McDonald’s and Chicago Fire Football Club Announce Landmark Stadium Naming Rights Partnership: McDonald’s Park to Open in 2028 as a New Destination for Soccer, Culture, and Community in Chicago

PR Newswire

  • Marks McDonald’s first-ever naming rights partnership for a major professional sports stadium in the U.S.
  • Longterm partnership between two iconic Chicago based brands to create a new yearround destination for soccer, culture, and community
  • Partnership will expand Chicago Fire FC’s P.L.A.Y.S. Program fourfold – reaching more than 280 under resourced CPS schools and more than 125,000 students
  • McDonald’s Park will feature immersive fan experiences, including a flagship McDonald’s restaurant and yearround programming
  • Stadium will support community impact initiatives, including a stadiumwide Round-Up for Ronald McDonald House

CHICAGO, May 13, 2026 /PRNewswire/ — McDonald’s and Chicago Fire Football Club today announced a historic naming rights partnership that will see the Major League Soccer club’s new $750 million privately-funded stadium named McDonald’s Park, opening in 2028. Located in The 78, a premier riverfront location in the heart of Chicago, McDonald’s Park will serve as a world-class sports and entertainment destination, anchoring year‑round programming and creating a new gathering place for fans, families, and communities.

In its first‑ever naming rights partnership for a major professional sports stadium in the U.S., McDonald’s will play an active role in shaping the experience at McDonald’s Park – from the design of a flagship restaurant to the ability to bring the McDonald’s brand to life through fan experiences, creative elements, and in‑game moments – bringing together sport, food, culture and community in a way that reflects Chicago and extends far beyond matchdays.

At their core, McDonald’s and the Chicago Fire are rooted in the same belief: joy and belonging bring people together. From everyday moments shared over a meal to the energy of matchday or a concert, both brands connect people across cultures, generations, and neighborhoods.

Designed as a year-round destination, McDonald’s Park will feature – in addition to all Chicago Fire home matches and concerts and special events throughout the year – a permanent McDonald’s flagship restaurant, immersive fan and culinary experiences throughout the stadium, and programming that brings people back for concerts, cultural moments, community events, and celebrations all year long.

  • “Together, we are creating more than a stadium,” said Chris Kempczinski, Chairman and CEO of McDonald’s. “We are building a place that serves up joy, brings together community, delivers impact, and is designed to serve generations to come.”
  • “As we take the next step on our journey to build a world class Club, our commitment to Chicago is at the center of everything we do,” said Joe Mansueto, Chicago Fire FC Owner and Chairman. “That’s why McDonald’s is the perfect partner – an iconic global brand with deep Chicago roots and shared values in supporting our community. McDonald’s Park will be the stadium that Chicago deserves.”


Our Promise to Chicago: Expanding Youth Soccer Access Through Chicago Fire Foundation’s P.L.A.Y.S. Program

At the center of the partnership is a landmark expansion to youth soccer access across Chicago.

Beginning in 2027, McDonald’s will serve as the presenting partner of the Chicago Fire’s P.L.A.Y.S. (Participate, Learn, Achieve, Youth, Soccer) Program, supporting a multiyear expansion of free, schoolbased soccer programming across Chicago Public Schools – with a priority placed on elementary schools with limited access to the sport.

P.L.A.Y.S. focuses on strengthening academic performance and social/emotional development through a soccer-based curriculum. Today, the program operates in 70 Chicago Public Schools. Through this partnership, McDonald’s and the Chicago Fire have committed to a phased expansion designed to remove barriers to play and dramatically increase access:

  • Community impact: Beginning in 2027, the partnership will remove equipment as a barrier to participation by delivering cobranded Soccer Starter Kits – including balls, goals, cones, and training materials—with the goal of growing to reach morethan 280 underresourced CPS elementary schools, ensuring each school has the foundational tools needed to introduce and sustain soccer programming.
  • By stadium opening (2028): The P.L.A.Y.S Program footprint will double, expanding from 70 schools to approximately 140 schools (reaching more than 60,000 students, up from 31,000 today), providing free, structured after‑school soccer programming that combines physical activity with social‑emotional learning.
  • Longterm vision: Over the life of the partnership, McDonald’s and the Chicago Fire are committed to expanding P.L.A.Y.S. access to 100% of CPS elementary schools identified with elevated need – representing a fourfold increase in reach (from 70 to more than 280 schools, and from 31,000 to more than 125,000 students) and one of the most comprehensive free youth soccer initiatives in a major U.S. city.


Local Impact Beyond Matchdays

McDonald’s Park will serve as a hub for community impact extending far beyond the game. Together, McDonald’s and the Chicago Fire will support handson initiatives addressing food insecurity, including an annual meal‑packing and distribution effort hosted at the stadium – bringing together employees, players, and community volunteers to support families in need.


Ronald McDonald House at the Heart of the Partnership

Ronald McDonald House, Premier Partner of the Chicago Fire Foundation, will be a central charitable focus of the partnership, with year‑round integration across matchday and community platforms.

Key elements include:

  • Stadium‑wide Round-Up for Ronald McDonald House donation opportunities across concessions.
  • A dedicated Ronald McDonald House seating section at McDonald’s Park for families.
  • Pre‑match meet‑and‑greets and special experiences for RMH families.
  • Annual Family Night, featuring a 50/50 raffle benefitting RMH and on‑field recognition in support of families navigating serious illness. 

Over the next two years, fans will be invited into the journey – through design reveals, construction milestones, and behind-the-scenes storytelling that brings McDonald’s Park to life. When McDonald’s Park opens in 2028, it will stand as more than a stadium. It will be a place where Chicago comes together—where soccer sparks joy, community thrives year‑round, and a new generation finds opportunity through play.


More about McDonald’s Park

Located along the Chicago River at The 78, the Fire’s new stadium will be a centerpiece of a vibrant mixed-use neighborhood and a catalyst for continued economic development and significant job opportunities in the South Loop. The riverfront location will integrate public plazas, activated outdoor spaces, and connectivity to surrounding retail and residential development, positioning the stadium as both a matchday destination and a year-round city asset.

The stadium will seat more than 22,000 fans for soccer matches and up to 31,000 for concerts and special events and has been thoughtfully designed to deliver exceptional sightlines and memorable entertainment experiences. Featuring a wide range of seating options, the venue will create an unparalleled home atmosphere for Chicago Fire fans and eventgoers alike.

As a dynamic, year-round community destination, the stadium will serve as a true community asset, hosting a wide variety of sports and entertainment events beyond Fire matches, including international soccer, rugby, concerts, festivals, trade shows, and corporate conferences.


About Chicago Fire Football Club


Chicago Fire Football Club (Chicago Fire FC) is a professional soccer club that competes in Major League Soccer (MLS). One of the league’s first expansion teams – founded on Oct. 8, 1997 (the 126th anniversary of the Great Chicago Fire) – the Club has earned six major domestic trophies, including four U.S. Open Cups and the 2003 Supporters’ Shield, and returned to the playoffs in 2025, winning its first postseason match since 2009.

The Club recently broke ground on its privately-funded, soccer-specific stadium in Chicago’s South Loop neighborhood, a transformational new home set to open in 2028. The team currently plays at historic Soldier Field and trains at Chicago’s Endeavor Health Performance Center, a $100 million state-of-the-art facility that opened in 2025.

The Club’s development pathway includes Chicago Fire II, which competes in MLS NEXT Pro, and the Chicago Fire Academy, featuring five teams from U-13 to U-18. Off the field, the Chicago Fire Foundation – internationally recognized, including as ESPN’s 2019 Sports Humanitarian Team of the Year – has made significant contributions to enhance the lives of disadvantaged youth throughout Chicagoland, providing more than $10 million back to the community. For more information, visit chicagofirefc.com.


About McDonald’s

McDonald’s is the world’s leading global foodservice retailer with over 45,000 locations in over 100 countries. Approximately 95% of McDonald’s restaurants worldwide are owned and operated by independent local business owners.

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SOURCE McDonald’s Corporation

GEN Korean BBQ Secures Its First Direct Southern California and Hawaii Regional Costco Purchase Order

CERRITOS, Calif., May 13, 2026 (GLOBE NEWSWIRE) — GEN Restaurant Group, Inc. (“GEN” or the “Company”) (Nasdaq: GENK), operator of GEN Korean BBQ, the largest full-service Korean BBQ restaurant chain in the United States, today announced it has received a direct retail purchase order from Costco’s Southern California regional buying team, securing freezer aisle placement across approximately 40 Costco warehouse locations spanning Southern California and Hawaii.

The placement represents an important milestone in GEN’s broader retail and consumer packaged goods (“CPG”) expansion strategy. The order was issued without a preceding regional roadshow requirement, reflecting GEN’s established regional brand presence, prior retail execution, and existing consumer demand within the market.

Costco maintains a highly selective merchandising and vendor qualification process for retail inventory placement, which commonly includes regional roadshow demonstration programs consisting of live in-store sampling and consumer engagement events used to evaluate product demand prior to broader inventory placement decisions.

On May 7, 2026, GEN announced the launch of its Costco roadshow demonstration program, a multi-region initiative bringing the Company’s signature ready-to-cook marinated meat products to Costco members across additional markets, including Oregon, Washington, Alaska and Texas, as part of its broader phased retail expansion strategy.

GEN also plans to conduct roadshow activations within the Southern California and Hawaii locations carrying its products, not as a prerequisite for placement, but as a demand-driving initiative designed to increase product awareness, accelerate consumer trial, and support consumer engagement during the initial launch period.

The Korean cultural wave, spanning globally dominant music acts including BTS and BLACKPINK, internationally acclaimed streaming content, and the expanding influence of Korean food, fashion, and lifestyle across mainstream American consumer culture, has created measurable tailwinds for Korean BBQ as a retail category. 

GEN’s position within the market is well established. The Company operates a high concentration of restaurant locations throughout Southern California, has built a retail presence across major grocery banners not limited to but including the likes of Albertsons, Pavilions, Safeways, Stater Brothers, Vons, Bevmo and many other retailers. GEN’s position within that market is well established. The Company maintains a high concentration of restaurant locations throughout the region, a retail presence across major grocery banners including Albertsons, Pavilions, and Vons, and a branded gift card presence across more than 91 Costco warehouse locations and over 55 Sam’s Club locations nationwide, consistently ranking among the top-performing restaurant gift card products in the warehouse channel across multiple regional markets.

That combination of restaurant footprint, retail sell-through history, and Gen Korean BBQ customer engagement provided Costco’s Southern California regional buyers with sufficient demand visibility to proceed directly to a purchase order.

GEN’s entry into Costco’s retail inventory is the result of years of deliberate retail infrastructure development. The Company successfully completed Costco’s full vendor qualification requirements, including the Buy Doc/Item Agreement, Food Safety Audit (“FSA”) report, and Basic Buying Agreement (“BBA”), prior to any product placement. Across more than 100 supermarket demonstration events conducted to date, GEN has achieved sell-through of 100 to 300 units per four-hour window at individual store locations, establishing a documented performance record that informed Costco’s evaluation.

“Receiving a direct purchase order from Costco’s Southern California region, without a roadshow as a prerequisite, is a meaningful validation of the brand equity and retail execution we have built over the past several years. The strength of our demonstration program across supermarket and warehouse channels speaks to the growing consumer demand for Korean BBQ in mainstream retail, and we believe this Costco placement is a direct reflection of that momentum. We are focused on executing this launch with the same standard of quality and hospitality that has defined GEN from the beginning,” said David Kim, Chairmen and Chief Executive Officer of GEN.

The Company views the Southern California and Hawaii placement as a foundational step in its broader retail distribution strategy and will continue evaluating opportunities to expand across additional Costco regions and retail partners nationwide, informed by ongoing roadshow performance across existing markets.

GEN’s ready-to-cook marinated meats are prepared using the same recipes and quality standards featured across the Company’s restaurant operations, offering consumers a convenient way to recreate the GEN Korean BBQ experience at home while extending the brand into at-home dining occasions as part of the Company’s broader omnichannel growth strategy.

For more information or to locate a GEN Korean BBQ restaurant, visit www.genkoreanbbq.com.

About GEN Restaurant Group, Inc.

GEN Restaurant Group (Nasdaq: GENK) owns and operates GEN Korean BBQ, a full-service Korean BBQ dining concept with 50+ locations across the United States. The Company is engaged in expanding its brand through retail, consumer packaged goods, and experiential channels.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements may be identified by the use of words such as “believe,” “intend,” “expect”, “will,” “may,” and other similar words or expressions that predict or indicate future events. All statements that are not statements of historical fact are forward-looking statements, including any statements regarding our strategy, future operations, and growth prospects, including expectation relating to the Company’s CPG division, any statements regarding future revenue or revenue growth, any projections regarding the number of locations carrying our CPG products, any statements of belief or expectation, and any statements of assumptions underlying any of the foregoing or other future events. Forward-looking statements are based on current information available at the time the statements are made and on management’s reasonable belief or expectations with respect to future events, and are subject to risks and uncertainties, many of which are beyond the Company’s control, that could cause actual performance or results to differ materially from the belief or expectations expressed in or suggested by the forward-looking statements. Additional factors or events that could cause actual results to differ may also emerge from time to time, and it is not possible for the Company to predict all of them. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update any forward-looking statement to reflect future events, developments or otherwise, except as may be required by applicable law. Investors are referred to the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and in our subsequent filings with the Securities and Exchange Commission (“SEC”), which are available on the SEC’s website at www.sec.gov, for additional information regarding the risks and uncertainties that may cause actual results to differ materially from those expressed in any forward-looking statement. We undertake no obligation to update any forward-looking statements to reflect future events or circumstances, new information, or the occurrence of unanticipated events, except as required by law.

Investor Relations Contact:

Thomas V. Croal
1-562-356-9929
[email protected]



Alibaba Group Announces March Quarter 2026 and Fiscal Year 2026 Results

Alibaba Group Announces March Quarter 2026 and Fiscal Year 2026 Results

HONG KONG–(BUSINESS WIRE)–
Alibaba Group Holding Limited (NYSE: BABA and HKEX: 9988 (HKD Counter) and 89988 (RMB Counter), “Alibaba”, “Alibaba Group” or the “company”) today announced its financial results for the quarter and fiscal year ended March 31, 2026.

“Alibaba’s full-stack AI investments have progressed from incubation to commercialization at scale. This quarter, we achieved accelerated breakthroughs across models, cloud infrastructure, and applications,” said Eddie Wu, Chief Executive Officer of Alibaba Group. “Cloud Intelligence Group’s external revenue growth accelerated to 40%, with AI-related products accounting for 30% of this revenue. Our Qwen LLM demonstrated leadership in reasoning and coding while we strengthened our multimodal model portfolio with the launch of video generation and world models. As we see massive potential for agentic AI, we launched multiple enterprise AI agents for office and coding use cases, and we fully integrated e-commerce capabilities into the consumer-facing Qwen app, deepening synergies between AI and our consumer ecosystem.”

“Our strategic investments continued to translate into business growth. Cloud Intelligence Group’s revenue continued to accelerate, with AI-related product revenue achieving triple-digit growth for the eleventh consecutive quarter. China e-commerce customer management revenue grew 8% on a like-for-like basis. The unit economics and average order value of quick commerce steadily improved. We are confident in our business outlook and will continue to invest in AI + Cloud to strengthen our competitive advantages,” said Toby Xu, Chief Financial Officer of Alibaba Group.

