Alibaba Group Holding (BABA) Cash Flow: Operating & Free Cash Flow

Alibaba Group Holding (BABA) Cash Flow Statement

In fiscal 2026 (fiscal year ended Mar 31, 2026), Alibaba Group Holding generated CNY 76.21B of operating cash flow and spent CNY 126.94B on capital expenditures. That left free cash flow of −CNY 50.72B. It returned CNY 41.37B to shareholders through CNY 33.73B in dividends and CNY 7.64B in share buybacks.

Alibaba Group Holding Cash Flow Statement Analysis

Values in billions CNY

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Alibaba Group Holding Limited (BABA) - Annual data in billions CNY
Breakdown	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020	Mar 2019	Mar 2018	Mar 2017
Operating Activities
Net Income	102.13	130.51	80.36	72.56	47.08	143.28	153.07	87.62	60.34	44.60
Depreciation & Amortization	47.12	42.46	45.28	38.19	48.07	47.91	43.30	36.94	20.64	14.49
Deferred Income Tax	-2.53	0.37	-5.30	-1.72	-1.35	3.12	-3.53	-2.20	0.92	0.29
Stock Based Compensation	11.18	13.97	0.00	0.00	23.97	50.12	0.00	0.00	0.00	0.00
Change in Working Capital	-22.55	-23.99	-13.86	13.49	-18.15	50.51	21.96	32.26	20.82	7.41
Change in Accounts Receivable	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.61	0.00
Change in Accounts Payable	-1.97	1.97	0.00	0.00	13.33	74.55	0.00	0.00	21.84	5.42
Change in Other Working Capital	-0.99	0.59	-13.86	13.49	-32.77	-42.23	21.96	32.26	-0.41	1.99
Other Operating Activities	-0.99	0.59	77.52	77.38	41.79	-60.04	-29.60	-3.61	15.32	15.24
Net Cash from Operating Activities	76.21	163.51	184.01	199.90	142.76	231.79	185.21	151.01	118.04	82.02
Investing Activities
Capital Expenditures	-126.94	-85.97	-33.18	-34.38	-53.31	-41.45	-46.54	-49.65	-28.14	-17.92
Acquisitions	-4.94	-8.90	-5.42	-2.16	-4.09	-19.14	-6.51	-26.74	0.54	-32.37
Purchases of Investments	-76.44	-136.72	-83.80	-124.34	-48.76	-76.18	-81.56	-84.37	-63.12	-45.29
Sales/Maturities of Investments	123.15	41.61	95.39	22.76	15.48	9.82	19.36	18.37	12.64	16.63
Other Investing Activities	30.02	-0.07	0.74	0.92	-107.89	-115.76	-0.04	0.01	0.01	0.00
Net Cash from Investing Activities	-67.34	-185.42	-26.27	-137.20	-198.59	-244.19	-115.29	-142.39	-78.05	-78.95
Financing Activities
Debt Repayment	-78.46	-59.90	2.48	11.35	-16.71	-7.06	-16.43	-4.23	31.71	29.95
Common Stock Issued	1.04	0.01	0.85	0.01	0.11	0.18	93.84	0.35	0.38	14.92
Common Stock Repurchased	-7.64	-86.66	-89.43	-74.80	-61.23	-0.77	0.00	-10.87	0.00	-13.46
Dividends Paid	-33.73	-29.08	-18.08	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Financing Activities	-19.28	-25.02	-0.62	-0.63	3.95	-0.67	-0.29	-1.35	-13.95	0.67
Net Cash from Financing Activities	-20.57	-76.22	-104.81	-64.07	-64.45	30.08	77.12	-16.10	18.14	32.08
Summary
Effect of Forex Changes on Cash	-4.00	0.97	-12.34	-15.93	-8.83	-7.19	-7.77	-15.48	11.37	-6.49
Net Change in Cash	-15.70	-97.16	40.60	-17.31	-129.12	10.49	139.27	-22.96	69.50	28.66
Cash at Beginning of Period	189.27	286.42	238.49	243.33	341.03	315.96	203.00	213.09	129.72	114.88
Cash at End of Period	173.57	189.27	279.09	226.02	225.37	354.94	342.27	190.13	199.22	143.54
Free Cash Flow	-50.72	77.54	150.82	165.52	89.45	190.34	138.67	101.36	89.91	64.11
Supplemental Disclosures
Interest Paid	-	8.87	7.83	5.64	4.89	4.10	-	-	-	-
Income Taxes Paid	-	33.41	32.49	26.48	31.73	20.90	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Alibaba Group Holding Cash Flow

What is Alibaba Group Holding's free cash flow?

Alibaba Group Holding had negative free cash flow of CNY 50.72B in fiscal 2026 (fiscal year ended Mar 31, 2026), operating cash flow of CNY 76.21B minus CNY 126.94B of capital expenditures.

How much does Alibaba Group Holding spend on capital expenditures?

Alibaba Group Holding spent CNY 126.94B on capital expenditures in fiscal 2026, compared with CNY 85.97B a year earlier. That equals 166.6% of operating cash flow.

Does Alibaba Group Holding pay dividends or buy back shares?

Yes. In fiscal 2026 Alibaba Group Holding returned CNY 33.73B in dividends and CNY 7.64B in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition