Key Takeaways Alibaba posted 5% revenue growth in Q2 FY26. Non-GAAP EPS fell 71% and income dropped 85% on investment.China commerce growth relied on subsidies and marketing spend as rivals PDD, JD.com and Douyin gained share.Alibaba's expansion drove negative free cash flow, raising concerns over sustaining AI and subsidy spending.Alibaba (BABA) confronts persistent headwinds in its core e-commerce operations despite management's aggressive pivot toward artificial intelligence investments. The company repo ...