BUSINESS HIGHLIGHTS

In the quarter ended March 31, 2026:

  • Revenue was RMB243,380 million (US$35,283 million), an increase of 3% year-over-year. Excluding revenue from the disposed businesses of Sun Art and Intime, revenue on a like-for-like basis would have grown by 11% year-over-year.
  • Customer management revenue increased by 1% year-over-year. Excluding the contra revenue impact from the new business development program, customer management revenue on a like-for-like basis would have grown by 8% year-over-year.
  • Loss from operations was RMB848 million (US$123 million), compared to an income from operations of RMB28,465 million in the same quarter of 2025, primarily due to the decrease in adjusted EBITA. Adjusted EBITA, a non-GAAP measurement, decreased 84% year-over-year to RMB5,102 million (US$740 million), primarily attributable to the investment in technology businesses, quick commerce and user experiences, partly offset by the improved operating results supported by continued growth in customer management service and Cloud business, as well as enhanced operating efficiencies across various businesses.
  • Net income attributable to ordinary shareholders was RMB25,476 million (US$3,693 million). Net income was RMB23,502 million (US$3,407 million), an increase of 96% year-over-year, primarily attributable to the year-over-year increase in net gain from mark-to-market changes of our equity investments, and disposal losses of Sun Art and Intime in the same quarter last year, partly offset by the decrease in adjusted EBITA. Non-GAAP net income in the quarter ended March 31, 2026 was RMB86 million (US$12 million), a decrease of 100% compared to RMB29,847 million in the same quarter of 2025.
  • Diluted earnings per ADS was RMB10.36 (US$1.50). Diluted earnings per share was RMB1.30 (US$0.19 or HK$1.47). Non-GAAP diluted earnings per ADS was RMB0.62 (US$0.09), a decrease of 95% year-over-year. Non-GAAP diluted earnings per share was RMB0.08 (US$0.01 or HK$0.09), a decrease of 95% year-over-year.
  • Net cash provided by operating activities was RMB9,410 million (US$1,364 million), a decrease of 66% compared to RMB27,520 million in the same quarter of 2025. Free cash flow, a non-GAAP measurement of liquidity, was an outflow of RMB17,300 million (US$2,508 million), compared to an inflow of RMB3,743 million in the same quarter of 2025. The decrease in free cash flow was mainly attributed to the investment in quick commerce, user acquisition of Qwen app and increase in our cloud infrastructure expenditure. As of March 31, 2026, our cash and other liquid investments(1) were RMB520,824 million (US$75,504 million).

In the fiscal year ended March 31, 2026:

  • Revenue was RMB1,023,670 million (US$148,401 million), an increase of 3% year-over-year. Excluding revenue from the disposed businesses of Sun Art and Intime, revenue on a like-for-like basis would have grown by 11% year-over-year.
  • Customer management revenue increased by 5% year-over-year. Excluding the contra revenue impact from the new business development program, customer management revenue on a like-for-like basis would have grown by 7% year-over-year.
  • Income from operations was RMB50,150 million (US$7,270 million), a decrease of 64% year-over-year, primarily due to the decrease in adjusted EBITA and increase in impairment of goodwill, partly offset by the decrease in one-time provisions and non-cash share-based expenses. Adjusted EBITA, a non-GAAP measurement, decreased 56% year-over-year to RMB76,416 million (US$11,078 million), primarily attributable to the investment in quick commerce, user experiences, and technology businesses, partly offset by the improved operating results supported by continued growth in customer management service and Cloud business, as well as enhanced operating efficiencies across various businesses.
  • Net income attributable to ordinary shareholders was RMB105,904 million (US$15,353 million). Net income was RMB102,127 million (US$14,805 million), a decrease of 19% year-over-year, primarily attributable to the decrease in income from operations, partly offset by the year-over-year increase in net gain from mark-to-market changes of our equity investments, as well as net gains from disposal of investments, including local consumer service business of Trendyol in fiscal year 2026, compared to losses on disposal of Sun Art and Intime in fiscal year 2025. Non-GAAP net income in fiscal year 2026 was RMB60,658 million (US$8,794 million), a decrease of 62% compared to RMB158,122 million in fiscal year 2025.
  • Diluted earnings per ADS was RMB44.00 (US$6.38). Diluted earnings per share was RMB5.50 (US$0.80 or HK$6.23). Non-GAAP diluted earnings per ADS was RMB26.80 (US$3.89), a decrease of 59% year-over-year. Non-GAAP diluted earnings per share was RMB3.35 (US$0.49 or HK$3.79), a decrease of 59% year-over-year.
  • Net cash provided by operating activities was RMB76,213 million (US$11,049 million), a decrease of 53% compared to RMB163,509 million in fiscal year 2025. Free cash flow, a non-GAAP measurement of liquidity, was an outflow of RMB46,609 million (US$6,757 million), compared to an inflow of RMB73,870 million in fiscal year 2025. The decrease in free cash flow was mainly attributed to the investment in quick commerce and increase in our cloud infrastructure expenditure. As of March 31, 2026, our cash and other liquid investments(1) were RMB520,824 million (US$75,504 million).

Reconciliations of GAAP measures to non-GAAP measures presented above are included at the end of this results announcement.

____________________

(1)

Cash and other liquid investments represent cash and cash equivalents, short-term investments and other treasury investments included in equity securities and other investments on the consolidated balance sheets, of which that are unrestricted for withdrawal and use.

BUSINESS AND STRATEGIC UPDATES

Consumption Businesses

Alibaba China E-commerce Group

We are prioritizing the integration of AI capabilities with our e-commerce applications to enhance the experiences for both consumers and merchants. On the consumer side, we integrated Taobao and Tmall e-commerce service into the Qwen app, thereby expanding Qwen’s user reach and adding a brand new AI-driven experience for our Taobao and Tmall customers. Additionally, the Taobao app launched the Qwen Shopping Assistant, an AI agent providing end-to-end assistance across the entire shopping journey, including idea generation, product discovery, in-sale support, order management, and post-purchase services. For merchants, we rolled out Wukong, our AI-native enterprise agent that integrates advanced agentic capabilities into workflow to bring efficiency to merchant operations.

To help merchants grow their businesses and increase willingness to spend on our platform, we upgraded our business development program for select merchants during the quarter, under which the level of platform subsidies for these merchants is directly tied to their marketing spend on our platform. For accounting purposes, such subsidies previously recorded as sales and marketing expenses are now recorded as a contra revenue item to customer management revenue (CMR). Accordingly, CMR grew 1% year-over-year during the quarter. Excluding the contra revenue impact from the program, on a like-for-like basis, CMR would have grown 8% year-over-year.

Our quick commerce business remained focused on scaling the business while improving unit economics, with increasing focus on high-value food orders and non-food categories. The quick commerce business further improved unit economics, and increased average order value quarter-over-quarter primarily driven by order mix optimization.

The number of 88VIP members, our highest spending consumer group, continued to increase by double digits year-over-year, surpassing 62 million. We remain focused on the retention of 88VIP members through enhanced value proposition to our most valued customers.

Alibaba International Digital Commerce Group (“AIDC”)

During the quarter, AIDC narrowed loss significantly year-over-year, approaching break-even, driven by a combination of logistics optimization and operating efficiency. The unit economics of the AliExpress’ Choice business continued to improve substantially on a sequential basis. We aim to diversify and enrich our product offerings by leveraging the supply chain advantages of the Alibaba ecosystem. AliExpress’ “Brand+” program further accelerated brand onboarding, and the penetration of quarterly transacting consumers for “Brand+” surpassed 30% during the quarter.

Our international wholesale platform, Alibaba.com, continued to broaden adoption of its AI-powered tools among merchants. In addition to our established AI sourcing agent Accio, we also launched Accio Work, an agentic business platform designed to handle the full operating lifecycle of global small and medium-sized businesses beyond sourcing alone, aiming to significantly lower the entry barrier for cross-border commerce and enhance operational efficiency.

AI + Cloud Businesses

Cloud Intelligence Group

For the quarter ended March 31, 2026, revenue from Cloud Intelligence Group was RMB41,626 million (US$6,035 million), a 38% increase from the same quarter last year. Notably, the year-over-year growth of revenue from external customers accelerated to 40%. This momentum was primarily driven by public cloud revenue growth, including the increasing adoption of AI-related products. AI-related product revenue continued to show strong momentum, achieving RMB8,971 million and delivering the eleventh consecutive quarter of triple-digit year-over-year growth.

Alibaba Cloud continues to onboard more customers to our comprehensive AI + cloud products and services, including high-performance networking, distributed storage, cloud operating system, and services for model training and inference. We are executing our strategy to lead China’s AI cloud market through our comprehensive full-stack AI capabilities across AI models, AI cloud infrastructure, and orchestration software that manages heterogeneous chip clusters, including our own proprietary inference chips.

During the quarter, we focused on executing our Model-as-a-Service (MaaS) strategy. As we observed rapidly increasing demand for MaaS, we launched a diverse portfolio of offerings on our MaaS platform Model Studio tailored to users ranging from individual developers to large enterprises. This comprises an expanded lineup of state-of-the-art models such as Qwen3.6-Plus, enterprise solutions with flexible Token Plans, and a growing suite of agents including Wukong, Meoo, and industry-specific agents. As a result, the customer base for Model Studio grew by eight-fold year-over-year as of March 2026.

Model

We continue to push the boundaries of AI capabilities through deep innovation, and we achieved significant breakthroughs in model intelligence recently through a series of new model launches within our large language and multimodal model portfolio.

In March, we introduced Qwen3.6-Plus which delivered significant all-round performance gains, with particularly notable improvements in coding and agentic programming. It achieves state-of-the-art results across front-end web development and complex repository-level tasks. Qwen3.6-Plus also features enhanced multimodal perception and reasoning, and a native context window of up to 1 million tokens, while further improving stability and reliability.

Complementing the Qwen family, we are also advancing specialized models including HappyOyster, a world model enabling real-time creation and interaction, and HappyHorse, a multimodal model for video generation. The commercialization of both models is currently being rolled out in phases.

Chip Design – T-Head

T-Head Semiconductor Co., Ltd. (“T-Head”), our chip design subsidiary, has achieved widespread industrial application of its proprietary AI chips, with the automotive sector serving as a leading example of large-scale adoption. Over 100,000 Zhenwu PPUs have been deployed on Alibaba Cloud’s public cloud platform, with more than 30 leading automakers and autonomous driving companies leveraging the chips for intelligent driving R&D. The Zhenwu chips, together with Alibaba Cloud and Qwen models, form a fully integrated technology stack that significantly accelerates both training and inference efficiency.

Dividends

Our board of directors has approved an annual regular cash dividend for fiscal year 2026 in the amount of US$0.13125 per ordinary share or US$1.05 per ADS, payable in U.S. dollars, to holders of ordinary shares and holders of ADSs, as of the close of business on June 11, 2026, Hong Kong Time and New York Time, respectively. The aggregate amount of the dividend will be approximately US$2.5 billion. As at the date hereof, the company does not hold any treasury shares whether in the Central Clearing and Settlement System, or otherwise.

For holders of ordinary shares, in order to qualify for the dividend, all valid documents for the transfers of shares accompanied by the relevant share certificates must be lodged with the company’s Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong, not later than 4:30 p.m. on June 11, 2026, Hong Kong Time. The payment date is expected to be on or around July 6, 2026 for holders of ordinary shares and on or around July 13, 2026 for holders of ADSs.

MARCH QUARTER SUMMARY FINANCIAL RESULTS

 

Three months ended March 31,

 

 

 

2025

 

2026

 

 

 

RMB

 

RMB

 

US$

 

YoY %

Change

 

(in millions, except percentages and per share amounts)

 

 

 

 

 

Revenue

236,454

 

243,380

 

35,283

 

3%

 

 

 

 

 

 

 

 

Income (Loss) from operations

28,465(2)

 

(848)(2)

 

(123)

 

N/A

Operating margin

12%

 

0%

 

 

 

 

Adjusted EBITDA(1)

41,783

 

16,435

 

2,383

 

(61)%(2)

Adjusted EBITDA margin(1)

18%

 

7%

 

 

 

 

Adjusted EBITA(1)

32,616

 

5,102

 

740

 

(84)%(2)

Adjusted EBITA margin(1)

14%

 

2%

 

 

 

 

 

 

 

 

 

 

 

 

Net income

11,973

 

23,502

 

3,407

 

96%(3)

Net income attributable to ordinary shareholders

12,382

 

25,476

 

3,693

 

106%(3)

Non-GAAP net income(1)

29,847

 

86

 

12

 

(100)%(2)

 

 

 

 

 

 

 

 

Diluted earnings per share(4)

0.65

 

1.30

 

0.19

 

101%(3)(5)

Diluted earnings per ADS(4)

5.17

 

10.36

 

1.50

 

101%(3)(5)

Non-GAAP diluted earnings per share(1)(4)

1.57

 

0.08

 

0.01

 

(95)%(2)(5)

Non-GAAP diluted earnings per ADS(1)(4)

12.52

 

0.62

 

0.09

 

(95)%(2)(5)

____________________

(1)

See the sections entitled “Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures to the Nearest Comparable U.S. GAAP Measures” for more information about the non-GAAP measures referred to within this results announcement.

(2)

The year-over-year decreases were primarily attributable to the investment in technology businesses, quick commerce and user experiences, partly offset by the improved operating results supported by continued growth in customer management service and Cloud business, as well as enhanced operating efficiencies across various businesses.

(3)

The year-over-year increases were primarily attributable to the year-over-year increase in net gain from mark-to-market changes of our equity investments, and disposal losses of Sun Art and Intime in the same quarter last year, partly offset by the decrease in adjusted EBITA, while net income attributable to ordinary shareholders and earnings per share/ADS would further take into account the net loss attributable to noncontrolling interests. We excluded non-cash share-based compensation expense, gains/losses of investments, impairment of goodwill and intangible assets, and certain other items from our non-GAAP measurements.

(4)

Each ADS represents eight ordinary shares.

(5)

The year-over-year percentages as stated are calculated based on the exact amount and there may be minor differences from the year-over-year percentages calculated based on the RMB amounts after rounding.

MARCH QUARTER SEGMENT RESULTS

Revenue for the quarter ended March 31, 2026 was RMB243,380 million (US$35,283 million), an increase of 3% year-over-year compared to RMB236,454 million in the same quarter of 2025. Excluding revenue from the disposed businesses of Sun Art and Intime, revenue on a like-for-like basis would have grown by 11% year-over-year.

The following table sets forth a breakdown of our revenue by segment for the periods indicated:

 

Three months ended March 31,

 

 

2025

2026

 

 

RMB

RMB

US$

YoY %

Change

 

(in millions, except percentages)

Alibaba China E-commerce Group:

 

 

 

 

E-commerce

 

 

 

 

– Customer management

72,180

 

73,024

 

10,586

 

1

%

– Direct sales, logistics and others(2)

24,665

 

23,268

 

3,373

 

(6

)%

 

96,845

 

96,292

 

13,959

 

(1

)%

Quick commerce(3)

12,715

 

19,988

 

2,898

 

57

%

China commerce wholesale

5,788

 

5,940

 

861

 

3

%

Total Alibaba China E-commerce Group

115,348

 

122,220

 

17,718

 

6

%

 

 

 

 

 

Alibaba International Digital Commerce Group:

 

 

 

 

International commerce retail

27,603

 

28,917

 

4,192

 

5

%

International commerce wholesale

5,976

 

6,512

 

944

 

9

%

Total Alibaba International Digital Commerce Group

33,579

 

35,429

 

5,136

 

6

%

 

 

 

 

 

Cloud Intelligence Group

30,127

 

41,626

 

6,035

 

38

%

All others(4)

83,276

 

65,459

 

9,490

 

(21

)%

Unallocated

446

 

641

 

93

 

 

Inter-segment elimination

(26,322

)

(21,995

)

(3,189

)

 

Consolidated revenue

236,454

 

243,380

 

35,283

 

3

%

____________________

(1)

To advance our “user first” strategy and enhance user experience, during the quarter ended June 30, 2025, we undertook a strategic combination of Taobao and Tmall Group, Ele.me and Fliggy into Alibaba China E-commerce Group. We simplified the financial reporting structure by reclassifying Cainiao, Amap and Digital Media and Entertainment Group (rebranded to Hujing Digital Media and Entertainment Group) into “All others”. The above presentation has been updated to conform with the new reporting structure, as reviewed by our chief operating decision maker.

(2)

Direct sales, logistics and others revenue under Alibaba China E-commerce Group primarily represents direct sales businesses of Tmall Supermarket, Tmall Global and other businesses, where revenue and cost of inventory are recorded on a gross basis within the business group, as well as revenue from logistics services and value-added services.

(3)

Quick commerce revenue represents quick commerce business revenue, including revenue generated through “Taobao Instant Commerce” and the Ele.me app. Quick commerce revenue is net of subsidies that are contra revenue.

(4)

All others include Freshippo, Cainiao, Alibaba Health, Hujing Digital Media and Entertainment Group, Amap, Qwen Consumer Business Group, Lingxi Games, DingTalk and other businesses. The majority of revenue within All others consists of direct sales, where revenue and cost of inventory are recorded on a gross basis, and revenue from logistics services. The decrease was primarily due to the revenue decrease as a result of the disposal of Sun Art and Intime businesses, as well as the decrease in revenue from Cainiao, partly offset by the increase in revenue from Freshippo and Amap.

