As of Q2'26 (2025-09-30), Alibaba's latest reported operating income stands at USD 5.37B, representing a significant decline from the previous quarter. The year-over-year growth rate for this period is -84.78%, indicating a sharp contraction compared to the same quarter last year. Over the period from Q3'23 (2022-12-31) to Q2'26 (2025-09-30), Alibaba's operating income has shown considerable volatility, with notable peaks in Q1'24 (USD 4.25B) and Q3'25 (USD 4.12B), but also periods of marked decline, such as Q3'24 and the latest Q2'26. The YoY growth rate has fluctuated widely, with strong positive growth in Q3'23 (395.63%) and Q4'25 (92.79%), but also significant negative swings, most recently in Q2'26. This pattern suggests an unstable operating environment, with both sharp recoveries and steep declines over the observed quarters.