Full Truck Alliance Co. Ltd. Announces Fourth Quarter and Fiscal Year 2025 Unaudited Financial Results

GUIYANG, China, March 12, 2026 /PRNewswire/ -- Full Truck Alliance Co. Ltd. ("FTA" or the "Company") (NYSE: YMM), a leading digital freight platform, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025.

Fourth Quarter and Fiscal Year 2025 Financial and Operational Highlights

Mr. Peter Hui Zhang, Founder, Chairman, and Chief Executive Officer of FTA, commented, "We achieved improvements in both user experience and profitability amid a complex market environment in the fourth quarter of 2025 through disciplined strategic execution. For the full year, fulfilled orders exceeded 236 million, representing nearly 20% year-over-year growth; average shipper MAUs increased 18.6% year over year, reflecting a healthier ecosystem across both shippers and truckers. Meanwhile, we piloted AI assistant capabilities for shippers to enhance fulfillment efficiency across the platform. Looking ahead, we will accelerate the adoption of AI across logistics transactions and fulfillment, creating greater value for the industry."

Mr. Langbo Guo, President of FTA, added, "Looking back at 2025, we continued to drive growth through a dual focus on user growth and ecosystem development. Full-year revenue reached RMB 12.49 billion, up 11.1% year-over-year. At the same time, revenue mix further improved, with transaction service revenue growing 38.2% year-over-year. Net income reached RMB 4.46 billion, up 42.8% year-over-year, and non-GAAP adjusted net income reached RMB 4.79 billion, up 19.3% year-over-year, demonstrating sustained profitability. Moving forward, we will actively leverage AI to empower both shippers and truckers, further strengthening our core competitiveness and sustainable profitability."

1 Non-GAAP adjusted net income is defined as net income excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; (iv) impairment loss of long-term investment; and (v) tax effects of non-GAAP adjustments. See "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" at the end of this press release.

2 Fulfilled orders on our platform in a given period are defined as all shipping orders matched through our platform during such period but exclude (i) shipping orders that are subsequently canceled and (ii) shipping orders for which our users failed to specify any freight prices, as there are substantial uncertainties as to whether such shipping orders are fulfilled.

3 Average shipper MAUs in a given period are calculated by dividing (i) the sum of shipper MAUs for each month of a given period by (ii) the number of months in a given period. Shipper MAUs are defined as the number of active shippers on our platform in a given month. Active shippers are defined as the aggregate number of registered shipper accounts that have posted at least one shipping order on our platform during a given period.

Fourth Quarter 2025 Financial Results

Net Revenues (including value added taxes, or "VAT" of RMB1,422.1 million and RMB1,088.6 million for the three months ended December 31, 2024 and 2025, respectively). Total net revenues in the fourth quarter of 2025 were RMB3,192.6 million (US$456.5 million), representing an increase of 0.6% from RMB3,174.3 million in the same period of 2024, primarily attributable to an increase in revenues from value-added services.

Freight matching services. Revenues from freight matching services in the fourth quarter of 2025 were RMB2,704.2 million (US$386.7 million), compared with RMB2,704.9 million in the same period of 2024. The slight decrease was mainly due to a decrease in freight brokerage service revenues, substantially offset by an increase in transaction service revenues and freight listing service revenues.

Value-added services. 4 Revenues from value-added services in the fourth quarter of 2025 were RMB488.4 million (US$69.8 million), an increase of 4.1% from RMB469.3 million in the same period of 2024. The increase was primarily due to an increase in other value-added services revenues, attributable to the inclusion of revenues from Giga.AI Technology Limited ("Giga.AI") subsequent to its consolidation into the Company's financial results since July 9, 2025, partially offset by a decrease in credit solutions revenues.

Cost of Revenues (including VAT net of government grants of RMB1,070.9 million and RMB843.2 million for the three months ended December 31, 2024 and 2025, respectively). Cost of revenues in the fourth quarter of 2025 was RMB1,076.7 million (US$154.0 million), compared with RMB1,391.7 million in the same period of 2024, primarily due to decreases in VAT, related tax surcharges and other tax costs, net of grants from government authorities. These tax-related costs net of government grants totaled RMB864.9 million, compared with RMB1,278.5 million in the same period of 2024, primarily due to a decrease in tax costs net of government grants related to the Company's freight brokerage service.

