Full Truck Alliance (YMN) Q4 2025 earnings summary

Executive summary

• Fulfilled orders reached 236.3 million in 2025, up 19.8% year-over-year, with Q4 orders up 12.3%; cold-chain logistics orders grew nearly 30% year-over-year.

• Average shipper MAUs grew 18.6% to 3.14 million for 2025, with Q4 MAUs up 11.6% year-over-year.

• Platform achieved 100% coverage of prefecture-level cities in China and covers over 300 cities.

• Advanced AI integration and ecosystem development drove user growth, operational improvements, and profitability.

• Strategic focus for 2026 includes high-quality growth, AI-driven transformation, and disciplined overseas and autonomous driving expansion.

Financial highlights

• Full year 2025 net revenues reached RMB 12,489.9 million, up 11.1% year-over-year.

• Net income for 2025 was RMB 4,459.1 million, up 42.8% year-over-year; Q4 net income was RMB 994.3 million, up 73.0% year-over-year.

• Non-GAAP adjusted net income for 2025 was RMB 4,794.7 million, up 19.3% year-over-year.

• Transaction service revenues for 2025 were RMB 5,317.2 million, up 38.2% year-over-year.

• Free cash flow for 2025 was RMB 4,497.2 million, up from RMB 2,895.2 million in 2024.

Outlook and guidance

• Expect steady order growth in 2026 as governance impacts fade and direct shipper share rises.

• Q1 2026 net revenues expected between RMB 2.70 billion and RMB 2.80 billion, representing flat to 3.9% year-over-year growth; excluding freight brokerage, growth expected at 13.9% to 19.0%.

• AI will remain a core technology, driving efficiency and user experience improvements.

• Overseas expansion will proceed in a disciplined, asset-light manner, prioritizing network growth over early monetization.

• Increasing contribution from direct and professional shippers expected to drive future growth.