – |
| BABARobinhood | $92.84 | -0.20% | $4k | $461k | Robinhood Chain |
| Exchange | Pair | Price | 24h Vol. | Liquidity |
|---|---|---|---|---|
 pancakeswapDEX · bsc | BABAB/USDT ↗ | $92.99 | $85k | $2.3M |
| gateioCEX | BABAON/USDT ↗ | $93.81 | $24k | – |
 ramsesDEX · robinhood | BABA/USDG ↗ | $92.84 | $4k | $26k |
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100k
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100kBroad liquidity · 15 of 22 venues absorb $10k · Typical cost: +7.7 bps – +15.2 bps
No fresh book data: Crypto.com Exchange, Hyperliquid HIP-3, Variational, Helix (Injective), Extended, Orderly Network, Vest
Taker execution estimate incl. approx. fees - maker fills are not guaranteed.
Best venues for this underlying
Best liquidity
BABATightest spread
BABAHighest volume
BABAFunding history
Stored venue snapshots by market
Funding history
Stored venue snapshots by marketNext catalyst
Catalysts
Next catalyst
Catalysts
Earnings
2026-11-19
Revenue est. $40.2B · Updated 41m ago
Dividend
$1.05
2026-06-11
No unusual perp activity right now.
Reference data
Market context
Reference data
Market context
New York Stock Exchange
Extended-hours reference
Bid93.56
Ask95.25
Volume11,710,060
Research data
Analysts, filings and peer context
Research data
Analysts, filings and peer context
Estimates
6DateEPS estimateRevenue estimateGrowthAnalysts
FY 20276.55$168B+10%18
FY 20289.13$189.2B+13%18
FY 202911.70$216B+14%15
FY 20309.21$249B+15%6
FY 20310.00$271.7B+9%7
Q2 20272.38$43.9B+9%3
Source: FMP · Consensus
Company events
62026-11-19Earnings · Before market openActual - / Estimate 1.65-
2026-08-20Earnings · Before market openActual 1.25 / Estimate 1.94Miss
2026-06-11Dividend$1.05-
2026-05-13EarningsActual 0.09 / Estimate 1.02Miss
2026-03-19EarningsActual 1.01 / Estimate 1.91Miss
2025-11-25EarningsActual 0.61 / Estimate 0.66Miss
Peer comparison
Similar listed perpsRevenue mix
Latest annualAlibaba China E commerce GroupProduct¥554.2B
All othersProduct¥254.4B
Cloud Intelligence GroupProduct¥158.1B
Analysts
Price targets in USD| Consensus rating | Buy |
|---|---|
| Average 12-month price target | $179.63 |
| 12-month target range (low – high) | $160 – $200 |
| Ratings in the provider's consensus | 59 |
Price targets as of 2026-11-15
Analyst rating history
Ratings| Month | Strong buy | Buy | Hold | Sell | Strong sell |
|---|---|---|---|---|---|
| Nov 2026 | 8 | 31 | 1 | 0 | 1 |
| Oct 2026 | 8 | 31 | 1 | 0 | 1 |
| Sep 2026 | 8 | 31 | 1 | 0 | 1 |
| Aug 2026 | 8 | 31 | 1 | 0 | 1 |
| Jul 2026 | 8 | 30 | 1 | 0 | 1 |
| Jun 2026 | 8 | 30 | 2 | 0 | 1 |
| May 2026 | 8 | 31 | 2 | 0 | 1 |
| Apr 2026 | 8 | 31 | 3 | 0 | 1 |
| Mar 2026 | 8 | 31 | 4 | 0 | 1 |
| Feb 2026 | 8 | 30 | 4 | 0 | 1 |
| Jan 2026 | 8 | 31 | 5 | 0 | 1 |
| Dec 2025 | 8 | 31 | 4 | 0 | 1 |
Ownership
Institutional · 2026-Q3Free float89.2%2.2B shares
Shares outstanding2.5B shares
Institutional6.2%1,093 investors
Investor count change-290
Reference market activity
BABA-PERPDay range (Nov 13)$93.12$94.88
52 week$91.99$181.1
Spot volume11.6M
Average volume-
Price performance
111D0.0%
5D-12.2%
1M-15.1%
3M-23.8%
6M-28.8%
YTD-35.6%
1Y-40.2%
3Y+8.4%
5Y-43.3%
10Y+3.7%
MAX+0.5%
Insider activity
FY2026 Q3Acquisitions30 transactions3,308,570 shares
Dispositions24 transactions2,294,541 shares
Purchases3Ratio 1.25
Sales4
Insider transactions
25DateReporting persontransactionssharesPriceFilings
Alibaba director Tsai Joseph C exercised 10,834 restricted share units into 10,834 ordinary shares on 2026-10-01, disclosed in two M-Exempt transactions. No open-market purchase or sale occurred; the $0.00 price reflects conversion of existing holdings. He owned 836,072 ordinary shares after the largest leg.
