Source: Form 20-F for the fiscal year ended March 31, 2026, signed and dated May 20, 2026. All figures in RMB millions unless stated. Fiscal years end on March 31 (FY2026 = April 1, 2025 – March 31, 2026).
Abbreviations for sources: IS = Consolidated Income Statements (F-5); BS = Consolidated Balance Sheets (F-7/F-8); SE = Consolidated Statements of Changes in Shareholders' Equity (F-9/F-11); CF = Consolidated Statements of Cash Flows (F-12/F-14); N = Note to the consolidated financial statements; Item = section of the 20-F.
The document contains three income statements and cash flow statements (FY2024–FY2026) but only two balance sheets (March 31, 2025 and 2026). Shareholders' equity at March 31, 2024 is taken from SE. Every balance-sheet ratio is therefore available for two year-ends only.
Market data supplied by the user, not taken from the document: closing price of US$125.46 per ADS at March 31, 2026; 2.32 billion shares outstanding at March 31, 2026. The document defines one ADS as eight ordinary shares and reports 18,580,374,278 ordinary shares outstanding on the cover, equal to 2,322.5 million ADS-equivalents; the supplied 2.32 billion is therefore read as ADS-equivalents. Conversions use the document's convenience rate of RMB 6.8980 per US$1.00 (Item "Exchange Rate Information").
| Item | FY2024 | FY2025 | FY2026 | Source |
|---|---|---|---|---|
| Revenue | 941,168 | 996,347 | 1,023,670 | IS, Revenue |
| Cost of revenue | (586,323) | (598,285) | (616,136) | IS |
| Gross profit (calculated) | 354,845 | 398,062 | 407,534 | Revenue − cost of revenue |
| Product development expenses | (52,256) | (57,151) | (66,533) | IS |
| Sales and marketing expenses | (115,141) | (144,021) | (245,023) | IS |
| General and administrative expenses | (41,985) | (44,239) | (33,082) | IS |
| Amortization and impairment of intangible assets | (21,592) | (6,336) | (5,079) | IS |
| Impairment of goodwill | (10,521) | (6,171) | (9,515) | IS; N17 |
| Other gains, net | — | 761 | 1,848 | IS |
| Income from operations | 113,350 | 140,905 | 50,150 | IS |
| Interest and investment income, net | (9,964) | 20,759 | 87,512 | IS |
| Interest expense | (7,947) | (9,596) | (9,793) | IS |
| Other income, net | 6,157 | 3,387 | 1,518 | IS |
| Income before income tax and share of equity method investees | 101,596 | 155,455 | 129,387 | IS |
| Income tax expenses | (22,529) | (35,445) | (30,045) | IS; N7 |
| Share of results of equity method investees | (7,735) | 5,966 | 2,785 | IS |
| Net income | 71,332 | 125,976 | 102,127 | IS |
| Net loss attributable to noncontrolling interests | 8,677 | 4,133 | 1,465 | IS |
| Net income attributable to Alibaba Group Holding Limited | 80,009 | 130,109 | 103,592 | IS |
| (Accretion) / reversal of accretion of mezzanine equity | (268) | (639) | 2,312 | IS |
| Net income attributable to ordinary shareholders | 79,741 | 129,470 | 105,904 | IS |
| EPS basic (RMB per share) | 3.95 | 6.89 | 5.70 | IS; N9 |
| EPS diluted (RMB per share) | 3.91 | 6.70 | 5.50 | IS; N9 |
| EPS basic (RMB per ADS) | 31.61 | 55.12 | 45.63 | IS; N9 |
| EPS diluted (RMB per ADS) | 31.24 | 53.59 | 44.00 | IS; N9 |
| Weighted average shares, basic (million) | 20,182 | 18,791 | 18,568 | IS; N9 |
| Weighted average shares, diluted (million) | 20,359 | 19,318 | 19,235 | IS; N9 |
| Shares outstanding at year-end (cover / BS) | not available | 18,474,235,708 | 18,580,374,278 | Cover; BS |
| Interest income (inside interest and investment income) | 24,868 | 20,449 | 18,806 | N2(ah) |
| Advertising and promotional expenses (inside S&M) | 88,217 | 113,573 | 214,246 | N2(j) |
| Depreciation expense | 23,344 | 24,515 | 34,963 | N15 |
| Share-based compensation, total (cash + non-cash) | 18,546 | 15,577 | 14,821 | N8(c); Item 5 |
| — of which non-cash (equity-settled) | 18,546 | 13,970 | 11,180 | CF; Item 5 non-GAAP |
| Employees (full-time, March 31) | 204,891 | 124,320 | 131,462 | Item 6.D |
Share-based compensation by function (N8(c)): FY2026 cost of revenue 2,023; product development 6,016; sales and marketing 2,321; G&A 4,461; total 14,821. FY2025: 2,162; 6,700; 2,137; 4,578; total 15,577. FY2024: 3,012; 7,623; 2,265; 5,646; total 18,546.
