NYSE$YMM
Full Truck Alliance Co. Ltd · Q1 2025 earnings
Q1 2025 earnings · · Before market open · Investor relations
Briefing
Full Truck Alliance Q1 2025: revenue up 19% to RMB2.70B; net income doubles
Full Truck Alliance reported first quarter 2025 results on May 21 with total net revenues of RMB2.70 billion (US$372.1 million), up 19.0% year over year, driven by freight matching and a 51.5% jump in transaction service revenue to RMB1.05 billion. Net income rose 118.1% to RMB1.28 billion and non-GAAP adjusted net income increased 84.0% to RMB1.39 billion. Fulfilled orders grew 22.6% to 48.2 million and average shipper MAUs increased 28.8% to 2.76 million, while fulfillment efficiency improvements helped operating income surge 285.2% to RMB1.20 billion. Management guided Q2 total net revenues of RMB3.06 billion to RMB3.12 billion, representing roughly 10.6% to 12.9% year-over-year growth.
- Q1 net revenue reached RMB2.70 billion (+19.0% YoY); transaction service revenue grew 51.5% to RMB1.05 billion.
- Net income of RMB1.28 billion (+118.1% YoY) and non-GAAP adjusted net income of RMB1.39 billion (+84.0% YoY).
- Fulfilled orders rose 22.6% to 48.2 million; average shipper MAUs increased 28.8% to 2.76 million.
- Income from operations jumped 285.2% to RMB1.20 billion as cost of revenues fell 32.3%.
- Q2 revenue guidance of RMB3.06–3.12 billion implies about 10.6% to 12.9% YoY growth.
Headline financials
Revenue & EPS history
FTA · Revenue · Quarterly
¥2.7B
Revenue by segment
FTA · ¥4.95B total across 5 segments · Q1 2025
- Freight matching services¥2.25B—45.4%
- Transaction service¥1.05B—21.2%
- Freight brokerage service¥966M—19.5%
- Value-added services¥453M—9.2%
- Freight listing service¥235M—4.7%
Forward guidance
Q2 2025 total net revenue expected between RMB3.06 billion and RMB3.12 billion (+10.6% to +12.9% YoY).
Tailwinds
- Core transaction service revenue sustained strong growth with operating leverage driving profit expansion.
- Company approved up to $125 million additional investment in Plus PRC to deepen autonomous driving collaboration.
Headwinds
- Freight brokerage revenue was flat as higher service fee rates offset lower transaction volume.
- Management changes include CFO transition and expanded finance responsibilities for the president.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2025
+2.7%
Avg return
Earnings day
+0.6%
Avg return
5 days after
+2.6%
Avg return
30 days after
57%
12 / 21 earnings
Positive
+21.1%
Q2 2022
Best reaction
-11.9%
Q3 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +4.5% | +2.5% | -7.8% | |
| Q4 2025 | -1.5% | -4.4% | -9.4% | |
| Q3 2025 | -11.9% | -15.8% | -8.5% | |
| Q2 2025 | +10.3% | +17.5% | +23.4% | |
| Q1 2025 | -1.3% | -7.6% | -3.6% | |
| Q4 2024 | +13.6% | +4.5% | -4.6% | |
| Q3 2024 | +13.2% | +10.7% | +32.1% | |
| Q2 2024 | +3.0% | +1.6% | +3.0% | |
| Q1 2024 | -1.9% | -4.9% | -5.8% | |
| Q4 2023 | +1.6% | +8.4% | +17.1% | |
| Q3 2023 | +11.4% | +10.7% | -4.7% | |
| Q2 2023 | +9.5% | +12.3% | +10.9% | |
| Q1 2023 | -2.0% | -0.3% | +12.8% | |
| Q4 2022 | -9.1% | -8.6% | -12.0% | |
| Q3 2022 | +3.9% | +8.1% | +32.6% | |
| Q2 2022 | +21.1% | +9.9% | -6.1% | |
| Q1 2022 | +1.4% | -11.4% | +11.2% | |
| Q4 2020 | -4.9% | +18.7% | -1.8% | |
| Q4 2021 | -5.0% | -7.0% | -27.7% | |
| Q3 2021 | -5.5% | -16.5% | -32.5% | |
| Q2 2021 | +6.6% | -16.8% | +35.3% | |
| Q1 2021 | — | — | — | |
| Q3 2020 | — | — | — | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — | |
| Q4 2019 | — | — | — |
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