Full Truck Alliance (YMN) Q2 2025 earnings summary

Executive summary

• Achieved 60.8 million fulfilled orders in Q2 2025, up 23.8% year-over-year, with a fulfillment rate of 40.7%, a 7 percentage point increase year-over-year.

• Leveraged digitalization and AI-driven technologies to enhance operational efficiency and user experience, driving a shift from offline to online logistics.

• Average monthly active shippers reached 3.16 million, up 19.3% year-over-year; active truckers reached 4.34 million, up 9% year-over-year.

• Net income rose 50.5% year-over-year to RMB 1,264.8 million; adjusted net income increased 39.3% to RMB 1,352.1 million.

• Platform membership expanded to 1.2 million shippers and nearly one million truckers.

Financial highlights

• Total net revenue was RMB 3,239.1 million, up 17.2% year-over-year, driven by a 39.4% increase in transaction service revenue to RMB 1,327.1 million.

• Non-GAAP adjusted operating income rose 76% year-over-year to RMB 1,230.1 million; non-GAAP adjusted net income margin was 41.7%.

• Cost of revenues decreased 5.6% year-over-year to RMB 1,238.4 million, mainly due to lower VAT-related tax surcharges and government grants.

• Basic net income per ADS was RMB 1.20, up from RMB 0.79 a year ago; non-GAAP adjusted basic net income per ADS was RMB 1.28.

• Cash, cash equivalents, and investments totaled RMB 29.5 billion as of June 30, 2025.

Outlook and guidance

• Q3 2025 total net revenues expected between RMB 3.07–3.17 billion, representing 1.3%–4.6% year-over-year growth.

• Excluding freight brokerage, net revenues forecasted at RMB 2.16–2.26 billion, up 23.4%–29.1% year-over-year.

• Freight brokerage service fee rate to increase, likely reducing transaction volume and revenue, and increasing cost of revenue, which may impact profit.

• Sustained growth in order volume and user base expected, with further leverage from diversified revenue streams and value-added services.