As of Q2'26 (2025-09-30), Alibaba's latest operating expenses show R&D Expenses at USD 1.7B and SG&A Expenses at USD 7.4B, marking the highest levels recorded in the provided period. Both categories have seen notable increases compared to the previous quarter, with SG&A Expenses rising sharply from USD 6.1B to USD 7.4B. Over the period from Q3'23 (2022-12-31) to Q2'26 (2025-09-30), the chart reveals a generally upward trend in both R&D and SG&A Expenses, though SG&A has exhibited more pronounced volatility. R&D Expenses have grown steadily, particularly accelerating in the last two quarters, while SG&A Expenses experienced significant spikes in Q3'24, Q3'25, and especially Q2'26. The data indicates that SG&A remains the dominant component of Alibaba's operating expenses, consistently outpacing R&D by a wide margin.