| Item | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Income from operations | 113,350 | 140,905 | 50,150 |
| + Non-cash SBC | 18,546 | 13,970 | 11,180 |
| + Amortization and impairment of intangibles | 21,592 | 6,336 | 5,079 |
| + Impairment of goodwill, and others | 11,540 | 11,854 | 10,007 |
| Adjusted EBITA | 165,028 | 173,065 | 76,416 |
| + Depreciation and impairment of PP&E and land-use-right lease cost | 26,640 | 29,260 | 37,067 |
| Adjusted EBITDA | 191,668 | 202,325 | 113,483 |
| Net income | 71,332 | 125,976 | 102,127 |
| + Non-cash SBC | 18,546 | 13,970 | 11,180 |
| + Amortization and impairment of intangibles | 21,592 | 6,336 | 5,079 |
| + Loss / (gain) on deemed disposals, disposals, revaluation of investments | 21,659 | (8,764) | (74,416) |
| + Impairment of goodwill and investments, and others | 33,679 | 22,435 | 17,746 |
| + Tax effects | (9,329) | (1,831) | (1,058) |
| Non-GAAP net income | 157,479 | 158,122 | 60,658 |
| Non-GAAP diluted EPS (RMB per ADS) | 62.23 | 65.41 | 26.80 |
| Company free cash flow (definition in Item 5) | 156,210 | 73,870 | (46,609) |
| Segment / line | FY2024 | FY2025 | FY2026 | % of consolidated FY2026 | YoY FY2026 |
|---|---|---|---|---|---|
| Customer management | 307,950 | 326,769 | 343,867 | 33.59% | 5.23% |
| Direct sales, logistics and others | 110,820 | 103,722 | 105,518 | 10.31% | 1.73% |
| E-commerce subtotal | 418,770 | 430,491 | 449,385 | 43.90% | 4.39% |
| Quick commerce (net of contra-revenue subsidies) | 50,852 | 53,588 | 78,520 | 7.67% | 46.53% |
| China commerce wholesale | 20,479 | 24,301 | 26,312 | 2.57% | 8.28% |
| Alibaba China E-commerce Group | 490,101 | 508,380 | 554,217 | 54.14% | 9.02% |
| International commerce retail | 81,654 | 108,465 | 117,731 | 11.50% | 8.54% |
| International commerce wholesale | 20,944 | 23,835 | 26,439 | 2.58% | 10.93% |
| Alibaba International Digital Commerce Group | 102,598 | 132,300 | 144,170 | 14.08% | 8.97% |
| Cloud Intelligence Group | 106,374 | 118,028 | 158,132 | 15.45% | 33.98% |
| All others | 317,539 | 338,347 | 254,367 | 24.85% | (24.82)% |
| Unallocated | 1,297 | 1,924 | 2,340 | 0.23% | — |
| Inter-segment elimination | (76,741) | (102,632) | (89,556) | (8.75)% | — |
| Consolidated revenue | 941,168 | 996,347 | 1,023,670 | 100.00% | 2.74% |
Percentages on consolidated revenue include the elimination line and sum to 100.00%. Segment shares exceed 100% before elimination because inter-segment revenue (mainly Cloud and Cainiao, N5(ix)) is counted in the selling segment. The document states that revenue excluding Sun Art and Intime grew 11% "on a like-for-like basis" (Item 5) and that Cloud revenue excluding Alibaba-consolidated subsidiaries grew 33%.
| Segment | FY2024 | FY2025 | FY2026 | EBITA margin FY2025 | EBITA margin FY2026 |
|---|---|---|---|---|---|
| Alibaba China E-commerce Group | 186,970 | 193,223 | 107,509 | 38.01% | 19.40% |
| Alibaba International Digital Commerce Group | (8,035) | (15,137) | (2,051) | (11.44)% | (1.42)% |
| Cloud Intelligence Group | 6,121 | 10,556 | 14,265 | 8.94% | 9.02% |
| All others | (11,252) | (9,499) | (35,737) | (2.81)% | (14.05)% |
| Total segments | 173,804 | 179,143 | 83,986 | ||
| Unallocated | (6,190) | (4,337) | (5,150) | ||
| Inter-segment elimination | (2,586) | (1,741) | (2,420) | ||
| Consolidated adjusted EBITA | 165,028 | 173,065 | 76,416 |
Segment costs and expenses (N29): China E-commerce 303,131 / 315,157 / 446,708; AIDC 110,633 / 147,437 / 146,221; Cloud 100,253 / 107,472 / 143,867; All others 328,791 / 347,846 / 290,104.
Depreciation and impairment of PP&E and land-use-right lease cost by segment (N29): China E-commerce 532 / 155 / 94; AIDC 961 / 1,137 / 878; Cloud 14,335 / 15,911 / 28,921; All others 8,622 / 7,818 / 3,589; total segments 24,450 / 25,021 / 33,482.
The document does not allocate assets to segments (N29).
| Type | FY2024 | FY2025 | FY2026 | % FY2026 | YoY FY2026 |
|---|---|---|---|---|---|
| Customer management services | 386,571 | 424,877 | 459,917 | 44.93% | 8.25% |
| Membership fees and value-added services | 41,956 | 46,613 | 47,638 | 4.65% | 2.20% |
| Logistics services | 114,073 | 123,379 | 139,864 | 13.66% | 13.36% |
| Cloud services | 76,459 | 84,517 | 112,077 | 10.95% | 32.61% |
| Sales of goods | 283,273 | 274,276 | 227,747 | 22.25% | (16.96)% |
| Other revenue | 38,836 | 42,685 | 36,427 | 3.56% | (14.66)% |
| Total | 941,168 | 996,347 | 1,023,670 | 100.00% | 2.74% |
Not available. N29: "As substantially all of the Company's long-lived assets are located in the PRC and substantially all of the Company's revenue is derived within the PRC, no geographical information is presented." N2 (income taxes) gives one geographic split for FY2026 only: income before income tax and share of equity method investees derived within the PRC RMB 136,551 million; loss derived outside the PRC RMB 7,164 million (sum 129,387 = IS).
| Item | Mar 31, 2025 | Mar 31, 2026 | % of total assets 2026 | Source |
|---|---|---|---|---|
| Cash and cash equivalents | 145,487 | 131,530 | 6.89% | BS |
| Short-term investments | 228,826 | 155,310 | 8.13% | BS; N2(q) |
| — of which unrestricted | 228,169 | 155,236 | N2(q) | |
| Restricted cash and escrow receivables | 43,781 | 42,038 | 2.20% | BS; N10 |
| Equity securities and other investments, current | 53,780 | 30,054 | 1.57% | BS |
| Prepayments, receivables and other assets, current | 202,175 | 251,837 | 13.19% | BS; N13 |
| Total current assets | 674,049 | 610,769 | 31.98% | BS |
| Equity securities and other investments, non-current | 356,818 | 449,942 | 23.56% | BS |
| Prepayments, receivables and other assets, non-current | 83,431 | 94,996 | 4.97% | BS; N13 |
| Investments in equity method investees | 210,169 | 206,803 | 10.83% | BS; N14 |
| Property and equipment, net | 203,348 | 282,699 | 14.80% | BS; N15 |
| Intangible assets, net | 20,911 | 16,983 | 0.89% | BS; N16 |
| Goodwill | 255,501 | 247,378 | 12.95% | BS; N17 |
| Total assets | 1,804,227 | 1,909,570 | 100.00% | BS |
| Current bank borrowings | 22,562 | 28,224 | 1.48% | BS; N21 |
| Income tax payable | 11,638 | 10,630 | 0.56% | BS |
| Accrued expenses, accounts payable and other liabilities | 332,537 | 359,893 | 18.85% | BS; N19 |
| Merchant deposits | 274 | 236 | 0.01% | BS |
| Deferred revenue and customer advances, current | 68,335 | 77,415 | 4.05% | BS; N18 |
| Total current liabilities | 435,346 | 476,398 | 24.95% | BS |
| Deferred revenue, non-current | 4,536 | 4,885 | 0.26% | BS |
| Deferred tax liabilities | 48,454 | 46,060 | 2.41% | BS; N7 |
| Non-current bank borrowings | 49,909 | 47,450 | 2.48% | BS; N21 |
| Non-current unsecured senior notes | 122,398 | 117,485 | 6.15% | BS; N22 |
| Non-current convertible unsecured senior notes | 35,834 | 55,861 | 2.93% | BS; N23 |
| Non-current exchangeable bonds | — | 10,976 | 0.57% | BS; N24 |
| Other liabilities | 17,644 | 24,185 | 1.27% | BS; N19 |
| Total liabilities | 714,121 | 783,300 | 41.02% | BS |
| Mezzanine equity | 11,713 | 7,845 | 0.41% | BS |