CEO Wu Yongming acquired 41,334 ordinary shares by exercising 41,334 restricted share units (M-Exempt) on 2026-10-01, leaving 1,725,752 ordinary shares owned. No open-market purchase occurred; the $0.00 price reflects the conversion, and shares were returned from RSU holdings.
Alibaba officer Jiang Fang (Chief People Officer) sold 885,272 ordinary shares at $13.55 apiece, leaving 4,679,097 shares owned after the transaction.
Alibaba officer Jiang Fan reported converting 670,162 restricted share units into 670,162 ordinary shares on 2026-09-25, with no open-market purchase or sale.
Alibaba officer Yu Siying (General Counsel) reported converting 13,495 restricted share units into 13,495 ordinary shares and selling 6,764 ordinary shares at $13.58 on 2026-09-25. She held 613,965 shares afterward.
Alibaba Chief People Officer Jiang Fang exercised an option (M-Exempt) for 3,750 ordinary shares at $0.00, leaving 5,569,258 shares owned.
Filings
72 · Latest SEC filings2026-10-054Insider transaction report (Form 4)
CEO Wu Yongming acquired 41,334 ordinary shares by exercising 41,334 restricted share units (M-Exempt) on 2026-10-01, leaving 1,725,752 ordinary shares owned. No open-market purchase occurred; the $0.00 price reflects the conversion, and shares were returned from RSU holdings.
2026-10-054Insider transaction report (Form 4)
Alibaba director Tsai Joseph C exercised 10,834 restricted share units into 10,834 ordinary shares on 2026-10-01, disclosed in two M-Exempt transactions. No open-market purchase or sale occurred; the $0.00 price reflects conversion of existing holdings. He owned 836,072 ordinary shares after the largest leg.
2026-10-024Insider transaction report (Form 4)
Alibaba officer Jiang Fang (Chief People Officer) sold 885,272 ordinary shares at $13.55 apiece, leaving 4,679,097 shares owned after the transaction.
2026-09-294Insider transaction report (Form 4)
Alibaba officer Yu Siying (General Counsel) reported converting 13,495 restricted share units into 13,495 ordinary shares and selling 6,764 ordinary shares at $13.58 on 2026-09-25. She held 613,965 shares afterward.
2026-09-294Insider transaction report (Form 4)
Alibaba CFO Xu Hong exercised 229,000 restricted share units into 229,000 ordinary shares and sold 103,046 ordinary shares at $13.68 on 2026-09-25.
2026-09-294Insider transaction report (Form 4)
Alibaba officer Jiang Fan reported converting 670,162 restricted share units into 670,162 ordinary shares on 2026-09-25, with no open-market purchase or sale.
2026-09-294Insider transaction report (Form 4)
Alibaba Chief People Officer Jiang Fang exercised an option (M-Exempt) for 3,750 ordinary shares at $0.00, leaving 5,569,258 shares owned.
2026-09-254Insider transaction report (Form 4)
Alibaba director Shan Weijian was granted 32,000 ordinary shares on Sept 23, 2026, as an award (Form 4). Holdings after: 176,800 shares.
2026-09-254Insider transaction report (Form 4)
Alibaba director Lee Irene Yun-Lien received a 32,000-share award of ordinary shares (code A, a grant, not a purchase) on 2026-09-23, raising her holdings to 170,600 shares; Form 4 filed 2026-09-25.
2026-09-254Insider transaction report (Form 4)
Alibaba director Ng Kong Ping Albert received an award of 32,000 ordinary shares on 2026-09-23, an acquisition. After the grant he owned 165,600 shares. Reported on Form 4 filed 2026-09-25.
2026-09-254Insider transaction report (Form 4)
Alibaba director Jerry Yang received a grant (A-Award) of 32,000 ordinary shares on 2026-09-23, with 517,072 shares owned after. Filed as Form 4 on 2026-09-25.
2026-09-254Insider transaction report (Form 4)
Alibaba director Wu Maggie Wei received an award of 32,000 ordinary shares at $0.00 on 2026-09-23, leaving her 3,686,160 shares owned. It was a grant, not an open-market purchase.
2026-09-254Insider transaction report (Form 4)
Alibaba director Kabir Misra received a 32,000-share award of ordinary shares (A-Award) on 2026-09-23, a compensation grant, not an open-market purchase, raising holdings to 560,800 shares.
2026-09-254Insider transaction report (Form 4)
Alibaba director Martello Wan Ling received an award of 32,000 ordinary shares at $0.00 on 2026-09-23, raising holdings to 392,000 shares. This is a grant, not a purchase.
