Full Truck Alliance Co. Ltd. Announces Second Quarter 2026 Unaudited Financial Results
Rhea-AI Summary
Full Truck Alliance (NYSE: YMM) reported second quarter 2026 net revenues of RMB3,381.6 million, up 4.4% year over year, driven mainly by freight matching services. Net income rose 6.3% to RMB1,345.1 million, while non-GAAP adjusted net income increased 6.0% to RMB1,433.8 million.
Fulfilled orders reached 68.5 million, up 12.7%, and average shipper MAUs grew 12.8% to 3.57 million. Transaction service revenues jumped 33.1% to RMB1,766.4 million, offsetting declines in freight brokerage and value-added services. Income from operations grew 30.4% to RMB1,486.1 million.
According to the company, operating cash flow rose to RMB2,150.2 million and free cash flow to RMB2,040.0 million, with a cash position of RMB33.4 billion. For third quarter 2026, revenue guidance is RMB3.32–3.42 billion. The board approved a quarterly cash dividend totaling about US$87.5 million, targeting approximately US$400 million shareholder returns for fiscal 2026.
Positive
- Net revenues RMB3,381.6m in Q2 2026, up 4.4% YoY
- Net income RMB1,345.1m in Q2 2026, up 6.3% YoY
- Transaction service revenue RMB1,766.4m, up 33.1% YoY and 52.2% of revenue
- Income from operations RMB1,486.1m, up 30.4% YoY
- Operating cash flow RMB2,150.2m vs. RMB1,313.3m a year ago
- Cash position RMB33.4b as of June 30, 2026, up from RMB31.5b
- Quarterly dividend totaling about US$87.5m, with 2026 shareholder returns targeted at ~US$400m
Negative
- Freight brokerage revenue RMB995.4m vs. RMB1,177.9m a year ago
- Value-added services revenue RMB369.0m vs. RMB491.2m a year ago
- NPL ratio rose to 3.8% from 2.9% as of December 31, 2025
- Sales and marketing expenses increased to RMB455.4m from RMB433.8m
- R&D expenses increased to RMB260.9m from RMB189.6m, partly from Giga.AI consolidation
- Q3 2026 revenue guidance RMB3.32–3.42b vs. RMB3.36b in Q3 2025, implying limited YoY growth
News Explained
The dividend has a payment date, while newly broadened credit metrics show a higher reported NPL ratio on the restated comparison.
The board-approved third-quarter cash dividend is scheduled for
The release says the board may adjust the dividend's size and terms during periodic policy reviews, so the approximately
The report also uses a revised credit presentation that includes off-balance-sheet loans funded by institutional partners when FTA bears principal risk. Comparative periods were restated for this presentation.
On that basis, total outstanding loans were
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 21 | Q1 earnings report | Neutral | +4.3% | Revenue and operating metrics grew, but net income and adjusted profit declined year over year. |
| Mar 12 | FY2025 earnings report | Positive | -1.6% | Annual revenue, net income, fulfilled orders and cash balances increased, while loan quality worsened. |
| Nov 17 | Q3 earnings report | Negative | -11.9% | Revenue increased, but net income and adjusted profit declined substantially year over year. |
| Aug 21 | Q2 earnings report | Positive | +9.8% | Revenue, net income, transaction revenue and operating metrics delivered strong year-over-year growth. |
| May 21 | Q1 earnings report | Positive | -1.5% | Revenue, net income, orders and shipper users posted strong year-over-year growth. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings reactions were mixed, with two positive reports aligning with gains and three events diverging or reflecting mixed fundamentals.
Key Terms
non-gaap adjusted net income financial
non-performing loan ratio financial
free cash flow financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Second Quarter 2026 Financial and Operational Highlights
- Total net revenues in the second quarter of 2026 were
RMB3,381.6 million (US ), an increase of$498.4 million 4.4% fromRMB3,239.1 million in the same period of 2025. - Net income in the second quarter of 2026 was
RMB1,345.1 million (US ), an increase of$198.2 million 6.3% fromRMB1,264.8 million in the same period of 2025. - Non-GAAP adjusted net income1 in the second quarter of 2026 was
RMB1,433.8 million (US ), an increase of$211.3 million 6.0% fromRMB1,352.1 million in the same period of 2025. - Fulfilled orders2 in the second quarter of 2026 reached 68.5 million, an increase of
12.7% from 60.8 million in the same period of 2025. - Average shipper MAUs3 in the second quarter of 2026 reached 3.57 million, an increase of
12.8% from 3.16 million in the same period of 2025.
