Year ended March 31,

2024

2025

2026

RMB

RMB

RMB

(in millions, except per share data)

Earnings per share

Numerator:

Net income attributable to ordinary shareholders for computing
   net income per ordinary share — basic

79,741

129,470

105,904

Dilution effect on earnings arising from equity-settled share-based
   awards operated by equity method investees and subsidiaries

(228

)

(300

)

(410

)

Adjustments for interest expense attributable to convertible
   unsecured senior notes

—

235

309

Net income attributable to ordinary shareholders for
   computing net income per ordinary share — diluted

79,513

129,405

105,803

Shares (denominator):

Weighted average number of shares used in calculating net
   income per ordinary share — basic (million shares)

20,182

18,791

18,568

Adjustments for dilutive RSUs and share options (million shares)

177

200

200

Adjustments for convertible unsecured senior notes
   (million shares)

—

327

467

Weighted average number of shares used in calculating net
   income per ordinary share — diluted (million shares)

20,359

19,318

19,235

Net income per ordinary share — basic (RMB)

3.95

6.89

5.70

Net income per ordinary share — diluted (RMB)

3.91

6.70

5.50

Earnings per ADS

Net income per ADS — basic (RMB)

31.61

55.12

45.63

Net income per ADS — diluted (RMB)

31.24

53.59

44.00