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Full Truck Alliance Co. Ltd. Announces First Quarter 2026 Unaudited Financial ResultsMay 21, 2026 4:30 AM
PR Newswire (US) GUIYANG, China, May 21, 2026 /PRNewswire/ -- Full Truck Alliance Co. Ltd. ("FTA" or the "Company") (NYSE: YMM), a leading digital freight platform, today announced its unaudited financial results for the first quarter ended March 31, 2026. First Quarter 2026 Financial and Operational HighlightsTotal net revenues in the first quarter of 2026 were RMB2,848.4 million (US$412.9 million), an increase of 5.5% from RMB2,699.9 million in the same period of 2025.Net income in the first quarter of 2026 was RMB994.1 million (US$144.1 million), compared with RMB1,278.9 million in the same period of 2025.Non-GAAP adjusted net income1 in the first quarter of 2026 was RMB1,202.0 million (US$174.3 million), compared with RMB1,391.4 million in the same period of 2025.Fulfilled orders2 in the first quarter of 2026 reached 55.0 million, an increase of 14.3% from 48.2 million in the same period of 2025.Average shipper MAUs3 in the first quarter of 2026 reached 3.11 million, an increase of 12.7% from 2.76 million in the same period of 2025.Mr. Peter Hui Zhang, Founder, Chairman, and Chief Executive Officer of FTA, commented, "In the first quarter of 2026, our business sustained robust growth momentum, delivering meaningful improvement in both scale and quality. Quarterly fulfilled orders grew by more than 14% year over year, while average shipper MAUs increased by 13% year over year. At the same time, truckers' activity and fulfillment frequency both continued to increase steadily. These results further underscored the strengthening network effects on both sides of our platform. Looking ahead, we will accelerate AI integration into core logistics workflows and provide users with one-stop solutions, unlocking new long-term growth opportunities."Mr. Langbo Guo, President of FTA, added, "Continued order growth this quarter was driven by improvements in user experience. Total net revenues grew by 5.5% year over year to RMB2.85 billion. Excluding the freight brokerage service, net revenues reached RMB2.02 billion, up 17% year over year. Notably, transaction service revenue grew more than 33% year over year to RMB1.39 billion, reflecting our ongoing revenue mix improvements. Net cash provided by operating activities increased significantly year over year to RMB1.56 billion, further bolstering our operational resilience. Going forward, we will continue embedding AI capabilities across the full logistics value chain to help shippers and truckers reduce costs and operate more efficiently, creating enduring value for our users, the industry, and our shareholders."1 Non-GAAP adjusted net income is defined as net income excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; and (iii) tax effects of non-GAAP adjustments. See "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" at the end of this press release.2 Fulfilled orders on our platform in a given period are defined as all shipping orders matched through our platform during such period but exclude (i) shipping orders that are subsequently canceled and (ii) shipping orders for which our users failed to specify any freight prices, as there are substantial uncertainties as to whether such shipping orders are fulfilled.3 Average shipper MAUs in a given period are calculated by dividing (i) the sum of shipper MAUs for each month of a given period by (ii) the number of months in a given period. Shipper MAUs are defined as the number of active shippers on our platform in a given month. Active shippers are defined as the aggregate number of registered shipper accounts that have posted at least one shipping order on our platform during a given period.First Quarter 2026 Financial ResultsNet Revenues (including value added taxes, or "VAT" of RMB1,064.9 million and RMB941.6 million for the three months ended March 31, 2025 and 2026, respectively). Total net revenues in the first quarter of 2026 were RMB2,848.4 million (US$412.9 million), representing an increase of 5.5% from RMB2,699.9 million in the same period of 2025, primarily attributable to an increase in revenues from freight matching services.Freight matching services. Revenues from freight matching services in the first quarter of 2026 were RMB2,472.4 million (US$358.4 million), representing an increase of 10.0% from RMB2,247.1 million in the same period of 2025. The increase was mainly due to the sustained increase in transaction service revenues, partially offset by a decrease in freight brokerage revenues.Freight brokerage service. Revenues from freight brokerage service in the first quarter of 2026 were RMB827.1 million (US$119.9 million), compared with RMB965.7 million in the same period of 2025, primarily attributable to a decrease in transaction volume, partially offset by an increase in service fee rate.Freight listing service. Revenues from freight listing service in the first quarter of 2026 were RMB252.2 million (US$36.6 million), an increase of 7.4% from RMB234.9 million in the same period of 2025, primarily due to the growing number of total paying members.Transaction service. Revenues from transaction service amounted to RMB1,393.1 million (US$202.0 million) in the first quarter of 2026, an increase of 33.1% from RMB1,046.5 million in the same period of 2025, primarily driven by increases in order volume, penetration rate and per-order transaction service fee.Value-added services.4 Revenues from value-added services in the first quarter of 2026 were RMB376.0 million (US$54.5 million), compared with RMB452.8 million in the same period of 2025. The decrease was primarily due to a decrease in credit solutions revenues.Cost of Revenues (including VAT net of government grants of RMB466.6 million and RMB487.8 million for the three months ended March 31, 2025 and 2026, respectively). Cost of revenues in the first quarter of 2026 was RMB778.2 million (US$112.8 million), compared with RMB698.6 million in the same period of 2025, primarily due to increases in VAT, related tax surcharges and other tax costs, net of grants from government authorities. These tax-related costs net of government grants totaled RMB614.3 million, compared with RMB565.6 million in the same period of 2025, primarily due to an increase in tax costs net of government grants related to the Company's freight brokerage service.Sales and Marketing Expenses. Sales and marketing expenses in the first quarter of 2026 were RMB381.7 million (US$55.3 million), broadly consistent with RMB377.9 million in the same period of 2025.General and Administrative Expenses. General and administrative expenses in the first quarter of 2026 were RMB299.6 million (US$43.4 million), compared with RMB186.0 million in the same period of 2025. The increase was primarily due to higher share-based compensation expenses.Research and Development Expenses. Research and development expenses in the first quarter of 2026 were RMB255.3 million (US$37.0 million), compared with RMB193.4 million in the same period of 2025. The increase was mainly due to the inclusion of R&D costs of Giga.AI Technology Limited ("Giga.AI"), which was consolidated into the Company's financial results since July 2025.Income from Operations. Income from operations in the first quarter of 2026 was RMB1,006.0 million (US$145.8 million), compared with RMB1,202.4 million in the same period of 2025.Non-GAAP Adjusted Operating Income.5 Non-GAAP adjusted operating income in the first quarter of 2026 was RMB1,219.8 million (US$176.8 million), compared with RMB1,318.1 million in the same period of 2025.Net Income. Net income in the first quarter of 2026 was RMB994.1 million (US$144.1 million), compared with RMB1,278.9 million in the same period of 2025.Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in the first quarter of 2026 was RMB1,202.0 million (US$174.3 million), compared with RMB1,391.4 million in the same period of 2025.Basic and Diluted Net Income per ADS6 and Non-GAAP Adjusted Basic and Diluted Net Income per ADS.7 Basic net income per ADS was RMB0.95 (US$0.14) in the first quarter of 2026, compared with RMB1.22 in the same period of 2025. Diluted net income per ADS was RMB0.95 (US$0.14) in the first quarter of 2026, compared with RMB1.21 in the same period of 2025. Non-GAAP adjusted basic and diluted net income per ADS were RMB1.15 (US$0.17) in the first quarter of 2026, compared with RMB1.32 in the same period of 2025.Balance Sheet and Cash FlowAs of March 31, 2026, the Company had cash and cash equivalents, restricted cash, short-term investments, long-term time deposits and wealth management products with maturities over one year of RMB32.3 billion (US$4.7 billion) in total, compared with RMB31.5 billion as of December 31, 2025.As of March 31, 2026, the total outstanding loan balance8 was RMB5.2 billion (US$0.8 billion), compared with RMB5.5 billion as of December 31, 2025. The total non-performing loan ratio8 was 3.2% as of March 31, 2026, compared with 2.9% as of December 31, 2025, primarily due to an increase in industry-wide risk fluctuation.In the first quarter of 2026, net cash provided by operating activities was RMB1,562.0 million (US$226.4 million), compared with RMB325.6 million in the same period of 2025. Free cash flow9 was RMB1,493.8 million (US$216.6 million), compared with RMB293.0 million in the same period of 2025.4 The Company provides a range of value-added services including credit solutions, insurance services, electronic toll collection, energy services, intelligent driving-related services, and other services on the FTA platform.5 Non-GAAP adjusted operating income is defined as income from operations excluding (i) share-based compensation expense; and (ii) amortization of intangible assets resulting from business acquisitions. See "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" at the end of this press release.6 ADS refers to American depositary shares, each of which represents 20 Class A ordinary shares.7 Non-GAAP adjusted basic and diluted net income per ADS is net income attributable to ordinary shareholders excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; and (iii) tax effects of non-GAAP adjustments, divided by weighted average number of basic and diluted ADSs, respectively. For more information, refer to "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" at the end of this press release.8 To better reflect the substance of our credit solutions business and present its complete operating performance, we have revised the calculation methodologies of the total outstanding loan balance and the non-performing loan ("NPL") ratio by including off-balance sheet loans in the calculation. Total outstanding loan balance means the aggregate principal amount outstanding under on-balance sheet and off-balance sheet loans as of the end of each reporting period, excluding loans that are more than 180 days past due. Off-balance sheet loans refer to the loans funded by the Company's institutional funding partners that we bear principal risk. NPL ratio is calculated by dividing the sum of total outstanding principal of the on- and off-balance sheet loans that were over 90 calendar days past due (excluding loans that are over 180 days past due and are therefore charged off) by the sum of total outstanding principal of on- and off-balance sheet loans (excluding loans that are over 180 days past due and are therefore charged off) as of a specified date. Comparative periods have been restated accordingly to conform to this presentation.9 Free cash flow is defined as operating cash flow adjusted for the impact from capital expenditures. Capital expenditures include purchase of property and equipment and intangible assets.Business OutlookThe Company expects its total net revenues to be between RMB3.07 billion and RMB3.17 billion for the second quarter of 2026, compared with RMB3.24 billion in the same period of 2025. Excluding freight brokerage service, net revenues are expected to range from RMB2.21 billion to RMB2.30 billion, representing an estimated year-over-year growth rate of 7.1% to 11.7%. These forecasts are based on the Company's current and preliminary view of the market and operational conditions, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.Declaration of Quarterly Cash DividendPursuant to the Company's shareholder return plan, the board approved a cash dividend for the second quarter of 2026 in the amount of US$0.0042 per ordinary share, or US$0.0840 per ADS, totaling approximately US$87.5 million. The dividend will be paid on or around July 21, 2026, to holders of record of the Company's ordinary shares at the close of business on July 7, 2026. For holders of the Company's ADSs, cash dividends are expected to be paid through the depositary, Deutsche Bank Trust Company Americas, on or around July 21, 2026, subject to the terms of the deposit agreement, including the fees and expenses payable thereunder.The board will review the quarterly cash dividend policy periodically, and may authorize adjustments to the size and terms of the dividends to ensure that the total shareholder return value for fiscal year 2026 will be approximately US$400 million.Exchange Rate InformationThis announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at a rate of RMB6.8980 to US$1.00, the exchange rate in effect as of March 31, 2026, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all.Conference CallThe Company's management will hold an earnings conference call at 7:00 A.M. U.S. Eastern Time on May 21, 2026, or 7:00 P.M. Beijing Time to discuss its financial results and operating performance for the first quarter 2026.For participants who wish to join the conference using dial-in numbers, please complete online registration using the link provided below prior to the scheduled call start time.Participant Online Registration:
https://s1.c-conf.com/diamondpass/10054328-huyt67.htmlUpon registration, each participant will receive details for the conference call, including dial-in numbers and a unique access PIN. To join the conference, please dial the provided number, enter your PIN, and you will join the conference.The replay will be accessible through May 28, 2026, by dialing the following numbers:United States:+1-855-883-1031Mainland China:400-120-9216Hong Kong, SAR:800-930-639United Kingdom:0800-031-4295Singapore:800-101-3223Replay Access Code:10054328A live and archived webcast of the conference call will also be available on the Company's investor relations website at ir.fulltruckalliance.com.About Full Truck Alliance Co. Ltd.Full Truck Alliance Co. Ltd. (NYSE: YMM) is a leading digital freight platform connecting shippers with truckers to facilitate shipments across distance ranges, cargo weights and types. The Company provides a range of freight matching services, including freight listing, freight brokerage and transaction services. The Company also provides a range of value-added services that cater to the various needs of shippers and truckers, such as financial institutions, highway authorities, and gas station operators. With a mission to empower enterprises with greater logistics competitiveness, the Company is shaping the future of logistics with technology and aspires to revolutionize logistics, improve efficiency across the value chain and reduce its carbon footprint for our planet. For more information, please visit ir.fulltruckalliance.com.Use of Non-GAAP Financial Measures The Company uses non-GAAP adjusted operating income, non-GAAP adjusted net income, non-GAAP adjusted net income attributable to ordinary shareholders, non-GAAP adjusted basic and diluted net income per share and non-GAAP adjusted basic and diluted net income per ADS, each a non-GAAP financial measure, as supplemental measures to review and assess its operating performance.The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines non-GAAP adjusted operating income as income from operations excluding (i) share-based compensation expense; and (ii) amortization of intangible assets resulting from business acquisitions. The Company defines non-GAAP adjusted net income as net income excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; and (iii) tax effects of non-GAAP adjustments. The Company defines non-GAAP adjusted net income attributable to ordinary shareholders as net income attributable to ordinary shareholders excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; and (iii) tax effects of non-GAAP adjustments. The Company defines non-GAAP adjusted basic and diluted net income per share as non-GAAP adjusted net income attributable to ordinary shareholders divided by weighted average number of basic and diluted ordinary shares, respectively. The Company defines non-GAAP adjusted basic and diluted net income per ADS as non-GAAP adjusted net income attributable to ordinary shareholders divided by the weighted average number of basic and diluted ADSs, respectively. The Company defines free cash flow as operating cash flow adjusting for the impact from capital expenditures. Capital expenditures include purchase of property and equipment and intangible assets.The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as an analytical tool. The non-GAAP financial measures do not reflect all items of expense that affect its operations.The Company reconciles the non-GAAP financial measures to the nearest U.S. GAAP performance measures. Non-GAAP adjusted operating income, non-GAAP adjusted net income, non-GAAP adjusted net income attributable to ordinary shareholders and non-GAAP adjusted basic and diluted net income per share should not be considered in isolation or construed as an alternative to operating income, net income, net income attributable to ordinary shareholders and basic and diluted net income per share or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review FTA's non-GAAP financial measures against the most directly comparable GAAP measures. FTA's non-GAAP financial measure may not be comparable to similarly titled measures presented by other companies.For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this release.Safe Harbor Statement This press release contains statements that may constitute "forward-looking" statements which are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," and similar statements. Statements that are not historical facts, including statements about the Company's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: FTA's goal and strategies; FTA's expansion plans; FTA's future business development, financial condition and results of operations; expected changes in FTA's revenues, costs or expenses; the risk that the proposed further investment in Giga.AI may not be consummated; industry landscape of, and trends in, China's road transportation market; competition in FTA's industry; FTA's expectations regarding demand for, and market acceptance of, its services; FTA's expectations regarding its relationships with shippers, truckers and other ecosystem participants; FTA's ability to protect its systems and infrastructures from cyber-attacks; PRC laws, regulations, and policies relating to the road transportation market, as well as general regulatory environment in which FTA operates in China; the results of regulatory review and the duration and impact of any regulatory action taken against FTA; the impact of health epidemics, extreme weather conditions and production constraints brought by electricity rationing measures; general economic and business condition; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.For investor and media inquiries, please contact:In China:Full Truck Alliance Co. Ltd.
