NYSE$YMM
Full Truck Alliance Co. Ltd · Q4 2025 earnings
Q4 2025 earnings · · Before market open · Investor relations
Briefing
Fulfillment scale and AI pilots drive 73% Q4 net income growth
Full Truck Alliance reported Q4 2025 total net revenues of RMB3,192.6 million (US$456.5 million), up 0.6% year over year, as transaction service revenue growth offset lower freight brokerage volumes. Net income surged 73.0% to RMB994.3 million (US$142.2 million) while non-GAAP adjusted net income rose 1.1% to RMB1,063.1 million. Fulfilled orders reached 63.9 million (+12.3% YoY) and average shipper MAUs hit 3.28 million (+11.6%). Full-year 2025 revenue grew 11.1% to RMB12,489.9 million with net income up 42.8% to RMB4,459.1 million; transaction service revenue rose 38.2% for the year. The company held RMB31.5 billion in cash and investments at December 31, 2025.
- Q4 revenue RMB3,192.6M (+0.6%); FY2025 revenue RMB12,489.9M (+11.1%)
- Q4 net income RMB994.3M (+73.0%); FY net income RMB4,459.1M (+42.8%)
- Q4 fulfilled orders 63.9M (+12.3%); FY fulfilled orders 236.3M (+19.8%)
- Transaction service revenue +28.4% in Q4; +38.2% for full year
- Cash and investments RMB31.5B; piloting AI assistant for shippers
Headline financials
Revenue & EPS history
FTA · Revenue · Quarterly
¥3.19B
Revenue by segment
FTA · ¥5.64B total across 4 segments · Q4 2025
- Freight matching services¥2.7B—47.9%
- Transaction service¥1.49B—26.4%
- Freight brokerage service¥962M—17.0%
- Value-added services¥488M—8.7%
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 Q4 2025
+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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