As of Q2'26 (2025-09-30), Alibaba's latest gross margin stands at 39.2%, with an operating margin of 2.2% and a net profit margin of 8.5%. These figures reflect a notable decline in operating and net profit margins compared to the previous quarter, while the gross margin remains relatively stable. Over the period from Q3'23 (2022-12-31) to Q2'26 (2025-09-30), the gross margin has generally fluctuated within the 33% to 45% range, showing resilience and a slight upward trend toward the end of the period. Operating margin, however, has been more volatile, peaking at 18.1% in Q1'24 and dropping sharply to 2.2% in the latest quarter. Net profit margin also exhibited significant variability, with a low of 1.5% in Q4'24 and a high of 19% in Q3'23, indicating periods of both strong and weak profitability. Overall, while gross margin remains robust, the recent declines in operating and net margins suggest increased cost pressures or other operational challenges.