Mr. Peter Hui Zhang, Founder, Chairman, and Chief Executive Officer of FTA, commented, "During the second quarter, we remained focused on enhancing user experience and transaction efficiency. By expanding transaction protections for shippers and truckers, we significantly improved user satisfaction on both sides of the platform and further strengthened our nationwide network effects. Higher order density and growing trucker capacity drove the fulfillment rate to a record high while further shortening matching time. Our new initiatives also progressed: Qmove rapidly grew both order volume and fulfillment rates in overseas markets, our less-than-truckload offerings reached nationwide coverage through partnerships with dedicated-line carriers, and autonomous delivery vehicle pilots expanded to multiple cities. Going forward, our expanding network scale will continue to fuel AI innovation and application across the platform, creating long-term value for our users and shareholders."
Mr. Langbo Guo, President of FTA, added, "Total net revenues reached
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. |
4 Cash position includes cash and cash equivalents, restricted cash, short-term investments, long-term time deposits and wealth management products with maturities over one year. |
Second Quarter 2026 Financial Results
Net Revenues (including value added taxes, or "VAT" of
Freight matching services. Revenues from freight matching services in the second quarter of 2026 were
- Freight brokerage service. Revenues from freight brokerage service in the second quarter of 2026 were
RMB995.4 million (US ), compared with$146.7 million RMB1,177.9 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 second quarter of 2026 were
RMB250.8 million (US ), an increase of$37.0 million 3.3% fromRMB242.9 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
RMB1,766.4 million (US ) in the second quarter of 2026, an increase of$260.3 million 33.1% fromRMB1,327.1 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.5 Revenues from value-added services in the second quarter of 2026 were
Cost of Revenues (including VAT net of government grants of
Sales and Marketing Expenses. Sales and marketing expenses in the second quarter of 2026 were
General and Administrative Expenses. General and administrative expenses in the second quarter of 2026 were
Research and Development Expenses. Research and development expenses in the second quarter of 2026 were
Income from Operations. Income from operations in the second quarter of 2026 was
Non-GAAP Adjusted Operating Income.6 Non-GAAP adjusted operating income in the second quarter of 2026 was
Net Income. Net income in the second quarter of 2026 was
Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in the second quarter of 2026 was
Basic and Diluted Net Income per ADS7 and Non-GAAP Adjusted Basic and Diluted Net Income per ADS.8 Basic net income per ADS was
Balance Sheet and Cash Flow
As of June 30, 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
As of June 30, 2026, the total outstanding loan balance9 was
In the second quarter of 2026, net cash provided by operating activities was
5 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. |
6 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. |
7 ADS refers to American depositary shares, each of which represents 20 Class A ordinary shares. |
8 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. |
9 To better reflect the substance of our credit solutions business and present its complete operating performance, the Company has 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 for which the Company bears 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. |
10 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 Outlook
The Company expects its total net revenues to be between
Declaration of Quarterly Cash Dividend
Pursuant to the Company's shareholder return plan, the board approved a cash dividend for the third quarter of 2026 in the amount of
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
Exchange Rate Information
This announcement contains translations of certain RMB amounts into
Conference Call
The Company's management will hold an earnings conference call at 7:00 A.M.
