In the latest data point for Q4'26, Alibaba (BABA) reported a Gross Margin of 33.44%, while the Operating Margin fell into negative territory at -0.39%. The Net Profit Margin for the same period stood at 10.49%, reflecting a recovery from the previous quarter's levels despite the operational loss. From Q1'24 to Q4'26, the company's profit margins have exhibited significant volatility and an overall downward trend in operational efficiency. While the Gross Margin generally fluctuated between 33% and 45%, the Operating Margin saw a sharp decline from a peak of 18.15% in Q1'24 to its first negative reading in the series by Q4'26. Net Profit Margin has also remained unstable, characterized by frequent fluctuations ranging from a high of 18.6% in Q2'25 to a low of 1.5% in Q4'24.