Sales and Marketing Expenses. Sales and marketing expenses in the fourth quarter of 2025 were RMB497.3 million (US$71.1 million), compared with RMB471.8 million in the same period of 2024. The increase was primarily due to additional investments in user ecosystem enhancement and user rights protection, partially offset by efficiency-focused spending on user acquisitions.

General and Administrative Expenses. General and administrative expenses in the fourth quarter of 2025 were RMB191.9 million (US$27.4 million), compared with RMB202.3 million in the same period of 2024. The decrease was primarily due to lower share-based compensation expenses, partially offset by higher salary and benefit expenses.

Research and Development Expenses. Research and development expenses in the fourth quarter of 2025 were RMB258.2 million (US$36.9 million), compared with RMB205.0 million in the same period of 2024. The increase was mainly due to the inclusion of Giga.AI's R&D costs.

Income from Operations. Income from operations in the fourth quarter of 2025 was RMB 1,027.9 million (US$147.0 million), an increase of 23.0% from RMB835.4 million in the same period of 2024.

Non-GAAP Adjusted Operating Income. 5 Non-GAAP adjusted operating income in the fourth quarter of 2025 was RMB1,102.4 million (US$157.6 million), an increase of 14.4% from RMB963.3 million in the same period of 2024.

Net Income. Net income in the fourth quarter of 2025 was RMB994.3 million (US$142.2 million), an increase of 73.0% from RMB574.6 million in the same period of 2024.

Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in the fourth quarter of 2025 was RMB1,063.1 million (US$152.0 million), an increase of 1.1% from RMB1,052.0 million in the same period of 2024.

Basic and Diluted Net Income per ADS 6 and Non-GAAP Adjusted Basic and Diluted Net Income per ADS. 7 Basic net income per ADS was RMB0.95 (US$0.14) in the fourth quarter of 2025, compared with RMB0.54 in the same period of 2024. Diluted net income per ADS was RMB0.94 (US$0.14) in the fourth quarter of 2025, compared with RMB0.53 in the same period of 2024. Non-GAAP adjusted basic net income per ADS was RMB1.01 (US$0.14) in the fourth quarter of 2025, compared with RMB1.00 in the same period of 2024. Non-GAAP adjusted diluted net income per ADS was RMB1.01 (US$0.14) in the fourth quarter of 2025, compared with RMB0.99 in the same period of 2024.

Balance Sheet and Cash Flow

As of December 31, 2025, the Company had cash and cash equivalents, restricted cash, short-term investments, long-term time deposits and wealth management products with maturities over one year of RMB31.5 billion (US$4.5 billion) in total, compared with RMB29.2 billion as of December 31, 2024.

As of December 31, 2025, the total outstanding loan balance 8 was RMB5.5 billion (US$0.8 billion), compared with RMB4.4 billion as of December 31, 2024. The total non-performing loan ratio 8 was 2.9% as of December 31, 2025, compared with 2.0% as of December 31, 2024, primarily due to an increase in industry-wide risk fluctuation.

In the fourth quarter of 2025, net cash provided by operating activities was RMB1,330.9 million (US$190.3 million), compared with RMB1,150.0 million in the same period of 2024. Free cash flow 9 was RMB1,296.4 million (US$185.4 million), compared with RMB1,126.3 million in the same period of 2024.

4 The Company provides a range of value-added services including credit solutions, insurance services, electronic toll collection, energy services, services arising from the consolidation of Giga.AI, and other services on the FTA platform.

5 Non-GAAP adjusted operating income is defined as income from operations excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; and (iii) compensation cost incurred in relation to acquisitions. See "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" at the end of this press release.

6 ADS refers to American depositary shares, each of which represents 20 Class A ordinary shares.

7 Non-GAAP adjusted basic and diluted net income per ADS is net income attributable to ordinary shareholders excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; (iv) impairment loss of long-term investment; and (v) tax effects of non-GAAP adjustments, divided by weighted average number of basic and diluted ADSs, respectively. For more information, refer to "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" at the end of this press release. Off-balance sheet loans refer to the loans funded by the Company's institutional funding partners that we bear principal risk.

