v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS
¥ in Millions, $ in Millions
12 Months Ended
Mar. 31, 2026
CNY (¥)
Mar. 31, 2026
USD ($)
Mar. 31, 2025
CNY (¥)
Mar. 31, 2024
CNY (¥)
Cash flows from operating activities:        
Net income ¥ 102,127 $ 14,805 ¥ 125,976 ¥ 71,332
Adjustments to reconcile net income to net cash provided by operating activities:        
Revaluation (gain) loss on previously held equity interest 99 14 (628) 0
Loss on disposals of equity method investees 529 77 27 10
Loss (Gain) related to equity securities and other investments (66,089) (9,581) (28,652) 23,480
Change in fair value of other assets and liabilities (992) (144) 590 (708)
(Gain) Loss on disposals of subsidiaries (8,387) (1,216) 21,509 (1,550)
Depreciation and impairment of property and equipment, and operating lease cost relating to land use rights 37,067 5,374 29,260 26,640
Amortization of intangible assets and licensed copyrights 10,051 1,456 13,199 17,864
Equity-settled share-based compensation expense 11,180 1,621 13,970 18,546
Impairment of equity securities and other investments 7,724 1,120 8,801 12,244
Impairment of goodwill, intangible assets and licensed copyrights 11,244 1,631 6,805 22,610
Gain on disposals of property and equipment (1,848) (268) (784) (107)
Share of results of equity method investees (2,785) (404) (5,966) 7,735
Deferred income taxes (2,528) (366) 374 (5,263)
Allowance for doubtful accounts 1,368 198 3,016 3,509
Changes in assets and liabilities, net of effects of acquisitions and disposals:        
Prepayments, receivables and other assets, and long-term licensed copyrights (67,931) (9,847) (50,590) (37,621)
Income tax payable (1,973) (286) 1,968 (4,764)
Accrued expenses, accounts payable and other liabilities 37,933 5,499 25,873 27,126
Merchant deposits (38) (6) (12,463) (560)
Deferred revenue and customer advances 9,462 1,372 11,224 2,070
Net cash provided by operating activities 76,213 11,049 163,509 182,593
Cash flows from investing activities:        
Decrease in short-term investments, net 42,235 6,123 23,395 71,426
Increase in other treasury investment, net (12,687) (1,839) (126,041) (64,392)
Settlement of forward exchange contracts, net 229 33 (335) 658
Acquisitions of equity and debt securities, and others (63,753) (9,242) (10,342) (15,240)
Disposals of equity and debt securities, and others 80,685 11,697 18,214 21,966
Acquisitions of equity method investees (3,723) (540) (3,822) (3,525)
Disposals of and distributions from equity method investees 5,627 816 1,520 1,265
Acquisitions of:        
Land use rights, property and equipment (126,063) (18,275) (85,972) (32,087)
Intangible assets (874) (127) 0 (842)
Disposals of property and equipment 541 78 2,428 373
Cash (paid) received for business combinations, net of cash acquired (1,212) (176) 353 (2,204)
Deconsolidation and disposal of subsidiaries, net of cash proceeds 11,421 1,656 (5,077) 699
Loans to employees, net of repayments 238 34 264 79
Net cash used in investing activities (67,336) (9,762) (185,415) (21,824)
Cash flows from financing activities:        
Issuance of ordinary shares 1,042 151 10 843
Repurchase of ordinary shares (7,638) (1,107) (86,662) (88,745)
Dividend distribution (33,732) (4,890) (29,077) (17,946)
Acquisition of additional equity interests in non-wholly owned subsidiaries (16,768) (2,431) (21,949) (5,821)
Dividends paid by non-wholly owned subsidiaries to noncontrolling interests (1,317) (191) (664) (546)
Contingent consideration payments made after a business combination and others (232) (34) (197) (71)
Capital injection from noncontrolling interests 349 50 2,402 1,577
Proceeds from bank borrowings and other borrowings, net of upfront fee payment for a syndicated loan 84,228 12,210 52,788 20,570
Repayment of bank borrowings (78,458) (11,374) (43,678) (13,092)
Proceeds from convertible unsecured senior notes, net of debt issuance cost 22,276 3,229 35,665 0
Payments for capped call transactions (1,309) (189) (4,612) 0
Proceeds from exchangeable bonds, net of debt issuance cost 10,986 1,593 0 0
Proceeds from unsecured senior notes, net of debt issuance cost 0 0 35,979 0
Repayment of unsecured senior notes 0 0 (16,220) (5,013)
Net cash used in financing activities (20,573) (2,983) (76,215) (108,244)
Effect of exchange rate changes on cash and cash equivalents, restricted cash and escrow receivables (4,004) (580) 965 4,389
Increase (Decrease) in cash and cash equivalents, restricted cash and escrow receivables (15,700) (2,276) (97,156) 56,914
Cash and cash equivalents, restricted cash and escrow receivables at beginning of year 189,268 27,438 286,424 229,510
Cash and cash equivalents, restricted cash and escrow receivables at end of year 173,568 25,162 189,268 286,424
Supplemental disclosures of cash flow information:        
Payment of interest 9,384   8,866 7,832
Business combinations:        
Cash paid for business combinations (1,503)   (612) (2,325)
Cash acquired in business combinations 291   965 121
Cash paid for business combinations, net of cash acquired ¥ (1,212) $ (176) ¥ 353 ¥ (2,204)