Full Truck Alliance (NYSE: YMM) Q1 2026 earnings, cash flow and US$87.5m dividend

Rhea-AI Filing Summary

Full Truck Alliance reported first quarter 2026 net revenues of RMB2,848.4 million, up 5.5% year over year, driven mainly by freight matching services and over 33% growth in transaction service revenue to RMB1,393.1 million. Value-added services declined to RMB376.0 million, mainly from lower credit solutions revenue.

Net income was RMB994.1 million, down from RMB1,278.9 million a year earlier, while non-GAAP adjusted net income fell to RMB1,202.0 million. Despite lower profit, operating cash flow surged to RMB1,562.0 million and free cash flow reached RMB1,493.8 million, supported by strong cash and investment balances of RMB32.3 billion as of March 31, 2026.

The company guided second quarter 2026 net revenues to RMB3.07–3.17 billion versus RMB3.24 billion a year earlier, but expects net revenues excluding freight brokerage to grow 7.1%–11.7% year over year. The board approved a quarterly cash dividend of US$0.0042 per ordinary share, or US$0.0840 per ADS, totaling approximately US$87.5 million, and targets about US$400 million of total shareholder return for fiscal 2026.

Positive

• Strong cash generation and balance sheet: Net cash provided by operating activities rose to RMB1,562.0 million and free cash flow to RMB1,493.8 million in Q1 2026, with cash, deposits and investments totaling RMB32.3 billion as of March 31, 2026.
• Meaningful shareholder return commitment: The board approved a Q2 2026 cash dividend of US$0.0840 per ADS (about US$87.5 million) and aims for approximately US$400 million of total shareholder return for fiscal 2026.

Negative

• Declining profitability despite revenue growth: Net income fell from RMB1,278.9 million to RMB994.1 million year over year in Q1 2026, and non-GAAP adjusted net income declined from RMB1,391.4 million to RMB1,202.0 million.
• Softer headline growth and rising credit risk: Q2 2026 total net revenue guidance of RMB3.07–3.17 billion is below RMB3.24 billion a year earlier, while the total non-performing loan ratio increased to 3.2% from 2.9% as of December 31, 2025.

Insights

Equity analyst

Solid top-line and cash flow, softer earnings, and a sizable dividend commitment.

Full Truck Alliance delivered Q1 2026 revenue growth of 5.5% to RMB2,848.4 million, with freight matching up 10.0% and transaction service revenue rising over 33%. This shows continued platform usage growth despite weakness in value-added services.

Profitability softened: income from operations declined to RMB1,006.0 million and net income to RMB994.1 million, with higher share-based compensation and Giga.AI-related R&D contributing. Non-GAAP adjusted net income also decreased to RMB1,202.0 million, indicating underlying margin pressure.

Cash generation was strong, with operating cash flow of RMB1,562.0 million and free cash flow of RMB1,493.8 million in Q1 2026, alongside RMB32.3 billion of cash and investments as of March 31, 2026. The approved Q2 2026 dividend of approximately US$87.5 million and a fiscal 2026 shareholder return target of about US$400 million highlight a meaningful capital return, even as guidance implies flat to slightly lower total net revenues but growth excluding freight brokerage.

Key Figures

Total net revenues: RMB2,848.4 million Transaction service revenue: RMB1,393.1 million Net income: RMB994.1 million +5 more

8 metrics

Total net revenues RMB2,848.4 million Q1 2026, up 5.5% year over year

Transaction service revenue RMB1,393.1 million Q1 2026, grew more than 33% year over year

Net income RMB994.1 million Q1 2026, down from RMB1,278.9 million in Q1 2025

Non-GAAP adjusted net income RMB1,202.0 million Q1 2026 vs RMB1,391.4 million in Q1 2025

Operating cash flow RMB1,562.0 million Net cash provided by operating activities, Q1 2026

Free cash flow RMB1,493.8 million Q1 2026 non-GAAP free cash flow

Cash and investments RMB32.3 billion Cash, restricted cash, short-term investments, long-term deposits and WMPs as of March 31, 2026

Q2 2026 dividend US$0.0840 per ADS (about US$87.5 million total) Board-approved quarterly cash dividend for Q2 2026

Key Terms

non-GAAP adjusted net income, free cash flow, non-performing loan ratio, ADS, +2 more

6 terms

non-GAAP adjusted net income financial

"Non-GAAP adjusted net income in the first quarter of 2026 was RMB1,202.0 million"