8 To better reflect the substance of our credit solutions business and present its complete operating performance, we have revised the calculation methodologies of the total outstanding loan balance and the non-performing loan ("NPL") ratio by including off-balance sheet loans in the calculation. Total outstanding loan balance means the aggregate principal amount outstanding under on-balance sheet and off-balance sheet loans as of the end of each reporting period, excluding loans that are more than 180 days past due. NPL ratio is calculated by dividing the sum of total outstanding principal of the on- and off-balance sheet loans that were over 90 calendar days past due (excluding loans that are over 180 days past due and are therefore charged off) by the sum of total outstanding principal of on- and off-balance sheet loans (excluding loans that are over 180 days past due and are therefore charged off) as of a specified date. Comparative periods have been restated accordingly to conform to this presentation.

9 Free cash flow is defined as operating cash flow adjusted for the impact from capital expenditures. Capital expenditures include purchase of property and equipment and intangible assets.

Fiscal Year 2025 Financial Results

Net Revenues (including value added taxes, or "VAT" of RMB5,097.7 million and RMB4,671.4 million for the years ended December 31, 2024 and 2025, respectively). Total net revenues in 2025 were RMB12,489.9 million (US$1,786.0 million), representing an increase of 11.1% from RMB11,238.6 million in 2024, primarily attributable to an increase in revenues from freight matching services.

Freight matching services. Revenues from freight matching services in 2025 were RMB10,496.8 million (US$1,501.0 million), representing an increase of 11.0% from RMB9,455.1 million in 2024. The increase was mainly due to the rapid increase in transaction service revenues, partially offset by a decrease in freight brokerage service revenues.

Value-added services. Revenues from value-added services in 2025 were RMB1,993.1 million (US$285.0 million), an increase of 11.8% from RMB1,783.5 million in 2024. The increase was primarily due to an increase in credit solutions revenues and the inclusion of Giga.AI's revenues.

Cost of Revenues (including VAT net of government grants of RMB3,893.4 million and RMB3,262.4 million for the years ended December 31, 2024 and 2025, respectively). Cost of revenues in 2025 was RMB4,618.8 million (US$660.5 million), compared with RMB5,100.6 million in 2024, primarily due to decreases in VAT, related tax surcharges and other tax costs, net of grants from government authorities. These tax-related costs net of government grants totaled RMB3,944.7 million, compared with RMB4,584.4 million in 2024, primarily due to a decrease in tax costs net of government grants related to the Company's freight brokerage service.

Sales and Marketing Expenses. Sales and marketing expenses in 2025 were RMB1,747.8 million (US$249.9 million), compared with RMB1,596.8 million in 2024. The increase was primarily due to further investments in user ecosystem enhancement and user rights protection, as well as an increase in advertising and marketing expenses for user acquisitions.

General and Administrative Expenses. General and administrative expenses in 2025 were RMB709.8 million (US$101.5 million), compared with RMB913.8 million in 2024. The decrease was primarily due to lower share-based compensation expenses.

Research and Development Expenses. Research and development expenses in 2025 were RMB874.4 million (US$125.0 million), compared with RMB880.0 million in 2024. The decrease was mainly due to lower salary and benefits expenses, partially offset by the inclusion of Giga.AI's R&D costs.

Income from Operations. Income from operations in 2025 was RMB4,146.2 million (US$592.9 million), an increase of 67.5% from RMB2,475.0 million in 2024.

Non-GAAP Adjusted Operating Income. Non-GAAP adjusted operating income in 2025 was RMB4,499.8 million (US$643.5 million), an increase of 48.4% from RMB3,032.3 million in 2024.

Net Income. Net income in 2025 was RMB4,459.1 million (US$637.6 million), an increase of 42.8% from RMB3,123.4 million in 2024.

Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in 2025 was RMB4,794.7 million (US$685.6 million), an increase of 19.3% from RMB4,020.4 million in 2024.

Basic and Diluted Net Income per ADS and Non-GAAP Adjusted Basic and Diluted Net Income per ADS. Basic net income per ADS was RMB4.23 (US$0.60) in 2025, compared with RMB2.95 in 2024. Diluted net income per ADS was RMB4.21 (US$0.60) in 2025, compared with RMB2.94 in 2024. Non-GAAP adjusted basic net income per ADS was RMB4.55 (US$0.65) in 2025, compared with RMB3.81 in 2024. Non-GAAP adjusted diluted net income per ADS was RMB4.53 (US$0.65) in 2025, compared with RMB3.80 in 2024.

