Full Truck Alliance (NYSE: YMM) boosts Q2 profit, maps 2026 shareholder payout plan

Rhea-AI Filing Summary

Full Truck Alliance Co. Ltd. (YMM) reported another profitable quarter for the three months ended June 30, 2026, with total net revenues of RMB3.38 billion, up 4.4% year over year, driven mainly by growth in freight matching services and especially transaction service revenues.

Income from operations rose to RMB1.49 billion, 30.4% above the prior-year quarter, as cost of revenues declined and operating expenses were controlled. Net income reached RMB1.35 billion, while non-GAAP adjusted net income was RMB1.43 billion. Operating cash flow increased to RMB2.15 billion and free cash flow to RMB2.04 billion, supported by lower capital expenditures. Cash, cash equivalents, restricted cash, short-term investments and long-term deposits totaled RMB33.4 billion as of June 30, 2026.

The outstanding loan balance fell to RMB4.3 billion, although the non-performing loan ratio rose to 3.8%. For third quarter 2026, the company guides total net revenues to RMB3.32–3.42 billion. The board declared a quarterly cash dividend of US$0.0840 per ADS, about US$87.5 million, and plans total 2026 shareholder returns of approximately US$400 million.

Positive

• Operating leverage strengthened: income from operations rose to RMB1.49 billion, up 30.4% from RMB1.14 billion, outpacing revenue growth.
• Cash generation improved: net cash from operating activities increased to RMB2.15 billion from RMB1.31 billion, with free cash flow at RMB2.04 billion versus RMB1.30 billion a year earlier.
• Robust liquidity and deleveraging: total cash and investments reached RMB33.4 billion, while outstanding loan balance declined 21.9% to RMB4.3 billion.
• Ongoing capital return: a quarterly dividend of US$0.0840 per ADS (~US$87.5 million) was approved, with a 2026 shareholder return target of about US$400 million.

Negative

• Value-added services weakened: revenues from value-added services fell to RMB369.0 million from RMB491.2 million, mainly due to lower credit solutions revenues.
• Credit quality indicators deteriorated: the non-performing loan ratio increased to 3.8% as of June 30, 2026, from 2.9% at December 31, 2025.

Filing Explained

The loan balance declined by June 30, 2026, but the non-performing loan ratio increased to 3.8 percent.

As a Form 6-K, this filing furnishes Full Truck Alliance’s unaudited second-quarter results and related material information; the board-approved third-quarter dividend creates a scheduled cash distribution for existing holders.

The dividend is US$0.0840 per ADS, or US$0.0042 per ordinary share, totaling approximately US$87.5 million; it is expected around October 28, 2026 for holders of record on October 14, 2026, subject to the deposit agreement for ADS holders.

The company’s total outstanding loan balance was RMB4.3 billion as of June 30, 2026, while its non-performing loan ratio rose to 3.8% from 2.9% at December 31, 2025; the company attributes the increase partly to delinquent balances becoming more than 90 days past due and to the reduced loan balance.

The adjusted operating and net income figures are supplemental non-GAAP measures, not U.S. GAAP measures or substitutes for the corresponding GAAP results.

The board says it will periodically review the quarterly dividend policy and may adjust the dividend’s size and terms; the specified payment milestone is October 28, 2026.

Key Figures

Total Net Revenues Q2 2026: RMB3,381.6 million Income from Operations Q2 2026: RMB1,486.1 million Net Income Q2 2026: RMB1,345.1 million +5 more

8 metrics

Total Net Revenues Q2 2026 RMB3,381.6 million Three months ended June 30, 2026; up 4.4% from RMB3,239.1 million in 2025

Income from Operations Q2 2026 RMB1,486.1 million Three months ended June 30, 2026; 30.4% growth versus RMB1,139.6 million

Net Income Q2 2026 RMB1,345.1 million Three months ended June 30, 2026; compared with RMB1,264.8 million in 2025

Non-GAAP Adjusted Net Income Q2 2026 RMB1,433.8 million Three months ended June 30, 2026; versus RMB1,352.1 million a year earlier

Operating Cash Flow Q2 2026 RMB2,150.2 million Three months ended June 30, 2026; higher than RMB1,313.3 million in 2025

Free Cash Flow Q2 2026 RMB2,040.0 million Three months ended June 30, 2026; versus RMB1,299.2 million in prior-year quarter

Cash and Investments RMB33.4 billion Cash, equivalents, restricted cash, short-term investments and long-term deposits as of June 30, 2026

Dividend per ADS Q3 2026 US$0.0840 Quarterly cash dividend approved for third quarter 2026, totaling about US$87.5 million

Key Terms

non-GAAP adjusted net income, free cash flow, value-added services, non-performing loan ratio, +1 more

5 terms

non-GAAP adjusted net income financial

"Non-GAAP adjusted net income in the second quarter of 2026 was RMB1,433.8 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 RMB2,040.0 million (US$300.7 million), compared with RMB1,299.2 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.

value-added services financial

"Revenues from value-added services in the second quarter of 2026 were RMB369.0 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.

non-performing loan ratio financial

"The total non-performing loan ratio was 3.8% as of June 30, 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.

mezzanine equity financial

"LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY"

Mezzanine equity is a layer of financing that sits between bank loans and full ownership, combining elements of borrowed money and equity. It often gives lenders higher potential returns in exchange for taking more risk, sometimes with the option to convert into ownership or receive extra payments; think of it as a middle seat that pays more because it’s less secure than front-row debt. Investors watch it because it affects a company’s debt risk, potential dilution of ownership, and expected returns.