| Additional paid-in capital | 381,379 | 385,086 | BS | |
| Treasury shares, at cost | (36,329) | (36,141) | BS | |
| Statutory reserves | 15,936 | 16,628 | BS | |
| Cumulative translation adjustments | 3,286 | (13,404) | BS | |
| Unrealized gains on interest rate swaps and others | 107 | 334 | BS | |
| Retained earnings | 645,478 | 708,382 | BS | |
| Total shareholders' equity | 1,009,858 | 1,060,886 | 55.56% | BS |
| Noncontrolling interests | 68,535 | 57,539 | 3.01% | BS |
| Total equity | 1,078,393 | 1,118,425 | 58.57% | BS |
| Total shareholders' equity at March 31, 2024 | 986,544 | SE |
| Item | Mar 31, 2025 | Mar 31, 2026 | Source |
|---|---|---|---|
| Cash and cash equivalents | 145,487 | 131,530 | BS |
| Short-term investments, unrestricted | 228,169 | 155,236 | N2(q) |
| Other treasury investments, unrestricted (inside equity securities and other investments) | 223,476 | 234,058 | N11 |
| Unrestricted liquidity (company's own aggregation for FY2026: 520,824) | 597,132 | 520,824 | Item 5.B; calc. |
| Current bank borrowings | 22,562 | 28,224 | BS |
| Non-current bank borrowings | 49,909 | 47,450 | BS |
| Unsecured senior notes (carrying) | 122,398 | 117,485 | BS |
| Convertible unsecured senior notes (carrying) | 35,834 | 55,861 | BS |
| Exchangeable bonds (fair value) | — | 10,976 | BS; N12 |
| Gross financial debt, excluding leases | 230,703 | 259,996 | calc. |
| Operating lease liabilities (current + non-current) | 17,407 | 21,726 | N19; N6 |
| Gross debt including leases | 248,110 | 281,722 | calc. |
| Net cash, excluding leases (liquidity − gross debt) | 366,429 | 260,828 | calc. |
| Net cash, including leases | 349,022 | 239,102 | calc. |
| Restricted cash and escrow receivables (excluded from liquidity) | 43,781 | 42,038 | N10 |
| — of which buyer protection fund deposits from merchants | 35,962 | 35,965 | N10 |
Leases are excluded from the net-cash figure used in the report; the version including them is shown above. Restricted cash is excluded because N10 states it is restricted to compensating buyers.
| Item | FY2024 | FY2025 | FY2026 | Source |
|---|---|---|---|---|
| Net income | 71,332 | 125,976 | 102,127 | CF |
| Revaluation (gain) loss on previously held equity interest | — | (628) | 99 | CF |
| Loss on disposals of equity method investees | 10 | 27 | 529 | CF |
| Loss (gain) related to equity securities and other investments | 23,480 | (28,652) | (66,089) | CF |
| Change in fair value of other assets and liabilities | (708) | 590 | (992) | CF |
| (Gain) loss on disposals of subsidiaries | (1,550) | 21,509 | (8,387) | CF |
| Depreciation and impairment of PP&E, and land-use-right lease cost | 26,640 | 29,260 | 37,067 | CF |
| Amortization of intangible assets and licensed copyrights | 17,864 | 13,199 | 10,051 | CF |
| Equity-settled share-based compensation | 18,546 | 13,970 | 11,180 | CF |
| Impairment of equity securities and other investments | 12,244 | 8,801 | 7,724 | CF |
| Impairment of goodwill, intangible assets and licensed copyrights | 22,610 | 6,805 | 11,244 | CF |
| Gain on disposals of PP&E | (107) | (784) | (1,848) | CF |
| Share of results of equity method investees | 7,735 | (5,966) | (2,785) | CF |
| Deferred income taxes | (5,263) | 374 | (2,528) | CF |
| Allowance for doubtful accounts | 3,509 | 3,016 | 1,368 | CF |
| Prepayments, receivables and other assets, and long-term licensed copyrights | (37,621) | (50,590) | (67,931) | CF |
| Income tax payable | (4,764) | 1,968 | (1,973) | CF |
| Accrued expenses, accounts payable and other liabilities | 27,126 | 25,873 | 37,933 | CF |
| Merchant deposits | (560) | (12,463) | (38) | CF |
| Deferred revenue and customer advances | 2,070 | 11,224 | 9,462 | CF |
| Net cash provided by operating activities | 182,593 | 163,509 | 76,213 | CF |
| Acquisition of land use rights, property and equipment (capex) | (32,087) | (85,972) | (126,063) | CF; Item 5.B |
| Acquisition of intangible assets | (842) | — | (874) | CF |
| Decrease in short-term investments, net | 71,426 | 23,395 | 42,235 | CF |
| Increase in other treasury investments, net | (64,392) | (126,041) | (12,687) | CF |
| Settlement of forward exchange contracts, net | 658 | (335) | 229 | CF |
| Acquisitions of equity and debt securities, and others | (15,240) | (10,342) | (63,753) | CF |
| Disposals of equity and debt securities, and others | 21,966 | 18,214 | 80,685 | CF |
| Acquisitions of equity method investees | (3,525) | (3,822) | (3,723) | CF |
| Disposals of and distributions from equity method investees | 1,265 | 1,520 | 5,627 | CF |
| Disposals of property and equipment | 373 | 2,428 | 541 | CF |
| Cash (paid) received for business combinations, net of cash acquired | (2,204) | 353 | (1,212) | CF |
| Deconsolidation and disposal of subsidiaries, net of cash proceeds | 699 | (5,077) | 11,421 | CF |
| Loans to employees, net of repayments | 79 | 264 | 238 | CF |
| Net cash used in investing activities | (21,824) | (185,415) | (67,336) | CF |
| Issuance of ordinary shares | 843 | 10 | 1,042 | CF |
| Repurchase of ordinary shares | (88,745) | (86,662) | (7,638) | CF |
| Dividend distribution | (17,946) | (29,077) | (33,732) | CF |
| Acquisition of additional equity interests in non-wholly owned subsidiaries | (5,821) | (21,949) | (16,768) | CF |
| Dividends paid to noncontrolling interests | (546) | (664) | (1,317) | CF |
| Contingent consideration payments after business combinations and others | (71) | (197) | (232) | CF |
| Capital injection from noncontrolling interests | 1,577 | 2,402 | 349 | CF |
| Proceeds from bank and other borrowings | 20,570 | 52,788 | 84,228 | CF |
| Repayment of bank borrowings | (13,092) | (43,678) | (78,458) | CF |
| Proceeds from convertible senior notes, net | — | 35,665 | 22,276 | CF |
| Payments for capped call transactions | — | (4,612) | (1,309) | CF |
| Proceeds from exchangeable bonds, net | — | — | 10,986 | CF |
| Proceeds from unsecured senior notes, net | — | 35,979 | — | CF |
| Repayment of unsecured senior notes | (5,013) | (16,220) | — | CF |
| Net cash used in financing activities | (108,244) | (76,215) | (20,573) | CF |
| Effect of exchange rate changes | 4,389 | 965 | (4,004) | CF |
| Change in cash, cash equivalents, restricted cash and escrow | 56,914 | (97,156) | (15,700) | CF |
| Free cash flow (CFO − capex), used in the report | 150,506 | 77,537 | (49,850) | calc. |
| Income tax paid in cash | 32,486 | 33,409 | 34,013 | N7 |
| Interest paid | 7,832 | 8,866 | 9,384 | CF supplemental |
Base declared for free cash flow: the report uses CFO minus all capex (CF line "Acquisitions of land use rights, property and equipment"). The company's own measure (Item 5) excludes office-campus land and construction and adjusts for buyer protection deposits: 156,210 / 73,870 / (46,609). The FY2026 difference of 3,241 between (49,850) and (46,609) is the campus capex excluded by the company (4,042), less purchases of intangibles (874), plus the buyer-protection adjustment (73).
