Full Truck Alliance (YMM) Company Report

Full Truck Alliance Co. Ltd. reported total net revenues of RMB3,358.2 million (US$471.7 million) for the third quarter ended September 30, 2025, an increase of 10.8% from the same period in 2024.
Net income for Q3 2025 was RMB921.0 million (US$129.4 million), compared to RMB1,121.9 million in Q3 2024. Non-GAAP adjusted net income was RMB988.1 million (US$138.8 million), down from RMB1,241.2 million in Q3 2024.
Operational metrics showed strong growth, with fulfilled orders reaching 63.4 million, a 22.3% increase from Q3 2024, and average shipper MAUs growing 17.6% to 3.35 million.
Transaction service revenue, a core growth engine, increased 39.0% year-over-year to RMB1.46 billion in Q3 2025.
The company strengthened its AI capabilities and technological foundation through the acquisition of a majority interest in Giga.AI Technology Limited on July 9, 2025, which also contributed to increased R&D expenses.

Nov 17, 2025, 9:02 PM

6-K

Full Truck Alliance Reports Strong Q3 2025 Revenue and Operational Growth

YMM

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Full Truck Alliance reported total revenues of RMB 3.36 billion for Q3 2025, representing a 10.8% year-over-year increase.
The company achieved non-GAAP adjusted net income of RMB 988.1 million in Q3 2025.
Operational highlights include 63.4 million total fulfilled orders, up 22.3% year-over-year, and average monthly active shippers reaching 3.35 million, an increase of 17.6%.
The number of active truckers fulfilling orders over the past 12 months reached a new record of 4.48 million.
For Q4 2025, total revenues are projected to be between RMB 3.08 billion and RMB 3.18 billion.

Nov 17, 2025, 12:00 PM

Transcript

YMM Announces Q3 2025 Financial and Operational Results

YMM

Earnings

Revenue Acceleration/Inflection

YMM reported net revenues of RMB3,358.24 million for Q3 2025, an increase from RMB3,031.39 million in Q3 2024, while net income decreased to RMB921.02 million from RMB1,121.94 million over the same period.
The platform demonstrated significant operational growth in Q3 2025, with 63.4 million fulfilled orders and 3.4 million Average Shipper MAUs, representing increases from 51.9 million and 2.8 million respectively in Q3 2024.
The Transaction Service was the largest revenue contributor in Q3 2025, generating RMB1,456 million, followed by Freight Brokerage Service with RMB1,094 million, Value-added Services with RMB561 million, and Freight Listing Service with RMB247 million.

Nov 17, 2025, 12:00 PM

Presentation

YMM Reports Strong Q3 2025 Operational and Financial Results

YMM

Earnings

Guidance Update

Revenue Acceleration/Inflection

Full Truck Alliance reported 63.4 million total fulfilled orders in Q3 2025, a 22.3% year-over-year increase, alongside a 17.6% rise in average monthly active shippers to 3.35 million. The number of active truckers fulfilling orders over the past 12 months reached a historical high of 4.48 million.
Total net revenues for Q3 2025 were RMB 3,358.2 million, up 10.8% year-over-year, with transaction service revenues growing 39% to RMB 1,456.1 million.
The company achieved a non-GAAP adjusted net income of RMB 988.1 million in Q3 2025.
As of September 30, 2025, the company held RMB 31.1 billion in cash and cash equivalents, restricted cash, short-term investments, long-term time deposits, and wealth management products.
For Q4 2025, total revenues are projected to be between RMB 3.08 billion and RMB 3.18 billion.

Nov 17, 2025, 12:00 PM

Transcript

YMM Reports Strong Q3 2025 Revenue and Order Growth

YMM

Earnings

Revenue Acceleration/Inflection

Guidance Update

Full Truck Alliance (YMM) reported total revenues of RMB 3.36 billion, a 10.8% year-over-year increase, and non-GAAP adjusted net income of RMB 988.1 million for the third quarter of 2025.
Operational performance showed strong growth, with total fulfilled orders reaching 63.4 million, up 22.3% year-over-year, and average monthly active shippers increasing by 17.6% year-over-year to 3.35 million.
Transaction Service revenues grew significantly by 39.0% year-over-year to RMB 1.46 billion, accounting for 43% of total revenues.
The company expects total revenues for the fourth quarter of 2025 to be between RMB 3.08 billion and RMB 3.18 billion.

Nov 17, 2025, 12:00 PM

Transcript

Full Truck Alliance Announces Third Quarter 2025 Unaudited Financial Results

YMM

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Full Truck Alliance reported total net revenues of RMB3,358.2 million (US$471.7 million) in the third quarter of 2025, an increase of 10.8% from the same period in 2024.
Net income for Q3 2025 was RMB921.0 million (US$129.4 million), and Non-GAAP adjusted net income was RMB988.1 million (US$138.8 million).
Operational highlights include a 22.3% increase in fulfilled orders to 63.4 million and a 17.6% rise in average shipper MAUs to 3.35 million in Q3 2025.
Transaction service revenue grew 39.0% year-over-year to RMB1,456.1 million (US$204.5 million) in the third quarter of 2025.
The company also strengthened its AI capabilities by acquiring a majority interest in Giga.AI Technology Limited.

Nov 17, 2025, 10:30 AM

Press Release

Full Truck Alliance Announces Changes to Freight Brokerage Service

YMM

Profit Warning

Demand Weakening

Full Truck Alliance Co. Ltd. announced an increase in the service fee rate for its freight brokerage service, effective August 1, 2025, to ensure sustainability and reduce reliance on government grants.
The company expects a significant decline in transaction volume and revenue from its freight brokerage service, along with an increase in the cost of revenue for this service, starting from the quarter ending September 30, 2025.
These changes are anticipated to adversely affect the Company's profit to a certain extent.

Aug 4, 2025, 12:00 AM

6-K

Full Truck Alliance Announces Freight Brokerage Service Changes

YMM

Profit Warning

Demand Weakening

Full Truck Alliance Co. Ltd. (YMM) announced an increase in the service fee rate for its freight brokerage service, aiming to reduce reliance on government grants and address potential uncertainties.
Starting from the quarter ending September 30, 2025, the company anticipates a significant decline in transaction volume and a decline in revenue from its freight brokerage service.
The cost of revenue for this service is also expected to increase, which may adversely affect the Company's profit to a certain extent.

Aug 1, 2025, 9:00 PM

Press Release

Full Truck Alliance Q1 2025 Earnings Results

YMM

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Robust Financial Performance: Total net revenues reached RMB 2.7 billion (up 19% YoY), with transaction service revenue growing by 51.5% YoY and non‐GAAP adjusted operating and net incomes increasing 171.5% and 84% YoY respectively.
Operational Achievements: The platform recorded a 39.2% fulfillment rate, with average shipper MAUs at 2.76 million and shipper membership exceeding 1.1 million, driven by enhancements in order matching and user structure optimization.
Strategic Investment & Outlook: An additional USD 125 million was invested in Plus PRC to advance autonomous driving initiatives and secure majority board control, while Q2 net revenue guidance is between RMB 3.06 billion and RMB 3.12 billion.

May 21, 2025, 12:01 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for Full Truck Alliance.

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