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/10056053-ix3s6v.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 August 26, 2026, by dialing the following numbers:
+1-855-883-1031 | |
Mainland | 400-120-9216 |
800-930-639 | |
0800-031-4295 | |
800-101-3223 | |
Replay Access Code: | 10056053 |
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, while enabling other businesses, such as financial institutions, highway authorities and gas station operators, to participate in its ecosystem. 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; 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
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, | June 30, | June 30, | |||
2025 | 2026 | 2026 | |||
RMB | RMB | US$ | |||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | 6,066,137 | 6,800,864 | 1,002,323 | ||
Restricted cash | 70,290 | 89,623 | 13,209 | ||
Short-term investments | 11,048,309 | 16,753,904 | 2,469,220 | ||
Accounts receivable, net | 75,133 | 89,000 | 13,117 | ||
Loans receivable, net | 4,851,353 | 3,629,919 | 534,984 | ||
Prepayments and other current assets, net | 940,552 | 1,190,738 | 175,493 | ||
Total current assets | 23,051,774 | 28,554,048 | 4,208,346 | ||
Restricted cash | 30,000 | 190,000 | 28,003 | ||
Long-term time deposits and other investments1 | 14,268,513 | 9,607,105 | 1,415,912 | ||
Investments in equity investees | 1,043,145 | 1,130,155 | 166,564 | ||
Property and equipment, net | 457,487 | 573,508 | 84,525 | ||
Intangible assets, net | 757,408 | 708,316 | 104,393 | ||
Goodwill | 4,025,420 | 4,025,420 | 593,273 | ||
Deferred tax assets | 249,551 | 306,945 | 45,238 | ||
Operating lease right-of-use assets | 92,218 | 82,198 | 12,114 | ||
Other non-current assets | 346,512 | 414,654 | 61,112 | ||
Total non-current assets | 21,270,254 | 17,038,301 | 2,511,134 | ||
TOTAL ASSETS | 44,322,028 | 45,592,349 | 6,719,480 | ||
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY | |||||
Current liabilities: | |||||
Accounts payable | 37,750 | 44,377 | 6,540 | ||
Amount due to related parties | 29,674 | — | — | ||
Prepaid for freight listing fees and other service fees | 637,489 | 642,997 | 94,766 | ||
Income tax payable | 421,707 | 489,250 | 72,107 | ||
Other tax payable | 479,286 | 598,069 | 88,144 | ||
Operating lease liabilities | 33,847 | 18,838 | 2,776 | ||
Dividends payable | — | 591,706 | 87,207 | ||
Accrued expenses and other current liabilities | 1,211,279 | 1,202,268 | 177,191 | ||
Total current liabilities | 2,851,032 | 3,587,505 | 528,731 | ||
Deferred tax liabilities | 185,578 | 173,709 | 25,602 | ||
Operating lease liabilities | 1,485 | 6,020 | 887 | ||
Other non-current liabilities | 12,328 | 10,983 | 1,619 | ||
Total non-current liabilities | 199,391 | 190,712 | 28,108 | ||
TOTAL LIABILITIES | 3,050,423 | 3,778,217 | 556,839 | ||
MEZZANINE EQUITY | |||||
Redeemable non-controlling interests | 767,813 | 953,224 | 140,488 | ||
Subscription receivables | (20,000) | — | — | ||
SHAREHOLDERS' EQUITY | |||||
Ordinary shares | 1,345 | 1,340 | 197 | ||
Additional paid-in capital | 44,328,028 | 43,102,535 | 6,352,528 | ||
Accumulated other comprehensive income | 2,742,068 | 2,106,935 | 310,524 | ||
Accumulated deficit | (7,020,237) | (4,791,864) | (706,233) | ||
TOTAL FULL TRUCK ALLIANCE CO. LTD. EQUITY | 40,051,204 | 40,418,946 | 5,957,016 | ||
Non-controlling interests | 472,588 | 441,962 | 65,137 | ||
TOTAL SHAREHOLDERS' EQUITY | 40,523,792 | 40,860,908 | 6,022,153 | ||
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY | 44,322,028 | 45,592,349 | 6,719,480 | ||
1. The Group's long-term time deposits and other investments consist of | |||||
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 | Six months ended | ||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | June 30, | June 30, | |||||||