2026-09-144Insider transaction report (Form 4)
Alibaba director and CEO Wu Yongming reported an option exercise: 320,000 restricted share units were converted into 320,000 ordinary shares at $0.00 on 2026-09-10, leaving 1,684,418 ordinary shares owned.
2026-08-254Insider transaction report (Form 4)
On 2026-08-25, Director Tsai Joseph C purchased 720,000 ordinary shares at $14.47 each, increasing his holdings to 114,979,168 shares.
2026-08-244Insider transaction report (Form 4)
Director Tsai Joseph C purchased 720,000 ordinary shares of Alibaba at $14.29 each on 2026-08-24, increasing holdings to 114,259,168 shares.
2026-08-244Insider transaction report (Form 4)
CEO Wu Yongming purchased 350,000 ordinary shares of Alibaba Group on an open-market transaction at $14.24 per share.
2026-07-064Insider transaction report (Form 4)
Director Joseph C. Tsai converted 10,833 restricted share units into 10,833 ordinary shares of Alibaba, with no cash paid.
2026-07-064Insider transaction report (Form 4)
CEO Wu Yongming converted 41,333 restricted share units into 41,333 ordinary shares (no cash paid), bringing his direct ordinary share holdings to 1,014,418.
2026-07-014Insider transaction report (Form 4)
J. Michael Evans, President of Alibaba, sold 720,000 ordinary shares in 2 open-market transactions at prices between $94.92 and $95.59.
2026-06-294Insider transaction report (Form 4)
Alibaba officer Jiang Fan converted 30,169 restricted share units into 30,169 ordinary shares and sold 13,579 ordinary shares at $12.10, leaving 556,617 shares held.
2026-06-294Insider transaction report (Form 4)
Alibaba General Counsel Yu Siying converted 13,502 RSUs into ordinary shares and sold 6,772 ordinary shares at $12.10 each, leaving 607,234 shares owned afterward.
2026-06-294Insider transaction report (Form 4)
Alibaba Chief People Officer Jiang Fang converted 9,756 restricted share units into ordinary shares and sold 4,898 ordinary shares at $12.09.
2026-06-294Insider transaction report (Form 4)
Alibaba CFO Xu Hong reported a Form 4: 389,000 restricted share units were converted into 389,000 ordinary shares (exempt exercise), and 175,054 ordinary shares were sold at $12.15.
2026-06-024Insider transaction report (Form 4)
Director Joseph C. Tsai received an award of 120,000 restricted share units, increasing his holdings to 120,000 units.
2026-06-024Insider transaction report (Form 4)
On 2026-05-29, reporting person Jiang Fan acquired 248,000 Restricted Share Units (RSUs) in an award transaction at no cost, increasing owned holdings to 248,000.
2026-06-024Insider transaction report (Form 4)
CFO Xu Hong was granted 160,000 restricted share units (RSUs) from Alibaba Group, reported on Form 4 filed June 2, 2026.
2026-06-024Insider transaction report (Form 4)
On 2026-05-29, General Counsel Yu Siying was granted 120,000 restricted share units (RSUs) of Alibaba, with no purchase price, resulting in 120,000 RSUs owned after the transaction.
2026-06-024Insider transaction report (Form 4)
Jiang Fang, Chief People Officer of Alibaba Group, received a grant of 60,000 restricted share units on 2026-05-29.
2026-06-024Insider transaction report (Form 4)
Alibaba CEO Wu Yongming was granted 448,000 Restricted Share Units on 2026-05-29, a compensation award rather than an open-market purchase, leaving him with 448,000 shares.
2026-05-203Initial insider ownership statement (Form 3)
Alibaba CEO of Business Group Jiang Fan filed an initial Form 3 on 2026-05-20 disclosing holdings only: 4.46M Restricted Share Units across five entries and 540,027 ordinary shares. No purchases or sales were reported.
Transcripts
Earnings callsFY2027 Q12026-08-20
Earnings calls
AI summary
positiveAlibaba reported Q1 FY2027 results with total revenue up 9% YoY to RMB 269 billion. Alibaba Cloud external revenue grew 45%, with AI-related product revenue maintaining triple-digit growth for the 12th consecutive quarter, reaching an annual run rate of RMB 49.5 billion. AI-related products now account for 35% of external cloud revenue. Adjusted EBITDA decreased 30% to RMB 27.3 billion, driven by heavy AI infrastructure investments, while GAAP net income fell 75% to RMB 10.4 billion. The company repurchased shares worth USD 162 billion during the quarter. Management highlighted strong AI-driven demand, supply constraints, and expected continued acceleration in cloud growth, with plans to achieve RMB 100 billion external cloud revenue by 2030. Quick commerce grew 45% with improved unit economics, and AliExpress achieved pre-profit. The company is confident in its full-stack AI strategy, including proprietary T-Head chips and open-source models.
