E-Commerce Marketplace

Alibaba (NYSE: BABA) — Q1 FY2027 Post Earnings

by
Post earnings note company quarterly analysis

Operations¹

As of August 21, 2026
Q1 Revenue ↑ 9% YoY ¥268.95B
Divisions
Alibaba E-commerce Group 71.9%
AI Cloud and Compute Services 16.9%
AI Labs and Applications 1.2%
All Others 10.0%

Key Earnings Driver

Freshippo and Taobao Instant Commerce AI Cloud and Compute Services revenue increased 45% year over year to RMB48.4 billion, driven primarily by public cloud revenue growth and increasing adoption of AI-related products. AI-related product revenue reached RMB12.4 billion. Alibaba E-commerce Group revenue increased 4% to RMB205.9B. Within Alibaba E-commerce Group, China Quick Commerce revenue increased 45% to RMB53.3 billion, primarily driven by Freshippo and Taobao Instant Commerce.

Key Operating Metrics²

METRIC

STATUS

Alibaba E–commerce Group↑ 4%

China Quick Commerce↑ 45%

Freshippo

🟢 Scaling

Taobao Instant Commerce

🟢 Scaling

AI Cloud and Compute Services↑ 45%

Public Cloud

AI-related products

Key Financial Metrics

Gross Margin 38.25% -6.65 pp YoY
Backlog / Revenue N/A
CapEx Intensity 25.16% 0.25x Revenue

Sources: Alibaba Q1 FY2027 Earnings Release — SEC Filing, Alibaba Q1 FY2027 Earnings Call Transcript — ROIC.ai

Operations¹: Total revenue is after inter-segment elimination. Division revenue percentages are before inter-segment elimination. Division names changed beginning Q1 2027 following Alibaba’s restructuring of its operations.

Key Operating Metrics²: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

Alibaba (NYSE: BABA) — Q1 FY2027 Pre Earnings

by
Pre earnings note company quarterly analysis

Operations¹

As of August 19, 2026
Q4 Revenue ↑ 3% YoY ¥243.38B
Divisions
China E-commerce Group 46.2%
International Digital Commerce Group 13.4%
Cloud Intelligence Group 15.7%
All Others 24.7%

Key Earnings Driver

Public Cloud and AI-related Products China E-commerce Group revenue increased 6% to RMB122.2 billion. International Digital Commerce Group revenue increased 6% to RMB35.4 billion. Cloud Intelligence Group revenue increased 38% year over year to RMB41.6 billion. Within Cloud Intelligence Group, external cloud revenue grew 40%. The company attributed external cloud growth primarily to public cloud revenue growth and increasing adoption of AI-related products.

Key Operating Metrics²

METRIC

STATUS

China E–commerce Group↑ 6%

International Digital Commerce Group↑ 6%

Cloud Intelligence Group↑ 38%

Public Cloud

🟢 Scaling

AI-related products

🟢 Scaling

Key Financial Metrics

Gross Margin 34.51% -3.9 pp YoY
Backlog / Revenue N/A
CapEx Intensity 11.05% 0.11x Revenue

Sources: Alibaba FY2026 Annual Results — SEC Filing

Operations¹: Total revenue is after inter-segment elimination. Division revenue percentages are before inter-segment elimination.

Key Operating Metrics²: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

Baidu (NASDAQ: BIDU) — Q2 2026 Pre Earnings

by
Pre earnings note company quarterly analysis

Operations¹

As of August 17, 2026
Q1 Revenue ↓ 1.16% YoY ¥32.07B
Divisions
Baidu General Business 80.7%
iQIYI 19.3%

Key Earnings Driver

AI Cloud Infra Baidu General Business revenue increased 2% year over year to RMB26.0B. Within Baidu General Business, AI Cloud Infra revenue increased 79% to RMB8.8B, and GPU cloud revenue within AI Cloud Infra increased 184%. Management attributed AI Cloud Infra growth primarily to strong demand from enterprise customers. iQIYI revenue declined 14% to RMB6.2B.

Key Operating Metrics²

METRIC

STATUS

Baidu General Business

AI Cloud Infra

🟢 Scaling

iQIYI

🟡 Watch

Sources: Baidu Q1 2026 Financial Results — Company Website, Baidu Q1 2026 Earnings Release — Company PDF

Operations¹: Total revenue is after inter-segment elimination. Division revenue percentages are before inter-segment elimination.

Key Operating Metrics²: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.