| Check | FY2024 | FY2025 | FY2026 | Result |
|---|---|---|---|---|
| Gross profit = revenue − cost of revenue | 941,168 − 586,323 = 354,845 | 996,347 − 598,285 = 398,062 | 1,023,670 − 616,136 = 407,534 | OK |
| Income from operations = gross profit − operating lines | 354,845 − 52,256 − 115,141 − 41,985 − 21,592 − 10,521 + 0 = 113,350 | 398,062 − 57,151 − 144,021 − 44,239 − 6,336 − 6,171 + 761 = 140,905 | 407,534 − 66,533 − 245,023 − 33,082 − 5,079 − 9,515 + 1,848 = 50,150 | OK, matches IS |
| PBT = EBIT + interest & investment income − interest expense + other income | 113,350 − 9,964 − 7,947 + 6,157 = 101,596 | 140,905 + 20,759 − 9,596 + 3,387 = 155,455 | 50,150 + 87,512 − 9,793 + 1,518 = 129,387 | OK |
| Net income = PBT − tax + equity method | 101,596 − 22,529 − 7,735 = 71,332 | 155,455 − 35,445 + 5,966 = 125,976 | 129,387 − 30,045 + 2,785 = 102,127 | OK |
| NI attributable = NI + NCI loss | 71,332 + 8,677 = 80,009 | 125,976 + 4,133 = 130,109 | 102,127 + 1,465 = 103,592 | OK |
| Segment revenue sum = consolidated | 490,101 + 102,598 + 106,374 + 317,539 + 1,297 − 76,741 = 941,168 | 508,380 + 132,300 + 118,028 + 338,347 + 1,924 − 102,632 = 996,347 | 554,217 + 144,170 + 158,132 + 254,367 + 2,340 − 89,556 = 1,023,670 | OK |
| China E-commerce sub-lines = segment | 307,950 + 110,820 + 50,852 + 20,479 = 490,101 | 326,769 + 103,722 + 53,588 + 24,301 = 508,380 | 343,867 + 105,518 + 78,520 + 26,312 = 554,217 | OK |
| Revenue by type = consolidated | 941,168 | 996,347 | 1,023,670 | OK |
| Percentages of revenue by type sum to 100% | 100.00% | 100.00% | 100.00% | OK |
| Segment EBITA − unallocated − elimination = adjusted EBITA | 173,804 − 6,190 − 2,586 = 165,028 | 179,143 − 4,337 − 1,741 = 173,065 | 83,986 − 5,150 − 2,420 = 76,416 | OK |
| Adjusted EBITA − non-cash items = income from operations | 165,028 − 18,546 − 21,592 − 11,540 = 113,350 | 173,065 − 13,970 − 6,336 − 11,854 = 140,905 | 76,416 − 11,180 − 5,079 − 10,007 = 50,150 | OK |
| Geographic sum = consolidated | not available | not available | not available | Document presents no geographic split (N29) |
| Gross debt = sum of debt lines | 22,562 + 49,909 + 122,398 + 35,834 + 0 = 230,703 | 28,224 + 47,450 + 117,485 + 55,861 + 10,976 = 259,996 | OK | |
| Bank maturity schedule = bank borrowings | 28,224 + 1,453 + 4,849 + 5,420 + 26,951 + 8,777 = 75,674 = 28,224 + 47,450 | OK | ||
| Notes principal schedule = principal | 17,617 + 8,400 + 5,000 + 17,271 + 69,922 = 118,210 | OK (carrying 117,485 + discount 725) | ||
| Total assets = sum of asset lines | 1,804,227 | 1,909,570 | OK | |
| Liabilities + mezzanine + equity = total assets | 714,121 + 11,713 + 1,078,393 = 1,804,227 | 783,300 + 7,845 + 1,118,425 = 1,909,570 | OK | |
| CFO = NI + non-cash items + working capital | 71,332 + 125,010 − 13,749 = 182,593 | 125,976 + 61,521 − 23,988 = 163,509 | 102,127 − 3,367 − 22,547 = 76,213 | OK |
| CFO + CFI + CFF + FX = change in cash | 182,593 − 21,824 − 108,244 + 4,389 = 56,914 | 163,509 − 185,415 − 76,215 + 965 = (97,156) | 76,213 − 67,336 − 20,573 − 4,004 = (15,700) | OK |
| Ending cash + restricted = BS | 145,487 + 43,781 = 189,268 | 131,530 + 42,038 = 173,568 | OK | |
| CFO − capex = FCF | 182,593 − 32,087 = 150,506 | 163,509 − 85,972 = 77,537 | 76,213 − 126,063 = (49,850) | OK |
| Retained earnings roll-forward | 645,478 + 103,592 − 34,031 − 5,965 − 692 = 708,382 | OK | ||
| Shares outstanding roll-forward | 18,474,235,708 + 178,872,058 − 72,733,488 = 18,580,374,278 | OK | ||
| Goodwill roll-forward | 255,501 + 2,297 − 546 − 9,515 − 359 = 247,378 | OK | ||
| Goodwill by segment = total | 177,893 + 19,396 + 5,078 + 45,011 = 247,378 | OK |
| Item | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Current income tax expense | 27,792 | 35,071 | 32,573 |
| Deferred taxation | (5,263) | 374 | (2,528) |
| Total income tax expense | 22,529 | 35,445 | 30,045 |
| Effective tax rate (calc. on PBT before equity method) | 22.18% | 22.80% | 23.22% |
| Income tax paid in cash | 32,486 | 33,409 | 34,013 |
| FY2026 tax expense: Chinese mainland / non-Chinese mainland | 28,081 / 1,964 | ||
| FY2026 cash tax: Chinese mainland / non-Chinese mainland | 30,729 / 3,284 |
Rate reconciliation FY2026 (ASU 2023-09 format, N7): statutory 25% 32,347; foreign tax effects (13,520), of which Hong Kong (15,838) [non-deductible expenses and non-taxable income (14,645), others (1,193)], Singapore 2,618, other foreign (300); cross-border tax laws 24; changes in valuation allowances 20,873 (16 percentage points); non-deductible expenses and non-taxable income (16,716), of which R&D super-deduction (10,821), tax holidays and preferential rates (11,950), goodwill impairment 2,379, others 3,676; other adjustments (mainly dividend withholding tax) 7,037; total 30,045 (23%). Tax-holiday effect on basic EPS: RMB 0.64 per share, RMB 5.15 per ADS.