Key takeaways
- Alibaba Cloud external revenue grew 45% YoY, a 22-quarter high, with EBITDA margin expanding to 11.6% (12% on a segment basis). AI-related products revenue run rate reached RMB 49.5 billion, 35% of external cloud revenue, with triple-digit growth for 12 consecutive quarters.
- AI-related product revenue run rate expected to approach USD 10 billion next quarter; MaaS ARR surpassed RMB 16 billion as of August, with year-end target of RMB 30 billion on track.
- CapEx was RMB 67.7 billion in Q1, reflecting investments in AI infrastructure; management notes quarterly fluctuations due to procurement cycles but maintains 3-year plan of RMB 380 billion.
- Quick commerce grew 45% with improved unit economics; AliExpress achieved pre-profit; international e-commerce impacted by tariffs but improving profitability.
- T-Head proprietary chips deployed at scale; Zhenwu M890 supernode launched with over 650 customers served; next-gen chips in development.
Financial highlights
- Total revenue increased 9% YoY to RMB 269 billion; Alibaba E-commerce Group revenue (new segment) was RMB 205.9 billion, up 4%; customer management revenue declined 7% (up 1% excluding contra revenue impact).
- Alibaba Cloud segment revenue grew 45% to RMB 12.4 billion for AI-related products; segment EBITDA margin improved to 12%.
- Adjusted EBITDA decreased 30% to RMB 27.3 billion; GAAP net income decreased 75% to RMB 10.4 billion; operating cash flow increased 11% to RMB 22.9 billion.
- CapEx was RMB 67.7 billion; free cash flow was an outflow of RMB 44.7 billion; net cash position approximately USD 30.7 billion (or USD 46.5 billion excluding long-term debt).
Guidance
- Alibaba Cloud revenue growth expected to further accelerate in coming quarters; AI-related product revenue run rate expected to approach USD 10 billion next quarter.
- Alibaba Cloud EBITDA margin expected to expand steadily; AI Lab and Applications loss expected to narrow due to improved efficiency in training and marketing.
- Cloud business targeting RMB 100 billion external revenue and 20% gross margin by 2030.
- Payback period for AI CapEx expected to shorten to 2.5 years or less; positive cash flow achievable even with >40% growth.
Q&A themes
- CapEx increase drivers and expectations: management explained that Q1 CapEx spike reflects procurement cycle volatility, CPU purchases for AI agents, and chip price increases; 3-year plan of RMB 380 billion progressing; ROIC path with 3-year breakeven and positive cash flow thereafter.
- Quick commerce strategy and e-commerce segment realignment: management detailed strategic priorities for China e-commerce (AI-driven supply and experience), quick commerce (non-food growth, profitability by FY'29), international (profitability improvements), and global B2B (AI agents like Accio Work).
- Cloud growth drivers and long-term outlook: management emphasized MaaS growth, full-stack AI investments, compute shortage till 2030, and network effects; expects revenue growth acceleration and margin expansion, with visibility to 20% gross margin by 2030.
- MaaS business growth and margin impact: ARR surpassed RMB 16 billion, on track to RMB 30 billion year-end; proprietary models majority of revenue, but third-party models also significant; margins comparable between proprietary and third-party models.
Risks
- Heavy CapEx and investments in AI infrastructure leading to lower adjusted EBITDA and net income; free cash flow negative due to CapEx.
- E-commerce faces macroeconomic headwinds and tariff pressures in international markets, impacting growth.
- AI investments may not yield expected returns; dependency on supply chain and semiconductor pricing; potential competitive dynamics in compute allocation by governments.
FY2026 Q42026-05-13
Earnings calls
AI summary
positiveAlibaba achieved group revenue growth of 11% year-over-year in FY2026 Q4, with Cloud Intelligence Group external revenue accelerating to 40% growth and AI-related products maintaining triple-digit growth for the 11th consecutive quarter. Cloud AI-related product revenue reached RMB 35.8 billion annualized run rate (30% of external cloud revenue), with model and application services ARR expected to surpass RMB 10 billion in Q1 FY2027 and RMB 30 billion by year-end. China e-commerce CMR grew 8% on a like-for-like basis, while quick commerce achieved significant unit economics improvement.
