Alibaba Group Holding Limited (BABA) Cash Flow Statement
Where BABA’s cash came from and went, FY2026
March 31, 2026 · Chinese yuan- Cash from operations
- CN¥76.21B −53.8% vs FY2025
- Capital expenditures
- CN¥126.94B 12.4% of revenue
- Free cash flow
- −CN¥50.72B −5.0% margin
- Returned to shareholders
- CN¥41.37B
- Change in cash
- −CN¥15.70B cash at year-end CN¥173.57B
Cash from operations
CN¥76.21B
Capital expenditures
−CN¥126.94B
Investments (net)
+CN¥46.71B
Acquisitions & other
+CN¥12.89B
Dividends
−CN¥33.73B
Share buybacks (net)
−CN¥7.64B
Net borrowing (repayment)
+CN¥39.03B
Shares issued
+CN¥1.04B
Other financing
−CN¥19.28B
Currency & other
−CN¥4.00B
Change in cash
−CN¥15.70B
Drawn to scale: where the cash came from and how it was used. Hover for values.
BABA operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
BABA cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | CN¥82.02BFY2017 | CN¥76.21BFY2026 | −0.8%/yr | |
| Capital expenditures | CN¥17.92BFY2017 | CN¥126.94BFY2026 | +24.3%/yr | |
| Free cash flow | CN¥64.11BFY2017 | −CN¥50.72BFY2026 | — | |
| Free cash flow margin | 40.5%FY2017 | −5.0%FY2026 | −45.5 pts | |
| Operating cash flow / net income | 1.84FY2017 | 0.75FY2026 | −1.09 | |
| Stock-based compensation | CN¥15.99BFY2017 | CN¥11.18BFY2026 | −3.9%/yr | |
| Dividends paid | CN¥96.68BFY2017 | CN¥33.73BFY2026 | −11.0%/yr | |
| Share buybacks (net) | CN¥13.46BFY2017 | CN¥7.64BFY2026 | −6.1%/yr | |
| Capex / revenue | 11.3%FY2017 | 12.4%FY2026 | +1.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BABA cash flow by activity
OperatingInvestingFinancingChange in cash
BABA net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BABA cash flow statement in Chinese yuan
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | CN¥102.13B | CN¥130.51B | CN¥80.36B | CN¥72.78B | CN¥62.25B | CN¥143.28B | CN¥153.07B | CN¥87.62B | CN¥60.34B | CN¥44.60B |
| Depreciation & amortization | CN¥47.12B | CN¥42.46B | CN¥44.50B | CN¥46.94B | CN¥39.45B | CN¥47.91B | CN¥42.43B | CN¥37.08B | CN¥22.02B | CN¥14.29B |
| Stock-based compensation | CN¥11.18B | CN¥15.58B | CN¥18.55B | CN¥30.83B | CN¥23.97B | CN¥50.12B | CN¥31.74B | CN¥37.49B | CN¥20.07B | CN¥15.99B |
| Change in working capital | −CN¥22.55B | −CN¥24.18B | −CN¥13.86B | CN¥13.48B | −CN¥18.15B | CN¥50.51B | CN¥21.96B | CN¥32.26B | CN¥20.82B | CN¥7.41B |
| Other non-cash items | −CN¥61.66B | CN¥456.3M | CN¥54.45B | CN¥35.72B | CN¥35.23B | −CN¥60.03B | −CN¥63.99B | −CN¥43.44B | −CN¥5.22B | −CN¥273.3M |
| Cash from operating activities | CN¥76.21B | CN¥164.82B | CN¥184.01B | CN¥199.75B | CN¥142.76B | CN¥231.79B | CN¥185.21B | CN¥151.01B | CN¥118.04B | CN¥82.02B |
| Investing activities | ||||||||||
| Capital expenditures | −CN¥126.94B | −CN¥86.66B | −CN¥33.18B | −CN¥34.35B | −CN¥53.31B | −CN¥43.19B | −CN¥46.54B | −CN¥49.65B | −CN¥28.14B | −CN¥17.92B |
| Investments (net) | CN¥46.71B | −CN¥185.41B | −CN¥21.82B | −CN¥135.51B | −CN¥144.36B | −CN¥244.19B | −CN¥60.46B | −CN¥65.97B | −CN¥83.89B | −CN¥78.36B |
| Acquisitions & other investing | CN¥12.89B | CN¥65.47B | CN¥28.74B | CN¥34.35B | −CN¥919.0M | CN¥43.19B | −CN¥8.28B | −CN¥26.77B | CN¥33.97B | CN¥17.33B |