The following table sets forth a breakdown of our adjusted EBITA by segment for the periods indicated:

 

Three months ended March 31,

 

 

 

2025

 

2026

 

 

 

RMB

 

RMB

 

US$

 

YoY %

Change
(3)

 

(in millions, except percentages)

Alibaba China E-commerce Group

39,742

 

24,010

 

3,481

 

(40

)%

Alibaba International Digital Commerce Group

(3,574

)

(138

)

(20

)

96

%

Cloud Intelligence Group

2,420

 

3,796

 

550

 

57

%

All others

(3,413

)

(21,160

)

(3,067

)

(520

)%

Unallocated(2)

(2,030

)

(788

)

(114

)

 

Inter-segment elimination

(529

)

(618

)

(90

)

 

Consolidated adjusted EBITA

32,616

 

5,102

 

740

 

(84

)%

Less: Non-cash share-based compensation expense

(2,781

)

(2,708

)

(393

)

 

Less: Amortization and impairment of intangible assets, and others

(1,370

)

(3,242

)

(470

)

 

Income (Loss) from operations

28,465

 

(848

)

(123

)

N/A

 

____________________

(1)

To advance our “user first” strategy and enhance user experience, during the quarter ended June 30, 2025, we undertook a strategic combination of Taobao and Tmall Group, Ele.me and Fliggy into Alibaba China E-commerce Group. We simplified the financial reporting structure by reclassifying Cainiao, Amap and Digital Media and Entertainment Group (rebranded to Hujing Digital Media and Entertainment Group) into “All others”. The above presentation has been updated to conform with the new reporting structure, as reviewed by our chief operating decision maker.

(2)

Unallocated primarily relates to certain costs incurred by corporate functions and other miscellaneous items that are not allocated to individual segments.

(3)

For a more intuitive presentation, widening of loss in YoY% is shown in terms of negative growth rate, and narrowing of loss in YoY% is shown in terms of positive growth rate.

Alibaba China E-commerce Group

(i) Segment revenue

  • E-commerce Business

    Revenue from our E-commerce business in the quarter ended March 31, 2026 was RMB96,292 million (US$13,959 million), a decrease of 1% compared to RMB96,845 million in the same quarter of 2025.

    Customer management revenue increased by 1% year-over-year. Excluding the contra revenue impact from the new business development program, customer management revenue on a like-for-like basis would have grown by 8% year-over-year.

    Direct sales, logistics and others revenue under E-commerce business in the quarter ended March 31, 2026 was RMB23,268 million (US$3,373 million), a decrease of 6% compared to RMB24,665 million in the same quarter of 2025, primarily due to the decrease in revenue from certain direct sales businesses.

  • Quick Commerce Business

    Revenue from our Quick commerce business in the quarter ended March 31, 2026 was RMB19,988 million (US$2,898 million), an increase of 57% compared to RMB12,715 million in the same quarter of 2025, mainly due to order growth as a result of the rollout of “Taobao Instant Commerce” at the end of April 2025.

  • China Commerce Wholesale Business

    Revenue from our China commerce wholesale business in the quarter ended March 31, 2026 was RMB5,940 million (US$861 million), an increase of 3% compared to RMB5,788 million in the same quarter of 2025, primarily due to an increase in revenue from value-added services provided to paying members.

(ii) Segment adjusted EBITA

Alibaba China E-commerce Group adjusted EBITA decreased by 40% to RMB24,010 million (US$3,481 million) in the quarter ended March 31, 2026, compared to RMB39,742 million in the same quarter of 2025, primarily due to the investment in quick commerce, user experiences, and technology, while there is positive contribution from customer management service.

Alibaba International Digital Commerce Group

(i) Segment revenue

  • International Commerce Retail Business

    Revenue from our International commerce retail business in the quarter ended March 31, 2026 was RMB28,917 million (US$4,192 million), an increase of 5% compared to RMB27,603 million in the same quarter of 2025, comprising the revenue increase contributed by AliExpress and other international businesses, and partly offset by the revenue decrease of Lazada. As certain of our international businesses generate revenue in local currencies while our reporting currency is Renminbi, AIDC’s revenue is affected by exchange rate fluctuations.

  • International Commerce Wholesale Business

    Revenue from our International commerce wholesale business in the quarter ended March 31, 2026 was RMB6,512 million (US$944 million), an increase of 9% compared to RMB5,976 million in the same quarter of 2025, primarily due to an increase in revenue generated by cross-border related value-added services.

(ii) Segment adjusted EBITA

Alibaba International Digital Commerce Group adjusted EBITA was a loss of RMB138 million (US$20 million) in the quarter ended March 31, 2026, compared to a loss of RMB3,574 million in the same quarter of 2025, primarily due to significant improvement in AliExpress’ operating efficiency, and enhanced efficiencies across various businesses.

Cloud Intelligence Group

(i) Segment revenue

Revenue from Cloud Intelligence Group was RMB41,626 million (US$6,035 million) in the quarter ended March 31, 2026, an increase of 38% compared to RMB30,127 million in the same quarter of 2025. Overall revenue from external customers increased by 40% year-over-year, primarily driven by public cloud revenue growth, including the increasing adoption of AI-related products.

(ii) Segment adjusted EBITA

Cloud Intelligence Group adjusted EBITA increased by 57% to RMB3,796 million (US$550 million) in the quarter ended March 31, 2026, compared to RMB2,420 million in the same quarter of 2025, primarily due to revenue growth and improving operating efficiency, partly offset by the increasing investments in customer growth and technology innovation.

All Others

(i) Segment revenue

Revenue from All others segment was RMB65,459 million (US$9,490 million) in the quarter ended March 31, 2026, a decrease of 21% compared to RMB83,276 million in the same quarter of 2025, primarily due to the revenue decrease as a result of the disposal of Sun Art and Intime businesses, as well as the decrease in revenue from Cainiao, partly offset by the increase in revenue from Freshippo and Amap.

(ii) Segment adjusted EBITA

Adjusted EBITA from All others segment in the quarter ended March 31, 2026 was a loss of RMB21,160 million (US$3,067 million), compared to a loss of RMB3,413 million in the same quarter of 2025, primarily due to the increased investment in technology businesses (including investment in user acquisition of Qwen app), partly offset by the improved operating results of other businesses.

MARCH QUARTER OTHER FINANCIAL RESULTS

Costs and Expenses

The following tables set forth a breakdown of our costs and expenses, share-based compensation expense, and costs and expenses excluding share-based compensation expense by function for the periods indicated:

 

Three months ended March 31,

% of

Revenue

YoY

change

 

2025

2026

 

RMB

% of

Revenue

RMB

US$

% of

Revenue

 

(in millions, except percentages)

Costs and expenses:

 

 

 

 

 

 

Cost of revenue

145,626

 

61.6

%

159,392

 

23,107

 

65.5

%

3.9

%

Product development expenses

14,934

 

6.3

%

18,957

 

2,748

 

7.8

%

1.5

%

Sales and marketing expenses

36,179

 

15.3

%

53,415

 

7,744

 

21.9

%

6.6

%

General and administrative expenses

10,331

 

4.4

%

9,949

 

1,442

 

4.1

%

(0.3

)%

Amortization and impairment of intangible assets

833

 

0.4

%

2,605

 

378

 

1.1

%

0.7

%

Total costs and expenses

207,903

 

 

244,318

 

35,419

 

 

 

 

 

 

 

 

 

 

Share-based compensation expense:

 

 

 

 

 

 

Cost of revenue

417

 

0.2

%

487

 

70

 

0.2

%

0.0

%

Product development expenses

1,538

 

0.7

%

1,247

 

181

 

0.5

%

(0.2

)%

Sales and marketing expenses

654

 

0.3

%

352

 

51

 

0.1

%

(0.2

)%

General and administrative expenses

826

 

0.3

%

1,006

 

146

 

0.4

%

0.1

%

Total share-based compensation expense(1)

3,435

 

 

3,092

 

448

 

 

 

 

 

 

 

 

 

 

Costs and expenses excluding share-based compensation expense:

 

 

 

 

 

 

Cost of revenue

145,209

 

61.4

%

158,905

 

23,037

 

65.3

%

3.9

%

Product development expenses

13,396

 

5.7

%

17,710

 

2,567

 

7.3

%

1.6

%

Sales and marketing expenses

35,525

 

15.0

%

53,063

 

7,693

 

21.8

%

6.8

%

General and administrative expenses

9,505

 

4.0

%

8,943

 

1,296

 

3.7

%

(0.3

)%

Amortization and impairment of intangible assets

833

 

0.4

%

2,605

 

378

 

1.1

%

0.7

%

Total costs and expenses excluding share-based compensation expense

204,468

 

 

241,226

 

34,971

 

 

 

____________________

(1)

This includes both cash and non-cash share-based compensation expenses.

Cost of revenue – Cost of revenue in the quarter ended March 31, 2026 was RMB159,392 million (US$23,107 million), or 65.5% of revenue, compared to RMB145,626 million, or 61.6% of revenue, in the same quarter of 2025. Without the effect of share-based compensation expense, cost of revenue as a percentage of revenue would have increased from 61.4% in the quarter ended March 31, 2025 to 65.3% in the quarter ended March 31, 2026, primarily driven by the growth in our cloud and technology businesses, and our expansion in quick commerce businesses, partly offset by the disposal of Sun Art and Intime.

Product development expenses – Product development expenses in the quarter ended March 31, 2026 were RMB18,957 million (US$2,748 million), or 7.8% of revenue, compared to RMB14,934 million, or 6.3% of revenue, in the same quarter of 2025. Without the effect of share-based compensation expense, product development expenses as a percentage of revenue would have increased from 5.7% in the quarter ended March 31, 2025 to 7.3% in the quarter ended March 31, 2026, primarily due to investments in our research and development personnel and other technology infrastructure costs.

Sales and marketing expenses – Sales and marketing expenses in the quarter ended March 31, 2026 were RMB53,415 million (US$7,744 million), or 21.9% of revenue, compared to RMB36,179 million, or 15.3% of revenue, in the same quarter of 2025. Without the effect of share-based compensation expense, sales and marketing expenses as a percentage of revenue would have increased from 15.0% in the quarter ended March 31, 2025 to 21.8% in the quarter ended March 31, 2026, primarily attributable to the investment in quick commerce business and user acquisition of Qwen app.

General and administrative expenses – General and administrative expenses in the quarter ended March 31, 2026 were RMB9,949 million (US$1,442 million), or 4.1% of revenue, compared to RMB10,331 million, or 4.4% of revenue, in the same quarter of 2025. Without the effect of share-based compensation expense, general and administrative expenses as a percentage of revenue would have decreased from 4.0% in the quarter ended March 31, 2025 to 3.7% in the quarter ended March 31, 2026.

Share-based compensation expense – Total share-based compensation expense included in the cost and expense items above in the quarter ended March 31, 2026 was RMB3,092 million (US$448 million), compared to RMB3,435 million in the same quarter of 2025.

The following table sets forth our analysis of share-based compensation expense for the quarters indicated by type of share-based awards:

 

Three months ended March 31,

 

 

 

2025

 

2026

 

 

 

RMB

 

RMB

 

US$

 

YoY %

Change

 

(in millions, except percentages)

By type of awards:

 

 

 

 

Alibaba Group share-based awards(1)

2,712

 

2,297

333

 

(15

)%

Others(2)

723

 

795

 

115

 

10

%

Total share-based compensation expense(3)

3,435

 

3,092

 

448

 

(10

)%

____________________

(1)

This represents Alibaba Group share-based awards granted to our employees.

(2)

This represents share-based awards of our subsidiaries and Ant Group granted to our employees.

(3)

This includes both cash and non-cash share-based compensation expenses.

Share-based compensation expense decreased in the quarter ended March 31, 2026 compared to the same quarter of 2025. The decrease was primarily due to the decrease in the number of awards granted as we have increased the proportion of long-term cash incentives granted after considering the macroeconomic environment and the general trends in the talent market.

We expect that our share-based compensation expense will continue to be affected by changes in the fair value of the underlying awards and the quantity of awards we grant in the future.

Amortization and impairment of intangible assets – Amortization and impairment of intangible assets in the quarter ended March 31, 2026 was RMB2,605 million (US$378 million), an increase of 213% from RMB833 million in the same quarter of 2025, primarily due to the impairment of intangible assets relating to our business within Alibaba China E-commerce Group.

Income (Loss) from operations and operating margin

Loss from operations in the quarter ended March 31, 2026 was RMB848 million (US$123 million), compared to an income from operations of RMB28,465 million, or 12% of revenue, in the same quarter of 2025, primarily due to the decrease in adjusted EBITA.

Adjusted EBITDA and Adjusted EBITA

Adjusted EBITDA decreased 61% year-over-year to RMB16,435 million (US$2,383 million) in the quarter ended March 31, 2026, compared to RMB41,783 million in the same quarter of 2025. Adjusted EBITA decreased 84% year-over-year to RMB5,102 million (US$740 million) in the quarter ended March 31, 2026, compared to RMB32,616 million in the same quarter of 2025, primarily attributable to the investment in technology businesses, quick commerce and user experiences, partly offset by the improved operating results supported by continued growth in customer management service and Cloud business, as well as enhanced operating efficiencies across various businesses. A reconciliation of net income to adjusted EBITDA and adjusted EBITA is included at the end of this results announcement.

Adjusted EBITA by segment

Adjusted EBITA by segment as well as a reconciliation of income from operations to adjusted EBITA are set forth in the section entitled “March Quarter Segment Results” above.

Interest and investment income, net

Interest and investment income, net in the quarter ended March 31, 2026 was a gain of RMB33,823 million (US$4,903 million), compared to a loss of RMB7,516 million in the same quarter of 2025, primarily due to the year-over-year increase in net gain from mark-to-market changes of our equity investments, and disposal losses of Sun Art and Intime in the same quarter last year.

The above-mentioned investment gains and losses were excluded from our non-GAAP net income.

Other income, net

Other income, net in the quarter ended March 31, 2026 was RMB623 million (US$91 million), an increase of 3015% compared to RMB20 million in the same quarter of 2025.

Income tax expenses

Income tax expenses in the quarter ended March 31, 2026 were RMB7,170 million (US$1,040 million), compared to RMB6,854 million in the same quarter of 2025.

Share of results of equity method investees

Share of results of equity method investees in the quarter ended March 31, 2026 was a loss of RMB685 million (US$99 million), compared to a profit of RMB354 million in the same quarter of 2025. The following table sets forth a breakdown of share of results of equity method investees for the periods indicated:

 

Three months ended March 31,

 

2025

 

2026

 

RMB

 

RMB

 

US$

 

(in millions)

Share of profit (loss) of equity method investees

 

 

 

– Ant Group

1,763

 

375

 

55

 

– Others

(981

)

(198

)

(29

)

Impairment loss

(43

)

(9

)

(1

)

Others(1)

(385

)

(853

)

(124

)

Total

354

 

(685

)

(99

)

____________________

(1)

“Others” mainly include basis differences arising from equity method investees, share-based compensation expense related to share-based awards granted to employees of our equity method investees, as well as gain or loss arising from the deemed disposal of the equity method investees.

We record our share of results of all equity method investees one quarter in arrears. The year-over-year decrease in share of profit of Ant Group reflected its increased investments in new growth initiatives, including user growth, and technologies.

Net income and Non-GAAP net income

Our net income in the quarter ended March 31, 2026 was RMB23,502 million (US$3,407 million), compared to RMB11,973 million in the same quarter of 2025, primarily attributable to the year-over-year increase in net gain from mark-to-market changes of our equity investments, and the disposal losses of Sun Art and Intime in the same quarter last year, partly offset by the decrease in adjusted EBITA.

Excluding non-cash share-based compensation expense, gains/losses of investments, impairment of goodwill and intangible assets, and certain other items, non-GAAP net income in the quarter ended March 31, 2026 was RMB86 million (US$12 million), a decrease of 100% compared to RMB29,847 million in the same quarter of 2025, primarily attributable to the investment in technology businesses, quick commerce and user experiences, partly offset by the improved operating results supported by continued growth in customer management service and Cloud business, as well as enhanced operating efficiencies across various businesses. A reconciliation of net income to non-GAAP net income is included at the end of this results announcement.

Net income attributable to ordinary shareholders

Net income attributable to ordinary shareholders in the quarter ended March 31, 2026 was RMB25,476 million (US$3,693 million), compared to RMB12,382 million in the same quarter of 2025, primarily attributable to the year-over-year increase in net gain from mark-to-market changes of our equity investments, and the disposal losses of Sun Art and Intime in the same quarter last year, partly offset by the decrease in adjusted EBITA.

Diluted earnings per ADS/share and non-GAAP diluted earnings per ADS/share

Diluted earnings per ADS in the quarter ended March 31, 2026 was RMB10.36 (US$1.50), compared to RMB5.17 in the same quarter of 2025. Excluding non-cash share-based compensation expense, gains/losses of investments, impairment of goodwill and intangible assets, and certain other items, non-GAAP diluted earnings per ADS in the quarter ended March 31, 2026 was RMB0.62 (US$0.09), a decrease of 95% compared to RMB12.52 in the same quarter of 2025.

Diluted earnings per share in the quarter ended March 31, 2026 was RMB1.30 (US$0.19 or HK$1.47), compared to RMB0.65 in the same quarter of 2025. Excluding non-cash share-based compensation expense, gains/losses of investments, impairment of goodwill and intangible assets, and certain other items, non-GAAP diluted earnings per share in the quarter ended March 31, 2026 was RMB0.08 (US$0.01 or HK$0.09), a decrease of 95% compared to RMB1.57 in the same quarter of 2025.

A reconciliation of diluted earnings per ADS/share to non-GAAP diluted earnings per ADS/share is included at the end of this results announcement. Each ADS represents eight ordinary shares.

Net cash provided by operating activities and free cash flow

During the quarter ended March 31, 2026, net cash provided by operating activities was RMB9,410 million (US$1,364 million), a decrease of 66% compared to RMB27,520 million in the same quarter of 2025. Free cash flow, a non-GAAP measurement of liquidity, was an outflow of RMB17,300 million (US$2,508 million), compared to an inflow of RMB3,743 million in the same quarter of 2025. The decrease in free cash flow was mainly attributed to the investment in quick commerce, user acquisition of Qwen app and increase in our cloud infrastructure expenditure. A reconciliation of net cash provided by operating activities to free cash flow is included at the end of this results announcement.

Net cash provided by investing activities

During the quarter ended March 31, 2026, net cash provided by investing activities of RMB9,704 million (US$1,407 million) primarily reflected net decrease in short-term investments and other treasury investments by RMB30,750 million (US$4,458 million), net cash inflow of RMB6,294 million (US$912 million) from investment and acquisition activities, partly offset by capital expenditures of RMB26,887 million (US$3,898 million).

Net cash used in financing activities

During the quarter ended March 31, 2026, net cash used in financing activities of RMB15,002 million (US$2,175 million) primarily reflected cash used in acquisition of additional equity interests in non-wholly owned subsidiaries of RMB14,691 million (US$2,130 million).

Employees

As of March 31, 2026, we had a total of 131,462 employees, compared to 128,197 as of December 31, 2025.

FULL FISCAL YEAR SUMMARY FINANCIAL RESULTS

 

Year ended March 31,

 

 

2025

2026

 

 

RMB

RMB

US$

YoY %

Change

 

(in millions, except percentages and per share amounts)

 

 

 

 

 

Revenue

996,347

 

1,023,670

 

148,401

 

3%

 

 

 

 

 

 

 

 

Income from operations

140,905

 

50,150

 

7,270

 

(64)%(2)

Operating margin

14%

 

5%

 

 

 

 

Adjusted EBITDA(1)

202,325

 

113,483

 

16,452

 

(44)%(2)

Adjusted EBITDA margin(1)

20%

 

11%

 

 

 

 

Adjusted EBITA(1)

173,065

 

76,416

 

11,078

 

(56)%(2)

Adjusted EBITA margin(1)

17%

 

7%

 

 

 

 

 

 

 

 

 

 

 

 

Net income

125,976

 

102,127

 

14,805

 

(19)%(3)

Net income attributable to ordinary shareholders

129,470

 

105,904

 

15,353

 

(18)%(3)

Non-GAAP net income(1)

158,122

 

60,658

 

8,794

 

(62)%(2)

 

 

 

 

 

 

 

 

Diluted earnings per share(4)

6.70

 

5.50

 

0.80

 

(18)%(3)(5)

Diluted earnings per ADS(4)

53.59

 

44.00

 

6.38

 

(18)%(3)(5)

Non-GAAP diluted earnings per share(1)(4)

8.18

 

3.35

 

0.49

 

(59)%(2)(5)

Non-GAAP diluted earnings per ADS(1)(4)

65.41

 

26.80

 

3.89

 

(59)%(2)(5)

____________________

(1)

See the sections entitled “Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures to the Nearest Comparable U.S. GAAP Measures” for more information about the non-GAAP measures referred to within this results announcement.

(2)

The year-over-year decreases were primarily attributable to the investment in quick commerce, user experiences, and technology businesses, partly offset by the improved operating results supported by continued growth in customer management service and Cloud business, as well as enhanced operating efficiencies across various businesses.

(3)

The year-over-year decreases were primarily attributable to the decrease in income from operations, partly offset by the year-over-year increase in net gain from mark-to-market changes of our equity investments, as well as net gains from disposal of investments, including local consumer service business of Trendyol in fiscal year 2026, compared to losses on disposal of Sun Art and Intime in fiscal year 2025, while net income attributable to ordinary shareholders and earnings per share/ADS would further take into account the net loss attributable to noncontrolling interests. We excluded non-cash share-based compensation expense, gains/losses of investments, impairment of goodwill and intangible assets, and certain other items from our non-GAAP measurements.

(4)

Each ADS represents eight ordinary shares.

(5)

The year-over-year percentages as stated are calculated based on the exact amount and there may be minor differences from the year-over-year percentages calculated based on the RMB amounts after rounding.

FULL FISCAL YEAR SEGMENT RESULTS

Revenue for fiscal year 2026 was RMB1,023,670 million (US$148,401 million), an increase of 3% year-over-year compared to RMB996,347 million in fiscal year 2025. Excluding revenue from the disposed businesses of Sun Art and Intime, revenue on a like-for-like basis would have grown by 11% year-over-year.

The following table sets forth a breakdown of our revenue by segment for the periods indicated:

 

Year ended March 31,

 

 

 

2025

 

2026

 

 

 

RMB

 

RMB

 

US$

 

YoY %

Change

 

(in millions, except percentages)

Alibaba China E-commerce Group:

 

 

 

 

E-commerce

 

 

 

 

– Customer management

326,769

 

343,867

 

49,850

 

5

%

– Direct sales, logistics and others(2)

103,722

 

105,518

 

15,297

 

2

%

 

430,491

 

449,385

 

65,147

 

4

%

Quick commerce(3)

53,588

 

78,520

 

11,383

 

47

%

China commerce wholesale

24,301

 

26,312

 

3,815

 

8

%

Total Alibaba China E-commerce Group

508,380

 

554,217

 

80,345

 

9

%

 

 

 

 

 

Alibaba International Digital Commerce Group:

 

 

 

 

International commerce retail

108,465

 

117,731

 

17,067

 

9

%

International commerce wholesale

23,835

 

26,439

 

3,833

 

11

%

Total Alibaba International Digital Commerce Group

132,300

 

144,170

 

20,900

 

9

%

 

 

 

 

 

Cloud Intelligence Group

118,028

 

158,132

 

22,924

 

34

%

All others(4)

338,347

 

254,367

 

36,876

 

(25

)%

Unallocated

1,924

 

2,340

 

339

 

 

Inter-segment elimination

(102,632

)

(89,556

)

(12,983

)

 

Consolidated revenue

996,347

 

1,023,670

 

148,401

 

3

%

____________________

(1)

To advance our “user first” strategy and enhance user experience, during the quarter ended June 30, 2025, we undertook a strategic combination of Taobao and Tmall Group, Ele.me and Fliggy into Alibaba China E-commerce Group. We simplified the financial reporting structure by reclassifying Cainiao, Amap and Digital Media and Entertainment Group (rebranded to Hujing Digital Media and Entertainment Group) into “All others”. The above presentation has been updated to conform with the new reporting structure, as reviewed by our chief operating decision maker.

(2)

Direct sales, logistics and others revenue under Alibaba China E-commerce Group primarily represents direct sales businesses of Tmall Supermarket, Tmall Global and other businesses, where revenue and cost of inventory are recorded on a gross basis within the business group, as well as revenue from logistics services and value-added services.

(3)

Quick commerce revenue represents quick commerce business revenue, including revenue generated through “Taobao Instant Commerce” and the Ele.me app. Quick commerce revenue is net of subsidies that are contra revenue.

(4)

All others include Freshippo, Cainiao, Alibaba Health, Hujing Digital Media and Entertainment Group, Amap, Qwen Consumer Business Group, Lingxi Games, DingTalk and other businesses. The majority of revenue within All others consists of direct sales, where revenue and cost of inventory are recorded on a gross basis, and revenue from logistics services. The decrease was primarily due to the revenue decrease as a result of the disposal of Sun Art and Intime businesses, as well as the decrease in revenue from Cainiao, partly offset by the increase in revenue from Freshippo, Alibaba Health and Amap.

The following table sets forth a breakdown of our adjusted EBITA by segment for the periods indicated:

 

Year ended March 31,

 

 

2025

2026

 

 

RMB

RMB

US$

YoY %

Change
(3)

 

(in millions, except percentages)

Alibaba China E-commerce Group

193,223

 

107,509

 

15,586

 

(44

)%

Alibaba International Digital Commerce Group

(15,137

)

(2,051

)

(297

)

86

%

Cloud Intelligence Group

10,556

 

14,265

 

2,068

 

35

%

All others

(9,499

)

(35,737

)

(5,181

)

(276

)%

Unallocated(2)

(4,337

)

(5,150

)

(747

)

 

Inter-segment elimination

(1,741

)

(2,420

)

(351

)

 

Consolidated adjusted EBITA

173,065

 

76,416

 

11,078

 

(56

)%

Less: Non-cash share-based compensation expense

(13,970

)

(11,180

)

(1,621

)

 

Less: Amortization and impairment of intangible assets

(6,336

)

(5,079

)

(736

)

 

Less: Impairment of goodwill, and others

(11,854

)

(10,007

)

(1,451

)

 

Income from operations

140,905

 

50,150

 

7,270

 

(64

)%

____________________

(1)

To advance our “user first” strategy and enhance user experience, during the quarter ended June 30, 2025, we undertook a strategic combination of Taobao and Tmall Group, Ele.me and Fliggy into Alibaba China E-commerce Group. We simplified the financial reporting structure by reclassifying Cainiao, Amap and Digital Media and Entertainment Group (rebranded to Hujing Digital Media and Entertainment Group) into “All others”. The above presentation has been updated to conform with the new reporting structure, as reviewed by our chief operating decision maker.

(2)

Unallocated primarily relates to certain costs incurred by corporate functions and other miscellaneous items that are not allocated to individual segments.

(3)

For a more intuitive presentation, widening of loss in YoY% is shown in terms of negative growth rate, and narrowing of loss in YoY% is shown in terms of positive growth rate.

Alibaba China E-commerce Group

(i) Segment revenue

  • E-commerce Business

    Revenue from our E-commerce business in fiscal year 2026 was RMB449,385 million (US$65,147 million), an increase of 4% compared to RMB430,491 million in fiscal year 2025.

    Customer management revenue increased by 5% year-over-year, primarily driven by the improvement of take rate year-over-year. Excluding the contra revenue impact from the new business development program, customer management revenue on a like-for-like basis would have grown by 7% year-over-year.

    Direct sales, logistics and others revenue under E-commerce business in fiscal year 2026 was RMB105,518 million (US$15,297 million), an increase of 2% compared to RMB103,722 million in fiscal year 2025, primarily driven by the increase in revenue from logistics services and value-added services, partly offset by the decrease in revenue from certain direct sales businesses.

  • Quick Commerce Business

    Revenue from our Quick commerce business in fiscal year 2026 was RMB78,520 million (US$11,383 million), an increase of 47% compared to RMB53,588 million in fiscal year 2025, mainly due to order growth as a result of the rollout of “Taobao Instant Commerce” at the end of April 2025.

  • China Commerce Wholesale Business

    Revenue from our China commerce wholesale business in fiscal year 2026 was RMB26,312 million (US$3,815 million), an increase of 8% compared to RMB24,301 million in fiscal year 2025, primarily due to an increase in revenue from value-added services provided to paying members.

(ii) Segment adjusted EBITA

Alibaba China E-commerce Group adjusted EBITA decreased by 44% to RMB107,509 million (US$15,586 million) in fiscal year 2026, compared to RMB193,223 million in fiscal year 2025, primarily due to the investment in quick commerce, user experiences, and technology, while there is positive contribution from customer management service.

Alibaba International Digital Commerce Group

(i) Segment revenue

  • International Commerce Retail Business

    Revenue from our International commerce retail business in fiscal year 2026 was RMB117,731 million (US$17,067 million), an increase of 9% compared to RMB108,465 million in fiscal year 2025, primarily driven by the increase in revenue contributed by AliExpress and other international businesses, and partly offset by the revenue decrease of Lazada. As certain of our international businesses generate revenue in local currencies while our reporting currency is Renminbi, AIDC’s revenue is affected by exchange rate fluctuations.

  • International Commerce Wholesale Business

    Revenue from our International commerce wholesale business in fiscal year 2026 was RMB26,439 million (US$3,833 million), an increase of 11% compared to RMB23,835 million in fiscal year 2025, primarily due to an increase in revenue generated by cross-border related value-added services.

(ii) Segment adjusted EBITA

Alibaba International Digital Commerce Group adjusted EBITA was a loss of RMB2,051 million (US$297 million) in fiscal year 2026, compared to a loss of RMB15,137 million in fiscal year 2025, primarily due to significant improvement in AliExpress’ operating efficiency, and enhanced efficiencies across various businesses.

Cloud Intelligence Group

(i) Segment revenue

Revenue from Cloud Intelligence Group was RMB158,132 million (US$22,924 million) in fiscal year 2026, an increase of 34% compared to RMB118,028 million in fiscal year 2025. Overall revenue from external customers increased by 33% year-over-year, primarily driven by public cloud revenue growth, including the increasing adoption of AI-related products.

(ii) Segment adjusted EBITA

Cloud Intelligence Group adjusted EBITA increased by 35% to RMB14,265 million (US$2,068 million) in fiscal year 2026, compared to RMB10,556 million in fiscal year 2025, primarily due to revenue growth and improving operating efficiency, partly offset by the increasing investments in customer growth and technology innovation.

All Others

(i) Segment revenue

Revenue from All others segment was RMB254,367 million (US$36,876 million) in fiscal year 2026, a decrease of 25% compared to RMB338,347 million in fiscal year 2025, primarily due to the revenue decrease as a result of the disposal of Sun Art and Intime businesses, as well as the decrease in revenue from Cainiao, partly offset by the increase in revenue from Freshippo, Alibaba Health and Amap.

(ii) Segment adjusted EBITA

Adjusted EBITA from All others segment in fiscal year 2026 was a loss of RMB35,737 million (US$5,181 million), compared to a loss of RMB9,499 million in fiscal year 2025, primarily due to the increased investment in technology businesses, partly offset by the improved results of Hujing Digital Media and Entertainment Group and other businesses.

FULL FISCAL YEAR OTHER FINANCIAL RESULTS

Costs and Expenses

The following tables set forth a breakdown of our costs and expenses, share-based compensation expense, and costs and expenses excluding share-based compensation expense by function for the periods indicated:

 

Year ended March 31,

% of

Revenue

YoY

change

 

2025

2026

 

RMB

% of

Revenue

RMB

US$

% of

Revenue

 

(in millions, except percentages)

Costs and expenses:

 

 

 

 

 

 

Cost of revenue

598,285

 

60.0

%

616,136

 

89,321

 

60.2

%

0.2

%

Product development expenses

57,151

 

5.7

%

66,533

 

9,645

 

6.5

%

0.8

%

Sales and marketing expenses

144,021

 

14.5

%

245,023

 

35,521

 

23.9

%

9.4

%

General and administrative expenses

44,239

 

4.4

%

33,082

 

4,796

 

3.2

%

(1.2

)%

Amortization and impairment of intangible assets

6,336

 

0.6

%

5,079

 

736

 

0.5

%

(0.1

)%

Impairment of goodwill

6,171

 

0.6

%

9,515

 

1,380

 

0.9

%

0.3

%

Total costs and expenses

856,203

 

 

975,368

 

141,399

 

 

 

 

 

 

 

 

 

 

Share-based compensation expense:

 

 

 

 

 

 

Cost of revenue

2,162

 

0.2

%

2,023

 

293

 

0.2

%

0.0

%

Product development expenses

6,700

 

0.7

%

6,016

 

872

 

0.6

%

(0.1

)%

Sales and marketing expenses

2,137

 

0.2

%

2,321

 

337

 

0.2

%

0.0

%

General and administrative expenses

4,578

 

0.5

%

4,461

 

647

 

0.4

%

(0.1

)%

Total share-based compensation expense(1)

15,577

 

 

14,821

 

2,149

 

 

 

 

 

 

 

 

 

 

Costs and expenses excluding share-based compensation expense:

 

 

 

 

 

 

Cost of revenue

596,123

 

59.8

%

614,113

 

89,028

 

60.0

%

0.2

%

Product development expenses

50,451

 

5.1

%

60,517

 

8,773

 

5.9

%

0.8

%

Sales and marketing expenses

141,884

 

14.2

%

242,702

 

35,184

 

23.7

%

9.5

%

General and administrative expenses

39,661

 

4.0

%

28,621

 

4,149

 

2.8

%

(1.2

)%

Amortization and impairment of intangible assets

6,336

 

0.6

%

5,079

 

736

 

0.5

%

(0.1

)%

Impairment of goodwill

6,171

 

0.6

%

9,515

 

1,380

 

0.9

%

0.3

%

Total costs and expenses excluding share-based compensation expense

840,626

 

 

960,547

 

139,250

 

 

 

____________________

(1)

This includes both cash and non-cash share-based compensation expenses.