Key takeaways
- Cloud Intelligence Group external revenue grew 40% with AI-related products driving triple-digit growth; AI now represents 30% of cloud external revenue and expected to exceed 50% within one year
- Model and application services ARR surpassed RMB 8 billion with 10x+ growth from November through May; annualized run rate forecast to reach RMB 10 billion in June quarter and RMB 30 billion by year-end
- China e-commerce CMR grew 8% year-over-year on like-for-like basis; quick commerce revenue increased 57% to RMB 20 billion with improved unit economics and stable market share
- T-Head proprietary GPU chips achieved scaled MaaS production with over 60% of compute capacity serving external customers; positioned as only AI cloud provider in China delivering self-developed AI chips at scale
- Quick commerce unit economics improvement expected to turn positive by end of FY2027; AIDC approaching breakeven with adjusted EBITA loss narrowing significantly year-over-year
Financial highlights
- Group total revenue: RMB 243.4 billion with 11% year-over-year growth on like-for-like basis
- Cloud Intelligence Group external revenue: 40% growth acceleration with AI-related product revenue annualized at RMB 35.8 billion (USD 5.3 billion)
- China e-commerce revenue: RMB 122 billion (+6%); CMR grew 8% on like-for-like basis (reported 1% due to contra revenue accounting adjustment)
- Quick commerce revenue: RMB 20 billion (+57%); GAAP net income: RMB 23.5 billion (+96%)
Guidance
- Model and application services ARR expected to surpass RMB 10 billion in June quarter (Q1 FY2027) and reach RMB 30 billion by year-end
- Cloud Intelligence Group external revenue growth expected to continue accelerating beyond current 40% rate in coming quarters
- AI-related product revenue expected to cross 50% threshold of Cloud Intelligence Group external revenue in approximately one year, becoming primary engine for cloud revenue growth
- Quick commerce unit economics improvement expected to turn positive by end of fiscal year 2027; quick commerce business expected to achieve profitability at new scale and market share in future
Q&A themes
- AI MaaS revenue composition: majority from proprietary models including Qwen, Tmall models, and voice/video generating models on open platform also serving third-party models; token price increases justified by agent workload complexity with strong customer demand despite supply constraints
- Return on AI investment: negative free cash flow driven by strategic AI infrastructure investments; management confident in 3-5 year ROI pathway through monetization of B2B offerings (IaaS, MaaS, AI-native apps) with no idle compute capacity
- Quick commerce progress: 2.7x order volume growth compared to prior year with 3x growth in non-food orders; improved fulfillment logistics efficiency and order mix optimization driving sequential UE improvement; expects synergies with conventional e-commerce in customer acquisition and monetization
- Competitive advantages versus Chinese AI startups: Alibaba investing at much higher scale across broader range of model types; startups viewed as partners not competitors, focusing on narrow verticals while Alibaba serves diverse needs across coding, image, voice models
Risks
- Significant negative free cash flow (RMB -17.3 billion) driven by aggressive AI infrastructure investments; dependence on continued capital raising and balance sheet strength to sustain investment trajectory
- Cloud business margin expansion dependent on optimization of reasoning technology, T-Head chip deployment scaling, and cost inflation recovery; current compute infrastructure costs doubled year-over-year creating near-term margin pressure
- Quick commerce path to profitability dependent on achieving positive unit economics and scaling at new market size; business currently generating losses despite revenue growth and market share gains
FY2026 Q32026-03-19
Earnings calls
AI summary
positiveAlibaba's Cloud Intelligence Group delivered 35% external customer revenue growth with AI products achieving triple-digit growth for the tenth consecutive quarter. The company established a new Alibaba Token Hub Business Group to coordinate AI efforts across models, applications, and infrastructure. Management set a five-year goal to exceed USD 100 billion in combined cloud and AI external revenue including MaaS.
Key takeaways
- Cloud Intelligence Group revenue growth accelerated to 35% (from 29% prior quarter) with AI-related products delivering triple-digit growth for tenth consecutive quarter
- T-Head proprietary GPU chips achieved 470,000 cumulative units shipped as of February 2026, with over 60% serving external customers across 400+ enterprise clients
- Quick commerce business revenue increased 56% to RMB 20.8 billion with continued unit economics and AOV improvements; company maintains RMB 1 trillion GMV target by FY 2028
- Alibaba Token Hub established to unify AI strategy across models (Qwen), MaaS platform, and applications; Qwen consumer app surpassed 300 million monthly active users
Financial highlights
- Total consolidated revenue: RMB 284.8 billion
- Cloud Intelligence Group revenue from external customers grew 35% year-over-year; cloud market share reached 36% with growth for three consecutive quarters
- Alibaba Cloud cumulative external revenue through February FY2026 surpassed RMB 100 billion
- Adjusted EBITA decreased 57% primarily due to strategic investments in technology and quick commerce; GAAP net income decreased 66% to RMB 15.6 billion
Guidance
- Target to surpass USD 100 billion in combined cloud and AI external revenue (including MaaS) over next 5 years