Rate reconciliation FY2025 / FY2024 (prior format): statutory 25% 38,864 / 25,399; different jurisdictions (1,089) / (1,095); tax holidays (20,258) / (14,135); non-deductible and non-taxable, net 10,673 / 11,006; R&D super-deduction (9,320) / (9,415); withholding tax 5,938 / 6,127; change in valuation allowance and others 10,637 / 4,642.
| Deferred taxes (N7) | Mar 31, 2025 | Mar 31, 2026 |
|---|---|---|
| DTA — licensed copyrights | 6,351 | 6,547 |
| DTA — tax losses carried forward and others | 66,120 | 79,571 |
| Gross DTA | 72,471 | 86,118 |
| Valuation allowance | (59,310) | (72,161) |
| Net DTA | 13,161 | 13,957 |
| DTL — identifiable intangibles | (5,122) | (4,115) |
| DTL — withholding tax on undistributed earnings | (8,559) | (8,559) |
| DTL — equity method investees and others (incl. 19.7bn on Ant Group receipt) | (34,773) | (33,386) |
| Net deferred tax liabilities | (35,293) | (32,103) |
| Earnings permanently reinvested in PRC, no withholding accrued | 362,600 | 278,900 |
Tax losses at March 31, 2026 (N7): PRC 200,082 (expire FY2027–FY2036); Singapore 41,453, Hong Kong 7,458 (no time limit); Türkiye 7,259 (expire FY2027–FY2031). Unrecognized tax benefits: "The Company did not have any significant liabilities, interest or penalties associated with unrecognized tax benefit" (N2). PRC tax filings for 2021–2025 remain open to review.
N7 bases the valuation allowance on "uncertainty surrounding their realization" of deferred tax assets on tax losses, accruals not deductible until paid, property and equipment, and investments in equity securities; it does not name the entities that generate the losses.
The valuation allowance balance rose by 12,851 while the FY2026 rate reconciliation shows 20,873 for "changes in valuation allowances". The document does not reconcile the two figures.
| Instrument | Principal / terms | Carrying Mar 31, 2026 | Rate | Maturity / put |
|---|---|---|---|---|
| Short-term bank borrowings | RMB-denominated; 0.6%–9.2%, weighted 1.5% | 24,324 | weighted 1.5% | ≤ 1 year |
| Revolving credit facility, ancillary | RMB 3.9bn drawn; US$2.6bn undrawn | 3,900 | SOFR/HIBOR + 66 bp | expires Sep 30, 2028 (option to 2030) |
| Second revolving facility | US$3.33bn, undrawn | — | SOFR/HIBOR + 66 bp | Sep 30, 2028 (option to 2030) |
| Long-term bank borrowings | RMB-denominated | 47,450 | weighted 2.5% | per schedule |
| 16 unsecured senior notes | US$ and RMB fixed, 2.125%–5.625% | 117,485 | effective 2.20%–5.67% | 2027–2061 |
| 2024 convertible notes | US$5.0bn, 0.5% coupon; 9.8915 ADS per US$1,000 (adjusted) | effective ~0.8% | due Jun 1, 2031; holder put Jun 1, 2029 | |
| 2025 convertible notes | ~US$3.2bn, zero coupon; 5.1773 ADS per US$1,000 | 55,861 (both) | effective ~0.3% | due Sep 15, 2032; holder put Sep 15, 2030 |
| 2025 exchangeable bonds | ~HK$12bn, zero coupon; into Alibaba Health shares at 160,513.6 per HK$1m | 10,976 (fair value, Level 2) | 0% | due Jul 9, 2032; holder put Jul 9, 2030 |
Maturity schedule of principal at March 31, 2026: bank borrowings — within 1 year 28,224; 1–2 years 1,453; 2–3 years 4,849; 3–4 years 5,420; 4–5 years 26,951; beyond 5 years 8,777. Senior notes — within 1 year nil; 1–2 years 17,617; 2–3 years 8,400; 3–4 years 5,000; 4–5 years 17,271; thereafter 69,922.
Fixed vs floating: senior notes are all fixed-rate; the convertible notes are fixed (0.5% and 0%); the revolving facility is floating (SOFR/HIBOR); bank borrowings do not state the fixed/floating split (not available).
Covenants: notes contain limitation on liens, consolidation, merger and sale of assets; "We are not subject to any financial covenant or other significant operating covenants" under the notes, convertibles and exchangeable bonds (Item 5.B). "As of March 31, 2026, the Company is in compliance with all covenants in relation to bank borrowings" (N21). Pledged collateral for certain bank borrowings: 19,975 (30,213 in 2025).
Fair values (Level 2): senior notes US$15,313m (RMB 105,792m); 2024 convertibles US$6,929m (RMB 47,869m); 2025 convertibles US$3,047m (RMB 21,050m).
