Full Truck Alliance (YMM) Company Report

Analyst Coverage

Research analysts who have asked questions during Full Truck Alliance earnings calls.

Eddy Wang

Morgan Stanley

7 questions for YMM

Also covers: BEKE, BZ, TAL +1 more

Brian Gong

Citigroup Inc.

6 questions for YMM

Also covers: ATHM, DAO, JOYY +2 more

Ritchie Sun

HSBC

6 questions for YMM

Also covers: ATHM, DOYU, HUYA +1 more

Ronald Keung

Goldman Sachs

6 questions for YMM

Also covers: BABA, JD, VIPS +1 more

Wenjie Zhang

CICC

6 questions for YMM

Yuan Liao

CITIC Securities

6 questions for YMM

Also covers: BABA, JOYY, YB

Thomas Chong

Jefferies Financial Group Inc.

4 questions for YMM

Also covers: ATHM, BABA, BEKE +22 more

Charlie Chen

China Renaissance

3 questions for YMM

Also covers: EM, MOGU, RLX +1 more

Jiulu Li

CICC

1 question for YMM

Also covers: DADA

Juan Liao

China International Capital Corporation

1 question for YMM

Richie Sun

HSBC Holdings plc

1 question for YMM

Also covers: ATHM

Wendy Zhang

China International Capital Corporation

1 question for YMM

Yuxuan Mi

China International Capital Corporation

1 question for YMM

Also covers: GHG

Latest news

Recent press releases and 8-K filings for YMM.

Full Truck Alliance Co. Ltd. Announces Q4 and Fiscal Year 2025 Unaudited Financial Results

YMM

Earnings

Dividends

Share Buyback

For the fourth quarter of 2025, Full Truck Alliance Co. Ltd. reported total net revenues of RMB3,192.6 million (US$456.5 million), an increase of 0.6% from the same period in 2024, and net income of RMB994.3 million (US$142.2 million), a 73.0% increase year-over-year.
For the fiscal year 2025, total net revenues reached RMB12,489.9 million (US$1,786.0 million), up 11.1% from 2024, with net income increasing by 42.8% to RMB4,459.1 million (US$637.6 million).
Operational highlights for 2025 include fulfilled orders exceeding 236 million, representing nearly 20% year-over-year growth, and average shipper MAUs increasing by 18.6% to 3.14 million.
The company expects total net revenues for the first quarter of 2026 to be between RMB2.70 billion and RMB2.80 billion, representing approximately flat to a 3.9% year-over-year increase.
The board approved a cash dividend for Q1 2026 of US$0.0042 per ordinary share, or US$0.0840 per ADS, and extended its share repurchase program, under which approximately US$52.4 million in ADSs had been repurchased as of March 11, 2026.

1 day ago

6-K

Full Truck Alliance Reports Q4 and Full Year 2025 Results, Highlights AI Integration and Shareholder Returns

YMM

Earnings

Dividends

Share Buyback

Full Truck Alliance reported net revenues of CNY 12.49 billion for full year 2023, an 11.1% year-over-year increase. For the full year, transaction service revenues reached CNY 5.32 billion (up 38.2% year-over-year), net income was CNY 4.46 billion (up 42.8% year-over-year), and adjusted net income was CNY 4.79 billion (up 19.3% year-over-year).
In Q4 2025, total fulfilled orders grew 12.3% year-over-year to 36.9 million, and average monthly active shippers increased 11.6% to 3.28 million. The overall fulfillment rate reached a record 42.7%, a year-over-year increase of over five percentage points.
The company returned approximately $200 million in cash dividends and repurchased $52.4 million in shares during 2025, and plans to return approximately $400 million to shareholders in 2026, including a $87.5 million dividend for Q1 2026. Full Truck Alliance is cautiously optimistic about steady order growth in 2026.
Full Truck Alliance is actively integrating AI capabilities across its platform, including matching, dispatching, pricing, and customer service, launching an AI-empowered assistant in Q4 2025 to streamline shipping requests. The company is also expanding its international operations under the QMove brand in emerging markets.

1 day ago

Transcript

Full Truck Alliance Reports Q4 and Full Year 2025 Financial and Operational Results

YMM

Earnings

Revenue Acceleration/Inflection

Full Truck Alliance reported net revenues of RMB 3,192.6 million for Q4 2025 and RMB 12,489.9 million for the full year 2025.
The company achieved net income of RMB 994.3 million in Q4 2025 and RMB 4,459.1 million for the full year 2025.
Non-GAAP adjusted net income reached RMB 1,063.1 million for Q4 2025 and RMB 4,794.7 million for the full year 2025.
Fulfilled orders for Q4 2025 were 63.9 million, contributing to a total of 236.3 million for FY 2025.
Average Shipper MAUs for Q4 2025 were 3.28 million, with 4.59 million active truckers fulfilling shipping orders in the past 12 months as of Q4 2025.

