Alibaba announced that for the quarter ending June 30, 2026, its net cash generated from operating activities reached RMB 22.945 billion (approximately US$3.382 billion), up 11% from RMB 20.672 billion in the same period of 2025. However, free cash flow (a non-GAAP financial liquidity metric) showed a net outflow of RMB 44.670 billion (approximately US$6.584 billion), compared to a net outflow of only RMB 18.815 billion in the same period of 2025. The decline in free cash flow was primarily due to increased spending on cloud infrastructure. As of June 30, 2026, Alibaba's total cash and other liquid investments amounted to RMB 474.505 billion (approximately US$69.933 billion).