Mao Mao
E-mail: IR@amh-group.comPiacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
E-mail: FTA@thepiacentegroup.comIn the United States:Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: FTA@thepiacentegroup.com FULL TRUCK ALLIANCE CO. LTD.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(All amounts in thousands, except share, ADS, per share and per ADS data)
As of
December 31,
March 31,
March 31,
2025
2026
2026
RMB
RMB
US$ASSETS
Current assets:
Cash and cash equivalents6,066,137
6,670,150
966,969Restricted cash70,290
79,920
11,586Short-term investments11,048,309
11,793,781
1,709,739Accounts receivable, net75,133
96,076
13,928Amount due from related parties—
14,154
2,052Loans receivable, net4,851,353
4,268,909
618,862Prepayments and other current assets, net940,552
952,925
138,145Total current assets23,051,774
23,875,915
3,461,281Restricted cash30,000
200,000
28,994Long-term time deposits and other investments114,268,513
13,592,790
1,970,541Investments in equity investees1,043,145
1,068,115
154,844Property and equipment, net457,487
521,551
75,609Intangible assets, net757,408
732,805
106,234Goodwill4,025,420
4,025,420
583,563Deferred tax assets249,551
279,778
40,559Operating lease right-of-use assets92,218
82,144
11,908Other non-current assets346,512
430,247
62,373Total non-current assets21,270,254
20,932,850
3,034,625TOTAL ASSETS44,322,028
44,808,765
6,495,906LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable37,750
40,881
5,927Amount due to related parties29,674
29,450
4,269Prepaid for freight listing fees and other service fees637,489
578,109
83,808Income tax payable421,707
489,474
70,959Other tax payable479,286
555,325
80,505Operating lease liabilities33,847
24,564
3,561Dividends payable—
598,860
86,816Accrued expenses and other current liabilities1,211,279
1,129,222
163,703Total current liabilities2,851,032
3,445,885
499,548Deferred tax liabilities185,578
179,643
26,043Operating lease liabilities1,485
1,100
159Other non-current liabilities12,328
11,247
1,630Total non-current liabilities199,391
191,990
27,832TOTAL LIABILITIES3,050,423
3,637,875
527,380MEZZANINE EQUITY
Redeemable non-controlling interests767,813
785,491
113,872Subscription receivables(20,000)
—
—SHAREHOLDERS' EQUITY
Ordinary shares1,345
1,339
194Additional paid-in capital44,328,028
43,630,647
6,325,116Accumulated other comprehensive income2,742,068
2,417,763
350,502Accumulated deficit(7,020,237)
(6,121,892)
(887,488)TOTAL FULL TRUCK ALLIANCE CO. LTD. EQUITY40,051,204
39,927,857
5,788,324Non-controlling interests472,588
457,542
66,330TOTAL SHAREHOLDERS' EQUITY40,523,792
40,385,399
5,854,654TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY44,322,028
44,808,765
6,495,906
1. The Group's long-term time deposits and other investments consist ofRMB13,571 million long-term time deposits and
RMB22 million available-for-sale debt securities as of March 31, 2026. FULL TRUCK ALLIANCE CO. LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME(All amounts in thousands, except share, ADS, per share and per ADS data)
Three months ended
March 31,
December 31,
March 31,
March 31,
2025
2025
2026
2026
RMB
RMB
RMB
US$Net Revenues:
Freight Matching Services2,247,107
2,704,190
2,472,370
358,419Freight brokerage service965,666
961,472
827,064
119,899Freight listing service234,905
255,214
252,175
36,558Transaction service1,046,536
1,487,504
1,393,131
201,962Value-added services452,802
488,412
376,014
54,511Total net revenues (including value added taxes, or "VAT" of
RMB1,064.9 million and RMB941.6 million for the three months
ended March 31, 2025 and 2026, respectively)2,699,909
3,192,602
2,848,384
412,930Operating expenses:
Cost of revenues (including VAT net of government grants, of
RMB466.6 million and RMB487.8 million for the three months
ended March 31, 2025 and 2026, respectively)(1)(698,559)
(1,076,652)
(778,220)
(112,818)Sales and marketing expenses(1)(377,850)
(497,258)
(381,691)
(55,334)General and administrative expenses(1)(186,009)
(191,869)
(299,590)
(43,431)Research and development expenses(1)(193,358)
(258,207)
(255,330)
(37,015)Provision for loans receivable(81,851)
(144,047)
(143,634)
(20,823)Total operating expenses(1,537,627)
(2,168,033)
(1,858,465)
(269,421)Other operating income40,165
3,356
16,040
2,325Income from operations1,202,447
1,027,925
1,005,959
145,834Other income
Interest income245,509
226,662
216,824
31,433Foreign exchange loss(10,825)
(4,308)
(6,114)
(886)Investment income19,333
31,094
12,206
1,769Unrealized gains (losses) from fair value changes of investments33,462
12,947
(3,577)
(519)Other income (expenses), net618
(16,593)
(2,369)
(343)Share of gain (loss) in equity method investees163
(10,572)
(4,423)
(641)Total other income288,260
239,230
212,547
30,813Net income before income tax1,490,707
1,267,155
1,218,506
176,647Income tax expense(211,771)
(272,869)
(224,409)
(32,532)Net income1,278,936
994,286
994,097
144,115Less: net loss attributable to non-controlling interests(1,162)
(13,396)
(14,487)
(2,100)Less: measurement adjustment attributable to redeemable non-controlling
interests11,522
19,853
17,678
2,563Net income attributable to ordinary shareholders1,268,576
987,829
990,906
143,652 FULL TRUCK ALLIANCE CO. LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (CONTINUED)(All amounts in thousands, except share, ADS, per share and per ADS data)
Three months ended
March 31,
December 31,
March 31,
March 31,
2025
2025
2026
2026
RMB
RMB
RMB
US$Net income per share
—Basic 0.06
0.05
0.05
0.01—Diluted0.06
0.05
0.05
0.01Net income per ADS*
—Basic 1.22
0.95
0.95
0.14—Diluted1.21
0.94
0.95
0.14Weighted average number of ordinary shares used
in computing net income per share
—Basic20,850,255,050
20,841,527,394
20,789,216,349
20,789,216,349—Diluted20,958,643,962
20,909,526,453
20,882,514,034
20,882,514,034Weighted average number of ADSs used in
computing net income per ADS
—Basic1,042,512,753
1,042,076,370
1,039,460,817
1,039,460,817—Diluted1,047,932,198
1,045,476,323
1,044,125,702
1,044,125,702
* Each ADS represents 20 ordinary shares.