Cost of revenue – Cost of revenue in fiscal year 2026 was RMB616,136 million (US$89,321 million), or 60.2% of revenue, compared to RMB598,285 million, or 60.0% of revenue, in fiscal year 2025. Without the effect of share-based compensation expense, cost of revenue as a percentage of revenue would have increased from 59.8% in fiscal year 2025 to 60.0% in fiscal year 2026, primarily driven by our expansion in quick commerce business, and the growth in our cloud and technology businesses, partly offset by the disposal of Sun Art and Intime businesses, improvement in monetization and operating efficiency.

Product development expenses – Product development expenses in fiscal year 2026 were RMB66,533 million (US$9,645 million), or 6.5% of revenue, compared to RMB57,151 million, or 5.7% of revenue, in fiscal year 2025. Without the effect of share-based compensation expense, product development expenses as a percentage of revenue would have increased from 5.1% in fiscal year 2025 to 5.9% in fiscal year 2026.

Sales and marketing expenses – Sales and marketing expenses in fiscal year 2026 were RMB245,023 million (US$35,521 million), or 23.9% of revenue, compared to RMB144,021 million, or 14.5% of revenue, in fiscal year 2025. Without the effect of share-based compensation expense, sales and marketing expenses as a percentage of revenue would have increased from 14.2% in fiscal year 2025 to 23.7% in fiscal year 2026, primarily attributable to the investment in user experiences of Alibaba China E-commerce Group and user acquisition of Qwen app.

General and administrative expenses – General and administrative expenses in fiscal year 2026 were RMB33,082 million (US$4,796 million), or 3.2% of revenue, compared to RMB44,239 million, or 4.4% of revenue, in fiscal year 2025. Without the effect of share-based compensation expense, general and administrative expenses as a percentage of revenue would have decreased from 4.0% in fiscal year 2025 to 2.8% in fiscal year 2026, primarily due to a one-time provision for the shareholder class action lawsuits in fiscal year 2025 and our enhanced cost control measures.

Share-based compensation expense – Total share-based compensation expense included in the cost and expense items above in fiscal year 2026 was RMB14,821 million (US$2,149 million), compared to RMB15,577 million in fiscal year 2025.

The following table sets forth our analysis of share-based compensation expense for the periods indicated by type of share-based awards:

 

Year ended March 31,

 

 

 

2025

 

2026

 

 

 

RMB

 

RMB

 

US$

 

YoY %

Change

 

(in millions, except percentages)

By type of awards:

 

 

 

 

Alibaba Group share-based awards(1)

11,121

 

9,146

1,326

(18

)%

Others(2)

4,456

 

5,675

 

823

 

27

%

Total share-based compensation expense(3)

15,577

 

14,821

 

2,149

 

(5

)%

____________________

(1)

This represents Alibaba Group share-based awards granted to our employees.

(2)

This represents share-based awards of our subsidiaries and Ant Group granted to our employees.

(3)

This includes both cash and non-cash share-based compensation expenses.

Share-based compensation expense decreased in fiscal year 2026 compared to fiscal year 2025. The decrease was primarily due to the decrease in the number of awards granted as we have increased the proportion of long-term cash incentives granted after considering the macroeconomic environment and the general trends in the talent market.

We expect that our share-based compensation expense will continue to be affected by changes in the fair value of the underlying awards and the quantity of awards we grant in the future.

Amortization and impairment of intangible assets – Amortization and impairment of intangible assets in fiscal year 2026 was RMB5,079 million (US$736 million), a decrease of 20% from RMB6,336 million in fiscal year 2025, primarily due to the full amortization of certain intangible assets, partly offset by the increase in impairment.

Impairment of goodwill – Impairment of goodwill in fiscal year 2026 was RMB9,515 million (US$1,380 million), an increase of 54% from RMB6,171 million in fiscal year 2025, both of which are related to All others segment.

Income from operations and operating margin

Income from operations in fiscal year 2026 was RMB50,150 million (US$7,270 million), or 5% of revenue, a decrease of 64% compared to RMB140,905 million, or 14% of revenue, in fiscal year 2025, primarily due to the decrease in adjusted EBITA and increase in impairment of goodwill, partly offset by the decrease in one-time provisions and non-cash share-based expenses.

Adjusted EBITDA and Adjusted EBITA

Adjusted EBITDA decreased 44% year-over-year to RMB113,483 million (US$16,452 million) in fiscal year 2026, compared to RMB202,325 million in fiscal year 2025. Adjusted EBITA decreased 56% year-over-year to RMB76,416 million (US$11,078 million) in fiscal year 2026, compared to RMB173,065 million in fiscal year 2025, primarily attributable to the investment in quick commerce, user experiences, and technology businesses, partly offset by the improved operating results supported by continued growth in customer management service and Cloud business, as well as enhanced operating efficiencies across various businesses. A reconciliation of net income to adjusted EBITDA and adjusted EBITA is included at the end of this results announcement.

Adjusted EBITA by segment

Adjusted EBITA by segment as well as a reconciliation of income from operations to adjusted EBITA are set forth in the section entitled “Full Fiscal Year Segment Results” above.

Interest and investment income, net

Interest and investment income, net in fiscal year 2026 was RMB87,512 million (US$12,687 million), an increase of 322% compared to RMB20,759 million in fiscal year 2025, primarily due to the year-over-year increase in net gain from mark-to-market changes of our equity investments, as well as net gains from disposal of investments, including local consumer service business of Trendyol in fiscal year 2026, compared to losses on disposal of Sun Art and Intime in fiscal year 2025.

The above-mentioned investment gains and losses were excluded from our non-GAAP net income.

Other income, net

Other income, net in fiscal year 2026 was RMB1,518 million (US$220 million), a decrease of 55% compared to RMB3,387 million in fiscal year 2025, primarily due to the increase in net exchange loss, arising from the exchange rate fluctuation between Renminbi and U.S. dollar.

Income tax expenses

Income tax expenses in fiscal year 2026 were RMB30,045 million (US$4,356 million), compared to RMB35,445 million in fiscal year 2025.

Share of results of equity method investees

Share of results of equity method investees in fiscal year 2026 was RMB2,785 million (US$404 million), a decrease of 53% compared to RMB5,966 million in fiscal year 2025. The following table sets forth a breakdown of share of results of equity method investees for the periods indicated:

 

Year ended March 31,

 

2025

 

2026

 

RMB

 

RMB

 

US$

 

(in millions)

Share of profit (loss) of equity method investees

 

 

 

– Ant Group

12,648

 

5,048

 

732

 

– Others

(2,276

)

1,624

 

235

 

Impairment loss

(2,723

)

(15

)

(2

)

Others(1)

(1,683

)

(3,872

)

(561

)

Total

5,966

 

2,785

 

404

 

____________________

(1)

“Others” mainly include basis differences arising from equity method investees, share-based compensation expense related to share-based awards granted to employees of our equity method investees, as well as gain or loss arising from the deemed disposal of the equity method investees.

We record our share of results of all equity method investees one quarter in arrears. The year-over-year decrease in share of profit of Ant Group was mainly attributable to the increase in investments in new growth initiatives, including user growth, and technologies.

Net income and Non-GAAP net income

Our net income in fiscal year 2026 was RMB102,127 million (US$14,805 million), compared to RMB125,976 million in fiscal year 2025, primarily attributable to the decrease in income from operations, partly offset by the year-over-year increase in net gain from mark-to-market changes of our equity investments, as well as net gains from disposal of investments, including local consumer service business of Trendyol in fiscal year 2026, compared to losses on disposal of Sun Art and Intime in fiscal year 2025.

Excluding non-cash share-based compensation expense, gains/losses of investments, impairment of goodwill and intangible assets, and certain other items, non-GAAP net income in fiscal year 2026 was RMB60,658 million (US$8,794 million), a decrease of 62% compared to RMB158,122 million in fiscal year 2025, primarily attributable to the investment in quick commerce, user experiences, and technology businesses, partly offset by the improved operating results supported by continued growth in customer management service and Cloud business, as well as enhanced operating efficiencies across various businesses. A reconciliation of net income to non-GAAP net income is included at the end of this results announcement.

Net income attributable to ordinary shareholders

Net income attributable to ordinary shareholders in fiscal year 2026 was RMB105,904 million (US$15,353 million), compared to RMB129,470 million in fiscal year 2025, primarily attributable to the decrease in income from operations, partly offset by the year-over-year increase in net gain from mark-to-market changes of our equity investments, as well as net gains from disposal of investments, including local consumer service business of Trendyol in fiscal year 2026, compared to losses on disposal of Sun Art and Intime in fiscal year 2025.

Diluted earnings per ADS/share and non-GAAP diluted earnings per ADS/share

Diluted earnings per ADS in fiscal year 2026 was RMB44.00 (US$6.38), compared to RMB53.59 in fiscal year 2025. Excluding non-cash share-based compensation expense, gains/losses of investments, impairment of goodwill and intangible assets, and certain other items, non-GAAP diluted earnings per ADS in fiscal year 2026 was RMB26.80 (US$3.89), a decrease of 59% compared to RMB65.41 in fiscal year 2025.

Diluted earnings per share in fiscal year 2026 was RMB5.50 (US$0.80 or HK$6.23), compared to RMB6.70 in fiscal year 2025. Excluding non-cash share-based compensation expense, gains/losses of investments, impairment of goodwill and intangible assets, and certain other items, non-GAAP diluted earnings per share in fiscal year 2026 was RMB3.35 (US$0.49 or HK$3.79), a decrease of 59% compared to RMB8.18 in fiscal year 2025.

A reconciliation of diluted earnings per ADS/share to non-GAAP diluted earnings per ADS/share is included at the end of this results announcement. Each ADS represents eight ordinary shares.

Cash and cash equivalents, short-term investments and other treasury investments

As of March 31, 2026, cash and cash equivalents, short-term investments and other treasury investments included in equity securities and other investments on the consolidated balance sheets, of which that are unrestricted for withdrawal and use, were RMB520,824 million (US$75,504 million), compared to RMB597,132 million as of March 31, 2025. Other treasury investments consist of fixed deposits, certificates of deposit and marketable debt securities with original maturities over one year for treasury purposes. The decrease of RMB76,308 million during the year ended March 31, 2026, was primarily due to (i) free cash flow outflow of RMB46,609 million (US$6,757 million), (ii) dividend payment of RMB33,732 million (US$4,890 million), (iii) acquisition of additional equity interests in non-wholly owned subsidiaries of RMB16,768 million (US$2,431 million), (iv) effect of exchange rate changes of RMB13,375 million (US$1,939 million) mainly due to the depreciation of the U.S. dollar against Renminbi, partly offset by (v) the net proceeds from issuance of convertible unsecured senior notes and the payments for capped call transactions of RMB20,967 million (US$3,040 million) and (vi) the net proceeds from issuance of exchangeable bonds of RMB10,986 million (US$1,593 million).

Net cash provided by operating activities and free cash flow

Net cash provided by operating activities in fiscal year 2026 was RMB76,213 million (US$11,049 million), a decrease of 53% compared to RMB163,509 million in fiscal year 2025. Free cash flow, a non-GAAP measurement of liquidity, was an outflow of RMB46,609 million (US$6,757 million), compared to an inflow of RMB73,870 million in fiscal year 2025. The decrease in free cash flow was mainly attributed to the investment in quick commerce and increase in our cloud infrastructure expenditure. A reconciliation of net cash provided by operating activities to free cash flow is included at the end of this results announcement.

Net cash used in investing activities

During fiscal year 2026, net cash used in investing activities of RMB67,336 million (US$9,762 million) primarily reflected capital expenditures of RMB126,063 million (US$18,275 million), partly offset by a net decrease in short-term investments and other treasury investments by RMB29,548 million (US$4,284 million) and net cash inflow of RMB29,045 million (US$4,211 million) from investment and acquisition activities.

Net cash used in financing activities

During fiscal year 2026, net cash used in financing activities of RMB20,573 million (US$2,983 million) primarily reflected dividend payment of RMB33,732 million (US$4,890 million) and acquisition of additional equity interests in non-wholly owned subsidiaries of RMB16,768 million (US$2,431 million), partly offset by the net proceeds from issuance of convertible unsecured senior notes and the payments for capped call transactions of RMB20,967 million (US$3,040 million) and the net proceeds from issuance of exchangeable bonds of RMB10,986 million (US$1,593 million).

Employees

As of March 31, 2026, we had a total of 131,462 employees, compared to 124,320 as of March 31, 2025.

WEBCAST AND CONFERENCE CALL INFORMATION

Alibaba Group’s management will hold a conference call to discuss the financial results at 7:30 a.m. U.S. Eastern Time (7:30 p.m. Hong Kong Time) on Wednesday, May 13, 2026.

All participants must pre-register to join this conference call using the Participant Registration link below:

English: https://s1.c-conf.com/diamondpass/10054382-np98b5.html

Chinese: https://s1.c-conf.com/diamondpass/10054384-cn23b5.html

Upon registration, each participant will receive details for the conference call, including dial-in numbers, conference call passcode and a unique access PIN. To join the conference, please dial the number provided, enter the passcode followed by your PIN, and you will join the conference.

A live webcast of the earnings conference call can be accessed at https://www.alibabagroup.com/en/ir/earnings. An archived webcast will be available through the same link following the call. A replay of the conference call will be available for one week from the date of the conference (Dial-in number: +1 855 883 1031; English conference PIN 10054382; Chinese conference PIN 10054384).

Please visit Alibaba Group’s Investor Relations website at https://www.alibabagroup.com/en/ir/home on May 13, 2026 to view the earnings release and accompanying slides prior to the conference call.

ABOUT ALIBABA GROUP

Alibaba Group is a global technology company focused on e-commerce and cloud computing. We enable merchants, brands and retailers to market, sell and engage with consumers by providing digital and logistics infrastructure, efficiency tools and vast marketing reach. We empower enterprises with our leading cloud infrastructure, services and work collaboration capabilities to facilitate their digital transformation and grow their businesses.

EXCHANGE RATE INFORMATION

This results announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) and Hong Kong dollars (“HK$”) for the convenience of the reader. Unless otherwise stated, all translations of RMB into US$ were made at RMB6.8980 to US$1.00, the exchange rate on March 31, 2026 as set forth in the H.10 statistical release of the Federal Reserve Board, and all translations of RMB into HK$ were made at RMB0.88295 to HK$1.00, the middle rate on March 31, 2026 as published by the People’s Bank of China. The percentages stated in this announcement are calculated based on the RMB amounts and there may be minor differences due to rounding.

