Full Truck Alliance Co. Ltd. (YMM) SEC Filings & Earnings Calls
EquiReason read 6 Full Truck Alliance Co. Ltd. SEC filings in the last 12 months. Latest: 6-K on 2026-08-19 — Q2 2026 revenue +4.4% YoY, net income +6.3% YoY, fulfilled orders +12.7% YoY, shipper MAUs +12.8% YoY; Q3 revenue guidance range implies slight YoY decline; declared quarterly divi.
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
- Market cap
- 8.6B
- P/E TTM
- —
- Dividend yield
- 2.4%
- 52-week
- —
- Next earnings
- 16 Nov, in 23 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
19 Aug 20266-KQ2 2026 revenue +4.4% YoY, net income +6.3% YoY, fulfilled orders +12.7% YoY, shipper MAUs +12.8% YoY; Q3 revenue guidance range implies slight YoY decline; declared quarterly dividend.earningsopen
Figures in the filing · each found in the filing text
| Fulfilled orders · Q2-2026 | 68,500,000 | +13% y/y |
| Average shipper MAUs · Q2-2026 | 3,570,000 | +13% y/y |
Guidance
Q3 2026 total net revenues RMB3.32B-3.42B vs Q3 2025 RMB3.36B; FY2026 total shareholder return ~US$400M via dividends.
Q3 revenue guidance roughly flat YoY, but management highlights strong operational metrics and new initiatives; dividend program continues.
Risks flagged
Q3 revenue guidance midpoint implies slight YoY decline, suggesting potential demand moderation.
“Q3 2026 revenue guidance of RMB3.32B-3.42B vs Q3 2025 revenue of RMB3.36B; midpoint ~RMB3.37B is roughly flat to slightly down.”
Freight brokerage revenue continues to decline, indicating structural shift away from lower-margin services.
“Freight brokerage revenue down 15.5% YoY to RMB995.4M.”
Value-added services revenue declined sharply, partly due to credit solutions revenue decrease.
“Value-added services revenue down 24.9% YoY to RMB369.0M.”
21 May 20266-KFull Truck Alliance Q1 2026: total net revenues RMB2,848.4M (+5.5% YoY), fulfilled orders 55.0M (+14.3% YoY), net income RMB994.1M vs RMB1,278.9M YoY; Q2 guidance: revenues RMB3.07B-3.17B (-2.2% to +1.0% YoY); declared quarterly dividend ofearningsopen
Figures in the filing · each found in the filing text
| fulfilled orders · Q1 2026 | 55,000,000 | +14% y/y |
| average shipper MAUs · Q1 2026 | 3,110,000 | +13% y/y |
Guidance
Q2 2026 total net revenues RMB3.07B-3.17B (vs RMB3.24B in Q2 2025, -2.2% to +1.0% YoY); excluding freight brokerage, net revenues RMB2.21B-2.30B (+7.1-11.7% YoY)
Q2 guidance implies flattish total revenue YoY but growth in core transaction services; dividend declared.
Risks flagged
Net income declined YoY despite revenue growth, indicating margin pressure from cost increases or investments.
“Net income in the first quarter of 2026 was RMB994.1 million... compared with RMB1,278.9 million in the same period of 2025.”
