As of Q2'26 (2025-09-30), Alibaba's latest Operating ROA stands at 1.12%, with ROE at 2.04% and ROIC at 1.79%. These figures reflect a moderate decline compared to the previous quarter, where Operating ROA was 2.20%, ROE was 4.01%, and ROIC was 3.46%. Over the period from Q3'23 (2022-12-31) to Q2'26 (2025-09-30), all three profitability ratios—ROA, ROE, and ROIC—have shown significant volatility. After peaking in Q3'23, each metric experienced notable declines through Q4'24, reaching their lowest points, before partially recovering in Q1'25 and Q2'25. However, the most recent quarters indicate renewed downward pressure, suggesting ongoing challenges in sustaining profitability. This trend highlights the importance of monitoring Alibaba's operational efficiency and capital allocation in the coming periods.