Earnings Snapshot

Total Net Revenues: RMB3,381.6 million · Guidance included

Quarter ended June 30, 2026

Total Net Revenues RMB3,381.6 million up 4.4% year over year

Income from Operations RMB1,486.1 million up 30.4% year over year

Net Income RMB1,345.1 million up 6.3% year over year

Non-GAAP Adjusted Net Income RMB1,433.8 million up 6.0% year over year

Operating Cash Flow RMB2,150.2 million higher than RMB1,313.3 million in prior-year quarter

Guidance

Total net revenues expected between RMB3.32 billion and RMB3.42 billion for the third quarter of 2026, compared with RMB3.36 billion in the same period of 2025.

FAQ

How did Full Truck Alliance (YMM) perform financially in Q2 2026?

Full Truck Alliance reported RMB3.38 billion in net revenues and RMB1.35 billion in net income for Q2 2026. Income from operations was RMB1.49 billion, while non-GAAP adjusted net income reached RMB1.43 billion, reflecting solid profitability and operating leverage.

What were Full Truck Alliance (YMM)’s key revenue drivers in Q2 2026?

Total net revenues rose 4.4% to RMB3.38 billion, mainly from freight matching services. These revenues increased to RMB3.01 billion, supported by transaction service revenues of RMB1.77 billion, which represented 52.2% of total net revenues in the quarter.

How strong was Full Truck Alliance (YMM)’s cash flow and liquidity in Q2 2026?

Net cash from operating activities was RMB2.15 billion, with free cash flow of RMB2.04 billion in Q2 2026. As of June 30, 2026, cash, equivalents, restricted cash, short-term investments and long-term deposits totaled RMB33.4 billion (about US$4.9 billion), indicating strong liquidity.

What dividend did Full Truck Alliance (YMM) declare for Q3 2026?

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. Payment is expected on or around October 28, 2026 to shareholders of record as of October 14, 2026.

What guidance did Full Truck Alliance (YMM) provide for Q3 2026 revenues?

The company expects Q3 2026 total net revenues between RMB3.32 billion and RMB3.42 billion. This compares with RMB3.36 billion in the same quarter of 2025 and reflects management’s current view of market and operating conditions.

How is Full Truck Alliance (YMM)’s credit business performing?

As of June 30, 2026, the outstanding loan balance was RMB4.3 billion, down from RMB5.5 billion at year-end 2025. However, the total non-performing loan ratio rose to 3.8% from 2.9%, partly due to migration of delinquent balances into over-90-day past-due loans.

What were Full Truck Alliance (YMM)’s earnings per ADS in Q2 2026?

Basic and diluted net income per ADS were both RMB1.28 (about US$0.19) in Q2 2026. Non-GAAP adjusted basic net income per ADS was RMB1.37, and non-GAAP adjusted diluted net income per ADS was RMB1.36, showing resilient per-ADS profitability.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Form 6-K: How Foreign Companies Report to the SEC →

Available on EDGAR 08/19/2026 - 04:29 PM Accepted by SEC EDGAR 08/19/2026 - 04:28 PM Learn about SEC filing dates

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

August 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 Second 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: August 19, 2026

3

Exhibit 99.1

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

GUIYANG, China, August 19, 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 second quarter ended June 30, 2026.

Second Quarter 2026 Financial and Operational Highlights

• Total net revenues in the second quarter of 2026 were RMB3,381.6 million (US$498.4 million), an increase of 4.4% from RMB3,239.1 million in the same period of 2025.

• Net income in the second quarter of 2026 was RMB1,345.1 million (US$198.2 million), an increase of 6.3% from RMB1,264.8 million in the same period of 2025.

• Non-GAAP adjusted net income¹ in the second quarter of 2026 was RMB1,433.8 million (US$211.3 million), an increase of 6.0% from RMB1,352.1 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 RMB3.38 billion this quarter, up 4.4% year over year. Transaction service revenues grew 33.1% to RMB1.77 billion, accounting for 52.2% of total net revenues. Net income reached RMB1.35 billion, up 6.3% year over year, while non-GAAP adjusted net income increased 6.0% to RMB1.43 billion. Net cash provided by operating activities grew significantly year over year to RMB2.15 billion, and our cash position⁴ was RMB33.4 billion. Our liquidity position remains strong to support scaling new business initiatives and advancing our long-term strategy, while we continue to return value to shareholders through quarterly cash dividends.”