14 Apr 202620-FFull Truck Alliance reported FY2025 annual results with net income of RMB4,459.1M, up from RMB3,123.4M in FY2024, and announced a long-term shareholder return plan.earningsopen
Figures in the filing · each found in the filing text
| Fulfilled Orders · FY2025 | 236,300,000 | |
| Net Revenues · FY2025 | $12.49B | |
| Net Income Attributable to Ordinary Shareholders · FY2025 | $4.41B | |
| Non-Performing Loan Ratio · FY2025 | 2.9% | |
| Government Grants · FY2025 | $903M | |
| Dividend per ADS · H2-2025 | $0.10 | |
| Shareholder Return Plan Minimum Payout Ratio · FY2026 | 50.0% | |
| FY2026 Shareholder Return Commitment · FY2026 | $400M |
Risks flagged
Government Grant Dependency
“For the years ended December 31, 2023, 2024 and 2025, the gross amounts of VAT costs amounted to RMB5,271.1 million, RMB5,996.2 million and RMB4,165.7 million (US$595.7 million), respectively, while the government grants amounted to RMB2,150.1 million, RMB2,102.8 million and RMB 903.3 million (US$129.2 million), respectively.” · word for word
Regulatory Cap on Credit Solutions
“In December 2025, we have been informed that a new rule in relations to small loan company like us had been issued by the NAFR and the PBOC, according to which small loan companies are prohibited from granting new loans where the total annual financing cost percentage rates (inclusive of all interest and fee expenses, such as interest, guarantee fees, insura”
Cybersecurity and Data Privacy Compliance
“The Group's business is subject to complex and evolving PRC laws and regulations relating to cybersecurity and data security.” · word for word
VIE Structure Uncertainty
“If the PRC government deems that the contractual arrangements in relation to the Group VIEs do not comply with PRC regulatory restrictions on foreign investment in the relevant industries, or if these regulations or the interpretation of existing regulations change in the future, we could be subject to severe penalties or be forced to relinquish our interest”
Concentration of Voting Power
“Mr. Peter Hui Zhang, our founder, chairman and chief executive officer, beneficially owns all the Class B ordinary shares issued and outstanding, which, together with the Class A ordinary shares he beneficially owns, represent 77.2% of the voting power of our total issued and outstanding shares as of March 31, 2026.” · word for word
12 Mar 20266-KFull Truck Alliance Q4 2025 net revenues up 0.6% YoY to RMB3,192.6M, net income up 73.0% YoY to RMB994.3M. Fulfilled orders up 12.3% YoY, average shipper MAUs up 11.6% YoY. Q1 2026 revenue guidance flat to +3.9% YoY. Announces quarterly casearningsopen
Figures in the filing · each found in the filing text
| Fulfilled orders · Q4-2025 | 63,900,000 | +12% y/y |
| Average shipper MAUs · Q4-2025 | 3,280,000 | +12% y/y |
| Full year non-GAAP adjusted net income · FY2025 | $4.79B | +19% y/y |
| Full year fulfilled orders · FY2025 | 236,300,000 | +20% y/y |
| Full year average shipper MAUs · FY2025 | 3,140,000 | +19% y/y |
Guidance
Q1 2026 total net revenues RMB2.70-2.80B (flat to +3.9% YoY); excluding freight brokerage RMB1.98-2.06B (+13.9% to 19.0% YoY)
Q1 2026 guidance shows modest total revenue growth but stronger growth in core transaction services.
20 Jan 20266-KFTA announces long-term shareholder return plan: distribute ≥50% non-GAAP net income via dividends/repurchases; $400M for FY2026 with ≥$300M dividends.open
Figures in the filing · each found in the filing text
| Shareholder return FY2026 · FY2026 | $400M | |
| Minimum dividend FY2026 · FY2026 | $300M |
17 Nov 20256-KFull Truck Alliance Q3 2025: total net revenues RMB3,358.2M (+10.8% YoY), fulfilled orders 63.4M (+22.3% YoY), net income RMB921.0M (down from RMB1,121.9M YoY). Q4 guidance: total net revenues RMB3.08-3.18B (flat to slightly down YoY). Mixeearningsopen
Figures in the filing · each found in the filing text
| Fulfilled orders · Q3-2025 | 63,400,000 | +22% y/y |
| Average shipper MAUs · Q3-2025 | 3,350,000 | +18% y/y |
Guidance
Q4 2025 total net revenues RMB3.08-3.18B (vs RMB3.17B in Q4 2024); ex-freight brokerage net revenues RMB2.18-2.28B (+17.1-22.5% YoY)
Revenue growth continues but profit declines; Q4 guidance suggests flat total revenue but strong growth in core transaction services.
Risks flagged
Profit decline despite revenue growth; net income down 17.9% YoY
“Net income ... was RMB921.0 million ... compared with RMB1,121.9 million in the same period of 2024.”
Full Truck Alliance Co. Ltd. — questions
- What did Full Truck Alliance Co. Ltd. file recently?
- 6 SEC filings in the last 12 months. Latest: 6-K on 2026-08-19 — Q2 2026 revenue +4.4% YoY, net income +6.3% YoY, fulfilled orders +12.7% YoY, shipper MAUs +12.8% YoY; Q3 revenue guidance range implies slight YoY decline; declared quarterly dividend.
Every figure on this page comes from Full Truck Alliance Co. Ltd.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.