| Cash from investing activities | −CN¥67.34B | −CN¥206.61B | −CN¥26.27B | −CN¥135.51B | −CN¥198.59B | −CN¥244.19B | −CN¥115.29B | −CN¥142.39B | −CN¥78.05B | −CN¥78.95B |
| Financing activities | ||||||||||
| Dividends paid | −CN¥33.73B | −CN¥29.31B | −CN¥18.08B | −CN¥22.79B | CN¥0 | −CN¥38.41B | — | −CN¥12.12B | CN¥0 | −CN¥96.68B |
| Share repurchases & issuance (net) | −CN¥7.64B | −CN¥87.36B | −CN¥89.43B | −CN¥74.75B | −CN¥61.23B | −CN¥773.0M | CN¥91.51B | −CN¥10.87B | CN¥399.0M | −CN¥13.46B |
| Net borrowing (repayment) | CN¥39.03B | CN¥64.53B | CN¥2.46B | CN¥11.34B | −CN¥1.50B | CN¥31.35B | −CN¥15.95B | −CN¥4.23B | CN¥33.62B | CN¥29.33B |
| Shares issued | CN¥1.04B | CN¥10.0M | CN¥843.0M | CN¥11.0M | CN¥109.0M | CN¥175.0M | CN¥91.51B | CN¥354.0M | CN¥0 | CN¥0 |
| Other financing | −CN¥19.28B | −CN¥5.00B | −CN¥596.2M | CN¥20.56B | −CN¥1.83B | CN¥37.74B | −CN¥89.94B | CN¥10.77B | −CN¥15.88B | CN¥112.88B |
| Cash from financing activities | −CN¥20.57B | −CN¥57.12B | −CN¥104.81B | −CN¥65.62B | −CN¥64.45B | CN¥30.08B | CN¥77.12B | −CN¥16.10B | CN¥18.14B | CN¥32.08B |
| Summary | ||||||||||
| Net change in cash | −CN¥15.70B | −CN¥100.37B | CN¥40.60B | CN¥2.16B | −CN¥129.12B | CN¥10.49B | CN¥139.27B | −CN¥22.96B | CN¥69.50B | CN¥28.66B |
| Cash at end of period | CN¥173.57B | CN¥181.76B | CN¥279.09B | CN¥229.51B | CN¥227.35B | CN¥356.47B | CN¥342.27B | CN¥190.13B | CN¥199.22B | CN¥143.54B |
| Free cash flow | −CN¥50.72B | CN¥78.16B | CN¥150.82B | CN¥165.40B | CN¥89.45B | CN¥188.60B | CN¥138.67B | CN¥101.36B | CN¥89.91B | CN¥64.11B |
| Free cash flow margin | −5.0% | 7.8% | 16.0% | 19.0% | 10.5% | 26.3% | 27.2% | 26.9% | 35.9% | 40.5% |
| Capex / revenue | 12.4% | 8.7% | 3.5% | 4.0% | 6.2% | 6.0% | 9.1% | 13.2% | 11.2% | 11.3% |
| Operating cash flow / net income | 0.75 | 1.26 | 2.29 | 2.74 | 2.29 | 1.62 | 1.21 | 1.72 | 1.96 | 1.84 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | CN¥10.61B | CN¥25.32B | CN¥16.10B | CN¥21.02B | CN¥42.44B | CN¥12.36B | CN¥49.71B | CN¥43.05B | CN¥24.37B | CN¥3.29B | CN¥14.13B | CN¥27.81B |
| Depreciation & amortization | CN¥12.49B | CN¥13.90B | CN¥11.52B | CN¥9.04B | CN¥7.67B | CN¥9.97B | CN¥9.32B | CN¥8.41B | CN¥7.91B | CN¥8.92B | CN¥21.32B | CN¥8.87B |
| Stock-based compensation | CN¥3.30B | — | — | CN¥3.33B | CN¥3.54B | CN¥3.44B | — | — | — | CN¥7.12B | CN¥6.22B | CN¥6.83B |
| Change in working capital | — | — | CN¥66.80B | CN¥30.77B | CN¥20.67B | −CN¥37.18B | CN¥135.99B | CN¥65.07B | — | −CN¥11.05B | −CN¥11.05B | — |
| Other non-cash items | −CN¥3.47B | −CN¥29.47B | −CN¥59.19B | −CN¥54.05B | −CN¥53.98B | CN¥37.33B | −CN¥123.40B | −CN¥85.42B | CN¥1.50B | CN¥16.20B | CN¥46.10B | −CN¥9.26B |
| Cash from operating activities | CN¥22.95B | CN¥9.75B | CN¥35.22B | CN¥10.10B | CN¥20.35B | CN¥25.92B | CN¥71.62B | CN¥31.11B | CN¥33.77B | CN¥24.47B | CN¥76.72B | CN¥34.26B |
| Investing activities | ||||||||||||
| Capital expenditures | −CN¥67.68B | −CN¥27.85B | −CN¥28.46B | −CN¥31.50B | −CN¥38.07B | −CN¥53.74B | −CN¥2.04B | −CN¥17.26B | −CN¥12.14B | −CN¥24.25B | −CN¥3.64B | −CN¥2.02B |
| Investments (net) | — | — | — | −CN¥69.65B | CN¥18.33B | −CN¥39.55B | −CN¥111.00B | CN¥964.0M | −CN¥35.83B | CN¥20.27B | −CN¥30.93B | −CN¥23.76B |
| Acquisitions & other investing | CN¥48.71B | CN¥36.53B | CN¥3.25B | CN¥31.50B | CN¥37.78B | CN¥35.96B | CN¥18.21B | −CN¥27.4M | CN¥12.00B | CN¥19.81B | CN¥28.31B | −CN¥23.19B |
