Alibaba Group announced its financial results for the third quarter of fiscal year 2026, revealing group revenue of 284.843 billion yuan, a 2% increase year-over-year. Excluding revenue from disposed businesses, such as Intime and Sun Art Retail, revenue grew by 9% compared to the same period last year. Revenue from Alibaba Cloud accelerated, growing 36%, while income from AI-related products achieved triple-digit growth for the tenth consecutive quarter. Adjusted net profit was 16.71 billion yuan, and adjusted EBITDA reached 34.06 billion yuan.

The company achieved breakthroughs in both consumer and enterprise AI sectors. The consumer AI application, Qwen, surpassed 300 million monthly active users. On the enterprise side, the platform Wukong began public testing, aiming to create the world's first enterprise-grade, AI-native work platform. Meanwhile, the instant retail business expanded further, with revenue surging 56%.

Alibaba Group CEO Eddie Yongming Wu stated, "This quarter, Alibaba continued its investments in two core areas: AI and consumption. AI is one of our primary growth engines. Alibaba Cloud revenue showed robust growth of 36%, with AI-related product revenue growing triple-digits for the tenth straight quarter. Our MaaS platform business also demonstrated rapid growth, building a new engine for cloud expansion. Furthermore, the Qwen App is accelerating its integration across Alibaba's consumer ecosystem, significantly driving new user growth and transaction activity. Qwen's MAU across all platforms has exceeded 300 million, marking the era of AI agents scaling up. Moving forward, leveraging our full-stack AI capabilities—'large model + cloud + chips'—and comprehensive integration with Alibaba's business ecosystem, we will continue to advance in both AI to Business and AI to Consumer directions."

Alibaba's continued investment in AI yielded results, with Alibaba Cloud revenue growth accelerating to 36% this quarter. External commercial revenue grew 35%, and AI-related product revenue increased triple-digits year-over-year for the tenth consecutive quarter.

T-Head made its debut in Alibaba's financial report. T-Head's self-developed GPU has achieved mass production, supporting Alibaba's internal operations and providing commercial services to hundreds of external enterprise customers via Alibaba Cloud, contributing substantially to cloud infrastructure supply.

At the model layer, the new-generation large model Qwen3.5-Plus was released in February, demonstrating excellent performance across various benchmarks, including reasoning, programming, and Agent capabilities.

To capture the exponential growth driven by the AI Agent boom, Alibaba established the new Alibaba Token Hub business group, with the goal of "producing tokens, transmitting tokens, and applying tokens." The MaaS platform business experienced high-speed growth.

On January 15, the Qwen App was deeply integrated with Alibaba ecosystem services including Taobao, Tmall, Taobao Deals, Amap, Fliggy, and Alipay, becoming China's first AI assistant capable of executing complex real-world tasks at scale. According to the financial report, by the end of February, nearly 140 million users experienced AI-powered shopping for the first time through Qwen's Agent features. In February, monthly active users for the Qwen consumer application exceeded 300 million.

On March 17, Alibaba launched its new AI to Business platform, Wukong, which began public testing for global users. This platform serves as the unified outlet for Alibaba's AI capabilities in enterprise work scenarios, with the company's full suite of B2B commercial capabilities gradually being integrated into Wukong.

During the quarter, Alibaba's instant retail business further expanded its scale, with revenue growing strongly by 56%. Improved unit economics and average order value continued to show sequential improvement, benefiting from enhanced logistics efficiency, better order structure, and high customer retention rates.

Synergies between instant retail and e-commerce became evident, driving double-digit year-over-year growth in monthly active consumers on the Taobao App. Leveraging these synergies during the Double 11 shopping festival, consumer numbers on the Taobao App increased by double digits compared to the previous year, with nearly 600 brands achieving transaction volumes exceeding 100 million yuan.

Concurrently, operational efficiencies improved across multiple business segments. Alibaba International Digital Commerce Group significantly narrowed its losses year-over-year. Freshippo and Alibaba Health reported continued revenue growth, while Cainiao and Liger Whale Entertainment showed improved performance.