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As of Q2'26 (2025-09-30), Alibaba's current contract liabilities stand at USD 75.7B, reflecting a slight increase from the previous quarter's USD 72.7B. This latest figure indicates a moderate recovery after a dip observed in Q4'25 and Q1'26. Examining the period from Q3'23 to Q2'26, the chart shows an overall declining trend in current contract liabilities, dropping from a peak of USD 93.8B in Q3'23 to the current level. The data reveals notable volatility, with a sharp decrease in the first half of the period, followed by stabilization and minor fluctuations in the most recent quarters. This suggests that while contract liabilities have not returned to previous highs, they have steadied in the USD 72B–83B range over the last year.