Business Outlook

The Company expects its total net revenues to be between RMB2.70 billion and RMB2.80 billion for the first quarter of 2026, representing approximately flat to a 3.9% year-over-year increase. Excluding freight brokerage service, net revenues are expected to range from RMB1.98 billion to RMB2.06 billion, representing an estimated year-over-year growth rate of 13.9% to 19.0%. These forecasts are based on the Company's current and preliminary view of the market and operational conditions, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.

Share Repurchase Update and Quarterly Cash Dividend Policy

In March 2025, the Company's board of directors (the "board") approved an extension of the original share repurchase program adopted in March 2024 such that the Company may repurchase up to US$200 million of its ADSs and/or ordinary shares through March 12, 2026. As of March 11, 2026, the Company had repurchased an aggregate of approximately 5.3 million ADSs for approximately US$52.4 million from the open market under the share repurchase program, of which an aggregate of approximately 5.1 million ADSs for approximately US$50.0 million were repurchased after January 1, 2026 as part of the shareholder return plan approved in January 2026, under which the Company will return a total of US$400 million to the shareholders in fiscal year 2026. The board intends to continue to evaluate implementing additional share repurchase programs following the completion of the ongoing program, subject to then-current market conditions and necessary approvals.

To further implement the shareholder return plan, the board approved a cash dividend for the first quarter of 2026 in the amount of US$0.0042 per ordinary share, or US$0.0840 per ADS, totaling approximately US$87.5 million. The dividend will be paid on or around April 22, 2026, to holders of record of the Company's ordinary shares at the close of business on April 8, 2026. For holders of the Company's ADSs, cash dividends are expected to be paid through the depositary, Deutsche Bank Trust Company Americas, on or around April 22, 2026, subject to the terms of the deposit agreement, including the fees and expenses payable thereunder.

The board will review the quarterly cash dividend policy periodically, and may authorize adjustments to the size and terms of the dividends to ensure that the total shareholder return value for fiscal year 2026 will be approximately US$400 million.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at a rate of RMB6.9931 to US$1.00, the exchange rate in effect as of December 31, 2025, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all.

Conference Call

The Company's management will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on March 12, 2026, or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the fourth quarter and fiscal year 2025.

For participants who wish to join the conference using dial-in numbers, please complete online registration using the link provided below prior to the scheduled call start time.

Participant Online Registration:

https://s1.c-conf.com/diamondpass/10053167-hy76t5.html

Upon registration, each participant will receive details for the conference call, including dial-in numbers and a unique access PIN. To join the conference, please dial the provided number, enter your PIN, and you will join the conference.

The replay will be accessible through March 19, 2026, by dialing the following numbers:

United States:

+1-855-883-1031

Mainland China:

400-120-9216

Hong Kong, SAR:

800-930-639

United Kingdom:

0800-031-4295

Singapore:

800-101-3223

Replay Access Code:

10053167

A live and archived webcast of the conference call will also be available on the Company's investor relations website at ir.fulltruckalliance.com.

About Full Truck Alliance Co. Ltd.

Full Truck Alliance Co. Ltd. (NYSE: YMM) is a leading digital freight platform connecting shippers with truckers to facilitate shipments across distance ranges, cargo weights and types. The Company provides a range of freight matching services, including freight listing, freight brokerage and transaction services. The Company also provides a range of value-added services that cater to the various needs of shippers and truckers, such as financial institutions, highway authorities, and gas station operators. With a mission to empower enterprises with greater logistics competitiveness, the Company is shaping the future of logistics with technology and aspires to revolutionize logistics, improve efficiency across the value chain and reduce its carbon footprint for our planet. For more information, please visit ir.fulltruckalliance.com.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP adjusted operating income, non-GAAP adjusted net income, non-GAAP adjusted net income attributable to ordinary shareholders, non-GAAP adjusted basic and diluted net income per share and non-GAAP adjusted basic and diluted net income per ADS, each a non-GAAP financial measure, as supplemental measures to review and assess its operating performance.