A company’s non-GAAP adjusted net income is its reported profit after management removes certain expenses or gains that it considers one-time, nonrecurring, or not part of core operations (for example, restructuring costs or stock-based pay). Investors watch it as an attempt to show the company’s ongoing earning power — like looking at a cleaned-up weekly budget — but because companies choose what to exclude, it’s important to compare the underlying details rather than the headline number alone.

free cash flow financial

"Free cash flow was RMB1,493.8 million, compared with RMB293.0 million"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

non-performing loan ratio financial

"The total non-performing loan ratio was 3.2% as of March 31, 2026"

The non-performing loan ratio is the share of a lender’s loans that are not being paid back as agreed—typically loans overdue long enough to be considered in default. It matters to investors because it signals the health of a bank’s loan book: a rising ratio is like more customers skipping payments, which can reduce profits, force higher loss reserves or capital needs, and increase the risk to the lender’s valuation.

ADS financial

"Basic net income per ADS was RMB0.95 (US$0.14) in the first quarter of 2026"

Ads are paid promotional messages a company places across media — online, on TV, in print, or on social platforms — to attract customers, explain products, or shape public perception. For investors, ads matter because they drive sales growth, affect how much a company must spend to win customers, and influence brand strength and long-term value. Ads can also create regulatory or reputational risk if claims are misleading, which can affect profits and stock price.

share-based compensation expense financial

"The increase was primarily due to higher share-based compensation expenses"

Share-based compensation expense is the accounting cost a company records when it pays employees or executives with stock, stock options, or other equity instead of cash. It matters to investors because it reduces reported profits and can dilute existing owners’ stake over time — like a bakery paying workers with slices of cake instead of money, leaving fewer slices for original owners and changing each slice’s value.

value-added services financial

"Revenues from value-added services in the first quarter of 2026 were RMB376.0 million"

Extra products or services a company offers beyond its main product to make the overall offer more useful, convenient, or profitable — for example, warranty plans, installation, software updates, training, or premium support. Investors care because these services can raise revenue, improve customer loyalty, and boost profit margins in ways that are often steadier than one-time product sales, similar to how a gym membership plus personal training creates ongoing income beyond a single equipment purchase.

Earnings Snapshot

Net revenues: RMB2,848.4 million · Guidance included

Q1 2026

Net revenues RMB2,848.4 million +5.5% year over year

Net income RMB994.1 million down from RMB1,278.9 million in Q1 2025

Non-GAAP adjusted net income RMB1,202.0 million down from RMB1,391.4 million in Q1 2025

Operating cash flow RMB1,562.0 million up from RMB325.6 million in Q1 2025

Free cash flow RMB1,493.8 million up from RMB293.0 million in Q1 2025

Guidance

Total net revenues for Q2 2026 expected between RMB3.07 billion and RMB3.17 billion; net revenues excluding freight brokerage expected between RMB2.21 billion and RMB2.30 billion, representing 7.1%–11.7% year-over-year growth.

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FAQ

How did Full Truck Alliance (YMM) perform financially in Q1 2026?

Full Truck Alliance reported Q1 2026 net revenues of RMB2,848.4 million, up 5.5% year over year, and net income of RMB994.1 million, down from RMB1,278.9 million. Non-GAAP adjusted net income was RMB1,202.0 million, reflecting higher expenses despite continued revenue growth.

What drove Full Truck Alliance’s revenue mix in Q1 2026?

Revenue growth was led by freight matching services, which rose to RMB2,472.4 million, up 10.0% year over year. Within this, transaction service revenue exceeded RMB1,393.1 million, up more than 33%, while value-added services declined to RMB376.0 million, mainly from weaker credit solutions.

How strong was Full Truck Alliance’s cash flow in Q1 2026?

Operating cash flow in Q1 2026 reached RMB1,562.0 million, compared with RMB325.6 million a year earlier. Free cash flow rose to RMB1,493.8 million. As of March 31, 2026, cash, cash equivalents, restricted cash, short-term investments and long-term deposits totaled RMB32.3 billion.

What guidance did Full Truck Alliance provide for Q2 2026 revenues?

The company expects Q2 2026 total net revenues between RMB3.07 billion and RMB3.17 billion, versus RMB3.24 billion a year earlier. Excluding freight brokerage, net revenues are projected at RMB2.21–2.30 billion, implying year-over-year growth of 7.1%–11.7%.

What dividend will Full Truck Alliance pay for Q2 2026?

The board approved a Q2 2026 cash dividend of US$0.0042 per ordinary share, or US$0.0840 per ADS, totaling approximately US$87.5 million. The board plans to target about US$400 million in total shareholder return for fiscal year 2026.