SAFE HARBOR STATEMENTS

This results announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “future,” “aim,” “estimate,” “intend,” “seek,” “plan,” “believe,” “potential,” “continue,” “ongoing,” “target,” “guidance,” “is/are likely to” and similar statements. In addition, statements that are not historical facts, including statements about Alibaba’s strategies and business and operational plans, Alibaba’s beliefs, expectations and guidance regarding the growth of its business, its operating and financial results, return on investments, strategic investments and dispositions and share repurchases, and the business outlook and quotations from management in this results announcement, are or contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to: Alibaba’s ability to compete, innovate and maintain or grow its business; risks associated with sustained investments in Alibaba’s businesses; risks related to strategic transactions; fluctuations in general economic and business conditions in China and globally; uncertainties arising from competition among countries and geopolitical tensions, including national trade, investment, protectionist or other policies and export control, economic or trade sanctions; changes to our shareholder return initiatives; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Alibaba’s filings with the U.S. Securities and Exchange Commission and announcements on the website of The Stock Exchange of Hong Kong Limited. All information provided in this results announcement is as of the date of this results announcement and are based on assumptions that we believe to be reasonable as of this date, and Alibaba does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

NON-GAAP FINANCIAL MEASURES

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: for our consolidated results, adjusted EBITDA (including adjusted EBITDA margin), adjusted EBITA (including adjusted EBITA margin), non-GAAP net income, non-GAAP diluted earnings per share/ADS and free cash flow. For more information on these non-GAAP financial measures, please refer to the table captioned “Reconciliations of Non-GAAP Measures to the Nearest Comparable U.S. GAAP Measures” in this results announcement.

We believe that adjusted EBITDA, adjusted EBITA, non-GAAP net income and non-GAAP diluted earnings per share/ADS help identify underlying trends in our business that could otherwise be distorted by the effect of certain income or expenses that we include in income from operations, net income and diluted earnings per share/ADS. We believe that these non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. We present three different income measures, namely adjusted EBITDA, adjusted EBITA and non-GAAP net income in order to provide more information and greater transparency to investors about our operating results.

We consider free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by our business that can be used for strategic corporate transactions, including investing in our new business initiatives, making strategic investments and acquisitions and strengthening our balance sheet.

Adjusted EBITDA, adjusted EBITA, non-GAAP net income, non-GAAP diluted earnings per share/ADS and free cash flow should not be considered in isolation or construed as an alternative to income from operations, net income, diluted earnings per share/ADS, cash flows or any other measure of performance or as an indicator of our operating performance. These non-GAAP financial measures presented here do not have standardized meanings prescribed by U.S. GAAP and may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data.

Adjusted EBITDA represents net income before interest and investment income, net, interest expense, other income (expense), net, income tax expenses, share of results of equity method investees, certain non-cash expenses, consisting of share-based compensation expense, amortization and impairment of intangible assets, impairment of goodwill, depreciation and impairment of property and equipment, and operating lease cost relating to land use rights, and others (including provision in relation to matters outside the ordinary course of business), which we do not believe are reflective of our core operating performance during the periods presented.

Adjusted EBITA represents net income before interest and investment income, net, interest expense, other income (expense), net, income tax expenses, share of results of equity method investees, certain non-cash expenses, consisting of share-based compensation expense, amortization and impairment of intangible assets, impairment of goodwill, and others (including provision in relation to matters outside the ordinary course of business), which we do not believe are reflective of our core operating performance during the periods presented.

Non-GAAP net income represents net income before non-cash share-based compensation expense, amortization and impairment of intangible assets, gain or loss on deemed disposals/disposals/revaluation of investments, impairment of goodwill and investments, and others (including provision in relation to matters outside the ordinary course of business), and adjustments for the tax effects.

Non-GAAP diluted earnings per share represents non-GAAP net income attributable to ordinary shareholders divided by the weighted average number of outstanding ordinary shares, in each case for computing non-GAAP diluted earnings per share on a diluted basis. Non-GAAP diluted earnings per ADS represents non-GAAP diluted earnings per share after adjusting for the ordinary share-to-ADS ratio.

Free cash flow represents net cash provided by operating activities as presented in our consolidated cash flow statement less purchases of property and equipment (excluding acquisition of land use rights and construction in progress relating to office campuses) and intangible assets (excluding those acquired through acquisitions), as well as adjustments to exclude from net cash provided by operating activities the buyer protection fund deposits from merchants on our marketplaces. We deduct certain items of cash flows from investing activities in order to provide greater transparency into cash flow from our revenue-generating business operations. We exclude “acquisition of land use rights and construction in progress relating to office campuses” because the office campuses are used by us for corporate and administrative purposes and are not directly related to our revenue-generating business operations. We also exclude buyer protection fund deposits from merchants on our marketplaces because these deposits are restricted for the purpose of compensating buyers for claims against merchants.

The table captioned “Reconciliations of Non-GAAP Measures to the Nearest Comparable U.S. GAAP Measures” in this results announcement has more details on the non-GAAP financial measures that are most directly comparable to GAAP financial measures and the related reconciliations between these financial measures.

 

ALIBABA GROUP HOLDING LIMITED

UNAUDITED CONSOLIDATED INCOME STATEMENTS

 

 

Three months ended March 31,

Year ended March 31,

 

2025

2026

2025

2026

 

RMB

RMB

US$

RMB

RMB

US$

 

(in millions, except per share data)

(in millions, except per share data)

Revenue

236,454

 

243,380

 

35,283

 

996,347

 

1,023,670

 

148,401

 

Cost of revenue

(145,626

)

(159,392

)

(23,107

)

(598,285

)

(616,136

)

(89,321

)

Product development expenses

(14,934

)

(18,957

)

(2,748

)

(57,151

)

(66,533

)

(9,645

)

Sales and marketing expenses

(36,179

)

(53,415

)

(7,744

)

(144,021

)

(245,023

)

(35,521

)

General and administrative expenses

(10,331

)

(9,949

)

(1,442

)

(44,239

)

(33,082

)

(4,796

)

Amortization and impairment of intangible assets

(833

)

(2,605

)

(378

)

(6,336

)

(5,079

)

(736

)

Impairment of goodwill

 

 

 

(6,171

)

(9,515

)

(1,380

)

Other (losses) gains, net

(86

)

90

 

13

 

761

 

1,848

 

268

 

 

 

 

 

 

 

 

Income (Loss) from operations

28,465

 

(848

)

(123

)

140,905

 

50,150

 

7,270

 

Interest and investment income, net

(7,516

)

33,823

 

4,903

 

20,759

 

87,512

 

12,687

 

Interest expense

(2,496

)

(2,241

)

(325

)

(9,596

)

(9,793

)

(1,420

)

Other income, net

20

 

623

 

91

 

3,387

 

1,518

 

220

 

 

 

 

 

 

 

 

Income before income tax and share of results of equity method investees

18,473

 

31,357

 

4,546

 

155,455

 

129,387

 

18,757

 

Income tax expenses

(6,854

)

(7,170

)

(1,040

)

(35,445

)

(30,045

)

(4,356

)

Share of results of equity method investees

354

 

(685

)

(99

)

5,966

 

2,785

 

404

 

 

 

 

 

 

 

 

Net income

11,973

 

23,502

 

3,407

 

125,976

 

102,127

 

14,805

 

Net loss attributable to noncontrolling interests

586

 

2,039

 

296

 

4,133

 

1,465

 

213

 

 

 

 

 

 

 

 

Net income attributable to Alibaba Group Holding Limited

12,559

 

25,541

 

3,703

 

130,109

 

103,592

 

15,018

 

 

 

 

 

 

 

 

(Accretion) Reversal of accretion of mezzanine equity

(177

)

(65

)

(10

)

(639

)

2,312

 

335

 

 

 

 

 

 

 

 

Net income attributable to ordinary shareholders

12,382

 

25,476

 

3,693

 

129,470

 

105,904

 

15,353

 

 

 

 

 

 

 

 

Earnings per share attributable to ordinary shareholders(1)

 

 

 

 

 

 

Basic

0.67

 

1.37

 

0.20

 

6.89

 

5.70

 

0.83

 

Diluted

0.65

 

1.30

 

0.19

 

6.70

 

5.50

 

0.80

 

 

 

 

 

 

 

 

Earnings per ADS attributable to ordinary shareholders(1)

 

 

 

 

 

 

Basic

5.36

 

10.97

 

1.59

 

55.12

 

45.63

 

6.61

 

Diluted

5.17

 

10.36

 

1.50

 

53.59

 

44.00

 

6.38

 

 

 

 

 

 

 

 

Weighted average number of shares used in calculating earnings per ordinary share (million shares)(1)

 

 

 

 

 

 

Basic

18,487

 

18,579

 

 

18,791

 

18,568

 

 

Diluted

19,153

 

19,319

 

 

19,318

 

19,235

 

 

____________________

(1)

Each ADS represents eight ordinary shares.

ALIBABA GROUP HOLDING LIMITED

UNAUDITED CONSOLIDATED BALANCE SHEETS

 

 

As of March 31,

 

As of March 31,

 

2025

 

2026

 

RMB

 

RMB

 

US$

 

(in millions)

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

145,487

 

131,530

 

19,068

 

Short-term investments

228,826

 

155,310

 

22,515

 

Restricted cash and escrow receivables

43,781

 

42,038

 

6,094

 

Equity securities and other investments

53,780

 

30,054

 

4,357

 

Prepayments, receivables and other assets

202,175

 

251,837

 

36,509

 

Total current assets

674,049

 

610,769

 

88,543

 

 

 

 

 

Equity securities and other investments

356,818

 

449,942

 

65,228

 

Prepayments, receivables and other assets

83,431

 

94,996

 

13,772

 

Investment in equity method investees

210,169

 

206,803

 

29,980

 

Property and equipment, net

203,348

 

282,699

 

40,983

 

Intangible assets, net

20,911

 

16,983

 

2,462

 

Goodwill

255,501

 

247,378

 

35,862

 

Total assets

1,804,227

 

1,909,570

 

276,830

 

 

 

 

 

Liabilities, Mezzanine Equity and Shareholders’ Equity

 

 

 

Current liabilities:

 

 

 

Current bank borrowings

22,562

 

28,224

 

4,092

 

Income tax payable

11,638

 

10,630

 

1,541

 

Accrued expenses, accounts payable and other liabilities

332,537

 

359,893

 

52,173

 

Merchant deposits

274

 

236

 

34

 

Deferred revenue and customer advances

68,335

 

77,415

 

11,223

 

Total current liabilities

435,346

 

476,398

 

69,063

 

 

ALIBABA GROUP HOLDING LIMITED

UNAUDITED CONSOLIDATED BALANCE SHEETS (CONTINUED)

 

 

As of March 31,

 

As of March 31,

 

2025

 

2026

 

RMB

 

RMB

 

US$

 

(in millions)

Deferred revenue

4,536

 

4,885

 

708

 

Deferred tax liabilities

48,454

 

46,060

 

6,678

 

Non-current bank borrowings

49,909

 

47,450

 

6,879

 

Non-current unsecured senior notes

122,398

 

117,485

 

17,032

 

Non-current convertible unsecured senior notes

35,834

 

55,861

 

8,098

 

Non-current exchangeable bonds

 

10,976

 

1,591

 

Other liabilities

17,644

 

24,185

 

3,506

 

Total liabilities

714,121

 

783,300

 

113,555

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

Mezzanine equity

11,713

 

7,845

 

1,137

 

 

 

 

 

Shareholders’ equity:

 

 

 

Ordinary shares

1

 

1

 

 

Additional paid-in capital

381,379

 

385,086

 

55,826

 

Treasury shares at cost

(36,329

)

(36,141

)

(5,239

)

Statutory reserves

15,936

 

16,628

 

2,410

 

Accumulated other comprehensive income (loss)

3,393

 

(13,070

)

(1,895

)

Retained earnings

645,478

 

708,382

 

102,694

 

 

 

 

 

Total shareholders’ equity

1,009,858

 

1,060,886

 

153,796

 

Noncontrolling interests

68,535

 

57,539

 

8,342

 

 

 

 

 

Total equity

1,078,393

 

1,118,425

 

162,138

 

 

 

 

 

Total liabilities, mezzanine equity and equity

1,804,227

 

1,909,570

 

276,830

 

 

ALIBABA GROUP HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

Three months ended March 31,

Year ended March 31,

 

2025

2026

2025

2026

 

RMB

RMB

US$

RMB

RMB

US$

 

(in millions)

(in millions)

Net cash provided by operating activities

27,520

 

9,410

 

1,364

 

163,509

 

76,213

 

11,049

 

Net cash (used in) provided by investing activities

(39,547

)

9,704

 

1,407

 

(185,415

)

(67,336

)

(9,762

)

Net cash used in financing activities

(4,102

)

(15,002

)

(2,175

)

(76,215

)

(20,573

)

(2,983

)

Effect of exchange rate changes on cash and cash equivalents, restricted cash and escrow receivables

(569

)

(1,063

)

(154

)

965

 

(4,004

)

(580

)

 

 

 

 

 

 

 

(Decrease) Increase in cash and cash equivalents, restricted cash and escrow receivables

(16,698

)

3,049

 

442

 

(97,156

)

(15,700

)

(2,276

)

Cash and cash equivalents, restricted cash and escrow receivables at beginning of period

205,966

 

170,519

 

24,720

 

286,424

 

189,268

 

27,438

 

 

 

 

 

 

 

 

Cash and cash equivalents, restricted cash and escrow receivables at end of period

189,268

 

173,568

 

25,162

 

189,268

 

173,568

 

25,162

 

 

ALIBABA GROUP HOLDING LIMITED

RECONCILIATIONS OF NON-GAAP MEASURES TO THE NEAREST COMPARABLE U.S. GAAP MEASURES

 

The table below sets forth a reconciliation of our net income to adjusted EBITA and adjusted EBITDA for the periods indicated:

 

 

Three months ended March 31,

 

Year ended March 31,

 

2025

 

2026

 

2025

 

2026

 

RMB

 

RMB

 

US$

 

RMB

 

RMB

 

US$

 

(in millions)

 

(in millions)

Net income

11,973

 

23,502

 

3,407

 

125,976

 

102,127

 

14,805

 

Adjustments to reconcile net income to adjusted EBITA and adjusted EBITDA:

 

 

 

 

 

 

Interest and investment income, net

7,516

 

(33,823

)

(4,903

)

(20,759

)

(87,512

)

(12,687

)

Interest expense

2,496

 

2,241

 

325

 

9,596

 

9,793

 

1,420

 

Other income, net

(20

)

(623

)

(91

)

(3,387

)

(1,518

)

(220

)

Income tax expenses

6,854

 

7,170

 

1,040

 

35,445

 

30,045

 

4,356

 

Share of results of equity method investees

(354

)

685

 

99

 

(5,966

)

(2,785

)

(404

)

Income (Loss) from operations

28,465

 

(848

)

(123

)

140,905

 

50,150

 

7,270

 

Non-cash share-based compensation expense

2,781

 

2,708

 

393

 

13,970

 

11,180

 

1,621

 

Amortization and impairment of intangible assets

833

 

2,605

 

378

 

6,336

 

5,079

 

736

 

Impairment of goodwill, and others

537

 

637

 

92

 

11,854

 

10,007

 

1,451

 

Adjusted EBITA

32,616

 

5,102

 

740

 

173,065

 

76,416

 

11,078

 

Depreciation and impairment of property and equipment, and operating lease cost relating to land use rights

9,167

 

11,333

 

1,643

 

29,260

 

37,067

 

5,374

 

Adjusted EBITDA

41,783

 

16,435

 

2,383

 

202,325

 

113,483

 

16,452

 

 

ALIBABA GROUP HOLDING LIMITED

RECONCILIATIONS OF NON-GAAP MEASURES TO THE NEAREST COMPARABLE U.S. GAAP MEASURES (CONTINUED)

 

The table below sets forth a reconciliation of our net income to non-GAAP net income for the periods indicated:

 

 

Three months ended March 31,

Year ended March 31,

 

2025

2026

2025

2026

 

RMB

RMB

US$

RMB

RMB

US$

 

(in millions)

(in millions)

Net income

11,973

 

23,502

 

3,407

 

125,976

 

102,127

 

14,805

 

Adjustments to reconcile net income to non-GAAP net income:

 

 

 

 

 

 

Non-cash share-based compensation expense

2,781

 

2,708

 

393

 

13,970

 

11,180

 

1,621

 

Amortization and impairment of intangible assets

833

 

2,605

 

378

 

6,336

 

5,079

 

736

 

Loss (Gain) on deemed disposals/disposals/revaluation of investments

12,306

 

(30,827

)

(4,469

)

(8,764

)

(74,416

)

(10,788

)

Impairment of goodwill and investments, and others

897

 

2,161

 

313

 

22,435

 

17,746

 

2,573

 

Tax effects(1)

1,057

 

(63

)

(10

)

(1,831

)

(1,058

)

(153

)

 

 

 

 

 

 

 

Non-GAAP net income

29,847

 

86

 

12

 

158,122

 

60,658

 

8,794

 

____________________

(1)

Tax effects primarily comprise tax effects relating to non-cash share-based compensation expense, amortization and impairment of intangible assets and certain gains and losses from investments, and others.