(1) Share-based compensation expense in operating expenses are as follows:
Three months ended
March 31,
December 31,
March 31,
March 31,
2025
2025
2026
2026
RMB
RMB
RMB
US$Cost of revenues
3,849
2,410
2,591
376Sales and marketing expenses
19,558
7,803
9,078
1,316General and administrative expenses
55,768
27,047
164,945
23,912Research and development expenses
23,498
14,300
13,520
1,960Total
102,673
51,560
190,134
27,564 FULL TRUCK ALLIANCE CO. LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND FREE CASH FLOW(All amounts in thousands, except share, ADS, per share and per ADS data)
Three months ended
March 31,
December 31,
March 31,
March 31,
2025
2025
2026
2026
RMB
RMB
RMB
US$Net cash provided by operating activities325,643
1,330,883
1,561,958
226,436Net cash provided by (used in) investing activities2,153,412
(341,108)
(453,603)
(65,759)Net cash used in financing activities(3,921)
(647,175)
(296,945)
(43,048)Effect of exchange rate changes on cash, cash equivalents and
restricted cash(18,885)
(17,167)
(27,767)
(4,024)Net increase in cash, cash equivalents and restricted cash2,456,249
325,433
783,643
113,605Cash and cash equivalents and restricted cash, beginning of the period 5,950,880
5,840,994
6,166,427
893,944Cash and cash equivalents and restricted cash, end of the period8,407,129
6,166,427
6,950,070
1,007,549
Net cash provided by operating activities325,643
1,330,883
1,561,958
226,436Less: Capital expenditures(32,655)
(34,481)
(68,169)
(9,882)Free cash flow (non-GAAP)292,988
1,296,402
1,493,789
216,554 FULL TRUCK ALLIANCE CO. LTD.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS(All amounts in thousands, except share, ADS, per share and per ADS data)
Three months ended
March 31,
December 31,
March 31,
March 31,
2025
2025
2026
2026
RMB
RMB
RMB
US$Income from operations1,202,447
1,027,925
1,005,959
145,834Add:
Share-based compensation expense102,673
51,560
190,134
27,564Amortization of intangible assets resulting from
business acquisitions13,021
22,956
23,738
3,441Non-GAAP adjusted operating income1,318,141
1,102,441
1,219,831
176,839
Net income1,278,936
994,286
994,097
144,115Add:
Share-based compensation expense102,673
51,560
190,134
27,564Amortization of intangible assets resulting from
business acquisitions13,021
22,956
23,738
3,441Tax effects of non-GAAP adjustments(3,255)
(5,739)
(5,935)
(860)Non-GAAP adjusted net income1,391,375
1,063,063
1,202,034
174,260 FULL TRUCK ALLIANCE CO. LTD.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (CONTINUED)(All amounts in thousands, except share, ADS, per share and per ADS data)
Three months ended
March 31,
December 31,
March 31,
March 31,
2025
2025
2026
2026
RMB
RMB
RMB
US$
Net income attributable to ordinary shareholders1,268,576
987,829
990,906
143,652Add:
Share-based compensation expense102,673
51,560
190,134
27,564Amortization of intangible assets resulting from
business acquisitions13,021
22,956
23,738
3,441Tax effects of non-GAAP adjustments(3,255)
(5,739)
(5,935)
(860)Non-GAAP adjusted net income attributable to
ordinary shareholders1,381,015
1,056,606
1,198,843
173,797
Non-GAAP adjusted net income per share
—Basic0.07
0.05
0.06
0.01—Diluted0.07
0.05
0.06
0.01Non-GAAP adjusted net income per ADS
—Basic1.32
1.01
1.15
0.17—Diluted1.32
1.01
1.15
0.17 View original content:https://www.prnewswire.com/news-releases/full-truck-alliance-co-ltd-announces-first-quarter-2026-unaudited-financial-results-302778713.htmlSOURCE Full Truck Alliance Co. Ltd. Original: Full Truck Alliance Co. Ltd. Announces First Quarter 2026 Unaudited Financial Results
US Market News
4月前
Full Truck Alliance Co. Ltd. Announces Fourth Quarter and Fiscal Year 2025 Unaudited Financial ResultsMarch 12, 2026 6:30 AM
PR Newswire (US)
GUIYANG, China, March 12, 2026 /PRNewswire/ -- Full Truck Alliance Co. Ltd. ("FTA" or the "Company") (NYSE: YMM), a leading digital freight platform, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025.Fourth Quarter and Fiscal Year 2025 Financial and Operational HighlightsTotal net revenues in the fourth quarter of 2025 were RMB3,192.6 million (US$456.5 million), an increase of 0.6% from RMB3,174.3 million in the same period of 2024. Total net revenues in 2025 were RMB12,489.9 million (US$1,786.0 million), an increase of 11.1% from RMB11,238.6 million in 2024.Net income in the fourth quarter of 2025 was RMB994.3 million (US$142.2 million), an increase of 73.0% from RMB574.6 million in the same period of 2024. Net income in 2025 was RMB4,459.1 million (US$637.6 million), an increase of 42.8% from RMB3,123.4 million in 2024.Non-GAAP adjusted net income1 in the fourth quarter of 2025 was RMB1,063.1 million (US$152.0 million), an increase of 1.1% from RMB1,052.0 million in the same period of 2024. Non-GAAP adjusted net income in 2025 was RMB 4,794.7 million (US$685.6 million), an increase of 19.3% from RMB4,020.4 million in 2024.Fulfilled orders2 in the fourth quarter of 2025 reached 63.9 million, an increase of 12.3% from 56.9 million in the same period of 2024. Fulfilled orders in 2025 reached 236.3 million, an increase of 19.8% from 197.2 million in 2024.Average shipper MAUs3 in the fourth quarter of 2025 reached 3.28 million, an increase of 11.6% from 2.93 million in the same period of 2024. Average shipper MAUs in 2025 reached 3.14 million, an increase of 18.6% from 2.64 million in 2024.Mr. Peter Hui Zhang, Founder, Chairman, and Chief Executive Officer of FTA, commented, "We achieved improvements in both user experience and profitability amid a complex market environment in the fourth quarter of 2025 through disciplined strategic execution. For the full year, fulfilled orders exceeded 236 million, representing nearly 20% year-over-year growth; average shipper MAUs increased 18.6% year over year, reflecting a healthier ecosystem across both shippers and truckers. Meanwhile, we piloted AI assistant capabilities for shippers to enhance fulfillment efficiency across the platform. Looking ahead, we will accelerate the adoption of AI across logistics transactions and fulfillment, creating greater value for the industry."Mr. Langbo Guo, President of FTA, added, "Looking back at 2025, we continued to drive growth through a dual focus on user growth and ecosystem development. Full-year revenue reached RMB 12.49 billion, up 11.1% year-over-year. At the same time, revenue mix further improved, with transaction service revenue growing 38.2% year-over-year. Net income reached RMB 4.46 billion, up 42.8% year-over-year, and non-GAAP adjusted net income reached RMB 4.79 billion, up 19.3% year-over-year, demonstrating sustained profitability. Moving forward, we will actively leverage AI to empower both shippers and truckers, further strengthening our core competitiveness and sustainable profitability."1 Non-GAAP adjusted net income is defined as net income excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; (iv) impairment loss of long-term investment; and (v) tax effects of non-GAAP adjustments. See "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" at the end of this press release.2 Fulfilled orders on our platform in a given period are defined as all shipping orders matched through our platform during such period but exclude (i) shipping orders that are subsequently canceled and (ii) shipping orders for which our users failed to specify any freight prices, as there are substantial uncertainties as to whether such shipping orders are fulfilled.3 Average shipper MAUs in a given period are calculated by dividing (i) the sum of shipper MAUs for each month of a given period by (ii) the number of months in a given period. Shipper MAUs are defined as the number of active shippers on our platform in a given month. Active shippers are defined as the aggregate number of registered shipper accounts that have posted at least one shipping order on our platform during a given period.Fourth Quarter 2025 Financial ResultsNet Revenues (including value added taxes, or "VAT" of RMB1,422.1 million and RMB1,088.6 million for the three months ended December 31, 2024 and 2025, respectively). Total net revenues in the fourth quarter of 2025 were RMB3,192.6 million (US$456.5 million), representing an increase of 0.6% from RMB3,174.3 million in the same period of 2024, primarily attributable to an increase in revenues from value-added services.Freight matching services. Revenues from freight matching services in the fourth quarter of 2025 were RMB2,704.2 million (US$386.7 million), compared with RMB2,704.9 million in the same period of 2024. The slight decrease was mainly due to a decrease in freight brokerage service revenues, substantially offset by an increase in transaction service revenues and freight listing service revenues.Freight brokerage service. Revenues from freight brokerage service in the fourth quarter of 2025 were RMB961.5 million (US$137.5 million), compared with RMB1,316.1 million in the same period of 2024, primarily attributable to a decrease in transaction volume, partially offset by an increase in service fee rate.Freight listing service. Revenues from freight listing service in the fourth quarter of 2025 were RMB255.2 million (US$36.5 million), an increase of 10.7% from RMB230.5 million in the same period of 2024, primarily due to the growing number of total paying members.Transaction service. Revenues from transaction service amounted to RMB1,487.5 million (US$212.7 million) in the fourth quarter of 2025, an increase of 28.4% from RMB1,158.3 million in the same period of 2024, primarily driven by increases in order volume, penetration rate and per-order transaction service fee.Value-added services.4 Revenues from value-added services in the fourth quarter of 2025 were RMB488.4 million (US$69.8 million), an increase of 4.1% from RMB469.3 million in the same period of 2024. The increase was primarily due to an increase in other value-added services revenues, attributable to the inclusion of revenues from Giga.AI Technology Limited ("Giga.AI") subsequent to its consolidation into the Company's financial results since July 9, 2025, partially offset by a decrease in credit solutions revenues.Cost of Revenues (including VAT net of government grants of RMB1,070.9 million and RMB843.2 million for the three months ended December 31, 2024 and 2025, respectively). Cost of revenues in the fourth quarter of 2025 was RMB1,076.7 million (US$154.0 million), compared with RMB1,391.7 million in the same period of 2024, primarily due to decreases in VAT, related tax surcharges and other tax costs, net of grants from government authorities. These tax-related costs net of government grants totaled RMB864.9 million, compared with RMB1,278.5 million in the same period of 2024, primarily due to a decrease in tax costs net of government grants related to the Company's freight brokerage service.Sales and Marketing Expenses. Sales and marketing expenses in the fourth quarter of 2025 were RMB497.3 million (US$71.1 million), compared with RMB471.8 million in the same period of 2024. The increase was primarily due to additional investments in user ecosystem enhancement and user rights protection, partially offset by efficiency-focused spending on user acquisitions.General and Administrative Expenses. General and administrative expenses in the fourth quarter of 2025 were RMB191.9 million (US$27.4 million), compared with RMB202.3 million in the same period of 2024. The decrease was primarily due to lower share-based compensation expenses, partially offset by higher salary and benefit expenses.Research and Development Expenses. Research and development expenses in the fourth quarter of 2025 were RMB258.2 million (US$36.9 million), compared with RMB205.0 million in the same period of 2024. The increase was mainly due to the inclusion of Giga.AI's R&D costs.Income from Operations. Income from operations in the fourth quarter of 2025 was RMB 1,027.9 million (US$147.0 million), an increase of 23.0% from RMB835.4 million in the same period of 2024.Non-GAAP Adjusted Operating Income.5 Non-GAAP adjusted operating income in the fourth quarter of 2025 was RMB1,102.4 million (US$157.6 million), an increase of 14.4% from RMB963.3 million in the same period of 2024.Net Income. Net income in the fourth quarter of 2025 was RMB994.3 million (US$142.2 million), an increase of 73.0% from RMB574.6 million in the same period of 2024.Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in the fourth quarter of 2025 was RMB1,063.1 million (US$152.0 million), an increase of 1.1% from RMB1,052.0 million in the same period of 2024.Basic and Diluted Net Income per ADS6 and Non-GAAP Adjusted Basic and Diluted Net Income per ADS.7 Basic net income per ADS was RMB0.95 (US$0.14) in the fourth quarter of 2025, compared with RMB0.54 in the same period of 2024. Diluted net income per ADS was RMB0.94 (US$0.14) in the fourth quarter of 2025, compared with RMB0.53 in the same period of 2024. Non-GAAP adjusted basic net income per ADS was RMB1.01 (US$0.14) in the fourth quarter of 2025, compared with RMB1.00 in the same period of 2024. Non-GAAP adjusted diluted net income per ADS was RMB1.01 (US$0.14) in the fourth quarter of 2025, compared with RMB0.99 in the same period of 2024.Balance Sheet and Cash FlowAs of December 31, 2025, the Company had cash and cash equivalents, restricted cash, short-term investments, long-term time deposits and wealth management products with maturities over one year of RMB31.5 billion (US$4.5 billion) in total, compared with RMB29.2 billion as of December 31, 2024.As of December 31, 2025, the total outstanding loan balance8 was RMB5.5 billion (US$0.8 billion), compared with RMB4.4 billion as of December 31, 2024. The total non-performing loan ratio8 was 2.9% as of December 31, 2025, compared with 2.0% as of December 31, 2024, primarily due to an increase in industry-wide risk fluctuation.In the fourth quarter of 2025, net cash provided by operating activities was RMB1,330.9 million (US$190.3 million), compared with RMB1,150.0 million in the same period of 2024. Free cash flow9 was RMB1,296.4 million (US$185.4 million), compared with RMB1,126.3 million in the same period of 2024.4 The Company provides a range of value-added services including credit solutions, insurance services, electronic toll collection, energy services, services arising from the consolidation of Giga.AI, and other services on the FTA platform.5 Non-GAAP adjusted operating income is defined as income from operations excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; and (iii) compensation cost incurred in relation to acquisitions. See "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" at the end of this press release.6 ADS refers to American depositary shares, each of which represents 20 Class A ordinary shares.7 Non-GAAP adjusted basic and diluted net income per ADS is net income attributable to ordinary shareholders excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; (iv) impairment loss of long-term investment; and (v) tax effects of non-GAAP adjustments, divided by weighted average number of basic and diluted ADSs, respectively. For more information, refer to "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" at the end of this press release. Off-balance sheet loans refer to the loans funded by the Company's institutional funding partners that we bear principal risk.8 To better reflect the substance of our credit solutions business and present its complete operating performance, we have revised the calculation methodologies of the total outstanding loan balance and the non-performing loan ("NPL") ratio by including off-balance sheet loans in the calculation. Total outstanding loan balance means the aggregate principal amount outstanding under on-balance sheet and off-balance sheet loans as of the end of each reporting period, excluding loans that are more than 180 days past due. NPL ratio is calculated by dividing the sum of total outstanding principal of the on- and off-balance sheet loans that were over 90 calendar days past due (excluding loans that are over 180 days past due and are therefore charged off) by the sum of total outstanding principal of on- and off-balance sheet loans (excluding loans that are over 180 days past due and are therefore charged off) as of a specified date. Comparative periods have been restated accordingly to conform to this presentation.9 Free cash flow is defined as operating cash flow adjusted for the impact from capital expenditures. Capital expenditures include purchase of property and equipment and intangible assets.Fiscal Year 2025 Financial ResultsNet Revenues (including value added taxes, or "VAT" of RMB5,097.7 million and RMB4,671.4 million for the years ended December 31, 2024 and 2025, respectively). Total net revenues in 2025 were RMB12,489.9 million (US$1,786.0 million), representing an increase of 11.1% from RMB11,238.6 million in 2024, primarily attributable to an increase in revenues from freight matching services.Freight matching services. Revenues from freight matching services in 2025 were RMB10,496.8 million (US$1,501.0 million), representing an increase of 11.0% from RMB9,455.1 million in 2024. The increase was mainly due to the rapid increase in transaction service revenues, partially offset by a decrease in freight brokerage service revenues.Freight brokerage service. Revenues from freight brokerage service in 2025 were RMB4,199.4 million (US$600.5 million), compared with RMB4,727.0 million in 2024, primarily attributable to a decrease in transaction volume, partially offset by an increase in service fee rate.Freight listing service. Revenues from freight listing service in 2025 were RMB980.2 million (US$140.2 million), an increase of 11.4% from RMB879.5 million in 2024, primarily due to the growing number of total paying members.Transaction service. Revenues from transaction service amounted to RMB5,317.2 million (US$760.4 million) in 2025, an increase of 38.2% from RMB3,848.7 million in 2024, primarily driven by increases in order volume, penetration rate and per-order transaction service fee.Value-added services. Revenues from value-added services in 2025 were RMB1,993.1 million (US$285.0 million), an increase of 11.8% from RMB1,783.5 million in 2024. The increase was primarily due to an increase in credit solutions revenues and the inclusion of Giga.AI's revenues.Cost of Revenues (including VAT net of government grants of RMB3,893.4 million and RMB3,262.4 million for the years ended December 31, 2024 and 2025, respectively). Cost of revenues in 2025 was RMB4,618.8 million (US$660.5 million), compared with RMB5,100.6 million in 2024, primarily due to decreases in VAT, related tax surcharges and other tax costs, net of grants from government authorities. These tax-related costs net of government grants totaled RMB3,944.7 million, compared with RMB4,584.4 million in 2024, primarily due to a decrease in tax costs net of government grants related to the Company's freight brokerage service.Sales and Marketing Expenses. Sales and marketing expenses in 2025 were RMB1,747.8 million (US$249.9 million), compared with RMB1,596.8 million in 2024. The increase was primarily due to further investments in user ecosystem enhancement and user rights protection, as well as an increase in advertising and marketing expenses for user acquisitions.General and Administrative Expenses. General and administrative expenses in 2025 were RMB709.8 million (US$101.5 million), compared with RMB913.8 million in 2024. The decrease was primarily due to lower share-based compensation expenses.Research and Development Expenses. Research and development expenses in 2025 were RMB874.4 million (US$125.0 million), compared with RMB880.0 million in 2024. The decrease was mainly due to lower salary and benefits expenses, partially offset by the inclusion of Giga.AI's R&D costs.Income from Operations. Income from operations in 2025 was RMB4,146.2 million (US$592.9 million), an increase of 67.5% from RMB2,475.0 million in 2024.Non-GAAP Adjusted Operating Income. Non-GAAP adjusted operating income in 2025 was RMB4,499.8 million (US$643.5 million), an increase of 48.4% from RMB3,032.3 million in 2024.Net Income. Net income in 2025 was RMB4,459.1 million (US$637.6 million), an increase of 42.8% from RMB3,123.4 million in 2024.Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in 2025 was RMB4,794.7 million (US$685.6 million), an increase of 19.3% from RMB4,020.4 million in 2024.Basic and Diluted Net Income per ADS and Non-GAAP Adjusted Basic and Diluted Net Income per ADS. Basic net income per ADS was RMB4.23 (US$0.60) in 2025, compared with RMB2.95 in 2024. Diluted net income per ADS was RMB4.21 (US$0.60) in 2025, compared with RMB2.94 in 2024. Non-GAAP adjusted basic net income per ADS was RMB4.55 (US$0.65) in 2025, compared with RMB3.81 in 2024. Non-GAAP adjusted diluted net income per ADS was RMB4.53 (US$0.65) in 2025, compared with RMB3.80 in 2024.Business OutlookThe Company expects its total net revenues to be between RMB2.70 billion and RMB2.80 billion for the first quarter of 2026, representing approximately flat to a 3.9% year-over-year increase. Excluding freight brokerage service, net revenues are expected to range from RMB1.98 billion to RMB2.06 billion, representing an estimated year-over-year growth rate of 13.9% to 19.0%. These forecasts are based on the Company's current and preliminary view of the market and operational conditions, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.Share Repurchase Update and Quarterly Cash Dividend PolicyIn March 2025, the Company's board of directors (the "board") approved an extension of the original share repurchase program adopted in March 2024 such that the Company may repurchase up to US$200 million of its ADSs and/or ordinary shares through March 12, 2026. As of March 11, 2026, the Company had repurchased an aggregate of approximately 5.3 million ADSs for approximately US$52.4 million from the open market under the share repurchase program, of which an aggregate of approximately 5.1 million ADSs for approximately US$50.0 million were repurchased after January 1, 2026 as part of the shareholder return plan approved in January 2026, under which the Company will return a total of US$400 million to the shareholders in fiscal year 2026. The board intends to continue to evaluate implementing additional share repurchase programs following the completion of the ongoing program, subject to then-current market conditions and necessary approvals.To further implement the shareholder return plan, the board approved a cash dividend for the first quarter of 2026 in the amount of US$0.0042 per ordinary share, or US$0.0840 per ADS, totaling approximately US$87.5 million. The dividend will be paid on or around April 22, 2026, to holders of record of the Company's ordinary shares at the close of business on April 8, 2026. For holders of the Company's ADSs, cash dividends are expected to be paid through the depositary, Deutsche Bank Trust Company Americas, on or around April 22, 2026, subject to the terms of the deposit agreement, including the fees and expenses payable thereunder.The board will review the quarterly cash dividend policy periodically, and may authorize adjustments to the size and terms of the dividends to ensure that the total shareholder return value for fiscal year 2026 will be approximately US$400 million.Exchange Rate InformationThis announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at a rate of RMB6.9931 to US$1.00, the exchange rate in effect as of December 31, 2025, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all.Conference CallThe Company's management will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on March 12, 2026, or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the fourth quarter and fiscal year 2025.For participants who wish to join the conference using dial-in numbers, please complete online registration using the link provided below prior to the scheduled call start time.Participant Online Registration:
https://s1.c-conf.com/diamondpass/10053167-hy76t5.htmlUpon registration, each participant will receive details for the conference call, including dial-in numbers and a unique access PIN. To join the conference, please dial the provided number, enter your PIN, and you will join the conference.The replay will be accessible through March 19, 2026, by dialing the following numbers:United States:+1-855-883-1031Mainland China:400-120-9216Hong Kong, SAR:800-930-639United Kingdom:0800-031-4295Singapore:800-101-3223Replay Access Code:10053167A live and archived webcast of the conference call will also be available on the Company's investor relations website at ir.fulltruckalliance.com.About Full Truck Alliance Co. Ltd.Full Truck Alliance Co. Ltd. (NYSE: YMM) is a leading digital freight platform connecting shippers with truckers to facilitate shipments across distance ranges, cargo weights and types. The Company provides a range of freight matching services, including freight listing, freight brokerage and transaction services. The Company also provides a range of value-added services that cater to the various needs of shippers and truckers, such as financial institutions, highway authorities, and gas station operators. With a mission to empower enterprises with greater logistics competitiveness, the Company is shaping the future of logistics with technology and aspires to revolutionize logistics, improve efficiency across the value chain and reduce its carbon footprint for our planet. For more information, please visit ir.fulltruckalliance.com.Use of Non-GAAP Financial Measures The Company uses non-GAAP adjusted operating income, non-GAAP adjusted net income, non-GAAP adjusted net income attributable to ordinary shareholders, non-GAAP adjusted basic and diluted net income per share and non-GAAP adjusted basic and diluted net income per ADS, each a non-GAAP financial measure, as supplemental measures to review and assess its operating performance.The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines non-GAAP adjusted operating income as income from operations excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; and (iii) compensation cost incurred in relation to acquisitions. The Company defines non-GAAP adjusted net income as net income excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; (iv) impairment loss of long-term investment; and (v) tax effects of non-GAAP adjustments. The Company defines non-GAAP adjusted net income attributable to ordinary shareholders as net income attributable to ordinary shareholders excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; (iv) impairment loss of long-term investment; and (v) tax effects of non-GAAP adjustments. The Company defines non-GAAP adjusted basic and diluted net income per share as non-GAAP adjusted net income attributable to ordinary shareholders divided by weighted average number of basic and diluted ordinary shares, respectively. The Company defines non-GAAP adjusted basic and diluted net income per ADS as non-GAAP adjusted net income attributable to ordinary shareholders divided by the weighted average number of basic and diluted ADSs, respectively. The Company defines free cash flow as operating cash flow adjusting for the impact from capital expenditures. Capital expenditures include purchase of property and equipment and intangible assets.The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as an analytical tool. The non-GAAP financial measures do not reflect all items of expense that affect its operations.The Company reconciles the non-GAAP financial measures to the nearest U.S. GAAP performance measures. Non-GAAP adjusted operating income, non-GAAP adjusted net income, non-GAAP adjusted net income attributable to ordinary shareholders and non-GAAP adjusted basic and diluted net income per share should not be considered in isolation or construed as an alternative to operating income, net income, net income attributable to ordinary shareholders and basic and diluted net income per share or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review FTA's non-GAAP financial measures against the most directly comparable GAAP measures. FTA's non-GAAP financial measure may not be comparable to similarly titled measures presented by other companies.For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this release.Safe Harbor Statement This press release contains statements that may constitute "forward-looking" statements which are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," and similar statements. Statements that are not historical facts, including statements about the Company's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: FTA's goal and strategies; FTA's expansion plans; FTA's future business development, financial condition and results of operations; expected changes in FTA's revenues, costs or expenses; industry landscape of, and trends in, China's road transportation market; competition in FTA's industry; FTA's expectations regarding demand for, and market acceptance of, its services; FTA's expectations regarding its relationships with shippers, truckers and other ecosystem participants; FTA's ability to protect its systems and infrastructures from cyber-attacks; PRC laws, regulations, and policies relating to the road transportation market, as well as general regulatory environment in which FTA operates in China; the results of regulatory review and the duration and impact of any regulatory action taken against FTA; the impact of health epidemics, extreme weather conditions and production constraints brought by electricity rationing measures; general economic and business condition; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.For investor and media inquiries, please contact:In China:Full Truck Alliance Co. Ltd.