| Cash from investing activities | −CN¥18.96B | CN¥8.68B | −CN¥25.21B | −CN¥69.65B | CN¥18.04B | −CN¥57.32B | −CN¥94.83B | −CN¥16.32B | −CN¥35.98B | CN¥15.83B | −CN¥6.25B | −CN¥48.97B |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | −CN¥33.31B | — | −CN¥20.0M | −CN¥35.0M | −CN¥28.87B | — | −CN¥17.95B | −CN¥17.95B | — |
| Share repurchases & issuance (net) | — | — | — | −CN¥1.80B | −CN¥5.84B | −CN¥4.58B | −CN¥9.19B | −CN¥30.19B | −CN¥42.70B | −CN¥88.75B | −CN¥34.01B | — |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | CN¥9.47B | −CN¥14.60B | −CN¥13.38B | CN¥46.01B | CN¥3.15B | CN¥20.85B | CN¥6.55B | CN¥10.36B | CN¥23.03B | CN¥56.33B | CN¥30.64B | −CN¥7.04B |
| Cash from financing activities | CN¥9.47B | −CN¥14.60B | −CN¥13.38B | CN¥10.90B | −CN¥2.69B | CN¥16.24B | −CN¥2.67B | −CN¥48.70B | −CN¥19.66B | −CN¥50.36B | −CN¥21.32B | −CN¥7.04B |
| Summary | ||||||||||||
| Net change in cash | CN¥11.93B | CN¥4.98B | −CN¥1.71B | −CN¥49.14B | CN¥46.85B | −CN¥22.89B | −CN¥31.70B | −CN¥28.98B | −CN¥15.91B | −CN¥20.82B | CN¥21.21B | CN¥12.23B |
| Cash at end of period | CN¥185.50B | CN¥172.92B | CN¥170.63B | CN¥175.44B | CN¥224.43B | CN¥181.76B | CN¥205.86B | CN¥228.11B | CN¥265.18B | CN¥279.09B | CN¥294.06B | CN¥280.16B |
| Free cash flow | −CN¥44.73B | −CN¥18.10B | CN¥6.76B | −CN¥21.40B | −CN¥17.72B | −CN¥27.82B | CN¥69.58B | CN¥13.86B | CN¥21.63B | CN¥229.4M | CN¥73.09B | CN¥36.28B |
| Free cash flow margin | −16.7% | −7.4% | 2.4% | −8.6% | −7.2% | −11.8% | 24.8% | 5.9% | 8.9% | 0.1% | 28.1% | 16.1% |
| Capex / revenue | 25.2% | 11.4% | 10.0% | 12.7% | 15.4% | 22.7% | 0.7% | 7.3% | 5.0% | 10.9% | 1.4% | 0.9% |
| Operating cash flow / net income | 2.16 | 0.39 | 2.19 | 0.48 | 0.48 | 2.10 | 1.44 | 0.72 | 1.39 | 7.45 | 5.43 | 1.23 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.
BABA cash generation
In fiscal 2026 (ended March 31, 2026), Alibaba generated CN¥76.2 billion of cash from operations (down 53.8%) and spent CN¥126.9 billion on capital expenditures, leaving free cash flow of -CN¥50.7 billion, −5.0% of revenue. It returned CN¥41.4 billion to shareholders through dividends (CN¥33.7 billion) and net share buybacks (CN¥7.6 billion). Cash and equivalents fell by CN¥15.7 billion over the year.
Related: BABA income statement, BABA balance sheet, BABA dividend history. See the BABA stock overview for the latest quote and news.
BABA cash flow FAQ
What is Alibaba's free cash flow?
Alibaba's free cash flow was -CN¥50.7 billion in fiscal 2026: CN¥76.2 billion of operating cash flow minus CN¥126.9 billion of capital expenditures It was CN¥78.2 billion a year earlier..
How much cash does Alibaba generate from operations?
Alibaba generated CN¥76.2 billion of cash from operating activities in fiscal 2026, 0.75 times its net income of CN¥102.1 billion.
How much does Alibaba spend on capital expenditures?
Alibaba spent CN¥126.9 billion on capital expenditures in fiscal 2026, 12.4% of revenue, compared with CN¥86.7 billion the year before.
How much stock does Alibaba buy back?
Alibaba spent CN¥7.6 billion on net share repurchases in fiscal 2026.
How much does Alibaba pay in dividends?
Alibaba paid CN¥33.7 billion in dividends in fiscal 2026.