ALIBABA GROUP HOLDING LIMITED

RECONCILIATIONS OF NON-GAAP MEASURES TO THE NEAREST COMPARABLE U.S. GAAP MEASURES (CONTINUED)

 

The table below sets forth a reconciliation of our diluted earnings per share/ADS to non-GAAP diluted earnings per share/ADS for the periods indicated:

 

 

Three months ended March 31,

 

Year ended March 31,

 

2025

 

2026

 

2025

 

2026

 

RMB

 

RMB

 

US$

 

RMB

 

RMB

 

US$

 

(in millions, except per share data)

 

(in millions, except per share data)

Net income attributable to ordinary shareholders – basic

12,382

 

25,476

 

3,693

 

129,470

 

105,904

 

15,353

 

Dilution effect on earnings arising from non-cash share-based awards operated by equity method investees and subsidiaries

(82

)

(86

)

(12

)

(300

)

(410

)

(59

)

Adjustments for interest expense attributable to convertible unsecured senior notes

70

 

82

 

12

 

235

 

309

 

45

 

Dilution effect on earnings arising from assumed exchange of exchangeable bonds

 

(453

)

(66

)

 

 

 

Net income attributable to ordinary shareholders – diluted

12,370

 

25,019

 

3,627

 

129,405

 

105,803

 

15,339

 

Non-GAAP adjustments to net income attributable to ordinary shareholders(1)

17,610

 

(23,513

)

(3,409

)

28,535

 

(41,365

)

(5,997

)

 

 

 

 

 

 

 

Non-GAAP net income attributable to ordinary shareholders for computing non-GAAP diluted earnings per share/ADS

29,980

 

1,506

 

218

 

157,940

 

64,438

 

9,342

 

 

 

 

 

 

 

 

Weighted average number of shares on a diluted basis for computing non-GAAP diluted earnings per share/ADS (million shares)(2)

19,153

 

19,319

 

 

19,318

 

19,235

 

 

 

 

 

 

 

 

 

Diluted earnings per share(2)(3)

0.65

 

1.30

 

0.19

 

6.70

 

5.50

 

0.80

 

 

 

 

 

 

 

 

Non-GAAP diluted earnings per share(2)(4)

1.57

 

0.08

 

0.01

 

8.18

 

3.35

 

0.49

 

 

 

 

 

 

 

 

Diluted earnings per ADS(2)(3)

5.17

 

10.36

 

1.50

 

53.59

 

44.00

 

6.38

 

 

 

 

 

 

 

 

Non-GAAP diluted earnings per ADS(2)(4)

12.52

 

0.62

 

0.09

 

65.41

 

26.80

 

3.89

 

____________________

(1)

Non-GAAP adjustments exclude the attributions to the noncontrolling interests for computing non-GAAP diluted earnings per share/ADS. See the table above for items regarding the reconciliation of net income to non-GAAP net income (before taking into account the dilutive impact and excluding the attributions to the noncontrolling interests).

(2)

Each ADS represents eight ordinary shares.

(3)

Diluted earnings per share is derived from dividing net income attributable to ordinary shareholders by the weighted average number of outstanding ordinary shares, on a diluted basis. Diluted earnings per ADS is derived from the diluted earnings per share after adjusting for the ordinary share-to-ADS ratio.

(4)

Non-GAAP diluted earnings per share is derived from dividing non-GAAP net income attributable to ordinary shareholders by the weighted average number of outstanding ordinary shares, in each case for computing non-GAAP diluted earnings per share. Non-GAAP diluted earnings per ADS is derived from the non-GAAP diluted earnings per share after adjusting for the ordinary share-to-ADS ratio.

ALIBABA GROUP HOLDING LIMITED

RECONCILIATIONS OF NON-GAAP MEASURES TO THE NEAREST COMPARABLE U.S. GAAP MEASURES (CONTINUED)

 

The table below sets forth a reconciliation of net cash provided by operating activities to free cash flow for the periods indicated:

 

 

Three months ended March 31,

Year ended March 31,

 

2025

2026

2025

2026

 

RMB

RMB

US$

RMB

RMB

US$

 

(in millions)

(in millions)

Net cash provided by operating activities

27,520

 

9,410

 

1,364

 

163,509

 

76,213

 

11,049

 

Less: Purchase of property and equipment (excluding land use rights and construction in progress relating to office campuses)

(23,993

)

(26,588

)

(3,854

)

(84,278

)

(122,021

)

(17,689

)

Less: Purchase of intangible assets (excluding those acquired through acquisitions)

 

(874

)

(127

)

 

(874

)

(127

)

Less: Changes in the buyer protection fund deposits

216

 

752

 

109

 

(5,361

)

73

 

10

 

 

 

 

 

 

 

 

Free cash flow

3,743

 

(17,300

)

(2,508

)

73,870

 

(46,609

)

(6,757

)

 

Investor Relations Contact

Lydia Liu

Head of Investor Relations

Alibaba Group Holding Limited

[email protected]

Media Contacts

Cathy Yan

[email protected]

Ivy Ke

[email protected]

KEYWORDS: California North America United States Asia Pacific China Hong Kong

INDUSTRY KEYWORDS: Software Supply Chain Management Networks Online Retail Internet Data Management Electronic Commerce Apps/Applications Technology Delivery Services Artificial Intelligence Retail Other Technology

MEDIA:

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Costar Data Shows Big Six Q1 Office Investment Volumes at Their Highest Since 2018

Costar Data Shows Big Six Q1 Office Investment Volumes at Their Highest Since 2018

LONDON–(BUSINESS WIRE)–
The Big Six office investments reached an eight-year high in the first quarter of 2026, according to data from CoStar, a global leading provider of online real estate marketplaces, information and analytics in the property markets.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260513435468/en/

Big Six Q1 Office Investment Volumes at Their Highest since 2018

Big Six Q1 Office Investment Volumes at Their Highest since 2018

Investors spent £485m across Birmingham, Bristol, Edinburgh, Glasgow, Leeds and Manchester in the first quarter of the year, slightly above the five-year average.

Manchester led activity for the second consecutive quarter, with volumes exceeding £120m, just ahead of Edinburgh (£113m) and Bristol (£88m). All three cities recorded transactions above £50m, led by a 200,000-square-foot sale for around £114m at a 6.85% net initial yield.

“Most of the large deals were completed before March, which was too early in the quarter to be affected by the war in Iran,” said Giles Tebbitts, director of market analytics at CoStar Europe. “Lower entry prices, attractive net initial yields and an undersupply of prime, well-located space have drawn investors, as the market has moved through the worst of its repricing phase.”

The largest out-of-town transaction was in Solihull town centre, a £12.5m deal for 70,800 sq. ft. at a net initial yield of 11.95%.

The full analysis can be found here.

For more information about the company and its products and services, please visit www.costargroup.com.

About CoStar Group

CoStar Group (NASDAQ: CSGP) is a global leader in commercial real estate information, analytics, online marketplaces, and 3D digital twin technology. Founded in 1986, CoStar Group is dedicated to digitizing the world’s real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives.

CoStar Group’s major brands include CoStar, a leading global provider of commercial real estate data, analytics, and news; LoopNet, the most trafficked commercial real estate marketplace; Apartments.com, the leading platform for apartment rentals; Homes.com, the fastest-growing residential real estate marketplace; and Domain, one of Australia’s leading property marketplaces. CoStar Group’s industry-leading brands also include Matterport, a leading spatial data company whose platform turns buildings into data to make every space more valuable and accessible; STR, a global leader in hospitality data and benchmarking; Ten-X, an online platform for commercial real estate auctions and negotiated bids; and OnTheMarket, a leading residential property portal in the United Kingdom.

CoStar Group’s websites attracted over 131 million average monthly unique visitors in the first quarter of 2026, serving clients around the world. Headquartered in Arlington, Virginia, CoStar Group is committed to transforming the real estate industry through innovative technology and comprehensive market intelligence. From time to time, we plan to utilize our corporate website as a channel of distribution for material company information. For more information, visit CoStarGroup.com.

Karolina Capova

Senior Media Relations Specialist

[email protected]

KEYWORDS: Europe Ireland United Kingdom

INDUSTRY KEYWORDS: Commercial Building & Real Estate Software Construction & Property Data Analytics Data Management Professional Services Technology Other Construction & Property

MEDIA:

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Big Six Q1 Office Investment Volumes at Their Highest since 2018
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Synnovis and SOPHiA GENETICS Partner to Bring Blood-based Cancer Testing to Patients Across the U.K.

PR Newswire

LONDON, May 13, 2026 /PRNewswire/ — SOPHiA GENETICS (NASDAQ: SOPH), a global leader in Ai-driven precision medicine, today announced a partnership with Synnovis, one of England’s leading pathology providers, to bring liquid biopsy testing to lung and breast cancer patients across the U.K. as part of NHS England’s ‘revolutionary blood test-first‘ program.

Synnovis, a major provider for England’s South East Genomic Medicine Service, worked with SOPHiA GENETICS to launch the liquid biopsy test MSK-ACCESS® powered with SOPHiA DDM™. This innovative test, originally developed by Memorial Sloan Kettering Cancer Center in New York, detects actionable genomic alterations from a single blood draw and leverages state-of-the-art Ai to analyze circulating tumor DNA (ctDNA) in a minimally invasive manner.

The new blood-based test offered by Synnovis can help fast-track cancer patients to receive targeted therapy up to two weeks earlier, while helping some avoid further tests and invasive treatments such as chemotherapy.

Following the successful pilot program, Synnovis is already supporting approximately 400 patients per month with ctDNA liquid biopsy testing and is demonstrating the real-world impact of this advanced care. In one case, a patient with suspected advanced lung cancer was able to receive a ctDNA-informed personalised treatment plan within just two weeks. In another case, providers used SOPHiA DDM™ to identify new genetic variants for a patient who had been living with breast cancer for more than 15 years, unlocking additional treatment options and potential eligibility for clinical trials.

Synnovis and SOPHiA GENETICS anticipate that the application will be used to test approximately 7,000 breast and lung cancer patients annually, or roughly one third of all ctDNA tests in England, as the demand for liquid biopsy testing increases.

Persephone du Parcq, MSc., Lead Translational Scientist, Synnovis
, said: “Liquid biopsy testing simplifies how we generate genomic insights. A routine blood draw can reveal information from multiple tumour sites and speed up delivery of results to the patients. It also broadens access for patients who cannot tolerate invasive procedures or travel to specialist hospitals. As adoption increases, this approach will substantially expand the reach and impact of genomic testing services, and we anticipate economic savings for healthcare providers and better outcomes for greater numbers of patients.”

Ross Muken, President, SOPHiA GENETICS, said: “Synnovis plays a vital role in delivering genomic testing services to patients across South East England, and this partnership reflects what becomes possible when world-class pathology infrastructure meets scalable Ai-driven analysis. With roughly one third of all ctDNA testing in England expected to run through this programme, we see this as a defining moment for liquid biopsy at scale within the NHS, and a model for how health systems in Europe can make precision oncology accessible.”

Beyond accelerating targeted treatments, MSK-ACCESS® powered with SOPHiA DDM™ provides Synnovis with the flexibility to incorporate additional indications as they are introduced into future NHS cancer screening programs. It also utilizes a matched tumor-normal approach as well as technology from AccuGenomics® to improve accuracy and avoid false positives.

Leading laboratories like Synnovis are helping bring NHS England’s ‘blood test-first’ approach to scale through innovative solutions, contributing to a sustainable, data-driven approach to cancer care across the United Kingdom. By strengthening its genomic testing infrastructure, Synnovis joins a growing network of NHS institutions using SOPHiA GENETICS’ technology to conduct local analysis, maintain alignment with NHS data-security standards, and support the operational model of distributed analysis hubs.

To learn more about how Synnovis deployed ctDNA testing for the patients it serves, view a webinar presented by one of the laboratory’s lead scientists. 

About SOPHiA GENETICS 
SOPHiA GENETICS (Nasdaq: SOPH) is an Ai-native healthcare technology company on a mission to transform patient care by expanding access to data-driven medicine globally. It is the creator of SOPHiA DDM™, an Ai platform that analyzes complex genomic and multimodal data to generate real-time, real-world insights for a broad global network of hospital, laboratory, and biopharma institutions. For more information, visit SOPHiAGENETICS.COM and connect with us on LinkedIn

SOPHiA GENETICS products are for Research Use Only and not for use in diagnostic procedures unless specified otherwise.
The information in this press release is about products that may or may not be available in different countries and, if applicable, may or may not have received approval or market clearance by a governmental regulatory body for different indications for use. Please contact [email protected] to obtain the appropriate product information for your country of residence. 

About Synnovis
Synnovis is a partnership between SYNLAB UK & Ireland, Guy’s and St Thomas’ NHS Foundation Trust, and King’s College Hospital NHS Foundation Trust, performing more than 32 million pathology tests a year across a network of routine and specialist laboratories. Serving a population of 1.7 million in south east London, we bring together the very best in clinical, scientific and operational expertise to provide a pathology service which aims to create better outcomes for patients and make a positive difference to people’s health and wellbeing. We work collaboratively with the NHS, SYNLAB, clinical users and other stakeholders – every sample we process represents an individual patient in our joint care, and we understand the important role we play in continually developing services to meet that important responsibility.


SOPHiA GENETICS Forward-Looking Statements: 


This press release contains statements that constitute forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business strategy, products, and technology, as well as plans and objectives of management for future operations, are forward-looking statements. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including those described in our filings with the U.S. Securities and Exchange Commission. No assurance can be given that such future results will be achieved. Such forward-looking statements contained in this press release speak only as of the date hereof. We expressly disclaim any obligation or undertaking to update these forward-looking statements contained in this press release to reflect any change in our expectations or any change in events, conditions, or circumstances on which such statements are based, unless required to do so by applicable law. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements. 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/synnovis-and-sophia-genetics-partner-to-bring-blood-based-cancer-testing-to-patients-across-the-uk-302770165.html

SOURCE SOPHiA GENETICS

Yum China Included in Dow Jones Best-in-Class World Index (formerly DJSI World) for the Sixth Consecutive Year, Retaining Global Industry No. 1

PR Newswire

SHANGHAI, May 13, 2026 /PRNewswire/ — Yum China Holdings, Inc. (NYSE: YUMC and HKEX: 9987, “Yum China” or the “Company”) today announced that the Company has continued to be included in the Dow Jones Best-in-Class World Index (DJBIC World, formerly DJSI World) and the Dow Jones Best-in-Class Emerging Markets Index (DJBIC Emerging Markets, formerly DJSI Emerging Markets) for the sixth consecutive year. Notably, Yum China is the only consumer services company from mainland China to be included in the DJBIC World Index. This achievement underscores the Company’s long-standing commitment and leading practices in environmental, social, and governance (ESG).

The Company’s inclusion in the DJBIC indices is driven by its strong performance in the S&P Global Corporate Sustainability Assessment (CSA). Yum China achieved a record-high score of 81 in the 2025 S&P Global CSA, ranking first globally in the Restaurants & Leisure Facilities industry for the sixth consecutive year, and was also named to the S&P Global Sustainability Yearbook. Of the 25 CSA evaluation criteria, Yum China ranked in the top 1% in 13 criteria, and achieved the highest score in the industry in 8 criteria, including Sustainable Raw Materials, Labor Practices, Customer Relations, and Privacy Protection, among others.

Furthermore, Yum China’s outstanding sustainability performance continues to be recognized by other leading ESG agencies. In March 2026, the Company maintained its AA MSCI ESG Rating for the fifth consecutive year, highlighting its continued leadership within the restaurant industry.

Together, these recognitions reflect Yum China’s long-term commitment and continued dedication to sustainability. As Yum China looks ahead, its focus is clear: to grow with purpose, lead with responsibility and create long-term value across its ecosystem. Whether it is safeguarding food safety, empowering its employees, or driving decarbonization across the value chain, the Company strives to strengthen the connection between sustainable development and business performance. This alignment has been and will continue to be a core competitive advantage for Yum China. The Company is confident in its ability to deliver meaningful and lasting impact for its stakeholders and for society.