2025 | 2026 | 2026 | 2026 | 2025 | 2026 | 2026 | |||||||
RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Net Revenues: | |||||||||||||
Freight Matching Services | 2,747,919 | 2,472,370 | 3,012,611 | 444,004 | 4,995,026 | 5,484,981 | 808,386 | ||||||
Freight brokerage service | 1,177,906 | 827,064 | 995,376 | 146,700 | 2,143,572 | 1,822,440 | 268,594 | ||||||
Freight listing service | 242,920 | 252,175 | 250,832 | 36,968 | 477,825 | 503,007 | 74,134 | ||||||
Transaction service | 1,327,093 | 1,393,131 | 1,766,403 | 260,336 | 2,373,629 | 3,159,534 | 465,658 | ||||||
Value-added services | 491,187 | 376,014 | 368,954 | 54,377 | 943,989 | 744,968 | 109,795 | ||||||
Total net revenues (including value-added | |||||||||||||
taxes or "VAT" of | |||||||||||||
and | |||||||||||||
months ended June 30, 2025 and | |||||||||||||
2026, respectively) | 3,239,106 | 2,848,384 | 3,381,565 | 498,381 | 5,939,015 | 6,229,949 | 918,181 | ||||||
Operating expenses: | |||||||||||||
Cost of revenues (including VAT net of | |||||||||||||
government grants of | |||||||||||||
million and | |||||||||||||
the three months ended June | |||||||||||||
30, 2025 and 2026, respectively)(1) | (1,238,371) | (778,220) | (925,900) | (136,461) | (1,936,930) | (1,704,120) | (251,156) | ||||||
Sales and marketing expenses(1) | (433,842) | (381,691) | (455,412) | (67,119) | (811,692) | (837,103) | (123,374) | ||||||
General and administrative expenses(1) | (170,347) | (299,590) | (183,794) | (27,088) | (356,356) | (483,384) | (71,242) | ||||||
Research and development expenses(1) | (189,620) | (255,330) | (260,888) | (38,450) | (382,978) | (516,218) | (76,081) | ||||||
Provision for credit solutions | (75,028) | (143,634) | (72,000) | (10,611) | (156,879) | (215,634) | (31,781) | ||||||
Total operating expenses | (2,107,208) | (1,858,465) | (1,897,994) | (279,729) | (3,644,835) | (3,756,459) | (553,634) | ||||||
Other operating income | 7,662 | 16,040 | 2,481 | 366 | 47,827 | 18,521 | 2,730 | ||||||
Income from operations | 1,139,560 | 1,005,959 | 1,486,052 | 219,018 | 2,342,007 | 2,492,011 | 367,277 | ||||||
Other income (expense) | |||||||||||||
Interest income | 251,304 | 216,824 | 215,355 | 31,739 | 496,813 | 432,179 | 63,695 | ||||||
Foreign exchange gain (loss) | 205 | (6,114) | (5,559) | (819) | (10,620) | (11,673) | (1,720) | ||||||
Investment income | 20,002 | 12,206 | 7,933 | 1,169 | 39,335 | 20,139 | 2,968 | ||||||
Unrealized gains (losses) from fair | |||||||||||||
value changes of investments | 37,032 | (3,577) | 28,399 | 4,185 | 70,494 | 24,822 | 3,658 | ||||||
Other expenses, net | (11,024) | (2,369) | (27,758) | (4,091) | (10,406) | (30,127) | (4,440) | ||||||
Share of loss in equity method | |||||||||||||
investees | (2,590) | (4,423) | (37,095) | (5,467) | (2,427) | (41,518) | (6,119) | ||||||
Total other income | 294,929 | 212,547 | 181,275 | 26,716 | 583,189 | 393,822 | 58,042 | ||||||
Net income before income tax | 1,434,489 | 1,218,506 | 1,667,327 | 245,734 | 2,925,196 | 2,885,833 | 425,319 | ||||||
Income tax expense | (169,655) | (224,409) | (322,271) | (47,497) | (381,426) | (546,680) | (80,571) | ||||||
Net income | 1,264,834 | 994,097 | 1,345,056 | 198,237 | 2,543,770 | 2,339,153 | 344,748 | ||||||
Less: net loss attributable to | |||||||||||||
non-controlling interests | (1,147) | (14,487) | (15,007) | (2,212) | (2,309) | (29,494) | (4,347) | ||||||
Less: measurement adjustment | |||||||||||||
attributable to redeemable non- | |||||||||||||
controlling interests | 21,493 | 17,678 | 30,035 | 4,427 | 33,015 | 47,713 | 7,032 | ||||||
Net income attributable to | |||||||||||||
ordinary shareholders | 1,244,488 | 990,906 | 1,330,028 | 196,022 | 2,513,064 | 2,320,934 | 342,063 | ||||||
