BABA · Forward model · All others
What has to happen in All others
Model as of
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All others
Basis quarter$4.25B
Final quarter$4.64B
Implied CAGR+2%
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: $4.64B (2031Q2E)
| Period | Value |
|---|---|
| 2026Q2 | $4.25B |
| 2026Q3E | $4.25B |
| 2026Q4E | $4.26B |
| 2027Q1E | $4.27B |
| 2027Q2E | $4.28B |
| 2027Q3E | $4.30B |
| 2027Q4E | $4.31B |
| 2028Q1E | $4.33B |
| 2028Q2E | $4.35B |
| 2028Q3E | $4.36B |
| 2028Q4E | $4.39B |
| 2029Q1E | $4.41B |
| 2029Q2E | $4.43B |
| 2029Q3E | $4.45B |
| 2029Q4E | $4.48B |
| 2030Q1E | $4.50B |
| 2030Q2E | $4.53B |
| 2030Q3E | $4.56B |
| 2030Q4E | $4.58B |
| 2031Q1E | $4.61B |
| 2031Q2E | $4.64B |
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.