Full Truck Alliance Company Limited

Latest Results (31.08.2026):

Full Truck Alliance Company Limited — Second Quarter 2026: FTA reported revenue growth and rising profitability in Q2 2026, with total net revenues of RMB3,381.6 million (US$498.4 million), up 4.4% year-over-year, and net income of RMB1,345.1 million (US$198.2 million), up 6.3% year-over-year. The company showed strong operating cash generation and declared a quarterly dividend while guiding Q3 2026 revenues to RMB3.32–3.42 billion.

Top-line

Total net revenues in Q2 2026 were RMB3,381.6 million (US$498.4 million), up 4.4% year-over-year, driven primarily by freight matching services and a large increase in transaction service revenues.

Profitability

Net income for Q2 2026 was RMB1,345.1 million (US$198.2 million), up 6.3% YoY. Income from operations rose strongly to RMB1,486.1 million, a 30.4% increase YoY, reflecting operating leverage.

Non-GAAP metrics

Non-GAAP adjusted net income was RMB1,433.8 million (US$211.3 million), up 6.0% YoY. Non-GAAP adjusted operating income was RMB1,580.7 million, up 28.5% YoY. Non-GAAP adjusted diluted net income per ADS was RMB1.36 (US$0.20).

Operational traction

Fulfilled orders reached 68.5 million in Q2 2026 (+12.7% YoY) and average shipper MAUs were 3.57 million (+12.8% YoY), indicating continued user engagement and order growth.

Revenue mix

Freight matching services totaled RMB3,012.6 million (+9.6% YoY). Transaction service revenue grew 33.1% YoY to RMB1,766.4 million and accounted for 52.2% of total net revenues. Freight brokerage declined, while freight listing rose modestly.

Costs and expenses

Cost of revenues fell to RMB925.9 million (from RMB1,238.4 million YoY), largely due to lower tax-related costs net of government grants. R&D expense increased to RMB260.9 million, reflecting consolidation of Giga.AI R&D since July 2025.

Cash, liquidity & leverage

FTA’s defined cash position (cash & equivalents, restricted cash, short-term investments, long-term time deposits and wealth management products) was RMB33.4 billion as of June 30, 2026. Total outstanding loan balance decreased to RMB4.3 billion (−21.9% vs Dec 31, 2025); NPL ratio was 3.8%.

Cash flow

Net cash provided by operating activities in Q2 2026 was RMB2,150.2 million (US$316.9 million). Free cash flow was RMB2,040.0 million (US$300.7 million) for the quarter.

Capital returns & outlook

The board approved a quarterly cash dividend of US$0.0840 per ADS (~US$87.5 million total) payable around Oct 28, 2026. For Q3 2026 the company expects total net revenues of RMB3.32–3.42 billion (vs RMB3.36 billion in Q3 2025).