
BABA (Trans): Flash Sale 2-yr target RMB 1tn; AI + Cloud 5-yr target RMB 700bn---
Below is Dolphin Research's Trans of $Alibaba(BABA.US) FY26 Q3 earnings call.
For our full take, see 'Alibaba: E-com Slips Again, AI Is the Lifeline'.1) Shareholder returns: as of Dec 31, 2025, the company held net cash of $42.5bn. Excluding debt maturing beyond five years, net cash exceeds $60bn, underscoring balance-sheet strength that supports continued investment.2) Performance trends: consolidated revenue was RMB 284.8bn. Excluding Sun Art Retail and Intime revenue, ...


