Full Truck Alliance Co. Ltd. (NYSE: YMM) reported second-quarter results that exceeded market expectations, driven by growth in transaction services and operational scale.
The Guiyang-based company posted adjusted earnings per American Depositary Share (ADS) of $1.36, beating the $1.26 consensus estimate. Revenue rose 4.4% year-over-year to $3.38 billion, outpacing the $3.15 billion forecast. Transaction service revenue, the largest segment, climbed 33.1% to $1.77 billion, accounting for 52.2% of total revenue. Freight brokerage service revenue declined to $995.4 million from $1.18 billion a year earlier.
Adjusted net income increased 6.0% to $1.43 billion, while GAAP net income rose 6.3% to $1.35 billion. Operating cash flow surged 64% to $2.15 billion from $1.31 billion in the prior-year period. Fulfilled orders reached 68.5 million, up 12.7% year-over-year, and average shipper monthly active users grew 12.8% to 3.57 million.
Peter Hui Zhang, founder, chairman and CEO, said the company focused on improving user experience and transaction efficiency during the quarter. He highlighted expanded protections for shippers and truckers as key drivers of satisfaction and network effects.
For the third quarter, Full Truck Alliance guided revenue between $3.32 billion and $3.42 billion, well above the $2.95 billion consensus. The midpoint of $3.37 billion implies a 14.2% increase over the estimate. The board also approved a cash dividend of $0.084 per ADS, payable October 28, 2026.