Mao Mao
E-mail: IR@amh-group.comPiacente Financial Communications
Helen Wu
Tel: +86-10-6508-0677
E-mail: FTA@thepiacentegroup.comIn the United States:Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: FTA@thepiacentegroup.com FULL TRUCK ALLIANCE CO. LTD.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(All amounts in thousands, except share, ADS, per share and per ADS data)
As of
December 31,
December 31,
December 31,
2024
2025
2025
RMB
RMB
US$ASSETS
Current assets:
Cash and cash equivalents5,810,347
6,066,137
867,446Restricted cash100,533
70,290
10,051Short-term investments15,002,903
11,048,309
1,579,887Accounts receivable, net19,643
75,133
10,744Loans receivable, net4,199,645
4,851,353
693,734Prepayments and other current assets, net2,122,902
940,552
134,497Total current assets27,255,973
23,051,774
3,296,359Restricted cash40,000
30,000
4,290Long-term time deposits and other investments18,839,547
14,268,513
2,040,370Investments in equity investees1,036,571
1,043,145
149,168Property and equipment, net289,611
457,487
65,420Intangible assets, net393,477
757,408
108,308Goodwill3,124,828
4,025,420
575,627Deferred tax assets92,882
249,551
35,685Operating lease right-of-use assets115,654
92,218
13,187Other non-current assets98,532
346,512
49,551Total non-current assets14,031,102
21,270,254
3,041,606TOTAL ASSETS41,287,075
44,322,028
6,337,965LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable31,227
37,750
5,398Amount due to related parties—
29,674
4,243Prepaid for freight listing fees and other service fees571,185
637,489
91,160Income tax payable336,220
421,707
60,303Other tax payable898,396
479,286
68,537Operating lease liabilities41,204
33,847
4,840Accrued expenses and other current liabilities1,141,758
1,211,279
173,211Total current liabilities3,019,990
2,851,032
407,692Deferred tax liabilities95,570
185,578
26,537Operating lease liabilities23,928
1,485
212Other non-current liabilities12,414
12,328
1,763Total non-current liabilities131,912
199,391
28,512TOTAL LIABILITIES3,151,902
3,050,423
436,204MEZZANINE EQUITY
Redeemable non-controlling interests443,070
767,813
109,796Subscription receivables—
(20,000)
(2,860)SHAREHOLDERS' EQUITY
Ordinary shares1,343
1,345
192Additional paid-in capital45,823,723
44,328,028
6,338,824Accumulated other comprehensive income3,223,944
2,742,068
392,111Accumulated deficit(11,372,284)
(7,020,237)
(1,003,881)TOTAL FULL TRUCK ALLIANCE CO. LTD. EQUITY37,676,726
40,051,204
5,727,246Non-controlling interests15,377
472,588
67,579TOTAL SHAREHOLDERS' EQUITY37,692,103
40,523,792
5,794,825TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY41,287,075
44,322,028
6,337,965
1. The Group's long-term time deposits and other investments consist of RMB14,184 million long-term time deposits, RMB73 million wealth
management products with maturities over one year, and RMB12 million available-for-sale debt securities as of December 31, 2025. FULL TRUCK ALLIANCE CO. LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME(All amounts in thousands, except share, ADS, per share and per ADS data)
Three months ended
Year ended
December 31,
September 30,
December 31,
December 31,
December 31,
December 31,
December 31,
2024
2025
2025
2025
2024
2025
2025
RMB
RMB
RMB
US$
RMB
RMB
US$Net Revenues:
Freight Matching Services2,704,940
2,797,555
2,704,190
386,694
9,455,134
10,496,771
1,501,018Freight brokerage service1,316,140
1,094,349
961,472
137,489
4,726,989
4,199,393
600,505Freight listing service230,489
247,119
255,214
36,495
879,489
980,158
140,161Transaction service1,158,311
1,456,087
1,487,504
212,710
3,848,656
5,317,220
760,352Value-added services469,314
560,687
488,412
69,842
1,783,504
1,993,088
285,008Total net revenues (including value-added
taxes or "VAT" of RMB1,422.1 million
and RMB1,088.6 million for the three
months ended December 31, 2024
and 2025, RMB5,097.7 million and
RMB4,671.4 million for the year ended
December 31, 2024 and 2025,
respectively)3,174,254
3,358,242
3,192,602
456,536
11,238,638
12,489,859
1,786,026Operating expenses:
Cost of revenues (including VAT net of
government grants of RMB1,070.9
million and RMB843.2 million for
the three months ended December
31, 2024 and 2025, RMB3,893.4
million and RMB3,262.4 million
for the year ended December
31, 2024 and 2025, respectively)(1)(1,391,714)
(1,605,214)
(1,076,652)
(153,959)
(5,100,558)
(4,618,796)
(660,479)Sales and marketing expenses(1)(471,829)
(438,809)
(497,258)
(71,107)
(1,596,763)
(1,747,759)
(249,926)General and administrative expenses(1)(202,265)
(161,550)
(191,869)
(27,437)
(913,763)
(709,775)
(101,496)Research and development expenses(1)(205,026)
(233,250)
(258,207)
(36,923)
(880,016)
(874,435)
(125,043)Provision for credit solutions(73,905)
(144,425)
(144,047)
(20,598)
(296,528)
(445,351)
(63,684)Total operating expenses(2,344,739)
(2,583,248)
(2,168,033)
(310,024)
(8,787,628)
(8,396,116)
(1,200,628)Other operating income5,920
1,272
3,356
480
23,970
52,455
7,501Income from operations835,435
776,266
1,027,925
146,992
2,474,980
4,146,198
592,899Other income (expense)
Interest income149,466
230,607
226,662
32,412
1,073,434
954,082
136,432Foreign exchange gain (loss)4,725
(2,416)
(4,308)
(616)
8,004
(17,344)
(2,480)Investment income10,354
24,288
31,094
4,446
54,785
94,717
13,544Unrealized (losses) gains from fair
value changes of investments(19,612)
32,721
12,947
1,851
(20,904)
116,162
16,611Other (expenses) income, net(1,559)
136,231
(16,593)
(2,373)
128,152
109,232
15,620Impairment loss(352,742)
—
—
—
(352,742)
—
—Share of loss in equity method
investees(1,580)
(1,815)
(10,572)
(1,512)
(2,861)
(14,814)
(2,118)Total other (expense) income(210,948)
419,616
239,230
34,208
887,868
1,242,035
177,609Net income before income tax624,487
1,195,882
1,267,155
181,200
3,362,848
5,388,233
770,508Income tax expense(49,861)
(274,862)
(272,869)
(39,020)
(239,411)
(929,157)
(132,868)Net income574,626
921,020
994,286
142,180
3,123,437
4,459,076
637,640Less: net loss attributable to
non-controlling interests(1,177)
(11,749)
(13,396)
(1,916)
(3,548)
(27,454)
(3,926)Less: measurement adjustment
attributable to redeemable non-
controlling interests17,346
25,493
19,853
2,839
57,136
78,361
11,205Net income attributable to
ordinary shareholders558,457
907,276
987,829
141,257
3,069,849
4,408,169
630,361 FULL TRUCK ALLIANCE CO. LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (CONTINUED)(All amounts in thousands, except share, ADS, per share and per ADS data)
Three months ended
Year ended
December 31,
September 30,
December 31,
December 31,
December 31,
December 31,
December 31,
2024
2025
2025
2025
2024
2025
2025
RMB
RMB
RMB
US$
RMB
RMB
US$Net income per ordinary
share
—Basic 0.03
0.04
0.05
0.01
0.15
0.21
0.03—Diluted0.03
0.04
0.05
0.01
0.15
0.21
0.03Net income per ADS*
—Basic 0.54
0.87
0.95
0.14
2.95
4.23
0.60—Diluted0.53
0.87
0.94
0.14
2.94
4.21
0.60Weighted average number
of ordinary shares used
in computing net
income per share
—Basic20,803,347,603
20,840,884,667
20,841,527,394
20,841,527,394
20,822,835,545
20,839,163,070
20,839,163,070—Diluted20,913,595,702
20,910,549,643
20,909,526,453
20,909,526,453
20,902,222,036
20,928,172,684
20,928,172,684Weighted average number
of ADS used in
computing net
income per ADS
—Basic1,040,167,380
1,042,044,233
1,042,076,370
1,042,076,370
1,041,141,777
1,041,958,153
1,041,958,153—Diluted1,045,679,785
1,045,527,482
1,045,476,323
1,045,476,323
1,045,111,102
1,046,408,634
1,046,408,634
* Each ADS represents 20 ordinary shares.