The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines non-GAAP adjusted operating income as income from operations excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; and (iii) compensation cost incurred in relation to acquisitions. The Company defines non-GAAP adjusted net income as net income excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; (iv) impairment loss of long-term investment; and (v) tax effects of non-GAAP adjustments. The Company defines non-GAAP adjusted net income attributable to ordinary shareholders as net income attributable to ordinary shareholders excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; (iv) impairment loss of long-term investment; and (v) tax effects of non-GAAP adjustments. The Company defines non-GAAP adjusted basic and diluted net income per share as non-GAAP adjusted net income attributable to ordinary shareholders divided by weighted average number of basic and diluted ordinary shares, respectively. The Company defines non-GAAP adjusted basic and diluted net income per ADS as non-GAAP adjusted net income attributable to ordinary shareholders divided by the weighted average number of basic and diluted ADSs, respectively. The Company defines free cash flow as operating cash flow adjusting for the impact from capital expenditures. Capital expenditures include purchase of property and equipment and intangible assets.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as an analytical tool. The non-GAAP financial measures do not reflect all items of expense that affect its operations.

The Company reconciles the non-GAAP financial measures to the nearest U.S. GAAP performance measures. Non-GAAP adjusted operating income, non-GAAP adjusted net income, non-GAAP adjusted net income attributable to ordinary shareholders and non-GAAP adjusted basic and diluted net income per share should not be considered in isolation or construed as an alternative to operating income, net income, net income attributable to ordinary shareholders and basic and diluted net income per share or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review FTA's non-GAAP financial measures against the most directly comparable GAAP measures. FTA's non-GAAP financial measure may not be comparable to similarly titled measures presented by other companies.

For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this release.

Safe Harbor Statement

This press release contains statements that may constitute "forward-looking" statements which are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," and similar statements. Statements that are not historical facts, including statements about the Company's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: FTA's goal and strategies; FTA's expansion plans; FTA's future business development, financial condition and results of operations; expected changes in FTA's revenues, costs or expenses; industry landscape of, and trends in, China's road transportation market; competition in FTA's industry; FTA's expectations regarding demand for, and market acceptance of, its services; FTA's expectations regarding its relationships with shippers, truckers and other ecosystem participants; FTA's ability to protect its systems and infrastructures from cyber-attacks; PRC laws, regulations, and policies relating to the road transportation market, as well as general regulatory environment in which FTA operates in China; the results of regulatory review and the duration and impact of any regulatory action taken against FTA; the impact of health epidemics, extreme weather conditions and production constraints brought by electricity rationing measures; general economic and business condition; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

Full Truck Alliance Co. Ltd.

Mao Mao

E-mail: [email protected]

Piacente Financial Communications

Helen Wu

Tel: +86-10-6508-0677

E-mail: [email protected]

In the United States:

Piacente Financial Communications

Brandi Piacente

Tel: +1-212-481-2050

E-mail: [email protected]

FULL TRUCK ALLIANCE CO. LTD.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except share, ADS, per share and per ADS data)

As of

December 31,

2024

2025

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

5,810,347

6,066,137

867,446

Restricted cash

100,533

70,290

10,051

Short-term investments

15,002,903

11,048,309

1,579,887

Accounts receivable, net

19,643

75,133

10,744

Loans receivable, net

4,199,645

4,851,353

693,734

Prepayments and other current assets, net

2,122,902

940,552

134,497

Total current assets

27,255,973

23,051,774

3,296,359

Restricted cash

40,000

30,000

4,290

Long-term time deposits and other investments 1

8,839,547

14,268,513

2,040,370

Investments in equity investees

1,036,571

1,043,145

149,168

Property and equipment, net

289,611

457,487

65,420

Intangible assets, net

393,477

757,408

108,308

Goodwill

3,124,828

4,025,420

575,627

Deferred tax assets

92,882

249,551

35,685

Operating lease right-of-use assets

115,654

92,218

13,187

Other non-current assets

98,532

346,512

49,551

Total non-current assets

14,031,102

21,270,254

3,041,606

TOTAL ASSETS

41,287,075

44,322,028

6,337,965

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY

Current liabilities:

