Full Truck Alliance (YMN) Q3 2025 earnings summary

Executive summary

• Achieved 63.4 million fulfilled orders in Q3 2025, up 22.3% year-over-year, with coverage of over 300 cities and 100% of prefecture-level cities in China.

• Average shipper MAUs rose 17.6% year-over-year to 3.35 million, and active truckers reached 4.48 million.

• Enhanced digital and intelligent logistics solutions, user protection, and platform ecosystem for shippers and truckers.

• Acquisition of Giga.AI (formerly Plus PRC/Giga.Al Technology Limited) enhanced AI capabilities and increased R&D expenses.

• Demonstrated sustained momentum in order and user growth, with next-month trucker retention above 85%.

Financial highlights

• Total net revenues for Q3 2025 were RMB 3,358 million, up 10.8% year-over-year; nine-month revenues reached RMB 9,297 million.

• Transaction service revenues grew 39% year-over-year to RMB 1,456 million, accounting for 43% of total revenues.

• Non-GAAP adjusted operating income was RMB 849.1 million for Q3; for the first nine months, it was RMB 3,397 million, up 64.2% year-over-year.

• Net income for Q3 2025 was RMB 921 million, down from RMB 1,122 million in Q3 2024.

• Cash, cash equivalents, and investments totaled RMB 31.1 billion as of September 30, 2025.

Outlook and guidance

• Q4 2025 net revenues expected between RMB 3.08 billion and RMB 3.18 billion.

• Excluding Freight Brokerage, Q4 net revenues forecasted at RMB 2.18–2.28 billion, up 17.1%–22.5% year-over-year.

• Continued focus on digital transformation, user ecosystem optimization, and high-quality growth.