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 RMB1,294.9 million and RMB1,109.2 million for the three months ended June 30, 2025 and 2026, respectively). Total net revenues in the second quarter of 2026 were RMB3,381.6 million (US$498.4 million), representing an increase of 4.4% from RMB3,239.1 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 second quarter of 2026 were RMB3,012.6 million (US$444.0 million), representing an increase of 9.6% from RMB2,747.9 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 second quarter of 2026 were RMB995.4 million (US$146.7 million), compared with 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$37.0 million), an increase of 3.3% from RMB242.9 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$260.3 million) in the second quarter of 2026, an increase of 33.1% from RMB1,327.1 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 RMB369.0 million (US$54.4 million), compared with RMB491.2 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 RMB918.7 million and RMB602.2 million for the three months ended June 30, 2025 and 2026, respectively). Cost of revenues in the second quarter of 2026 was RMB925.9 million (US$136.5 million), compared with RMB1,238.4 million in the same period of 2025, primarily due to decreases in VAT, related tax surcharges and other tax costs, net of grants from government authorities. These tax-related costs net of government grants totaled RMB743.4 million, compared with RMB1,087.1 million in the same period of 2025, primarily due to a decrease in tax costs net of government grants related to the Company’s freight brokerage service.

Sales and Marketing Expenses. Sales and marketing expenses in the second quarter of 2026 were RMB455.4 million (US$67.1 million), compared with RMB433.8 million in the same period of 2025. The increase was primarily due to additional investments in user ecosystem enhancement and user rights protection, partially offset by efficiency-focused spending on user acquisition.

General and Administrative Expenses. General and administrative expenses in the second quarter of 2026 were RMB183.8 million (US$27.1 million), compared with RMB170.3 million in the same period of 2025. The increase was primarily due to higher share-based compensation expenses and professional service fees.

Research and Development Expenses. Research and development expenses in the second quarter of 2026 were RMB260.9 million (US$38.5 million), compared with RMB189.6 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 second quarter of 2026 was RMB1,486.1 million (US$219.0 million), an increase of 30.4% from RMB1,139.6 million in the same period of 2025.

Non-GAAP Adjusted Operating Income.⁶ Non-GAAP adjusted operating income in the second quarter of 2026 was RMB1,580.7 million (US$233.0 million), an increase of 28.5% from RMB1,230.1 million in the same period of 2025.

Net Income. Net income in the second quarter of 2026 was RMB1,345.1 million (US$198.2 million), an increase of 6.3% from RMB1,264.8 million in the same period of 2025.

Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in the second quarter of 2026 was RMB1,433.8 million (US$211.3 million), an increase of 6.0% from RMB1,352.1 million in the same period of 2025.

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 RMB1.28 (US$0.19) in the second quarter of 2026, compared with RMB1.20 in the same period of 2025. Diluted net income per ADS was RMB1.28 (US$0.19) in the second quarter of 2026, compared with RMB1.19 in the same period of 2025. Non-GAAP adjusted basic net income per ADS was RMB1.37 (US$0.20) in the second quarter of 2026, compared with RMB1.28 in the same period of 2025. Non-GAAP adjusted diluted net income per ADS was RMB1.36 (US$0.20) in the second quarter of 2026, compared with RMB1.27 in the same period of 2025.

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 RMB33.4 billion (US$4.9 billion) in total, compared with RMB31.5 billion as of December 31, 2025.

As of June 30, 2026, the total outstanding loan balance⁹ was RMB4.3 billion (US$0.6 billion), a decrease of 21.9% from RMB5.5 billion as of December 31, 2025. The total non-performing loan ratio⁹ was 3.8% as of June 30, 2026, compared with 2.9% as of December 31, 2025, primarily due to the migration of previously delinquent balances to outstanding loans that were over 90 calendar days past due, as well as a rapidly reduced total outstanding loan balance.

In the second quarter of 2026, net cash provided by operating activities was RMB2,150.2 million (US$316.9 million), compared with RMB1,313.3 million in the same period of 2025. Free cash flow¹⁰ was RMB2,040.0 million (US$300.7 million), compared with RMB1,299.2 million in the same period of 2025.

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 RMB3.32 billion and RMB3.42 billion for the third quarter of 2026, compared with RMB3.36 billion in the same period of 2025. 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 third 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 October 28, 2026, to holders of record of the Company’s ordinary shares at the close of business on October 14, 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 October 28, 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 RMB6.7851 to US$1.00, the exchange rate in effect as of June 30, 2026, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ 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 August 19, 2026, or 7:00 P.M. Beijing Time to discuss its financial results and operating performance for the second 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/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:

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:		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, 2025				June 30, 2026				June 30, 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 RMB9,586 million long-term time deposits and RMB22 million available-for-sale debt securities as of June 30, 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																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 RMB1,294.9 million and RMB1,109.2 million for the three 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 RMB918.7 million and RMB602.2 million for 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

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EX-99.1 280.9 KB