Accounts payable

31,227

37,750

5,398

Amount due to related parties

—

29,674

4,243

Prepaid for freight listing fees and other service fees

571,185

637,489

91,160

Income tax payable

336,220

421,707

60,303

Other tax payable

898,396

479,286

68,537

Operating lease liabilities

41,204

33,847

4,840

Accrued expenses and other current liabilities

1,141,758

1,211,279

173,211

Total current liabilities

3,019,990

2,851,032

407,692

Deferred tax liabilities

95,570

185,578

26,537

Operating lease liabilities

23,928

1,485

212

Other non-current liabilities

12,414

12,328

1,763

Total non-current liabilities

131,912

199,391

28,512

TOTAL LIABILITIES

3,151,902

3,050,423

436,204

MEZZANINE EQUITY

Redeemable non-controlling interests

443,070

767,813

109,796

Subscription receivables

—

(20,000)

(2,860)

SHAREHOLDERS' EQUITY

Ordinary shares

1,343

1,345

192

Additional paid-in capital

45,823,723

44,328,028

6,338,824

Accumulated other comprehensive income

3,223,944

2,742,068

392,111

Accumulated deficit

(11,372,284)

(7,020,237)

(1,003,881)

TOTAL FULL TRUCK ALLIANCE CO. LTD. EQUITY

37,676,726

40,051,204

5,727,246

Non-controlling interests

15,377

472,588

67,579

TOTAL SHAREHOLDERS' EQUITY

37,692,103

40,523,792

5,794,825

TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY

41,287,075

44,322,028

6,337,965

1. The Group's long-term time deposits and other investments consist of RMB14,184 million long-term time deposits, RMB73 million wealth

management products with maturities over one year, and RMB12 million available-for-sale debt securities as of December 31, 2025.

FULL TRUCK ALLIANCE CO. LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(All amounts in thousands, except share, ADS, per share and per ADS data)

Three months ended

Year ended

December 31,

September 30,

December 31,

2024

2025

2024

2025

RMB

US$

RMB

US$

Net Revenues:

Freight Matching Services

2,704,940

2,797,555

2,704,190

386,694

9,455,134

10,496,771

1,501,018

Freight brokerage service

1,316,140

1,094,349

961,472

137,489

4,726,989

4,199,393

600,505

Freight listing service

230,489

247,119

255,214

36,495

879,489

980,158

140,161

Transaction service

1,158,311

1,456,087

1,487,504

212,710

3,848,656

5,317,220

760,352

Value-added services

469,314

560,687

488,412

69,842

1,783,504

1,993,088

285,008

Total net revenues (including value-added

taxes or "VAT" of RMB1,422.1 million

and RMB1,088.6 million for the three

months ended December 31, 2024

and 2025, RMB5,097.7 million and

RMB4,671.4 million for the year ended

December 31, 2024 and 2025,

respectively)

3,174,254

3,358,242

3,192,602

456,536

11,238,638

12,489,859

1,786,026

Operating expenses:

Cost of revenues (including VAT net of

government grants of RMB1,070.9

million and RMB843.2 million for

the three months ended December

31, 2024 and 2025, RMB3,893.4

million and RMB3,262.4 million

for the year ended December

31, 2024 and 2025, respectively)(1)

(1,391,714)

(1,605,214)

(1,076,652)

(153,959)

(5,100,558)

(4,618,796)

(660,479)

Sales and marketing expenses(1)

(471,829)

(438,809)

(497,258)

(71,107)

(1,596,763)

(1,747,759)

(249,926)

General and administrative expenses(1)

(202,265)

(161,550)

(191,869)

(27,437)

(913,763)

(709,775)

(101,496)

Research and development expenses(1)

(205,026)

(233,250)

(258,207)

(36,923)

(880,016)

(874,435)

(125,043)

Provision for credit solutions

(73,905)

(144,425)

(144,047)

(20,598)

(296,528)

(445,351)

(63,684)

Total operating expenses

(2,344,739)

(2,583,248)

(2,168,033)

(310,024)

(8,787,628)

(8,396,116)

(1,200,628)

Other operating income

5,920

1,272

3,356

480

23,970

52,455

7,501

Income from operations

835,435

776,266

1,027,925

146,992

2,474,980

4,146,198

592,899

Other income (expense)

