NYSE$YMM
Full Truck Alliance Co. Ltd · Q2 2025 earnings
Q2 2025 earnings · · Before market open · Investor relations
Briefing
Full Truck Alliance grows Q2 revenue 17% as transaction service fees surge
Full Truck Alliance (YMM) reported strong Q2 2025 results on August 21, with total net revenue of RMB3.24 billion ($452.2 million), up 17.2% year over year, driven by freight matching and a 39.4% jump in transaction service revenue to RMB1.33 billion. Net income rose 50.5% to RMB1.26 billion and non-GAAP adjusted net income increased 39.3% to RMB1.35 billion, supported by higher fulfillment rates, 60.8 million fulfilled orders (+23.8%), and 3.16 million average shipper MAUs (+19.3%). Management guided Q3 net revenue of RMB3.07–3.17 billion and declared a semi-annual cash dividend of $0.096 per ADS.
- Q2 net revenue reached RMB3.24B (+17.2% YoY); transaction service revenue grew 39.4% to RMB1.33B.
- Net income of RMB1.26B (+50.5% YoY) and non-GAAP adjusted net income of RMB1.35B (+39.3% YoY).
- Fulfilled orders rose 23.8% to 60.8M; fulfillment rate exceeded 40%, up 7 percentage points YoY.
- Q3 revenue guidance of RMB3.07–3.17B; excluding freight brokerage, core revenue expected up 23–29% YoY.
- Board approved ~$100M semi-annual dividend ($0.096/ADS) payable around October 27, 2025.
Headline financials
Revenue & EPS history
FTA · Revenue · Quarterly
¥3.24B
Revenue by segment
FTA · ¥4.57B total across 3 segments · Q2 2025
- Freight matching services¥2.75B—60.2%
- Transaction service¥1.33B—29.1%
- Value-added services¥491M—10.8%
Forward guidance
Q3 2025 total net revenue expected between RMB3.07B and RMB3.17B (+1.3% to +4.6% YoY); excluding freight brokerage, net revenue of RMB2.16–2.26B (+23.4% to +29.1% YoY).
Tailwinds
- Core freight matching and transaction services expected to continue strong growth excluding brokerage.
- Semi-annual dividend of ~$100M signals confidence in cash generation.
Headwinds
- Freight brokerage volume expected to decline significantly from Q3 as service fee rates rise.
- Brokerage cost of revenue may increase, partially offsetting profit gains.
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 Q2 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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