Jun 2026 (Q2 FY26) — Aug 19, 2026
Full Truck Alliance Q2 FY26 — Resilient Growth and Operational Efficiency
Read the full callFull Truck Alliance (YMM) earnings
- Jun 2026 (Q2 FY26)
- Dec 2025
Full Truck Alliance earnings: last reported Wed, 19 Aug 2026, for the quarter ended Jun 2026.
Guidance
What management said, and what became of it
13 of 13 judged targets kept · 9 open · verdicts reflect calls analysed to Dec 2025.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Total cash dividend (FY2025) | Approximately USD 200 million total cash dividend for full year 2025 | Dec 2024 | Over the course of the year, we distributed approximately USD 200 million in cash dividend under our semiannual dividend policy. | Achieved |
| Adjusted operating profit growth (FY2025) | Over 60% year-on-year growth in adjusted operating profit for full year 2025 | Dec 2024 | Pending |
9 of Full Truck Alliance Co. Ltd.'s 22 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 20 more targets are in the full ledger.
Claimed
- Fulfilled orders reached 68.5 million, up 12.7% year-over-year.
- Average shipper MAUs reached 3.57 million, up 12.8% year-over-year.
- Fulfillment rate increased by 6.3 percentage points year-over-year to 47%.
- Transaction service revenues grew 33.1% year-over-year to RMB 1.77 billion.
- Non-GAAP adjusted net income increased 6% to RMB 1.43 billion.
- Net cash provided by operating activities grew significantly year-over-year to RMB 2.15 billion.
Qualified
- Challenging market environment noted by management.
- Fuel price volatility temporarily impacted overall road freight demand and order growth.
- Extreme weather events (typhoon, flooding, earthquakes) may cause near-term disruption to freight shipping.
Price
$8.83 +0.91% · +$0.08
Performance −29.9% 1Y
1Y: $12.6 on 17 Oct 2025 → $8.83. High $13.3 (27 Oct 2025), low $7.54 (25 Jun 2026).
- Previous close
- $8.75
- 52-week range
- $7.54 – $13.3
- One year
- −30.25%
Overview
- Symbol
- YMM
- Sector
- Information Technology
- Industry
- Services-Prepackaged Software
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
13 of 13 judged targets kept · 9 open · verdicts reflect calls analysed to Dec 2025.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Total cash dividend (FY2025) | Approximately USD 200 million total cash dividend for full year 2025 | Dec 2024 | Over the course of the year, we distributed approximately USD 200 million in cash dividend under our semiannual dividend policy. | Achieved |
| Adjusted operating profit growth (FY2025) | Over 60% year-on-year growth in adjusted operating profit for full year 2025 | Dec 2024 | Pending |
Claimed
- Fulfilled orders reached 68.5 million, up 12.7% year-over-year.
- Average shipper MAUs reached 3.57 million, up 12.8% year-over-year.
- Fulfillment rate increased by 6.3 percentage points year-over-year to 47%.
- Transaction service revenues grew 33.1% year-over-year to RMB 1.77 billion.
- Non-GAAP adjusted net income increased 6% to RMB 1.43 billion.
- Net cash provided by operating activities grew significantly year-over-year to RMB 2.15 billion.
Qualified
- Challenging market environment noted by management.
- Fuel price volatility temporarily impacted overall road freight demand and order growth.
- Extreme weather events (typhoon, flooding, earthquakes) may cause near-term disruption to freight shipping.
The full ledger
Open Full Truck Alliance Co. Ltd.’s full ledger
A free account opens 5 company ledgers a month. All 22 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 21, 2026
Full Truck Alliance Q1 FY26 — Strong Order Growth and AI Integration
Read the full callDec 2025 (Q4 FY25) — Mar 12, 2026
Full Truck Alliance Q4 FY25 — AI Integration and Ecosystem Quality Drive Growth
Read the full callEvery analysed call
Full Truck Alliance earnings calls (YMM)
Financials
What the filings say
| Line item | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Reserves | — | -2,044 | -2,671 | -2,409 | -2,028 | -1,558 | -1,004 |
| Total liabilities | — | 318 | 450 | 419 | 486 | 432 | 436 |
| Fixed assets | — | 6 | 16 | 16 | 27 | 40 | 65 |
| Investments | — | 1,336 | 3,395 | 3,057 | 1,622 | 2,055 | 1,580 |
| Total assets | — | 3,844 | 5,398 | 5,320 | 5,542 | 5,656 | 6,338 |
| Line item | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Cash from operations | -133 | 88 | -33 | -2 | 320 | 407 | 662 |
| Cash from investing | -487 | -412 | -2,260 | 309 | 78 | -331 | -389 |
| Cash from financing | 243 | 1,273 | 1,397 | -193 | -164 | -208 | -237 |
| Net cash flow | -374 | 930 | -910 | 124 | 236 | -130 | 31 |
| Capital expenditure | -1 | -8 | -7 | -12 | -14 | -10 | -19 |
| Free cash flow | -134 | 80 | -40 | -15 | 306 | 397 | 643 |
YMM operating KPIs by quarter
| KPI | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Overall fulfillment rate | 42.7%In the fourth quarter, the overall fulfillment rate reached 42.7%, representing a year-over-year increase of more than 5 percentage points, and it also set a new record.Source: earnings call transcript | 44.1%In the first quarter, the overall fulfillment rate was 44.1%, and it's up 4.9 percentage points year-over-year and 1.4 percentage points quarter-over-quarter.Source: earnings call transcript | 47%Rising order density and trucker capacity lifted the fulfillment rate by 6.3 percentage points year-over-year to 47% with medium freight matching time further shortened.Source: earnings call transcript | +2.9 pt |
| Commission penetration rate | 88.6%In the fourth quarter, commission penetration rate reached 88.6%, up roughly 6 percentage points year-over-year.Source: earnings call transcript | 94%+In the first quarter, commission penetration rate exceeded 94%, up roughly 9 percentage points year-over-year.Source: earnings call transcript | 94.7%During the second quarter, we completed the rollout of the commission model across all eligible cities, lifting the commission penetration rate to 94.7%.Source: earnings call transcript | — |
| Monthly active platform consumers (MAPCs) Shippers | — | 3.11MAverage shipper MAUs reached 3.11 million this quarter, up 13% year-over-year.Source: earnings call transcript | 3.57MAverage shipper MAUs reached 3.57 million this quarter, up 12.8% year-over-year, while the number of active truckers fulfilling orders over the past [ 12 ] months continue to grow, further amplifying our nationwide network effect.Source: earnings call transcript | +14.8% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
No filings in the last 12 months.
No officer, director or 10% owner of YMM filed a Form 4 in this window. That is a statement about filings, not about ownership — see the note below.
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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