Year ended March 31,

2023

2024

2025

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

72,509

79,741

129,470

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

(38

)

(228

)

(300

)

Adjustments for interest expense attributable to convertible
   unsecured senior notes

—

—

235

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

72,471

79,513

129,405

Shares (denominator):

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

20,980

20,182

18,791

Adjustments for dilutive RSUs and share options (million shares)

134

177

200

Adjustments for convertible unsecured senior notes 
   (million shares)

—

—

327

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

21,114

20,359

19,318

Net income per ordinary share — basic (RMB)

3.46

3.95

6.89

Net income per ordinary share — diluted (RMB)

3.43

3.91

6.70

Earnings per ADS

Net income per ADS — basic (RMB)

27.65

31.61

55.12

Net income per ADS — diluted (RMB)

27.46

31.24

53.59