Interest income

149,466

230,607

226,662

32,412

1,073,434

954,082

136,432

Foreign exchange gain (loss)

4,725

(2,416)

(4,308)

(616)

8,004

(17,344)

(2,480)

Investment income

10,354

24,288

31,094

4,446

54,785

94,717

13,544

Unrealized (losses) gains from fair

value changes of investments

(19,612)

32,721

12,947

1,851

(20,904)

116,162

16,611

Other (expenses) income, net

(1,559)

136,231

(16,593)

(2,373)

128,152

109,232

15,620

Impairment loss

(352,742)

—

(352,742)

—

Share of loss in equity method

investees

(1,580)

(1,815)

(10,572)

(1,512)

(2,861)

(14,814)

(2,118)

Total other (expense) income

(210,948)

419,616

239,230

34,208

887,868

1,242,035

177,609

Net income before income tax

624,487

1,195,882

1,267,155

181,200

3,362,848

5,388,233

770,508

Income tax expense

(49,861)

(274,862)

(272,869)

(39,020)

(239,411)

(929,157)

(132,868)

Net income

574,626

921,020

994,286

142,180

3,123,437

4,459,076

637,640

Less: net loss attributable to

non-controlling interests

(1,177)

(11,749)

(13,396)

(1,916)

(3,548)

(27,454)

(3,926)

Less: measurement adjustment

attributable to redeemable non-

controlling interests

17,346

25,493

19,853

2,839

57,136

78,361

11,205

Net income attributable to

ordinary shareholders

558,457

907,276

987,829

141,257

3,069,849

4,408,169

630,361

FULL TRUCK ALLIANCE CO. LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (CONTINUED)

(All amounts in thousands, except share, ADS, per share and per ADS data)

Three months ended

Year ended

December 31,

September 30,

December 31,

2024

2025

2024

2025

RMB

US$

RMB

US$

Net income per ordinary

—Basic

0.03

0.04

0.05

0.01

0.15

0.21

0.03

—Diluted

0.03

0.04

0.05

0.01

0.15

0.21

0.03

Net income per ADS*

—Basic

0.54

0.87

0.95

0.14

2.95

4.23

0.60

—Diluted

0.53

0.87

0.94

0.14

2.94

4.21

0.60

Weighted average number

of ordinary shares used

in computing net

income per share

—Basic

20,803,347,603

20,840,884,667

20,841,527,394

20,822,835,545

20,839,163,070

—Diluted

20,913,595,702

20,910,549,643

20,909,526,453

20,902,222,036

20,928,172,684

Weighted average number

of ADS used in

computing net

income per ADS

—Basic

1,040,167,380

1,042,044,233

1,042,076,370

1,041,141,777

1,041,958,153

—Diluted

1,045,679,785

1,045,527,482

1,045,476,323

1,045,111,102

1,046,408,634

* Each ADS represents 20 ordinary shares.

(1) Share-based compensation expense in operating expenses are as follows:

Three months ended

Year ended

December 31,

September 30,

December 31,

2024

2025

2024

2025

RMB

US$

RMB

US$

Cost of revenues

2,997

2,897

2,410

345

11,118

12,669

1,812

Sales and marketing

expenses

13,750

12,186

7,803

1,116

50,109

55,250

7,901

General and administrative

expenses

75,768

20,878

27,047

3,868

348,400

139,824

19,995

Research and development

expenses

22,361

13,892

14,300

2,045

87,012

73,816

10,556

Total

114,876

49,853

51,560

7,374

496,639

281,559

40,264

FULL TRUCK ALLIANCE CO. LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND FREE CASH FLOW

(All amounts in thousands, except share, ADS, per share and per ADS data)

Three months ended

Year ended

December 31,

September 30,

December 31,

2024

2025

2024

2025

RMB

US$

RMB

US$

Net cash provided by

operating activities

1,150,016

1,657,054

1,330,883

190,314

2,970,125

4,626,880

661,635

Net cash used in investing

activities

(170,316)

(363,575)

(341,108)

(48,778)

(2,419,636)

(2,717,363)

(388,578)

Net cash provided by

(used in) financing

activities

221,427

62,837

(647,175)