To learn more about Yum China’s ESG efforts,

please visit: https://www.yumchina.com/sustainability/en/home/Index

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as “expect,” “expectation,” “believe,” “anticipate,” “may,” “could,” “intend,” “belief,” “plan,” “estimate,” “target,” “predict,” “project,” “likely,” “will,” “continue,” “should,” “forecast,” “outlook,” “commit” or similar terminology. These statements are based on current estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable under the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct. Forward-looking statements are not guarantees of performance and are inherently subject to known and unknown risks and uncertainties that are difficult to predict and could cause our actual results or events to differ materially from those indicated by those statements. We cannot assure you that any of our expectations, estimates or assumptions will be achieved. The forward-looking statements included in this press release are only made as of the date of this press release, and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances, except as required by law. Numerous factors could cause our actual results or events to differ materially from those expressed or implied by forward-looking statements. In addition, other risks and uncertainties not presently known to us or that we currently believe to be immaterial could affect the accuracy of any such forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. You should consult our filings with the Securities and Exchange Commission (including the information set forth under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q) for additional detail about factors that could affect our financial and other results.

About Yum China Holdings, Inc.

Yum China is the largest restaurant company in China with a mission to make every life taste beautiful. The Company operates over 18,000 restaurants under six brands across over 2,600 cities in China. KFC and Pizza Hut are the leading brands in the quick-service and casual dining restaurant spaces in China, respectively. In addition, Yum China has partnered with Lavazza to develop the Lavazza coffee concept in China. Little Sheep and Huang Ji Huang specialize in Chinese cuisine. Taco Bell offers innovative Mexican-inspired food. Yum China has a world-class, digitalized supply chain which includes an extensive network of logistics centers nationwide and an in-house supply chain management system. Its strong digital capabilities and loyalty program enable the Company to reach customers faster and serve them better. Yum China is a Fortune 500 company with the vision to be the world’s most innovative pioneer in the restaurant industry. For more information, please visit http://ir.yumchina.com.

Contacts

Investor Relations Contact:
Tel: +86 21 2407 7556
[email protected]

Media Contact:
Tel: +86 21 2407 3824
[email protected]

 

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SOURCE Yum China Holdings, Inc.

Robo.ai Appoints Abu Dhabi Tech Executive as CTO of the Newly Acquired AI Data Processing Company, Neurovia

PR Newswire

DUBAI, UAE, May 13, 2026 /PRNewswire/ — Robo.ai Inc. (Nasdaq: AIIO), following its acquisition of Neurovia AI Limited, today announced that the Board of Directors of Neurovia AI has appointed Mansoor Ali Khan as its Chief Technology Officer. Mr. Khan will be leading the development of proprietary edge-processing and data compression technologies, and overseeing the product adaptation and application to the AI industry clients.

Mr. Khan brings more than two decades of international technology management experience, with a proven capability in implementing information and data solutions. Of the past twenty years, Mr. Khan has worked in the United Arab Emirates with some of the largest technology or holding companies, including two IHC (the most valuable holding company in the Middle East) companies, Aleria LLC and Modon Holding, ZAFCO (leader in automotive supply), and Al-Futtaim. He served previously as CTO of Aleria LLC and Group Director- Technology of Modon Holding, and worked as a Senior technology consultant with Capgemini in USA and India working for large financial houses such as HSBC and Mogen Stanley in his early career.

Mr. Khan has deep expertise in managing high-concurrency, large-scale data environments across the Middle East and global markets. A recipient of multiple technology awards such as Gulf CIO100 Awards for IT innovation etc, Mr. Khan’s extensive experience in deploying complex digital transformations at a national infrastructure level is uniquely suited to Neurovia’s mission of establishing a hardware-agnostic data standard for the physical AI era.

Mr. Khan’s technical leadership is critical to transitioning Neurovia’s technology from advanced algorithms into scalable, global-standard infrastructure. By leveraging his deep understanding of international technology standards and Middle Eastern digital ecosystems, Neurovia is positioned to resolve the critical bottlenecks in data storage and transmission.

About Neurovia AI Limited

Neurovia AI Limited (www.neuroviaai.ae) is a provider of AI data processing and compression technology. The company focuses on AI video compression, edge computing, and real-time analysis to resolve data transmission and computation bottlenecks. By building low-latency data infrastructure for the physical AI era, Neurovia supports applications across autonomous driving, smart cities, unmanned devices, and smart manufacturing.

About Robo.ai Inc.

Robo.ai Inc. (NASDAQ: AIIO) is a technology company dedicated to building a leading global artificial intelligence machine economy platform. Its mission is to integrate “AI Software, Intelligent Hardware, and Smart Assets” to construct a unified AI operating system and an ecosystem empowered by blockchain, pioneering an intelligent future.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated; for further details, please refer to the Company’s filings with the U.S. Securities and Exchange Commission.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/roboai-appoints-abu-dhabi-tech-executive-as-cto-of-the-newly-acquired-ai-data-processing-company-neurovia-302770291.html

SOURCE Robo.ai Inc.

Aurora Mobile to Report First Quarter 2026 Financial Results on May 26, 2026

SHENZHEN, China, May 13, 2026 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services, today announced that it will release its unaudited financial results for the first quarter ended March 31, 2026 before the open of U.S. markets on Tuesday, May 26, 2026.

Aurora Mobile’s management will host an earnings conference call on Tuesday, May 26, 2026 at 7:30 a.m. U.S. Eastern Time (7:30 p.m. Beijing time on the same day).

All participants must register in advance to join the conference using the link provided below. Please dial in 15 minutes before the call is scheduled to begin. Conference access information will be provided upon registration.

Participant Online Registration:
https://register-conf.media-server.com/register/BI1e348d0587ca40d88837f3c15b435b90

A live and archived webcast of the conference call will be available on the Investor Relations section of Aurora Mobile’s website at https://ir.jiguang.cn/.

About Aurora Mobile Limited

Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services. The Company is dedicated to empowering global enterprises with stable, efficient, and intelligent customer interaction solutions. Leveraging its first-mover advantage in mobile messaging, Aurora Mobile has evolved into a comprehensive platform that integrates Omnichannel Engagement, AI-Driven Marketing, Advanced AI Customer Support, and Frictionless Identity Security. Through its flagship brand EngageLab and its robust AI infrastructure GPTBots.ai, the Company helps businesses achieve seamless customer reach, automate complex marketing journeys, and optimize service efficiency with AI agents, accelerating digital transformation for clients worldwide.

For more information, please visit https://ir.jiguang.cn/

For more information, please contact:

Aurora Mobile Limited
E-mail: [email protected]

Christensen Advisory
Ms. Xiaoyan Su
E-mail: [email protected]



BlackRock® Canada Announces May Cash Distributions for the iShares® ETFs

TORONTO, May 13, 2026 (GLOBE NEWSWIRE) — BlackRock Asset Management Canada Limited (“BlackRock Canada”), an indirect, wholly-owned subsidiary of BlackRock, Inc. (NYSE: BLK), today announced the May 2026 cash distributions for the iShares ETFs listed on the TSX or Cboe Canada which pay on a monthly basis, as well as iShares S&P/TSX 60 Index ETF (XIU) and iShares Canadian Real Return Bond Index ETF (XRB). Unitholders of record of the applicable iShares ETF, with exception of XRB, on May 21, 2026 will receive cash distributions payable in respect of that iShares ETF on May 29, 2026. Unitholders of record of XRB on June 1, 2026 will receive cash distributions on June 4, 2026.

Details regarding the “per unit” distribution amounts are as follows:

Fund Name Fund Ticker Cash Distribution Per Unit
iShares 1-10 Year Laddered Corporate Bond Index ETF CBH $ 0.051
iShares 1-5 Year Laddered Corporate Bond Index ETF CBO $ 0.053
iShares S&P/TSX Canadian Dividend Aristocrats Index ETF CDZ $ 0.115
iShares Equal Weight Banc & Lifeco ETF CEW $ 0.066
iShares 1-5 Year Laddered Government Bond Index ETF CLF $ 0.033
iShares 1-10 Year Laddered Government Bond Index ETF CLG $ 0.037
iShares S&P/TSX Canadian Preferred Share Index ETF CPD $ 0.061
iShares US Dividend Growers Index ETF (CAD-Hedged) CUD $ 0.089
iShares Convertible Bond Index ETF CVD $ 0.078
iShares Global Monthly Dividend Index ETF (CAD-Hedged) CYH $ 0.072
iShares Canadian Financial Monthly Income ETF FIE $ 0.040
iShares U.S. Aggregate Bond Index ETF XAGG $ 0.122
iShares U.S. Aggregate Bond Index ETF(1) XAGG.U $ 0.089
iShares U.S. Aggregate Bond Index ETF (CAD-Hedged) XAGH $ 0.105
iShares Core Canadian Universe Bond Index ETF XBB $ 0.081
iShares Core Canadian Corporate Bond Index ETF XCB $ 0.070
iShares ESG Advanced Canadian Corporate Bond Index ETF XCBG $ 0.127
iShares U.S. IG Corporate Bond Index ETF XCBU $ 0.127
iShares U.S. IG Corporate Bond Index ETF(1) XCBU.U $ 0.092
iShares Core MSCI Global Quality Dividend Index ETF XDG $ 0.076
iShares Core MSCI Global Quality Dividend Index ETF(1) XDG.U $ 0.055
iShares Core MSCI Global Quality Dividend Index ETF (CAD-Hedged) XDGH $ 0.063
iShares Core MSCI Canadian Quality Dividend Index ETF XDIV $ 0.117
iShares Core MSCI US Quality Dividend Index ETF XDU $ 0.067
iShares Core MSCI US Quality Dividend Index ETF(1) XDU.U $ 0.049
iShares Core MSCI US Quality Dividend Index ETF (CAD-Hedged) XDUH $ 0.058
iShares Canadian Select Dividend Index ETF XDV $ 0.191
iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged) XEB $ 0.058
iShares S&P/TSX Composite High Dividend Index ETF XEI $ 0.117
iShares Core Canadian 15+ Year Federal Bond Index ETF XFLB $ 0.116
iShares Flexible Monthly Income ETF XFLI $ 0.175
iShares Flexible Monthly Income ETF(1) XFLI.U $ 0.128
iShares Flexible Monthly Income ETF (CAD-Hedged) XFLX $ 0.169
iShares S&P/TSX Capped Financials Index ETF XFN $ 0.167
iShares Floating Rate Index ETF XFR $ 0.042
iShares Core Canadian Government Bond Index ETF XGB $ 0.050
iShares Global Government Bond Index ETF (CAD-Hedged) XGGB $ 0.042
iShares Canadian HYBrid Corporate Bond Index ETF XHB $ 0.076
iShares U.S. High Dividend Equity Index ETF (CAD-Hedged) XHD $ 0.080
iShares U.S. High Dividend Equity Index ETF XHU $ 0.077
iShares U.S. High Yield Bond Index ETF (CAD-Hedged) XHY $ 0.084
iShares U.S. IG Corporate Bond Index ETF (CAD-Hedged) XIG $ 0.070
iShares 1-5 Year U.S. IG Corporate Bond Index ETF (CAD-Hedged) XIGS $ 0.128
iShares S&P/TSX 60 Index ETF XIU $ 0.272
iShares Core Canadian Long Term Bond Index ETF XLB $ 0.062
iShares S&P/TSX North American Preferred Stock Index ETF (CAD-Hedged) XPF $ 0.068
iShares High Quality Canadian Bond Index ETF XQB $ 0.054
iShares Canadian Real Return Bond Index ETF XRB $ 0.262
iShares S&P/TSX Capped REIT Index ETF XRE $ 0.057
iShares ESG Aware Canadian Aggregate Bond Index ETF XSAB $ 0.050
iShares Core Canadian Short Term Bond Index ETF XSB $ 0.069
iShares Conservative Short Term Strategic Fixed Income ETF XSC $ 0.053
iShares Conservative Strategic Fixed Income ETF XSE $ 0.055
iShares Core Canadian Short Term Corporate Bond Index ETF XSH $ 0.063
iShares ESG Advanced 1-5 Year Canadian Corporate Bond Index ETF XSHG $ 0.123
iShares 1-5 Year U.S. IG Corporate Bond Index ETF XSHU $ 0.160
iShares 1-5 Year U.S. IG Corporate Bond Index ETF(1) XSHU.U $ 0.116
iShares Short Term Strategic Fixed Income ETF XSI $ 0.057
iShares Core Canadian Short-Mid Term Universe Bond Index ETF XSMB $ 0.103
iShares ESG Aware Canadian Short Term Bond Index ETF XSTB $ 0.047
iShares 0-5 Year TIPS Bond Index ETF (CAD-Hedged) XSTH $ 0.200
iShares 0-5 Year TIPS Bond Index ETF XSTP $ 0.228
iShares 0-5 Year TIPS Bond Index ETF(1) XSTP.U $ 0.167
iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged) XTLH $ 0.118
iShares 20+ Year U.S. Treasury Bond Index ETF XTLT $ 0.187
iShares 20+ Year U.S. Treasury Bond Index ETF(1) XTLT.U $ 0.136
iShares Diversified Monthly Income ETF XTR $ 0.040
iShares S&P/TSX Capped Utilities Index ETF XUT $ 0.087

(1
) Distribution per unit amounts are in U.S. dollars for XAGG.U, XCBU.U, XDG.U, XDU.U, XFLI.U, XSHU.U, XSTP.U and XTLT.U


Estimated May Cash Distributions for the iShares Premium Money Market ETF

The May cash distributions per unit for the iShares Premium Money Market ETF are estimated to be as follows:

Fund Name Fund Ticker Estimated Cash Distribution Per Unit
iShares Premium Money Market ETF CMR $ 0.077

BlackRock Canada expects to issue a press release on or about May 20, 2026, which will provide the final amounts for the iShares Premium Money Market ETF.


May Reinvested Distributions for the iShares Canadian Real Return Bond Index ETF

Fund Name

Fund Ticker Reinvested Distribution Per Unit
iShares Canadian Real Return Bond Index ETF XRB $ 0.33710

The distributions are for the reinvested distributions, which are typically reinvested in additional units of the respective funds, and do not include ongoing semi-annual cash distribution amounts. The additional units will be immediately consolidated with the previously outstanding units such that the number of outstanding units following the distribution will equal the number of units outstanding prior to the distribution.

Further information on the iShares ETFs can be found at http://www.blackrock.com/ca.

About BlackRock

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate.

About iShares ETFs

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Qfin Holdings to Announce First Quarter 2026 Unaudited Financial Results on May 26, 2026

SHANGHAI, China, May 13, 2026 (GLOBE NEWSWIRE) — Qfin Holdings, Inc. (NASDAQ: QFIN; HKEx: 3660) (“Qfin Holdings” or the “Company”), a leading AI-empowered Credit-Tech platform in China, today announced that it will report its unaudited financial results for the first quarter ended March 31, 2026, after U.S. markets close on Tuesday, May 26, 2026.

Qfin Holdings’ management team will host an earnings conference call at 8:30 PM U.S. Eastern Time on Tuesday, May 26, 2026 (8:30 AM Beijing Time on Wednesday, May 27, 2026).

Conference Call Preregistration

All participants wishing to join the conference call must pre-register online using the link provided below.

Registration Link: https://s1.c-conf.com/diamondpass/10054802-3gxqu7.html

Upon registration, each participant will receive details for the conference call, including dial-in numbers, conference call passcode and a unique access PIN. Please dial in 10 minutes before the call is scheduled to begin.

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of the Company’s website at https://ir.qfin.com.

About Qfin Holdings

Qfin Holdings is a leading AI-empowered Credit-Tech platform in China. By leveraging its sophisticated machine learning models and data analytics capabilities, the Company provides a comprehensive suite of technology services to assist financial institutions and consumers and SMEs in the loan lifecycle, ranging from borrower acquisition, preliminary credit assessment, fund matching and post-facilitation services. The Company is dedicated to making credit services more accessible and personalized to consumers and SMEs through Credit-Tech services to financial institutions.

For more information, please visit: https://ir.qfin.com.

Safe Harbor Statement

Any forward-looking statements contained in this announcement are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. Qfin Holdings may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including the Company’s business outlook, beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, which factors include but not limited to the following: the Company’s growth strategies, changes in laws, rules and regulatory environments, the recognition of the Company’s brand, market acceptance of the Company’s products and services, trends and developments in the credit-tech industry, governmental policies relating to the credit-tech industry, general economic conditions in China and around the globe, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks and uncertainties is included in Qfin Holding’s filings with the SEC and announcements on the website of the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and Qfin Holdings does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For more information, please contact:

Qfin Holdings
E-mail: [email protected]