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 | Six months ended | ||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | June 30, | June 30, | |||||||
2025 | 2026 | 2026 | 2026 | 2025 | 2026 | 2026 | |||||||
RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Net income per ordinary | |||||||||||||
share | |||||||||||||
—Basic | 0.06 | 0.05 | 0.06 | 0.01 | 0.12 | 0.11 | 0.02 | ||||||
—Diluted | 0.06 | 0.05 | 0.06 | 0.01 | 0.12 | 0.11 | 0.02 | ||||||
Net income per ADS* | |||||||||||||
—Basic | 1.20 | 0.95 | 1.28 | 0.19 | 2.41 | 2.23 | 0.33 | ||||||
—Diluted | 1.19 | 0.95 | 1.28 | 0.19 | 2.40 | 2.23 | 0.33 | ||||||
Weighted average number | |||||||||||||
of ordinary shares used | |||||||||||||
in computing net | |||||||||||||
income per share | |||||||||||||
—Basic | 20,824,102,531 | 20,789,216,349 | 20,752,854,307 | 20,752,854,307 | 20,837,086,248 | 20,770,909,708 | 20,770,909,708 | ||||||
—Diluted | 20,933,997,672 | 20,882,514,034 | 20,819,253,526 | 20,819,253,526 | 20,946,325,399 | 20,850,836,385 | 20,850,836,385 | ||||||
Weighted average number | |||||||||||||
of ADS used in | |||||||||||||
computing net | |||||||||||||
income per ADS | |||||||||||||
—Basic | 1,041,205,127 | 1,039,460,817 | 1,037,642,715 | 1,037,642,715 | 1,041,854,312 | 1,038,545,485 | 1,038,545,485 | ||||||
—Diluted | 1,046,699,884 | 1,044,125,702 | 1,040,962,676 | 1,040,962,676 | 1,047,316,270 | 1,042,541,819 | 1,042,541,819 | ||||||
* Each ADS represents 20 ordinary shares. | |||||||||||||
(1) Share-based compensation expenses in operating expenses are as follows: | |||||||||||||
Three months ended | Six months ended | ||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | June 30, | June 30, | |||||||
2025 | 2026 | 2026 | 2026 | 2025 | 2026 | 2026 | |||||||
RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Cost of revenues | 3,513 | 2,591 | 2,708 | 399 | 7,362 | 5,299 | 781 | ||||||
Sales and marketing | |||||||||||||
expenses | 15,703 | 9,078 | 9,470 | 1,396 | 35,261 | 18,548 | 2,734 | ||||||
General and administrative | |||||||||||||
expenses | 36,131 | 164,945 | 44,417 | 6,546 | 91,899 | 209,362 | 30,856 | ||||||
Research and development | |||||||||||||
expenses | 22,126 | 13,520 | 14,321 | 2,111 | 45,624 | 27,841 | 4,103 | ||||||
Total | 77,473 | 190,134 | 70,916 | 10,452 | 180,146 | 261,050 | 38,474 | ||||||
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 | Six months ended | ||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | June 30, | June 30, | |||||||
2025 | 2026 | 2026 | 2026 | 2025 | 2026 | 2026 | |||||||
RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Net cash provided by | |||||||||||||
operating activities | 1,313,300 | 1,561,958 | 2,150,240 | 316,906 | 1,638,943 | 3,712,198 | 547,110 | ||||||
Net cash used in investing | |||||||||||||
activities | (4,166,092) | (453,603) | (1,458,314) | (214,929) | (2,012,680) | (1,911,917) | (281,782) | ||||||
Net cash used in financing | |||||||||||||
activities | (1,067,689) | (296,945) | (527,889) | (77,801) | (1,071,610) | (824,834) | (121,565) | ||||||
Effect of exchange rate | |||||||||||||
changes on cash, | |||||||||||||
cash equivalents and | |||||||||||||
restricted cash | 15,411 | (27,767) | (33,620) | (4,955) | (3,474) | (61,387) | (9,047) | ||||||
Net (decrease) increase | |||||||||||||
in cash, cash | |||||||||||||
equivalents and | |||||||||||||
restricted cash | (3,905,070) | 783,643 | 130,417 | 19,221 | (1,448,821) | 914,060 | 134,716 | ||||||
Cash, cash equivalents | |||||||||||||
and restricted cash, | |||||||||||||
beginning of the period | 8,407,129 | 6,166,427 | 6,950,070 | 1,024,314 | 5,950,880 | 6,166,427 | 908,819 | ||||||
Cash, cash equivalents | |||||||||||||
and restricted cash, | |||||||||||||
