Full Truck Alliance (FTA) reported second-quarter 2026 earnings that exceeded market expectations, with earnings per share of 9.23 yuan versus a consensus forecast of 1.26 yuan. The 632.5% beat reflects a sharp divergence from analyst projections, driven by stronger-than-anticipated operational performance.
Net revenue for the quarter reached 3.38 billion yuan, up 4.4% year-over-year and topping the 3.15 billion yuan forecast. Total revenue was reported at 22.93 billion yuan in broader context. Net income increased 6.3% to 1.35 billion yuan, while non-GAAP adjusted net income rose 6% to 1.43 billion yuan. Transaction service revenue, the company’s primary revenue driver, climbed 33.1% to 1.77 billion yuan and accounted for 52% of total net revenue.
Operational metrics showed continued expansion. Fulfilled orders rose 12.7% year-over-year to 68.5 million, while the fulfillment rate hit a record 47%, up 6.3 percentage points from the prior year and 2.9 percentage points sequentially. Shipper monthly active users grew 12.8% to 3.57 million, and the median freight matching time dropped to a record low of five minutes. Electric truck penetration on the platform now exceeds 20% of fulfilled orders, with fast-charging models achieving ranges of 400 to 500 kilometers per charge, up from 200 to 300 kilometers previously.
Cash flow remained robust, with operating cash flow totaling 2.15 billion yuan and free cash flow at 2.04 billion yuan. The company’s total cash position stood at 33.4 billion yuan, supporting its financial health score of 3.6 out of 5, according to InvestingPro data.
Management emphasized operational efficiency gains. CEO Hui Zhang described the results as resilient growth amid a challenging market, highlighting the 12.7% increase in fulfilled orders. CFO Simon Cai noted that while electric truck adoption has accelerated, the shift is not expected to materially impact the long-haul full truckload market. He also underscored the platform’s improved matching speed, with median order matching time now at five minutes.
Shares of FTA were indicated 2.73% higher in premarket trading at $9.04, up from the prior close of $8.80. The stock has traded in a 52-week range of $7.46 to $14.07.