Capped calls: cost US$638m (RMB 4,612m) and US$184m (RMB 1,309m); cap prices US$161.60 and US$235.46 per ADS. Exchangeable bond share lending: Alibaba Health shares lent with fair value HK$4,442m (RMB 3,914m).
Supplier finance programs (N20): confirmed obligations outstanding 2,302 (Apr 2024) → 6,075 (Mar 2025) → 15,361 (Mar 2026); of which in bank borrowings 4,470 → 10,934. Payment terms with most suppliers "up to 180 days".
Guarantee: HK$6.5bn revolving facility of Cingleot (partly owned), HK$5.5bn drawn at March 31, 2026 (N25).
| Item | Value |
|---|---|
| SBC by instrument FY2026: RSUs | 8,568 (FY2025 10,772; FY2024 17,734) |
| Share options | 578 (FY2025 349; FY2024 240) |
| Subsidiaries' and Ant Group awards ("Others") | 5,675 (FY2025 4,456; FY2024 572) |
| Ant Group awards (mark-to-market) | net reversal 16 (FY2025 expense 4; FY2024 net reversal 6,691) |
| Unrecognized cost — RSUs | 6,694 over weighted 1.9 years |
| Unrecognized cost — options | 1,920 over weighted 3.1 years |
| Unvested RSUs, 2014 Plan (1 RSU = 8 shares) | 23,722,356 |
| Unvested RSUs, 2024 plans (1 RSU = 1 share) | 71,566,629 |
| Options outstanding, 2014 Plan (1 = 8 shares) | 3,628,000 at US$72.00 |
| Options outstanding, 2024 plans | 28,373,330 at HK$124.41 |
| Shares available, 2024 Plan / 2024 Plan (Existing Shares) | 398,965,778 / 487,865,170 |
| Directors and officers: cash compensation FY2026 | ~RMB 250m; awards over 28,088,000 shares (Item 6.B) |
| Item | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Weighted basic (million) | 20,182 | 18,791 | 18,568 |
| + dilutive RSUs and options | 177 | 200 | 200 |
| + convertible notes (if-converted) | — | 327 | 467 |
| Weighted diluted (million) | 20,359 | 19,318 | 19,235 |
| Shares issued (RSU vesting, options) | 192,305,904 | 202,166,984 | 178,872,058 |
| Shares repurchased and retired | 1,249,196,660 | 1,197,058,232 | 72,733,488 |
| Cost of repurchases (SE) | 89,076 | 85,650 | 7,535 |
| Cash paid for repurchases (CF) | 88,745 | 86,662 | 7,638 |
| Repurchases FY2026 (Item 16E), US$ | 1,046 million (sum of monthly rows 427 + 210 + 168 + 154 + 87), Apr–Aug 2025 only | ||
| Remaining authorization (through March 2027) | US$19,050 million |
Antidilutive and excluded: exchangeable bonds, the related share lending arrangement, and the capped calls (N9).
| Item | Mar 31, 2025 | Mar 31, 2026 |
|---|---|---|
| Deferred revenue | 44,138 | 46,079 |
| Customer advances | 28,733 | 36,221 |
| Total deferred revenue and customer advances | 72,871 | 82,300 |
| Of which non-current | 4,536 | 4,885 |
Revenue recognized in FY2026 from the opening balance: not available; N18 states "Substantially all of the balances of deferred revenue and customer advances are generally recognized as revenue within one year." Remaining performance obligations: not available; revenue from obligations satisfied in prior periods on contracts longer than one year "were not material" (N5).
| Proceeding | Amount accrued | Reasonably possible loss |
|---|---|---|
| EU Commission DSA investigation of AliExpress (preliminary findings June 18, 2025) | none disclosed | "not reasonably estimable at this stage" |
| SAMR scrutiny of quick-commerce platforms "since early 2026" (risk factors) | none disclosed | not available |
| U.S. securities class action (Ant IPO / SAMR) | settled for US$433.5m; court approval March 28, 2025 (provision booked in FY2025 G&A) | closed |
| JD.com anti-monopoly suit (2017) | not disclosed | "the legal proceeding of this case has concluded" |
| Trade assurance program (international wholesale) | no provision | default "not probable" |
"The Company did not accrue any material loss contingencies in this respect as of March 31, 2025 and 2026" (N28(h)).
| Item | Mar 31, 2025 | Mar 31, 2026 |
|---|---|---|
| Goodwill — Alibaba China E-commerce Group | 164,945 | 177,893 (after 12,948 transferred in) |
| Goodwill — AIDC | 20,077 | 19,396 |
| Goodwill — Cloud Intelligence Group | 3,728 | 5,078 |
| Goodwill — Cainiao / Local Services / Hujing (old segments) | 20,385 / 20,447 / 8,031 | moved to All others |
| Goodwill — All others | 17,888 | 45,011 |
| Total goodwill | 255,501 | 247,378 |
| Gross goodwill / accumulated impairment | 302,194 / 46,693 | 303,610 / 56,232 |
| Goodwill impairment charge | 6,171 | 9,515 (one reporting unit in All others, DCF) |
| Intangibles gross: user base and customer relationships | 48,565 | 39,871 |
| Trade names, trademarks, domain names | 26,936 | 26,948 |
| Non-compete agreements | 6,030 | 5,745 |
| Developed technology and patents | 4,823 | 6,317 |
| Licensed copyrights and others | 8,001 | 7,703 |
| Accumulated amortization and impairment | (73,444) | (69,601) |
| Intangibles, net | 20,911 | 16,983 |
Margin between fair value and carrying amount of reporting units: not disclosed. Expected intangible amortization: FY2027 3,833; FY2028 2,913; FY2029 2,331; FY2030 2,142; FY2031 1,713; thereafter 4,051 (total 16,983). Useful lives: user base 3–16 years; trade names 5–20; technology 2–10; non-compete up to 10. Intangible impairment FY2026 1,729 (mainly China E-commerce); FY2025 634.
| Item | Mar 31, 2025 | Mar 31, 2026 |
|---|---|---|
| Listed equity securities (cost / carrying) | 79,024 / 77,630 | 70,647 / 100,594 |
| Privately held companies (cost / carrying) | 113,646 / 96,167 | 117,826 / 130,447 |
| — of which measurement alternative (Level 3, non-recurring) | 88,728 | 124,979 |
| Debt securities and loan investments | 8,785 | 10,880 |
| Other treasury investments | 228,016 | 238,075 |
| Total equity securities and other investments | 410,598 | 479,996 |
| Investments in equity method investees | 210,169 | 206,803 |
| Recurring fair value assets: Level 1 / 2 / 3 | 111,493 / 468,321 / 10,718 | 137,356 / 400,885 / 11,216 |
| Listed equity under contractual sale restrictions | 11,921 | 41,800 |
Gains and losses through income: net unrealized gains (losses) on equity securities still held, including impairments: (28,790) FY2024; 16,746 FY2025; 56,295 FY2026. Measurement alternative: upward adjustments 8,345 (FY2025) and 39,416 (FY2026); impairments and downward adjustments 10,033 and 8,187; cumulative upward 61,221 and cumulative downward 46,255 at March 31, 2026. Trendyol GO disposal gain about 6,000 (N4(b)). Sun Art loss 13,123 and Intime loss 8,515 in FY2025 (N4).
