Full Truck Alliance Co. Ltd. · NYSE:YMM
Full Truck Alliance — Q1 2026 Earnings Presentation
18 slides from Full Truck Alliance's earnings presentation, May 2026
Slide 1: Q1 2026 Earnings
Q1 2026 Earnings May 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: Q1 2026 Snapshot
Q1 2026 Snapshot 55.0 million fulfilled orders (1) Covering 300+ cities +14.3% YoY 100% coverage of prefecture- level cities in China 4.63 million active truckers 3.11 million 100k+ routes fulfilled shipping orders(2) Average Shipper MAUs(3) Notes: 1. Fulfille d orde rs on our platform in a given pe
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 +14.3% YoY 49.1 51.9 56.9 48.2 60.8 63.4 63.9 55.0 39.3 2024 2025 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 Average Shipper MAUs(2) +12.7% YoY mm 3.1 3.2 3.4 3.3 3.1 2.6 2.7 2.8 2.9 2.8 2.1 2024 2025 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 4,199 33.6% 4,727 42.1% YoY +5.5% 980 7.8% 879 7.8% 5,317 42.6% % of Revenue % of Revenue 3,849 34.2% 2,700 35.8% 2,848 29.0% 966 8.7% 827 8.9% 235 252 16.0% 38.8
Slide 6: Resilient Operating Leverage and Profitability
Resilient 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% 48.8% 42.8% 35.8% 38.4% 51.5% 42.2% % % 4,500 4,795 4,020 3,032 1,391 1,318 1,220 1,202 2024 2025 25Q1 26Q1 2024 2025 25Q1 26Q1 Notes: 1.
Slide 7: Consolidated Income Statement
Consolidated Income Statement Three months ended Year ended Mar 31, 2025 Dec 31, 2025 Mar 31, 2026 Dec 31, 2024 Dec 31, 2025 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Net revenues(1) 2,699,909 3,192,602 2,848,384 11,238,638 12,489,859 Freight matching services 2,247,107 2,704,190 2,472,370 9,455,134 1
Slide 8: Non-GAAP Reconciliation
Non-GAAP Reconciliation Three months ended Year ended Mar 31, 2025 Dec 31, 2025 Mar 31, 2026 Dec 31, 2024 Dec 31, 2025 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Income from operations 1,202,447 1,027,925 1,005,959 2,474,980 4,146,198 Add: Share-based compensation expense 102,673 51,560 190,134 496,639
Slide 9: Consolidated Balance Sheet
Consolidated Balance Sheet As of Dec 31, 2025 As of Mar 31, 2026 RMB’000 RMB’000 Current Assets: Cash and cash equivalents 6,066,137 6,670,150 Restricted cash – current 70,290 79,920 Short-term investments 11,048,309 11,793,781 Accounts receivable, net 75,133 96,076 Amount due from related parties —
Slide 10: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows Three months ended Year ended Mar 31, 2025 Dec 31, 2025 Mar 31, 2026 Dec 31, 2024 Dec 31, 2025 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Net cash provided by operating activities 325,643 1,330,883 1,561,958 2,970,125 4,626,880 Net cash provided by (used in) investi
Slide 11: FTA's Digital Freight Platform
FTA’s Digital Freight Platform Find Truckers Transportation Management Credit System Solutions Truck Leasing Credit and Solutions Sales Services FTA’s Digital Freight Platform66 Connects Insurance Shippers and Truckers Service Insurance Shippers Truckers Service ETC Freight Brokerage Fuel Find Shipp
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 2020 • 1.67mm shipper • 197.2mm MAUs fulfilled 2019 • Listed
Slide 13: Our Value Proposition to Direct Shippers
Our Value Proposition to Direct Shippers Direct Shippers (Demand) Pain Points What We Offer Limited reach to a small group of ✓ Freight Listing service to allow direct orders posting on FTA app truckers − RMB688 membership: up to 188 orders / year 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 ✓ Freight Listing service for professional Limited access to truckers shippers to post orders on FTA app 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 Dispatching orders on blackboards ✓ LBS mobile app that accumulates nationwide shippers (both direct shippers and Low efficiency brokers) Wasted mileage and time to travel to logistics parks ✓ Accurately match orders for both ends 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 t easier o find tr ckers earn more pe rs uc k Tru ip er Sh s Shippers Truckers Demand Side Supply Side Better Service Fewer Empty Better Insights Miles Better Trust Be it y te ng or i ac M t eO h rU at c t i l iza ap r d e rs B et t e r M t i on M o re C Value-Added Service
Slide 18: Thank you
Thank you