NYSE$YMM
Full Truck Alliance Co. Ltd · Q1 2026 earnings
Q1 2026 earnings · · Before market open · Investor relations
Briefing
Full Truck Alliance Q1 2026: revenue RMB2.85B (+5.5% YoY); transaction service revenue up 33% as orders reach 55M
Full Truck Alliance (YMM) reported Q1 2026 total net revenues of RMB2.85 billion (US$412.9M), up 5.5% year over year, with net income of RMB994.1 million (US$144.1M) versus RMB1.28 billion a year ago. Non-GAAP adjusted net income was RMB1.20 billion. Fulfilled orders grew 14.3% to 55.0 million and average shipper MAUs rose 12.7% to 3.11 million. Transaction service revenue jumped 33.1% to RMB1.39 billion, while freight brokerage revenue declined on lower volume. Operating cash flow surged to RMB1.56 billion from RMB326 million YoY; free cash flow was RMB1.49 billion. The board declared a Q2 2026 cash dividend of US$0.084 per ADS (~US$87.5M total). Q2 revenue guidance of RMB3.07–3.17 billion implies modest YoY decline including brokerage, but ex-brokerage revenue expected to grow 7–12%.
- Total net revenue RMB2.85B (+5.5% YoY); net income RMB994M; non-GAAP adjusted net income RMB1.20B.
- Fulfilled orders up 14.3% to 55.0M; average shipper MAUs up 12.7% to 3.11M.
- Transaction service revenue grew 33.1% to RMB1.39B; freight brokerage revenue fell on lower volume.
- Operating cash flow RMB1.56B vs. RMB326M YoY; free cash flow RMB1.49B; cash and investments RMB32.3B.
- Q2 2026 dividend of US$0.084/ADS (~US$87.5M); revenue guidance RMB3.07–3.17B.
Headline financials
Revenue & EPS history
FTA · Revenue · Quarterly
¥2.85B
Revenue by segment
FTA · ¥5.07B total across 4 segments · Q1 2026
- Freight matching services¥2.47B+10.0%48.8%
- Transaction service¥1.39B+33.1%27.5%
- Freight brokerage service¥827M-14.4%16.3%
- Value-added services¥376M-17.0%7.4%
Forward guidance
For Q2 2026, FTA expects total net revenues of RMB3.07–3.17 billion (vs. RMB3.24B in Q2 2025). Excluding freight brokerage, net revenues are guided at RMB2.21–2.30 billion (+7.1% to +11.7% YoY).
Tailwinds
- Transaction service revenue mix improving with 33% YoY growth.
- Strong operating cash flow generation and shareholder return plan targeting ~US$400M for FY2026.
Headwinds
- Total revenue guidance implies modest decline YoY due to shrinking freight brokerage.
- NPL ratio rose to 3.2% from 2.9% on industry-wide credit risk.
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 2026
+2.7%
Avg return
Earnings day
+0.5%
Avg return
5 days after
+3.1%
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 | +3.7% | — | — | |
| 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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