Full Truck Alliance Co. Ltd. · NYSE:YMM
Full Truck Alliance — Q4 2025 Earnings Presentation
18 slides from Full Truck Alliance's earnings presentation, March 2026
Slide 1: Q4 2025 and FY 2025 Earnings
Q4 2025 and FY 2025 Earnings March 2026
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Full Truck Alliance Co. Ltd. (the “Company”) solely for informational purposes and has not been independently verified. No representations or warranties, express or implied, are made by the Company or any of its affiliates, directors, officers, emplo
Slide 3: Q4 2025 and FY 2025 Snapshot
Q4 2025 and FY 2025 Snapshot Q4 63.9 million Covering 300+ cities 100% coverage of prefecture- FY 236.3 million level cities in China fulfilled orders(1) 4.59 million Q4 3.28 million active truckers fulfilled shipping FY 3.14 million 100k+ routes orders(2) Average Shipper MAUs(3) Notes: 1. Fulfilled
Slide 4: Sustained Momentum in Both Order and User Growth
Sustained Momentum in Both Order and User Growth Number of Fulfilled Orders(1) mm 197.2 236.3 +12.3% YoY 49.1 51.9 56.9 48.2 60.8 63.4 63.9 39.3 2024 2025 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 +11.6% YoY Average Shipper MAUs(2) mm 3.1 3.2 3.4 3.3 2.6 2.7 2.8 2.9 2.8 2.1 2024 2025 24Q1 24Q2 24Q3 24
Slide 5: Strong Revenue Growth and Diversified Monetization Channels
Strong Revenue Growth and Diversified Monetization Channels Revenue Breakdown (RMB mm) YoY +11.1% 12,490 % of Revenue 11,239 % of Revenue 33.6% 4,199 4,727 42.1% 7.8% YoY +0.6% 980 879 7.8% 5,317 42.6% % of Revenue % of Revenue 3,849 34.2% 3,174 3,193 41.5% 30.1% 1,316 961 7.3% 255 8.0% 230 16.0% 36
Slide 6: Improving Operating Leverage and Profitability
Improving Operating Leverage and Profitability Non-GAAP Adjusted Operating Income (1) Non-GAAP Adjusted Net Income (2) (RMB mm) (RMB mm) Margin Margin 27.0% 36.0% 30.3% 34.5% 35.8% 38.4% 33.1% 33.3% % % +19.3% 4,795 4,500 4,020 +48.4% 3,032 +14.4% +1.1% 1,102 1,052 1,063 963 2024 2025 24Q4 25Q4 2024
Slide 7: Consolidated Income Statement
Consolidated Income Statement Three months ended Year ended Dec 31, 2024 Sep 30, 2025 Dec 31, 2025 Dec 31, 2024 Dec 31, 2025 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (1) 3,174,254 3,358,242 3,192,602 11,238,638 12,489,859 Net revenues Freight matching services 2,704,940 2,797,555 2,704,190 9,455,134
Slide 8: Non-GAAP Reconciliation
Non-GAAP Reconciliation Three months ended Year ended Dec 31, 2024 Sep 30, 2025 Dec 31, 2025 Dec 31, 2024 Dec 31, 2025 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Income from operations 835,435 776,266 1,027,925 2,474,980 4,146,198 Add: Share-based compensation expense 114,876 49,853 51,560 496,639 281,
Slide 9: Consolidated Balance Sheet
Consolidated Balance Sheet As of Dec 31, 2024 As of Dec 31, 2025 RMB’000 RMB’000 Current Assets: Cash and cash equivalents 5,810,347 6,066,137 Restricted cash – current 100,533 70,290 Short-term investments 15,002,903 11,048,309 Accounts receivable, net 19,643 75,133 Loans receivable, net 4,199,645
Slide 10: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows Three months ended Year ended Dec 31, 2024 Sep 30, 2025 Dec 31, 2025 Dec 31, 2024 Dec 31, 2025 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Net cash provided by operating activities 1,150,016 1,657,054 1,330,883 2,970,125 4,626,880 Net cash used in investing activitie
Slide 11: FTA’s Digital Freight Platform
FTA’s Digital Freight Platform Traffic Transportation Infringement Management Lookup System Software Credit Credit Solutions Solutions FTA’s Digital Freight Platform66 Connects Insurance Shippers and Truckers Service Insurance Shippers Truckers Service ETC Freight Brokerage Fuel Value-Added Services
Slide 12: FTA’s Mission: To empower enterprises with greater logistics competitiveness.
FTA’s Mission: To empower enterprises with greater logistics competitiveness. 2025 2024 In 2025 • 3.14mm 2023 average In 2024 shipper 2022 • 2.64mm MAUs In 2023 average • 236.3mm 2021 • 2.03mm shipper fulfilled MAUs orders In 2022 average • 197.2mm 2020 • 1.67mm shipper fulfilled average MAUs 2019 •
Slide 13: Our Value Proposition to Direct Shippers
Our Value Proposition to Direct Shippers Direct Shippers (Demand) Pain Points What We Offer û Limited reach to a small group of ü Freight Listing service to allow direct orders posting on FTA app truckers − RMB688 membership: up to 188 orders / year û Low efficiency & long matching time − RMB288 mem
Slide 14: Our Value Proposition to 3PLs and Brokers
Our Value Proposition to 3PLs and Brokers Pain Points Professional Shippers What We Offer ü Freight Listing service for professional û Limited access to truckers shippers to post orders on FTA app û At least RMB10k / year for offline booth − RMB1688 membership: up to 2,000+ rental orders / year Thir
Slide 15: Our Value Proposition to Truckers
Our Value Proposition to Truckers Pain Points What We Offer û Dispatching orders on blackboards ü LBS mobile app that accumulates nationwide shippers (both direct shippers and û Low efficiency brokers) û Wasted mileage and time to travel to logistics parks ü Accurately match orders for both ends û E
Slide 16: Diverse Revenue Streams and Monetization
Diverse Revenue Streams and Monetization Freight Listing Freight Brokerage Transaction Service Value-added Services Basic order posting service under Higher level of service quality and VAT Charging commission with varying take Critical to maintain customer stickiness different membership tiers invo
Slide 17: Powerful Network Effects
Powerful Network Effects Shippers Truckers Demand Side Supply Side Better Service Fewer Empty Better Insights Miles Better Trust Value-Added Service Ecosystem Shippers Truckers Transportation Insurance Service Traffic Infringement Management System Credit Solutions Lookup Software Credit Solutions F
Slide 18: Thank you
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