Full Truck Alliance (NYSE: YMM) targets 50% income payout and US$400m 2026 shareholder return

Rhea-AI Filing Summary

Full Truck Alliance Co. Ltd. has introduced a long-term shareholder return plan that targets distributing no less than 50% of its non-GAAP adjusted net income from the prior fiscal year through dividends and/or share repurchases each year, subject to board approval. The board will review and may adjust the plan over time based on financial performance, the business plan and other factors.

To launch the plan, the company’s board approved returning a total of US$400 million to shareholders in fiscal year 2026, with at least US$300 million to be paid as quarterly dividends and the balance via open-market share repurchases. Details of specific dividend payments and repurchase programs will be announced after further board approval.

Positive

• US$400 million 2026 capital return approved, with at least US$300 million to be distributed as quarterly dividends and the remainder via open-market share repurchases.
• Long-term payout framework targeting distribution of no less than 50% of non-GAAP adjusted net income each year through dividends and/or share repurchases, subject to board approval.

Negative

• None.

Insights

Equity Capital Allocation Analyst

FTA commits to sizable capital returns, anchored by a 50% payout target and a US$400 million 2026 program.

Full Truck Alliance has set a formal long-term framework to distribute no less than 50% of its non-GAAP adjusted net income from the previous fiscal year via dividends and/or buybacks. This codifies ongoing cash returns to shareholders, contingent on approval by the board, and aligns capital deployment with profitability.

For fiscal year 2026, the board has already approved returning US$400 million, with at least US$300 million earmarked for quarterly dividends and the remainder through open-market repurchases. The balance between these methods and the exact timing will depend on subsequent board approvals and future announcements.

The plan’s impact will ultimately hinge on the company’s future non-GAAP adjusted net income and any adjustments the board may make after reviewing financial performance, the business plan and other relevant factors disclosed in future periods.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

January 2026

Commission File Number: 001-40507

Full Truck Alliance Co. Ltd.

6 Keji Road Huaxi District, Guiyang Guizhou 550025 People’s Republic of China +86-851-8384-2056 Wanbo Science and Technology Park, 20 Fengxin Road Yuhuatai District, Nanjing Jiangsu 210012 People’s Republic of China +86-25-6692-0156

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒   Form  40-F ☐

TABLE OF CONTENTS

Exhibit 99.1 Full Truck Alliance Co. Ltd. Announces Long-Term Shareholder Return Plan

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Full Truck Alliance Co. Ltd.
By:		/s/ Peter Hui Zhang
Name:		Peter Hui Zhang
Title:		Chairman and Chief Executive Officer

Date: January 20, 2026

3

Exhibit 99.1

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

GUIYANG, China, January 19, 2026 - 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

FAQ

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

Full Truck Alliance approved a long-term shareholder return plan under which it intends to distribute no less than 50% of its non-GAAP adjusted net income from the preceding fiscal year each year via dividends and/or share repurchases, subject to board approval.

How much will Full Truck Alliance return to shareholders in fiscal year 2026?

For fiscal year 2026, Full Truck Alliance plans to return a total of US$400 million to shareholders, as approved by its board of directors.

How will the US$400 million 2026 shareholder return be structured for Full Truck Alliance?

At least US$300 million of the US$400 million is expected to be distributed through quarterly dividends, with the remaining amount to be used for share repurchases from open markets.

Is Full Truck Alliance’s 50% payout target guaranteed every year?

The plan states that the company will distribute no less than 50% of its non-GAAP adjusted net income of the preceding fiscal year annually, but implementation and specifics remain subject to approval by the board, which may adjust the plan based on financial performance and other factors.

Will Full Truck Alliance use dividends or share repurchases under its shareholder return plan?

The plan allows Full Truck Alliance to use both dividends and share repurchases, with the mix determined by the board. For 2026, at least US$300 million is designated for quarterly dividends and the rest for open-market share repurchases.

When will Full Truck Alliance announce details of its 2026 dividends and buybacks?

The company stated it will make announcements of the details of quarterly dividends and the share repurchase program after they are approved by the board.