Marina Lyubimova
Quarterly revenue reached RMB268.95 billion ($40 billion), up about 9% year over year. Cloud and compute-services revenue increased roughly 45% to RMB48.44 billion, accounting for about 18% of group revenue. AI-related product revenue maintained triple-digit growth.
| Metric | June Quarter 2026 |
| Revenue | RMB268.95bn |
| Revenue growth | ~9% YoY |
| Cloud/compute revenue | RMB48.44bn |
| Cloud growth | ~45% YoY |
| Capital expenditure | RMB67.68bn |
| Capex growth | ~75% YoY |
| Net profit | RMB10.54bn |
| Net profit change | -76% YoY |
RMB67.7 Billion Into Infrastructure
Capital expenditure reached RMB67.68 billion, up roughly 75% YoY. That was equivalent to about 25% of quarterly revenue and 6.4 times net profit.
Alibaba spent approximately RMB126 billion on capex during the fiscal year ended March 2026. The latest quarter alone was equal to about 54% of that full-year amount.
The company has outlined at least RMB380 billion of investment over three years in cloud and AI infrastructure, including data centers, servers and computing capacity.
Cloud Reaches 18% of Revenue
Alibaba’s growth rates show an increasing concentration of investment in computing infrastructure:
- Group revenue: +9% YoY
- Cloud: +45% YoY
- Capex: +75% YoY
Cloud revenue increased to RMB48.44 billion from roughly RMB41.6 billion in the previous quarter, a sequential increase of about RMB6.8 billion.
Alibaba is developing the Qwen AI model family while expanding Alibaba Cloud infrastructure for AI training, inference and enterprise applications. Cloud still represents about 18% of total revenue, while e-commerce and other businesses generate the remaining majority.
With capex growing faster than cloud revenue, Alibaba’s next financial inflection depends on the gap between infrastructure spending and monetization. Cloud growth, capex and free cash flow provide the clearest measures of that transition.
Marina Lyubimova