How is credit quality trending in Full Truck Alliance’s loan portfolio?

As of March 31, 2026, the total outstanding loan balance was RMB5.2 billion, down from RMB5.5 billion at December 31, 2025. The total non-performing loan ratio increased to 3.2% from 2.9%, reflecting higher industry-wide risk fluctuations in its credit solutions business.

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

May 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 First Quarter 2026 Unaudited Financial Results

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: May 21, 2026

3

Exhibit 99.1

Full Truck Alliance Co. Ltd. Announces First Quarter 2026 Unaudited Financial Results

GUIYANG, China, May 21, 2026 - 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 Highlights

• Total 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 Results

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). 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 Flow

As 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 Outlook

The 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 Dividend

Pursuant 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 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 RMB6.8980 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 Call

The 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.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 May 28, 2026, by dialing the following numbers:

United States:		+1-855-883-1031
Mainland China:		400-120-9216
Hong Kong, SAR:		800-930-639
United Kingdom:		0800-031-4295
Singapore:		800-101-3223
Replay Access Code:		10054328

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; 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.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, 2025				March 31, 2026				March 31, 2026
		RMB				RMB				US$
ASSETS
Current assets:
Cash and cash equivalents			6,066,137				6,670,150				966,969
Restricted cash			70,290				79,920				11,586
Short-term investments			11,048,309				11,793,781				1,709,739
Accounts receivable, net			75,133				96,076				13,928
Amount due from related parties			—				14,154				2,052
Loans receivable, net			4,851,353				4,268,909				618,862
Prepayments and other current assets, net			940,552				952,925				138,145
Total current assets			23,051,774				23,875,915				3,461,281
Restricted cash			30,000				200,000				28,994
Long-term time deposits and other investments1			14,268,513				13,592,790				1,970,541
Investments in equity investees			1,043,145				1,068,115				154,844
Property and equipment, net			457,487				521,551				75,609
Intangible assets, net			757,408				732,805				106,234
Goodwill			4,025,420				4,025,420				583,563
Deferred tax assets			249,551				279,778				40,559
Operating lease right-of-use assets			92,218				82,144				11,908
Other non-current assets			346,512				430,247				62,373
Total non-current assets			21,270,254				20,932,850				3,034,625
TOTAL ASSETS			44,322,028				44,808,765				6,495,906
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable			37,750				40,881				5,927
Amount due to related parties			29,674				29,450				4,269
Prepaid for freight listing fees and other service fees			637,489				578,109				83,808
Income tax payable			421,707				489,474				70,959
Other tax payable			479,286				555,325				80,505
Operating lease liabilities			33,847				24,564				3,561
Dividends payable			—				598,860				86,816
Accrued expenses and other current liabilities			1,211,279				1,129,222				163,703
Total current liabilities			2,851,032				3,445,885				499,548
Deferred tax liabilities			185,578				179,643				26,043
Operating lease liabilities			1,485				1,100				159
Other non-current liabilities			12,328				11,247				1,630
Total non-current liabilities			199,391				191,990				27,832
TOTAL LIABILITIES			3,050,423				3,637,875				527,380
MEZZANINE EQUITY
Redeemable non-controlling interests			767,813				785,491				113,872
Subscription receivables			(20,000	)			—				—
SHAREHOLDERS’ EQUITY
Ordinary shares			1,345				1,339				194
Additional paid-in capital			44,328,028				43,630,647				6,325,116
Accumulated other comprehensive income			2,742,068				2,417,763				350,502
Accumulated deficit			(7,020,237	)			(6,121,892	)			(887,488	)
TOTAL FULL TRUCK ALLIANCE CO. LTD. EQUITY			40,051,204				39,927,857				5,788,324
Non-controlling interests			472,588				457,542				66,330
TOTAL SHAREHOLDERS’ EQUITY			40,523,792				40,385,399				5,854,654
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY			44,322,028				44,808,765				6,495,906