(1) Share-based compensation expense in operating expenses are as follows:
Three months ended
Year ended
December 31,
September 30,
December 31,
December 31,
December 31,
December 31,
December 31,
2024
2025
2025
2025
2024
2025
2025
RMB
RMB
RMB
US$
RMB
RMB
US$Cost of revenues2,997
2,897
2,410
345
11,118
12,669
1,812Sales and marketing
expenses13,750
12,186
7,803
1,116
50,109
55,250
7,901General and administrative
expenses75,768
20,878
27,047
3,868
348,400
139,824
19,995Research and development
expenses22,361
13,892
14,300
2,045
87,012
73,816
10,556Total114,876
49,853
51,560
7,374
496,639
281,559
40,264
FULL TRUCK ALLIANCE CO. LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND FREE CASH FLOW(All amounts in thousands, except share, ADS, per share and per ADS data)
Three months ended
Year ended
December 31,
September 30,
December 31,
December 31,
December 31,
December 31,
December 31,
2024
2025
2025
2025
2024
2025
2025
RMB
RMB
RMB
US$
RMB
RMB
US$Net cash provided by
operating activities1,150,016
1,657,054
1,330,883
190,314
2,970,125
4,626,880
661,635Net cash used in investing
activities(170,316)
(363,575)
(341,108)
(48,778)
(2,419,636)
(2,717,363)
(388,578)Net cash provided by
(used in) financing
activities221,427
62,837
(647,175)
(92,545)
(1,519,745)
(1,655,948)
(236,797)Effect of exchange rate
changes on cash,
cash equivalents and
restricted cash36,886
(17,381)
(17,167)
(2,455)
23,728
(38,022)
(5,438)Net increase (decrease)
in cash, cash
equivalents and
restricted cash1,238,013
1,338,935
325,433
46,536
(945,528)
215,547
30,822Cash, cash equivalents
and restricted cash,
beginning of the period4,712,867
4,502,059
5,840,994
835,251
6,896,408
5,950,880
850,965Cash, cash equivalents
and restricted cash,
end of the period5,950,880
5,840,994
6,166,427
881,787
5,950,880
6,166,427
881,787
Net cash provided by
operating activities1,150,016
1,657,054
1,330,883
190,314
2,970,125
4,626,880
661,635Less: Capital expenditures(23,742)
(48,524)
(34,481)
(4,931)
(74,967)
(129,714)
(18,549)Free cash flow
(non-GAAP)1,126,274
1,608,530
1,296,402
185,383
2,895,158
4,497,166
643,086 FULL TRUCK ALLIANCE CO. LTD.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS(All amounts in thousands, except share, ADS, per share and per ADS data)
Three months ended
Year ended
December 31,
September 30,
December 31,
December 31,
December 31,
December 31,
December 31,
2024
2025
2025
2025
2024
2025
2025
RMB
RMB
RMB
US$
RMB
RMB
US$Income from operations835,435
776,266
1,027,925
146,992
2,474,980
4,146,198
592,899Add:
Share-based
compensation
expense114,876
49,853
51,560
7,374
496,639
281,559
40,264Amortization of
intangible assets
resulting from
business acquisitions13,021
23,024
22,956
3,283
52,084
72,022
10,299Compensation cost
incurred in relation
to acquisitions—
—
—
—
8,562
—
—Non-GAAP adjusted
operating income963,332
849,143
1,102,441
157,649
3,032,265
4,499,779
643,462
Net income574,626
921,020
994,286
142,180
3,123,437
4,459,076
637,640Add:
Share-based
compensation
expense114,876
49,853
51,560
7,374
496,639
281,559
40,264Amortization of
intangible assets
resulting from
business acquisitions13,021
23,024
22,956
3,283
52,084
72,022
10,299Compensation cost
incurred in relation
to acquisitions—
—
—
—
8,562
—
—Impairment loss of
long-term
investment352,742
—
—
—
352,742
—
—Tax effects of
non-GAAP
adjustments(3,255)
(5,756)
(5,739)
(821)
(13,020)
(18,006)
(2,575)Non-GAAP adjusted net
income1,052,010
988,141
1,063,063
152,016
4,020,444
4,794,651
685,628
FULL TRUCK ALLIANCE CO. LTD.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (CONTINUED)(All amounts in thousands, except share, ADS, per share and per ADS data)
Three months ended
Year ended
December 31,
September 30,
December 31,
December 31,
December 31,
December 31,
December 31,
2024
2025
2025
2025
2024
2025
2025
RMB
RMB
RMB
US$
RMB
RMB
US$Net income attributable
to ordinary
shareholders558,457
907,276
987,829
141,257
3,069,849
4,408,169
630,361Add:
Share-based
compensation
expense114,876
49,853
51,560
7,374
496,639
281,559
40,264Amortization of
intangible assets
resulting from
business acquisitions13,021
23,024
22,956
3,283
52,084
72,022
10,299Compensation cost
incurred in relation
to acquisitions—
—
—
—
8,562
—
—Impairment loss of
long-term
investment352,742
—
—
—
352,742
—
—Tax effects of
non-GAAP
adjustments(3,255)
(5,756)
(5,739)
(821)
(13,020)
(18,006)
(2,575)Non-GAAP adjusted net
income attributable to
ordinary shareholders1,035,841
974,397
1,056,606
151,093
3,966,856
4,743,744
678,349Non-GAAP adjusted net
income per ordinary
share
—Basic0.05
0.05
0.05
0.01
0.19
0.23
0.03—Diluted0.05
0.05
0.05
0.01
0.19
0.23
0.03Non-GAAP adjusted net
income per ADS
—Basic1.00
0.94
1.01
0.14
3.81
4.55
0.65—Diluted0.99
0.93
1.01
0.14
3.80
4.53
0.65
View original content:https://www.prnewswire.com/news-releases/full-truck-alliance-co-ltd-announces-fourth-quarter-and-fiscal-year-2025-unaudited-financial-results-302712061.htmlSOURCE Full Truck Alliance Co. Ltd.
Original: Full Truck Alliance Co. Ltd. Announces Fourth Quarter and Fiscal Year 2025 Unaudited Financial Results
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