YMM · Full Truck Alliance Co. Ltd.

Full Truck Alliance delivered transformative profitability in 2025, leveraging its freight platform's scale to drive margin expansion. Revenue grew 11.1% to $12.5 billion from $11.2 billion in 2024, fueled by the company's strategy to expand the number of shippers and truckers while increasing transaction volume on the FTA platform. This steady top-line progress, combined with operational efficiencies, propelled gross profit up 28.2% to $7.9 billion, achieving a 63.0% gross margin—demonstrating the platform's ability to capture more value from its growing ecosystem without proportional cost increases.

Operating income more than doubled, rising 67.5% to $4.1 billion with a 33.2% operating margin, as the Group's increasing scale and synergies across business lines led to lower marginal operating costs and expenses. Absolute decreases in certain expense categories, primarily from lower share-based compensation, further amplified this leverage, transforming modest revenue growth into outsized earnings power. Net income followed suit, climbing 42.8% to $4.5 billion, with diluted EPS advancing 40.0% to $0.21, underscoring the sustainability of these improvements for shareholders.

Cash generation remained robust, with net cash provided by operating activities reaching $4.6 billion, up from $3.0 billion, providing ample liquidity to fund strategic priorities. Management emphasizes continued capital expenditures to support expected business growth and platform expansion, while noting that the Group's profitability will hinge on cost-efficient marketing for new initiatives. Daily average order volume and trucker retention have remained stable following transaction service fee introductions, validating user acceptance and platform maturity. These dynamics position FTA for sustained growth, though operating results in any period are not necessarily indicative of future periods.