- Quick commerce expected to generate positive cash flow upon achieving RMB 1 trillion GMV target and become profitable in FY 2029
- China e-commerce group CMR and EBITA expected to improve in March quarter driven by improving consumer sentiment and Quick Commerce momentum
- Cloud Intelligence Group adjusted EBITA margin to remain relatively stable at 9% while continuing investment in customer growth and technology innovation
Q&A themes
- Token Hub organizational structure prioritizes tight integration between AI models and applications to drive agent-era deployment; top priority is developing most intelligent models through collaboration across application, model and infrastructure layers
- Quick commerce strategy balances market share growth with unit economics improvement; viewed as driver of new customer acquisition and engagement for broader e-commerce ecosystem
- T-Head chip strategy focused on supply chain resilience and cost reduction through co-design with cloud infrastructure and Qwen models; future IPO possible but no definitive timeline
- AI transformation expected to shift traditional cloud computing from platform designed for IT engineers to one optimized for AI agent operations, representing significant growth opportunity
Risks
- CMR growth slowed in December quarter due to weak macro consumption, warm winter, and later Chinese New Year timing; near-term margin fluctuations expected due to intense quick commerce competition
- T-Head chips still lag behind foreign counterparts in performance across various dimensions; successful scale-up and external adoption remain unproven at full commercial scale
- Cloud profitability improvements acknowledged as non-linear process dependent on product development and economies of scale; R&D investments may not yield significant growth for 1-2 years
FY2026 Q22025-11-25
Earnings calls
AI summary
positiveAlibaba delivered total revenue of RMB 247.8 billion with 15% YoY growth excluding Sun Art and Intime. Cloud Intelligence revenue grew 34% with AI products maintaining triple-digit growth for nine consecutive quarters. Quick commerce improved unit economics by 50% in per-order losses since July, while China e-commerce CMR grew 10%.
Key takeaways
- Alibaba Cloud external customer revenue accelerated to 29% YoY growth with AI products contributing over 20% of external customer revenue
- Quick commerce per-order UE loss cut by 50% since July; non-beverage orders now over 75% of total orders with double-digit AOV growth
- Qwen app launched with 10 million downloads in first week; positioned as personal AI assistant with integration into e-commerce, maps, and local services
- Approximately 3,500 Tmall brands have onboarded offline stores to quick commerce; quick commerce channel reached over 100 million daily active users
- Amap reached 360 million daily active users on October 1; Street Stars feature averaging 70 million daily users with user reviews triple YoY
Financial highlights
- Total revenue: RMB 247.8 billion; like-for-like growth 15% YoY excluding Sun Art and Intime
- China E-commerce Group revenue: RMB 132.6 billion, up 16% YoY; CMR grew 10%; quick commerce revenue increased 60%
- Alibaba Cloud revenue: 34% YoY growth; external customer revenue accelerated to 29% YoY; adjusted EBITA margin stable at 9%
- GAAP net income: RMB 20.6 billion, down 53% YoY; adjusted EBITA decreased 78% due to quick commerce investments
Guidance
- Management indicated RMB 380 billion CapEx figure for 3-year AI infrastructure investment 'might be on the small side' given customer demand exceeding server deployment pace
- Expects September quarter to be peak investment phase for quick commerce; significant reduction in investment scale anticipated from next quarter as efficiency improves
- Anticipates CMR growth slowdown next quarter due to base effect from payment processing fee rollout started September last year
- Plans to grow Taobao Tmall platform to RMB 1 trillion GMV within 3 years through quick commerce integration and retail category expansion
Q&A themes
- Cloud business demand remains very strong with customer orders exceeding deployment pace; demand driven by enterprise AI adoption across product development, manufacturing, and customer operations
- Quick commerce achieving near-term target of halving per-order losses while maintaining user retention and purchase frequency above expectations; logistics costs per order now lower than pre-large-scale-investment levels
- AI infrastructure supply constraints expected to persist 2-3 years globally; hyperscalers' GPUs running at full capacity across multiple generations
- Investment prioritization emphasizes foundation model training, Bailian inference platform, and enterprise customers leveraging full suite of Alibaba Cloud services
Risks
- Quick commerce EBITA may fluctuate quarter-to-quarter due to intense competition and significant user experience investments
- CMR growth expected to moderate next quarter due to base effects from prior-year payment processing fee implementations
- Global supply chain constraints on AI infrastructure components may limit pace of CapEx deployment despite strong customer demand
FY2026 Q12025-08-29
Earnings calls
AI summary
positiveAlibaba delivered solid Q1 FY2026 results with 10% like-for-like revenue growth, excluding Sun Art and Intime divestitures. Cloud Intelligence Group revenue accelerated to 26% year-over-year with AI-related products maintaining triple-digit growth for the eighth consecutive quarter. The company is executing a major strategic pivot around two pillars: a comprehensive consumption platform integrating Taobao, Tmall, Ele.me and quick commerce, and an AI + Cloud infrastructure buildout backed by RMB 380 billion investment over three years.