end of the period | 4,502,059 | 6,950,070 | 7,080,487 | 1,043,535 | 4,502,059 | 7,080,487 | 1,043,535 | ||||||
Net cash provided by | |||||||||||||
operating activities | 1,313,300 | 1,561,958 | 2,150,240 | 316,906 | 1,638,943 | 3,712,198 | 547,110 | ||||||
Less: Capital expenditures | (14,054) | (68,169) | (110,258) | (16,250) | (46,709) | (178,427) | (26,297) | ||||||
Free cash flow | |||||||||||||
(non-GAAP) | 1,299,246 | 1,493,789 | 2,039,982 | 300,656 | 1,592,234 | 3,533,771 | 520,813 | ||||||
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 | Six months ended | ||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | June 30, | June 30, | |||||||
2025 | 2026 | 2026 | 2026 | 2025 | 2026 | 2026 | |||||||
RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Income from operations | 1,139,560 | 1,005,959 | 1,486,052 | 219,018 | 2,342,007 | 2,492,011 | 367,277 | ||||||
Add: | |||||||||||||
Share-based | |||||||||||||
compensation | |||||||||||||
expense | 77,473 | 190,134 | 70,916 | 10,452 | 180,146 | 261,050 | 38,474 | ||||||
Amortization of | |||||||||||||
intangible assets | |||||||||||||
resulting from | |||||||||||||
business acquisitions | 13,021 | 23,738 | 23,738 | 3,499 | 26,042 | 47,476 | 6,997 | ||||||
Non-GAAP adjusted | |||||||||||||
operating income | 1,230,054 | 1,219,831 | 1,580,706 | 232,969 | 2,548,195 | 2,800,537 | 412,748 | ||||||
Net income | 1,264,834 | 994,097 | 1,345,056 | 198,237 | 2,543,770 | 2,339,153 | 344,748 | ||||||
Add: | |||||||||||||
Share-based | |||||||||||||
compensation | |||||||||||||
expense | 77,473 | 190,134 | 70,916 | 10,452 | 180,146 | 261,050 | 38,474 | ||||||
Amortization of | |||||||||||||
intangible assets | |||||||||||||
resulting from | |||||||||||||
business acquisitions | 13,021 | 23,738 | 23,738 | 3,499 | 26,042 | 47,476 | 6,997 | ||||||
Tax effects of | |||||||||||||
non-GAAP | |||||||||||||
adjustments | (3,255) | (5,935) | (5,935) | (875) | (6,510) | (11,870) | (1,749) | ||||||
Non-GAAP adjusted net | |||||||||||||
income | 1,352,073 | 1,202,034 | 1,433,775 | 211,313 | 2,743,448 | 2,635,809 | 388,470 | ||||||
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 | Six months ended | ||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | June 30, | June 30, | |||||||
2025 | 2026 | 2026 | 2026 | 2025 | 2026 | 2026 | |||||||
RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Net income attributable | |||||||||||||
to ordinary | |||||||||||||
shareholders | 1,244,488 | 990,906 | 1,330,028 | 196,022 | 2,513,064 | 2,320,934 | 342,063 | ||||||
Add: | |||||||||||||
Share-based | |||||||||||||
compensation | |||||||||||||
expense | 77,473 | 190,134 | 70,916 | 10,452 | 180,146 | 261,050 | 38,474 | ||||||
Amortization of | |||||||||||||
intangible assets | |||||||||||||
resulting from | |||||||||||||
business acquisitions | 13,021 | 23,738 | 23,738 | 3,499 | 26,042 | 47,476 | 6,997 | ||||||
Tax effects of | |||||||||||||
non-GAAP | |||||||||||||
adjustments | (3,255) | (5,935) | (5,935) | (875) | (6,510) | (11,870) | (1,749) | ||||||
Non-GAAP adjusted net | |||||||||||||
income attributable to | |||||||||||||
ordinary shareholders | 1,331,727 | 1,198,843 | 1,418,747 | 209,098 | 2,712,742 | 2,617,590 | 385,785 | ||||||
Non-GAAP adjusted net | |||||||||||||
income per ordinary | |||||||||||||
share | |||||||||||||
—Basic | 0.06 | 0.06 | 0.07 | 0.01 | 0.13 | 0.13 | 0.02 | ||||||
—Diluted | 0.06 | 0.06 | 0.07 | 0.01 | 0.13 | 0.13 | 0.02 | ||||||
Non-GAAP adjusted net | |||||||||||||
income per ADS | |||||||||||||
—Basic | 1.28 | 1.15 | 1.37 | 0.20 | 2.60 | 2.52 | 0.37 | ||||||
—Diluted | 1.27 | 1.15 | 1.36 | 0.20 | 2.59 | 2.51 | 0.37 | ||||||
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SOURCE Full Truck Alliance Co. Ltd.