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What has to happen in All others

Model as of

This page changes All others inside the complete BABA model. Every other vertical, corporate programme and valuation assumption stays in the selected portfolio case.

BABA forward model
Horizon
Consolidated fair value $49.25 all other verticals held in this portfolio case
Final-quarter revenue $3.95B 8% of company revenue
Explicit segment contribution −$6.07B EBITDA less segment capex, before corporate items

The June quarter is the run-rate, not a trough. China e-commerce revenue keeps falling and customer management revenue with it, on what the release calls weaker transaction activities. Subsidy competition with Meituan and JD holds quick-commerce margins down. AI Labs keeps losing roughly four dollars for every dollar it earns and no date is ever set for that to stop. All others takes a second impairment. Capital expenditure stays at 2.5x group adjusted EBITA anyway, because stopping concedes the market, and the equity has to be raised again. The market never pays more than one times revenue for the operating business.

All others

Basis quarter$4.25B
Final quarter$3.95B
Implied CAGR−1%
Final revenue mix8%

Alibaba Health, the Hujing Digital Media and Entertainment Group, Amap, Lingxi Games and other technology businesses. Revenue was flat at +1% and the line swung from a RMB687 million adjusted-EBITA profit a year ago to a RMB3,343 million loss, alongside a RMB4,458 million goodwill impairment the release attributes to businesses in this bucket.

Last four quarters
2026 Q2 $4.25B Reported
Alibaba HealthHujing Digital Media and Entertainment GroupAmapLingxi GamesOther technology businesses
Sequential growth +0.1%/qtr decaying toward +0.8% 0.15% a quarter is the 0.6% year-over-year this bucket printed; the release rounds it to 1%.
All others

Latest: $3.95B (2031Q2E)

Period Value
2026Q2 $4.25B
2026Q3E $4.22B
2026Q4E $4.19B
2027Q1E $4.17B
2027Q2E $4.15B
2027Q3E $4.13B
2027Q4E $4.11B
2028Q1E $4.09B
2028Q2E $4.08B
2028Q3E $4.06B
2028Q4E $4.05B
2029Q1E $4.03B
2029Q2E $4.02B
2029Q3E $4.01B
2029Q4E $4.00B
2030Q1E $3.99B
2030Q2E $3.98B
2030Q3E $3.97B
2030Q4E $3.97B
2031Q1E $3.96B
2031Q2E $3.95B

Assumptions & reasoning

  • The RMB4,458 million goodwill impairment relates to businesses in this segment but sits BELOW adjusted EBITA, so it does not touch the -11.6% segment margin the release reports or the -9.6% EBITDA margin used here.
  • The composition of this bucket changed with the June 2026 recut, because AI Labs and Applications was carved out of it. The pre-recut All others series is not comparable and is not used anywhere in this model.
  • The return to a 4% terminal EBITDA margin is an assumption with no disclosed path behind it. Management has said nothing about when technology-business investment in this bucket normalises.
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