Key takeaways
- Taobao Instant Commerce achieved 300 million monthly active consumers in August, 4 months after launch, with 120 million peak daily orders and 80 million weekly average daily orders
- Cloud segment revenue growth accelerated to 26% with AI revenue maintaining triple-digit growth; AI-related revenue now represents over 20% of external customer revenue
- Alibaba committed RMB 50 billion investment in quick commerce over next 3 years, targeting RMB 1 trillion in incremental annualized GMV within 3 years
- Adjusted EBITDA declined 14% due to strategic quick commerce investments, but AIDC approaching breakeven with improving margins; Cloud segment EBITDA margin stable at 8.8%
- Quick commerce synergies driving 25% year-over-year growth in Taobao app monthly active consumers and incremental advertising revenue through increased user engagement
Financial highlights
- Total revenue: RMB 247.7 billion; like-for-like revenue growth 10% year-over-year excluding Sun Art and Intime
- Alibaba China E-commerce Group revenue: RMB 140.1 billion, up 10%; customer management revenue up 10% driven by improved take rate
- Quick commerce revenue increased 12% with order growth from rollout in April; achieved 300 million MAC in August
- Cloud segment revenue growth 26% with public cloud driving growth; adjusted EBITDA margin 8.8%; CapEx investment in AI and cloud reached RMB 38.6 billion this quarter
Guidance
- Expect CMR growth to remain relatively rapid in coming quarters from QZT penetration, 0.6% software service fee, and incremental impact from quick commerce user growth and frequency
- Cloud revenue expected to continue accelerating as inference workloads and proprietary model training by customers drive AI infrastructure utilization
- Quick commerce unit economics losses expected to narrow by approximately 50% in short term through customer mix optimization, higher-value order mix, and delivery efficiency improvements
- RMB 1 trillion incremental annualized GMV target from Taobao Instant Commerce and quick commerce within next 3 years
Q&A themes
- Quick commerce unit economics and path to profitability; management expects losses to narrow 50% in short term, emphasizing scale importance and synergies with e-commerce platform
- Cloud growth acceleration sustainability and margin outlook; management confident in continued 26%+ growth driven by AI infrastructure demand but prioritizing market share over short-term margin expansion
- AI era opportunities including agent-driven development requiring larger context windows, sandbox environments, and coding capabilities; new product AgentBay for supporting agents
- Capital allocation between AI and consumption investments; management affirmed sufficient balance sheet resources to fund both RMB 380 billion cloud investment and RMB 50 billion quick commerce investment
Risks
- Quick commerce investment intensity and timeline uncertain; management stated willingness to pace investments based on market developments but acknowledged significant resources required with no near-term profitability
- Cloud margin pressure from competitive intensity in China requiring full-stack capabilities; management prioritizing growth and market share over margin expansion despite accelerating revenue
- Execution risk on quick commerce monetization synergies with core e-commerce; quick commerce currently unprofitable and dependent on realizing incremental advertising and traffic benefits
FY2025 Q42025-05-15
Earnings calls
Company news
Reuters, WSJ, Bloomberg and FT first, as far as our news provider delivers them; other publishers behind the second filter. Headlines link to the publisher.- Alibaba's Chip Unit Files for Hong Kong Listing
- Alibaba chip unit T-Head files confidential Hong Kong IPO application
- Alibaba Unveils New AI Chip, Outlines Plan for Larger Model
- Alibaba plans AI model with 5 trillion to 10 trillion parameters, unveils new chip
- China investigates Meituan and Alibaba units for suspected violations of competition laws
- Alibaba's Qwen launches Qwen3.8-Flash AI model with lower training costs
- Alibaba chair buys another 720,000 company HK shares
- Alibaba launches Wan3.0 AI video model after $10 billion share sale
- Alibaba shares fall 8% after $10 billion Hong Kong share sale
- Alibaba proposes Hong Kong share placement worth $10 billion
Company data
Company intelligence
Updated: Nov 15, 2026, 01:16 PM UTC
Company data
Company intelligence
Company profile
- Sector
- Consumer Cyclical
- Industry
- Specialty Retail
- Chief executive
- Yongming Wu
- Employees
- 132,165
- IPO date
- Sep 19, 2014
- Country
- CN
- Exchange
- New York Stock Exchange
Altman Z-scorei2.44
Piotroski scorei4/9
Overall ratingiB+
Owner earningsi-CN¥38.89B-CN¥2.01 per share
ESG risk ratingiC+Industry rank: 18/19
Rating factors
- Return on equityi
- 3/5
- Return on assetsi
- 3/5
- Debt to equityi
- 4/5
- Price to earningsi
- 2/5
- Price to booki
- 3/5
Company press releases
Alibaba Group Will Announce September Quarter 2026 Results on November 19, 2026Business WireKeysight Showcases Link Layer Retry Interoperability with Alibaba Cloud at 2026 OCP Global SummitBusiness WireBABA Shareholder Alert: Investors With Losses May Seek to Lead the Class Action in Alibaba Group Holding Securities Lawsuit - Contact SueWallStGlobeNewsWireBABA DEADLINE ALERT: Hagens Berman Alerts Alibaba Group Holding Limited Investors to Today's Lead Plaintiff Deadline in Securities Fraud Class ActionGlobeNewsWireBABA Investors Have Opportunity to Lead Alibaba Group Holding Limited Securities Fraud Lawsuit with SBS LawBusiness WireAlibaba Group Holding Limited Sued for Securities Law Violations - Contact the DJS Law Group to Discuss Your Rights - BABAPRNewsWire
Congressional disclosures
Senate
John Wright HickenlooperSale (Full) · $1,001 - $15,000Disclosed: May 15, 2023John W. HickenlooperSale (Full) · $1,001 - $15,000Disclosed: May 15, 2023Thomas Hawley TubervillePurchase · $50,001 - $100,000Disclosed: Feb 14, 2022Thomas Hawley TubervillePurchase · $15,001 - $50,000Disclosed: Feb 14, 2022Tommy TubervillePurchase · $15,001 - $50,000Disclosed: Feb 14, 2022
House
Gilbert CisnerosSale (Full) · $100,001 - $250,000Disclosed: Sep 7, 2026Gilbert Ray CisnerosSale (Full) · $100,001 - $250,000Disclosed: Sep 7, 2026Gilbert CisnerosSale · $100,001 - $250,000Disclosed: Sep 7, 2026Gilbert Ray CisnerosSale (Full) · $100,001 - $250,000Disclosed: Sep 7, 2026Josh GottheimerSale (Full) · $1,001 - $15,000Disclosed: Jul 8, 2026
Market cap history
$220.27B-23.3%Aug 2026 – Nov 2026
Latest: $220.27B · 2026-11-13High: $289.45B · 2026-08-17Low: $220.27B · 2026-11-13
Not comparable with the headline: the provider's history counts about 2.33B shares, the headline 2.49B. Shown as the provider reports it.
Largest fund holders
| Fund | Weight | Shares held |
|---|---|---|
| VPMAX | 1.24% | 10.6M |
| VCPA.S | 0.17% | 8.4M |
| VSCA.S | 0.11% | 3.3M |
| VHCAX | 1.14% | 3.3M |
| AIO | 0.38% | 3.3M |
| FEMKX | 2.12% | 2.3M |
| XAIX.F | 2.48% | 2.2M |
| AVEM | 0.72% | 2M |
| AIQ | 2.07% | 1.9M |
| BABX | 200.07% | 1.8M |
| VPCCX | 0.64% | 1M |
| ASIA.AX | 10.45% | 863.8K |
Analyst track record
How the analysts covering BABA have done: ratings, price-target accuracy and the measured reaction after their calls.
| 12 months | 3 years | |
|---|---|---|
| Ratings | 93 | 349 |
| Analysts | 25 | 35 |
| Buy / hold / sell | 90 / 3 / 0 | 318 / 31 / 0 |
| Upgrades / downgrades / initiations | 4 / 3 / 1 | 10 / 7 / 1 |
| Price targets hit / missed | 0 / 90 (0%) | 24 / 314 (7%) |
| Avg. return after a rating (TipRanks) | -50.4% | -33.1% |
| Best / worst call | -30.1% / -59.0% | +18.0% / -61.5% |
After buy calls on this stock: median 21-day move -1.8% vs S&P 500 -2.9% (n = 331)
Most accurate on this stock
Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.
- Colin SebastianRobert W. Baird100% hit rate on this stock · 11 targets measuredBuytarget $160Aug 21, 2026
- Joyce JuBank of America Securities89% hit rate on this stock · 18 targets measuredBuytarget $178Nov 11, 2026
- Thomas ChongJefferies78% hit rate on this stock · 23 targets measuredBuytarget $185Apr 8, 2026
Latest ratings
| Date | Analyst | Call | Target | |
|---|---|---|---|---|
| Nov 12, 2026 | Markus LeistnerDZ BANK AGNov 12, 2026 | BuyUpgraded | $140↗ | article ↗ |
| Nov 11, 2026 | Andy Yu CFADBSNov 11, 2026 | BuyMaintained | $207↗ | article ↗ |
| Nov 11, 2026 | Joyce JuBank of America SecuritiesNov 11, 2026 | BuyMaintained | $178↗ | article ↗ |
| Nov 9, 2026 | Ronald KeungGoldman SachsNov 9, 2026 | BuyReiterated | $177↗ | article ↗ |
| Nov 3, 2026 | Wei FangMizuho SecuritiesNov 3, 2026 | BuyMaintained | $200↗ | article ↗ |
Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.
TipRanks data · computed Nov 13, 2026 · 93 ratings
Frequently asked questions
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