^1. The Group’s long-term time deposits and other investments consist of RMB13,571 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, 2025				December 31, 2025				March 31, 2026				March 31, 2026
		RMB				RMB				RMB				US$
Net Revenues:
Freight Matching Services			2,247,107				2,704,190				2,472,370				358,419
Freight brokerage service			965,666				961,472				827,064				119,899
Freight listing service			234,905				255,214				252,175				36,558
Transaction service			1,046,536				1,487,504				1,393,131				201,962
Value-added services			452,802				488,412				376,014				54,511
Total 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				412,930
Operating 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 income			40,165				3,356				16,040				2,325
Income from operations			1,202,447				1,027,925				1,005,959				145,834
Other income
Interest income			245,509				226,662				216,824				31,433
Foreign exchange loss			(10,825	)			(4,308	)			(6,114	)			(886	)
Investment income			19,333				31,094				12,206				1,769
Unrealized gains (losses) from fair value changes of investments			33,462				12,947				(3,577	)			(519	)
Other income (expenses), net			618				(16,593	)			(2,369	)			(343	)
Share of gain (loss) in equity method investees			163				(10,572	)			(4,423	)			(641	)
Total other income			288,260				239,230				212,547				30,813
Net income before income tax			1,490,707				1,267,155				1,218,506				176,647
Income tax expense			(211,771	)			(272,869	)			(224,409	)			(32,532	)
Net income			1,278,936				994,286				994,097				144,115
Less: net loss attributable to non-controlling interests			(1,162	)			(13,396	)			(14,487	)			(2,100	)
Less: measurement adjustment attributable to redeemable non-controlling interests			11,522				19,853				17,678				2,563
Net income attributable to ordinary shareholders			1,268,576				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, 2025				December 31, 2025				March 31, 2026				March 31, 2026
		RMB				RMB				RMB				US$
Net income per share
—Basic			0.06				0.05				0.05				0.01
—Diluted			0.06				0.05				0.05				0.01
Net income per ADS*
—Basic			1.22				0.95				0.95				0.14
—Diluted			1.21				0.94				0.95				0.14
Weighted average number of ordinary shares used in computing net income per share
—Basic			20,850,255,050				20,841,527,394				20,789,216,349				20,789,216,349
—Diluted			20,958,643,962				20,909,526,453				20,882,514,034				20,882,514,034
Weighted average number of ADSs used in computing net income per ADS
—Basic			1,042,512,753				1,042,076,370				1,039,460,817				1,039,460,817
—Diluted			1,047,932,198				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, 2025				December 31, 2025				March 31, 2026				March 31, 2026
		RMB				RMB				RMB				US$
Cost of revenues			3,849				2,410				2,591				376
Sales and marketing expenses			19,558				7,803				9,078				1,316
General and administrative expenses			55,768				27,047				164,945				23,912
Research and development expenses			23,498				14,300				13,520				1,960
Total			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, 2025				December 31, 2025				March 31, 2026				March 31, 2026
		RMB				RMB				RMB				US$
Net cash provided by operating activities			325,643				1,330,883				1,561,958				226,436
Net cash provided by (used in) investing activities			2,153,412				(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 cash			2,456,249				325,433				783,643				113,605
Cash and cash equivalents and restricted cash, beginning of the period			5,950,880				5,840,994				6,166,427				893,944
Cash and cash equivalents and restricted cash, end of the period			8,407,129				6,166,427				6,950,070				1,007,549
Net cash provided by operating activities			325,643				1,330,883				1,561,958				226,436
Less: 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, 2025				December 31, 2025				March 31, 2026				March 31, 2026
		RMB				RMB				RMB				US$
Income from operations			1,202,447				1,027,925				1,005,959				145,834
Add:
Share-based compensation expense			102,673				51,560				190,134				27,564
Amortization of intangible assets resulting from business acquisitions			13,021				22,956				23,738				3,441
Non-GAAP adjusted operating income			1,318,141				1,102,441				1,219,831				176,839
Net income			1,278,936				994,286				994,097				144,115
Add:
Share-based compensation expense			102,673				51,560				190,134				27,564
Amortization of intangible assets resulting from business acquisitions			13,021				22,956				23,738				3,441
Tax effects of non-GAAP adjustments			(3,255	)			(5,739	)			(5,935	)			(860	)
Non-GAAP adjusted net income			1,391,375				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, 2025				December 31, 2025				March 31, 2026				March 31, 2026
		RMB				RMB				RMB				US$
Net income attributable to ordinary shareholders			1,268,576				987,829				990,906				143,652
Add:
Share-based compensation expense			102,673				51,560				190,134				27,564
Amortization of intangible assets resulting from business acquisitions			13,021				22,956				23,738				3,441
Tax effects of non-GAAP adjustments			(3,255	)			(5,739	)			(5,935	)			(860	)
Non-GAAP adjusted net income attributable to ordinary shareholders			1,381,015				1,056,606				1,198,843				173,797
Non-GAAP adjusted net income per share
—Basic			0.07				0.05				0.06				0.01
—Diluted			0.07				0.05				0.06				0.01
Non-GAAP adjusted net income per ADS
—Basic			1.32				1.01				1.15				0.17
—Diluted			1.32				1.01				1.15				0.17

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