Equity method: carrying value of the 33% Ant Group stake not disclosed separately (N14); publicly traded investees carried at 21,274 with market value 25,291; undistributed earnings of equity method investees in retained earnings 55,550. Share of results: Ant Group 12,648 (FY2025) and 5,048 (FY2026), recorded one quarter in arrears.
| Item | Mar 31, 2025 | Mar 31, 2026 |
|---|---|---|
| Accounts receivable and contract assets, net | 31,172 | 36,020 |
| Allowance for doubtful accounts | 9,307 | 8,093 |
| Provision charged in the year (CF) | 3,016 | 1,368 |
| Inventories | 18,887 | 18,909 |
| VAT receivables | 26,336 | 32,303 |
| Prepaid cost of revenue, S&M and other | 20,556 | 22,556 |
| Advances to / receivables from customers, merchants and others | 52,976 | 90,671 |
| Amounts due from related companies | 12,058 | 21,587 |
| Interest receivables | 6,533 | 4,198 |
| Deferred direct selling costs and cost of revenue | 5,365 | 5,479 |
| Other current | 28,292 | 20,114 |
| Non-current: ROU assets / DTA / film costs and copyrights / PP&E prepayments / other | 39,202 / 13,161 / 12,889 / 6,799 / 11,380 | 45,524 / 13,957 / 10,964 / 3,787 / 20,764 |
Allowance movement (opening, charge, write-offs) and inventory obsolescence reserve: not available. The document does not specify which receivable balances the allowance covers. Insurance or technical reserves: not applicable.
| Item | Mar 31, 2025 | Mar 31, 2026 |
|---|---|---|
| Payables and accruals for cost of revenue and S&M | 110,887 | 131,127 |
| Other deposits and advances received (incl. buyer protection) | 53,793 | 57,464 |
| Payable to merchants and marketing affiliates | 44,845 | 55,212 |
| Accrued bonus and staff costs | 31,705 | 32,457 |
| Payables for PP&E | 34,312 | 33,685 |
| Due to related companies | 8,130 | 7,563 |
| Other taxes payable | 7,641 | 6,935 |
| Operating lease liabilities, current | 3,944 | 4,318 |
| Contingent and deferred consideration | 8,590 | 6,192 |
| Others | 28,690 | 24,940 |
| Total current | 332,537 | 359,893 |
| Non-current: lease / consideration / other | 13,463 / 1,370 / 2,811 | 17,408 / 938 / 5,839 |
| Item | Mar 31, 2025 | Mar 31, 2026 |
|---|---|---|
| Operating lease cost (FY) | 10,431 | 7,573 |
| Cash paid for operating leases (FY) | 7,637 | 5,582 |
| ROU assets obtained for new lease liabilities (FY) | 6,171 | 13,650 |
| Weighted remaining lease term / discount rate | 7.4 years / 4.6% | 7.3 years / 4.9% |
| Lease payments: FY2027 / 28 / 29 / 30 / 31 / thereafter | 5,346 / 4,397 / 3,609 / 3,017 / 2,497 / 7,971 (total 26,837; imputed interest 5,111; liability 21,726) | |
| Capital commitments (PP&E incl. cloud infrastructure, campuses) | 45,321 | 54,136 |
| — within 1 year / 1–5 years | 44,067 / 1,254 | 53,484 / 652 |
| Investment commitments (business combinations, equity investments, funds) | 20,341 | 14,501 |
| Other commitments (co-location, bandwidth, licensed copyrights, marketing) | 84,226 | 200,062 |
| — within 1 year / 1–5 years / over 5 years | 32,364 / 46,768 / 5,094 | 57,441 / 133,598 / 9,023 |
| Item | Detail |
|---|---|
| Auditor | PricewaterhouseCoopers Zhong Tian LLP, Shanghai (PCAOB ID 1424); "served as the Company's auditor since 2023" |
| Opinion | Unqualified on financial statements; internal control over financial reporting effective at March 31, 2026 |
| Critical Audit Matter | One: "Impairment assessment on goodwill relating to two of the reporting units" — goodwill 247,378; impairment 9,515 on one unit (All others); no impairment on the other (ex-Hujing Digital Media and Entertainment); key assumptions: future growth rates and WACC |
| Material weaknesses | None disclosed; no changes in internal control (Item 15) |
| Change of auditor | Not applicable in FY2026 (Item 16F) |
| Restatements | None indicated on the cover |
| Related parties (N25) | Revenue from Ant Group: total 24,536 (17,159; 12,865), of which cloud 19,134 (11,113; 8,814), other 5,402 (6,046; 4,051). Costs to Ant Group: total 21,041 (19,781; 16,214), of which payment processing 18,019 (15,467; 13,164), other 3,022. Cloud revenue from other investees 9,415 (4,507; 984). Logistics revenue from investees 3,301; logistics costs to investees 19,267. Loans to investees 1,759. Cash in Alipay accounts 5,545 |
| Subsequent events | FY2026 dividend of US$0.13125 per share (US$1.05 per ADS, about US$2.5bn) declared May 13, 2026 (N31). Item 8.B: "We have not experienced any significant changes since the date of our audited consolidated financial statements" |
| Item | FY2026 |
|---|---|
| Foreign currency translation adjustment, net of tax (shareholders) | (11,397) |
| Net investment hedges | (4,519) |
| Share of OCI of equity method investees (translation) | (774) |
| Cumulative translation adjustments, opening → closing | 3,286 → (13,404) |
| Transactions with noncontrolling interests (APIC) | (12,884) |
| Item | Disclosure | Source |
|---|---|---|
| Tmall commission range | "typically range from 0.1% to 5.0%" by product category | Item 5, monetization model |
| Software service fee | based on GMV of completed transactions "since September 2024" | Item 5 |
| 88VIP members | retention "a similar level" in FY2026 vs FY2025 | Item 4.B |
| Cloud customers | "approximately 67% of A-share listed companies in China" | Item 4.B |
| Quick-commerce brands | "nearly 5,000 Tmall brands" on Taobao Instant Commerce at March 31, 2026 | Item 4.B |
| Alibaba.com | "over 240,000 paying members"; "over 47 million buyers" in FY2026 | Item 4.B |
| Qwen consumer app | "surpassed 295 million monthly active users" in March 2026 | Item 4.B |
| DingTalk | "paying active daily users surpassed 36 million" in March 2026 | Item 4.B |