1 day ago

Presentation

Full Truck Alliance Reports Q4 2025 Performance and Strategic AI Integration

YMM

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

Full Truck Alliance reported total fulfilled orders of 36.9 million in Q4 2025, a 12.3% year-over-year increase, with average monthly active shippers growing 11.6% year-over-year to 3.28 million.
Transaction service revenue increased approximately 28% year-over-year to RMB 1.49 billion in Q4 2025, driven by an 88.6% commission penetration rate and CNY 26.3 average monetization per order.
The company implemented ecosystem governance initiatives in Q4 2025 to improve platform quality, which affected low-quality order volume but did not impact core monetization capabilities.
AI initiatives progressed to broader deployment, including an AI-empowered assistant for shippers, as the company evolves into an AI-driven intelligent infrastructure.
The 90-day delinquency ratio for credit solutions reached 2.9% in Q4 2025, with the business transitioning to a more asset-light approach and lower interest rates of 26% or below.

1 day ago

Transcript

Full Truck Alliance Reports Q4 and Full Year 2025 Results, Outlines 2026 Strategy

YMM

Earnings

Guidance Update

New Projects/Investments

Full Truck Alliance reported full-year 2025 net revenues of CNY 12.49 billion, an 11.1% year-over-year increase, and non-GAAP adjusted net income of CNY 4.79 billion, up 19.3% year-over-year.
For full year 2025, total fulfilled orders reached 236 million, up 19.8% year-over-year, and average monthly active shippers grew 18.6% year-over-year to 3.14 million. In Q4 2025, the overall fulfillment rate reached a record 42.7%, an increase of over five percentage points year-over-year.
Q4 2025 transaction service revenue increased approximately 28% year-over-year to CNY 1.49 billion, driven by a commission penetration rate of 88.6% and average monetization per order of CNY 26.3.
Looking to 2026, the company will pursue high-quality growth and intelligence transformation, shifting focus to balancing scale and quality, evolving into an AI-driven intelligent infrastructure, and expanding in autonomous driving and overseas markets under the QMove brand.
Proactive ecosystem governance initiatives in 2025, which led to a slowdown in Q4 order volume growth, have improved platform quality, with sequential order growth in 2026 already showing clear signs of recovery.

1 day ago

Transcript

Full Truck Alliance Announces Fourth Quarter and Fiscal Year 2025 Financial Results and Q1 2026 Outlook

YMM

Earnings

Guidance Update

Share Buyback

Full Truck Alliance reported total net revenues of RMB3,192.6 million (US$456.5 million) for Q4 2025, a 0.6% increase year-over-year, and RMB12,489.9 million (US$1,786.0 million) for FY 2025, up 11.1%.
Net income significantly increased by 73.0% to RMB994.3 million (US$142.2 million) in Q4 2025 and by 42.8% to RMB4,459.1 million (US$637.6 million) for FY 2025. Non-GAAP adjusted net income for FY 2025 grew 19.3% to RMB4,794.7 million (US$685.6 million).
Operational highlights for FY 2025 include fulfilled orders reaching 236.3 million, an increase of 19.8%, and average shipper MAUs growing 18.6% to 3.14 million.
For Q1 2026, the company forecasts total net revenues between RMB2.70 billion and RMB2.80 billion, indicating approximately flat to a 3.9% year-over-year increase.
The board approved a cash dividend of US$0.0840 per ADS for Q1 2026, totaling approximately US$87.5 million, and the company repurchased approximately 5.3 million ADSs for US$52.4 million as of March 11, 2026, as part of its shareholder return plan.

1 day ago

Press Release

Full Truck Alliance Co. Ltd. Announces Long-Term Shareholder Return Plan

YMM

Dividends

Share Buyback

Full Truck Alliance Co. Ltd. (YMM) announced a long-term shareholder return plan to distribute no less than 50% of its non-GAAP adjusted net income from the preceding fiscal year annually through dividends and/or share repurchases.
For fiscal year 2026, the company plans to return a total of US$400 million to shareholders.
Of the US$400 million allocated for fiscal year 2026, at least US$300 million will be distributed through quarterly dividends, with the remainder via share repurchases from open markets.
The implementation and specifics of the plan are subject to Board approval and ongoing review.

Jan 20, 2026, 11:44 AM

6-K

Full Truck Alliance Announces Long-Term Shareholder Return Plan

YMM

Dividends

Share Buyback

Guidance Update

Full Truck Alliance Co. Ltd. (YMM) has approved a long-term shareholder return plan committing to distribute no less than 50% of its non-GAAP adjusted net income from the preceding fiscal year annually through dividends and/or share repurchases.
For fiscal year 2026, the company plans to return a total of US$400 million to its shareholders.
This US$400 million for FY 2026 will include at least US$300 million distributed through quarterly dividends, with the remaining amount via share repurchases from open markets.

Jan 19, 2026, 7:30 AM

Press Release

Full Truck Alliance Announces Third Quarter 2025 Unaudited Financial Results

YMM

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

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.