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

Rhea-AI Summary

Full Truck Alliance (NYSE: YMM) anunció un plan de retorno de valor a largo plazo para los accionistas comprometiéndose a distribuir no menos del 50% de la utilidad neta ajustada no GAAP de la empresa del año fiscal anterior mediante dividendos y/o recompras de acciones anualmente. Para el año fiscal 2026 la Junta aprobó una devolución a los accionistas de US$400 millones, con al menos US$300 millones para ser distribuidos a través de dividendos trimestrales y la parte restante destinada a recompras de acciones en el mercado abierto. Los detalles de implementación del plan y el momento de los dividendos y recompras están sujetos a la aprobación continua de la Junta y pueden ajustarse en función del rendimiento financiero y las condiciones del negocio.

Positive

• Commitment to return ≥50% of non-GAAP adjusted net income annually
• US$400 million shareholder return approved for fiscal year 2026
• At least US$300 million earmarked for quarterly dividends in 2026
• Share repurchases included to provide additional capital return flexibility

Negative

• Plan uses non-GAAP adjusted net income as the payout basis
• Specific dividend amounts and repurchase schedule are not yet disclosed
• Board may adjust or suspend the Plan based on performance or conditions

Key Figures

Payout ratio target: ≥50% of non-GAAP adjusted net income 2026 capital return: US$400 million 2026 dividends floor: At least US$300 million

3 metrics

Payout ratio target ≥50% of non-GAAP adjusted net income Annual shareholder return via dividends and/or repurchases

2026 capital return US$400 million Total amount to be returned to shareholders in fiscal 2026

2026 dividends floor At least US$300 million Portion of 2026 capital return allocated to quarterly dividends

Market Reality Check

Price: $10.02 Vol: Volume 10,647,721 is in l...

normal vol

$10.02 Last Close

Volume Volume 10,647,721 is in line with 20-day average of 10,535,715, showing typical pre-news activity. normal

Technical Trading below 200-day MA of 11.93, despite announcing a sizable capital return plan.

Peers on Argus

YMM was up 0.61% while close software peers were mixed (e.g., DUOL -2.76%, DT +1...

YMM was up 0.61% while close software peers were mixed (e.g., DUOL -2.76%, DT +1.48%, PAYC -2.68%), suggesting a company-specific setup rather than a sector rotation.

Historical Context

5 past events · Latest: Nov 17 (Negative)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 17	Earnings results	Negative	-11.9%	Revenue up but net and adjusted income declined year over year.
Oct 22	Earnings notice	Neutral	+0.6%	Announcement of Q3 2025 earnings release and conference call logistics.
Aug 21	Earnings results	Positive	+9.8%	Strong Q2 revenue and profit growth plus semi-annual cash dividend.
Aug 07	Earnings notice	Neutral	+2.4%	Scheduling and access details for upcoming Q2 2025 earnings call.
Aug 01	Business update	Negative	+3.1%	Service fee increases expected to reduce volume and profitability.

Pattern Detected

YMM has generally reacted positively to stronger earnings and capital return news, but sold off on weaker profitability despite revenue growth.

Recent Company History

Over the last six months, YMM’s news flow centered on earnings and business model changes. Q2 2025 results on Aug 21 showed strong growth and a US$0.0960 per ADS dividend, with the stock gaining 9.81%. Subsequent pricing changes to freight brokerage on Aug 1 were expected to hurt profitability, yet shares rose 3.1%. Q3 2025 results on Nov 17 reported slower profit metrics and the stock fell 11.93%. Today’s long-term shareholder return plan extends this capital return narrative.

Market Pulse Summary

This announcement formalizes YMM’s capital return approach, pledging at least 50% of non-GAAP adjust...

Analysis

This announcement formalizes YMM’s capital return approach, pledging at least 50% of non-GAAP adjusted net income annually via dividends and buybacks. For 2026, the board targets US$400M in total returns, with at least US$300M in quarterly dividends. In context of prior dividends and mixed profitability trends, investors may focus on how future earnings support this framework, board approvals for each year’s programs, and any updates to the plan as business conditions evolve.

Key Terms

non-gaap, share repurchases

2 terms

non-gaap financial

"no less than 50% of the Company's non-GAAP adjusted net income"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

share repurchases financial

"through dividends and/or share repurchases each year"

Share repurchases occur when a company buys back its own shares from the open market. This process reduces the total number of shares available, which can increase the value of each remaining share and signal confidence in the company's future. For investors, share repurchases can be a sign that the company believes its stock is undervalued and may lead to higher share prices.

AI-generated analysis. Not financial advice.

GUIYANG, China, Jan. 19, 2026 /PRNewswire/ -- Full Truck Alliance Co. Ltd. ("FTA" or the "Company") (NYSE: YMM), a leading digital freight platform, today announced that, in order to carry out its long-term commitment to returning value to shareholders, the board of directors of the Company (the "Board") approved a long-term shareholder return plan (the "Plan"), pursuant to which the Company will distribute no less than 50% of the Company's non-GAAP adjusted net income of the preceding fiscal year through dividends and/or share repurchases each year. The implementation of the Plan and the specifics of the dividends and/or share repurchases are subject to the approval by the Board. The Board will review the Plan on an ongoing basis, and may adjust the Plan based on its evaluation of the Company's financial performance, business plan and other relevant factors.

To implement the Plan, the Board also approved that the Company will return a total of US$400 million to its shareholders in fiscal year 2026, with at least US$300 million distributed through quarterly dividends and the remainder via share repurchases from open markets. The Company will make announcements of the details of quarterly dividends and share repurchase program after approval by the Board.

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.

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
Jenny Cai
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

View original content:https://www.prnewswire.com/news-releases/full-truck-alliance-co-ltd-announces-long-term-shareholder-return-plan-302664268.html

SOURCE Full Truck Alliance Co. Ltd.

FAQ

What shareholder return did Full Truck Alliance (YMM) announce for 2026?

The Board approved a US$400 million return in fiscal year 2026, with at least US$300 million via quarterly dividends and the remainder via open-market repurchases.

How much of Full Truck Alliance's income will be distributed under the new YMM plan?

The company committed to distribute no less than 50% of prior-year non-GAAP adjusted net income annually through dividends and/or repurchases.

Will Full Truck Alliance's (YMM) dividends and repurchases for 2026 start immediately?

Timing and detailed amounts require further Board approval; the company will announce quarterly dividend and repurchase details after Board sign-off.

Does the YMM plan include share buybacks as well as dividends?

Yes. The Plan allocates part of the US$400 million return to open-market share repurchases, with at least US$300 million via dividends.

Can Full Truck Alliance (YMM) change the shareholder return plan?

Yes. The Board will review and may adjust the Plan based on financial performance, business plan and other relevant factors.