| Cloud regions | 34 regions | Item 4.B |
| AI-related products | 30% of Cloud external revenue in the final quarter of FY2026; external revenue growth 40% in that quarter | Chairman's letter |
| Partnership nomination right | change requires 95% of votes present | Item 6 |
| Board | ten members: six independent, four Partnership nominees; 18 partners | Item 6 |
| Ownership | directors and officers 1.9%; no 5% holder known; 22.4% held by U.S. record holders | Item 7 |
| Management commentary | non-GAAP net income "decreased by 62%"; income from operations "decreased by 64%" | Item 5 |
| Goodwill impairment explanation | "considered the overall financial performance" | N17 |
| S&M increase, company explanation | "primarily attributable to the investment in user experiences of Alibaba China E-commerce Group and user acquisition of Qwen app" | Item 5 |
| G&A decrease, company explanation | "a one-time provision for the shareholder class action lawsuits in fiscal year 2025 and our enhanced cost control measures" | Item 5 |
| China E-commerce EBITA decrease, company explanation | "primarily due to the investment in quick commerce, user experiences, and technology" | Item 5 |
| All others EBITA loss, company explanation | "primarily due to the increased investment in technology businesses" | Item 5 |
| Segment cost allocation | shared infrastructure costs allocated "mainly on the basis of usage, revenue or headcount" | N29 |
| Related-party terms | the company "believes" platform transactions follow "normal commercial negotiation"; no statement specific to cloud | N25 |
| Currency composition | "the majority of our financial assets are also denominated in Renminbi while the majority of our debt is denominated in U.S. dollars" | Risk factors |
| Other commitments | "commitments for co-location and bandwidth fees, licensed copyrights and marketing expenses"; no split of the total | N27(c) |
| Convertible settlement | company may pay or deliver "cash, ADSs, or a combination"; capped calls "expected to reduce potential dilution"; cap prices initial | N23 |
| Exchangeable bond settlement | company may deliver "cash, AH Shares, or a combination" | N24 |
| Trendyol GO | 85% sold; cash consideration "approximately US$0.7 billion (RMB5 billion)"; gain about RMB 6 billion | N4(b) |
| Syndicated facility | outstanding US$3.17 billion repaid in December 2025 | Item 5.B; N21 |
| Useful life, computer equipment and software | 3 – 5 years | N2 |
| CFO | Toby Xu, CFO "since April 2022" | Item 6.A |
| Cingleot | partly owned; guarantee relates to "a logistics center development project" | N25 |
| Item | FY2024 | FY2025 | FY2026 | Source |
|---|---|---|---|---|
| Depreciation and impairment of PP&E + land-use-right lease cost | 26,640 | 29,260 | 37,067 | CF |
| Amortization of intangibles and licensed copyrights | 17,864 | 13,199 | 10,051 | CF |
| — of which licensed copyrights (in cost of revenue) | 8,361 | 7,497 | 6,701 | N2(x) |
| Inventories | not available | 18,887 | 18,909 | N13 |
| Accounts receivable and contract assets, net | not available | 31,172 | 36,020 | N13 |
| Allowance for doubtful accounts | not available | 9,307 | 8,093 | N2(r) |
| Payables and accruals for cost of revenue and S&M | not available | 110,887 | 131,127 | N19 |
| Working capital change (CF, sum of five lines; negative = cash absorbed) | (13,749) | (23,988) | (22,547) | CF |
| Business combinations, net of cash acquired | (2,204) | 353 | (1,212) | CF |
| PP&E gross | not available | 331,765 | 433,522 | N15 |
| — computer equipment and software | 157,252 | 238,760 | N15 | |
| — buildings and other property | 104,600 | 121,396 | N15 | |
| — construction in progress | 54,849 | 55,637 | N15 | |
| — furniture, office, transport, other | 15,064 | 17,729 | N15 | |
| Accumulated depreciation and impairment | (128,417) | (150,823) | N15 | |
| PP&E net | 203,348 | 282,699 | BS | |
| Capitalized development costs in the year | not available | not available | not available | N2(i) states development-phase costs are capitalized; amount not disclosed |
| Product development expenses (R&D proxy) | 52,256 | 57,151 | 66,533 | IS |
| Shares issued / repurchased (CF, RMB) | 843 / (88,745) | 10 / (86,662) | 1,042 / (7,638) | CF |
| Debt issued (bank + notes + convertibles + exchangeables) | 20,570 | 124,432 | 117,490 | CF |
| Debt repaid (bank + notes) | (18,105) | (59,898) | (78,458) | CF |
| Goodwill + intangibles (for tangible equity) | 276,412 | 264,361 | BS | |
| Tangible shareholders' equity | 733,446 | 796,525 | calc. | |
| Dividend declared per ADS (US$) | 1.66 (1.00 regular + 0.66 special) | 2.00 (1.05 + 0.95) | 1.05 (regular only) | Item 8; N31 |
| Dividends declared (SE, RMB) | 18,542 | 29,340 | 34,031 | SE |
| Dividends paid (CF, RMB) | 17,946 | 29,077 | 33,732 | CF |
| Restricted net assets of PRC subsidiaries | 344,580 | N26 | ||
| Dividends paid to parent by subsidiaries | 98,174 | 59,933 | 101,294 | N30 |
| Item | Value | Formula |
|---|---|---|
| Price per ADS | US$125.46 | supplied |
| ADS-equivalents outstanding | 2,320 million | supplied |
| Market capitalization | US$291,067.2 million | 125.46 × 2,320 |
| Market capitalization in RMB | RMB 2,007,781.5 million | 291,067.2 × 6.8980 |
| Price per ADS in RMB | RMB 865.42 | 125.46 × 6.8980 |
| Enterprise value | RMB 1,812,337.5 million | 2,007,781.5 + 259,996 + 57,539 + 7,845 − 520,824 |
| Non-treasury investments (listed, private, debt) + equity method investees | RMB 448,724 million | 100,594 + 130,447 + 10,880 + 206,803 |
| Enterprise value excluding investments (our construction) | RMB 1,363,613.5 million | 1,812,337.5 − 448,724 |