(92,545)

(1,519,745)

(1,655,948)

(236,797)

Effect of exchange rate

changes on cash,

cash equivalents and

restricted cash

36,886

(17,381)

(17,167)

(2,455)

23,728

(38,022)

(5,438)

Net increase (decrease)

in cash, cash

equivalents and

restricted cash

1,238,013

1,338,935

325,433

46,536

(945,528)

215,547

30,822

Cash, cash equivalents

and restricted cash,

beginning of the period

4,712,867

4,502,059

5,840,994

835,251

6,896,408

5,950,880

850,965

Cash, cash equivalents

and restricted cash,

end of the period

5,950,880

5,840,994

6,166,427

881,787

5,950,880

6,166,427

881,787

Net cash provided by

operating activities

1,150,016

1,657,054

1,330,883

190,314

2,970,125

4,626,880

661,635

Less: Capital expenditures

(23,742)

(48,524)

(34,481)

(4,931)

(74,967)

(129,714)

(18,549)

Free cash flow

(non-GAAP)

1,126,274

1,608,530

1,296,402

185,383

2,895,158

4,497,166

643,086

FULL TRUCK ALLIANCE CO. LTD.

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except share, ADS, per share and per ADS data)

Three months ended

Year ended

December 31,

September 30,

December 31,

2024

2025

2024

2025

RMB

US$

RMB

US$

Income from operations

835,435

776,266

1,027,925

146,992

2,474,980

4,146,198

592,899

Add:

Share-based

compensation

expense

114,876

49,853

51,560

7,374

496,639

281,559

40,264

Amortization of

intangible assets

resulting from

business acquisitions

13,021

23,024

22,956

3,283

52,084

72,022

10,299

Compensation cost

incurred in relation

to acquisitions

—

8,562

—

Non-GAAP adjusted

operating income

963,332

849,143

1,102,441

157,649

3,032,265

4,499,779

643,462

Net income

574,626

921,020

994,286

142,180

3,123,437

4,459,076

637,640

Add:

Share-based

compensation

expense

114,876

49,853

51,560

7,374

496,639

281,559

40,264

Amortization of

intangible assets

resulting from

business acquisitions

13,021

23,024

22,956

3,283

52,084

72,022

10,299

Compensation cost

incurred in relation

to acquisitions

—

8,562

—

Impairment loss of

long-term

investment

352,742

—

352,742

—

Tax effects of

non-GAAP

adjustments

(3,255)

(5,756)

(5,739)

(821)

(13,020)

(18,006)

(2,575)

Non-GAAP adjusted net

income

1,052,010

988,141

1,063,063

152,016

4,020,444

4,794,651

685,628

FULL TRUCK ALLIANCE CO. LTD.

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (CONTINUED)

(All amounts in thousands, except share, ADS, per share and per ADS data)

Three months ended

Year ended

December 31,

September 30,

December 31,

2024

2025

2024

2025

RMB

US$

RMB

US$

Net income attributable

to ordinary

shareholders

558,457

907,276

987,829

141,257

3,069,849

4,408,169

630,361

Add:

Share-based

compensation

expense

114,876

49,853

51,560

7,374

496,639

281,559

40,264

Amortization of

intangible assets

resulting from

business acquisitions

13,021

23,024

22,956

3,283

52,084

72,022

10,299

Compensation cost

incurred in relation

to acquisitions

—

8,562

—

Impairment loss of

long-term

investment

352,742

—

352,742

—

Tax effects of

non-GAAP

adjustments

(3,255)

(5,756)

(5,739)

(821)

(13,020)

(18,006)

(2,575)

Non-GAAP adjusted net

income attributable to

ordinary shareholders

1,035,841

974,397

1,056,606

151,093

3,966,856

4,743,744

678,349

Non-GAAP adjusted net

income per ordinary

—Basic

0.05

0.01

0.19

0.23

0.03

—Diluted

0.05

0.01

0.19

0.23

0.03

Non-GAAP adjusted net

income per ADS

—Basic

1.00

0.94

1.01

0.14

3.81

4.55

0.65

—Diluted

0.99

0.93

1.01

0.14

3.80

4.53

0.65

SOURCE Full Truck Alliance Co. Ltd.