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

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 Flow

As 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.

Fiscal Year 2025 Financial Results

Net 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 Outlook

The 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 Policy

In 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 Information

This 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 Call

The 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.html

Upon 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:

A 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.com

Piacente Financial Communications
Helen Wu
Tel: +86-10-6508-0677
E-mail: FTA@thepiacentegroup.com

In the United States:

Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: FTA@thepiacentegroup.com