The earnings call reflected a strong performance with significant growth in orders and revenue, boosted by user engagement and strategic technological advancements. Despite some flat revenues in freight brokerage and impacts from VAT adjustments, the overall results indicate a positive trajectory.

Company Guidance -

Q2 2025

During Full Truck Alliance's first quarter 2025 earnings call, the company reported a 23% year-over-year growth in total field orders, with average shipper MAUs increasing by 28.8% to 2.76 million. They achieved a fulfillment rate of 39.2%, a 6 percentage point rise from the previous year. Total net revenues were RMB2.7 billion, up 19% year-over-year, with transaction service revenue increasing by 51.5% to RMB1.05 billion. Non-GAAP adjusted operating income surged 171.5% to RMB1.32 billion, and non-GAAP adjusted net income rose by 84% to RMB1.39 billion. Additionally, the company provided guidance for the second quarter of 2025, expecting total net revenues to be between RMB3.06 billion and RMB3.12 billion, representing a year-over-year growth rate of approximately 10.6% to 12.9%.

Strong Order Growth

Total field orders grew 23% year-over-year, significantly outpacing the industry growth. Fulfilled orders rose 22.6% year-over-year to 48.2 million.

Increased User Engagement

Average shipper MAUs reached 2.76 million, up 28.8% year-over-year. Total shipper members exceeded 1.1 million, with a 12-month rolling retention rate above 80%.

Record Trucker Engagement

Trucker membership reached an all-time high, with next month retention for truckers responding to orders consistently above 85%.

Revenue Growth

Total net revenues reached RMB2.7 billion, up 19% year-over-year. Revenue from transaction service rose 51.5% year-over-year to RMB1.05 billion.

Significant Financial Performance

Non-GAAP adjusted operating income surged by 171.5% year-over-year to RMB1.32 billion, and non-GAAP adjusted net income increased by 84% year-over-year to RMB1.39 billion.

AI and Technological Advancements

DeepSeek and intelligent robotics initiated a new wave of technological advancements, with plans for deeper investment in AI and autonomous driving.

Full Truck Alliance (YMM) Earnings, Revenues Date & History

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YMM Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Aug 21, 2025	2025 (Q2)	0.16 / -	0.11	―	―	―
May 21, 2025	2025 (Q1)	0.17 / 0.08	0.078	0.00% (0.00)
Mar 05, 2025	2024 (Q4)	0.13 / 0.07	0.078	-5.36% (>-0.01)
Nov 20, 2024	2024 (Q3)	0.14 / 0.15	0.081	82.76% (+0.07)
Aug 21, 2024	2024 (Q2)	0.11 / 0.11	0.079	38.60% (+0.03)
May 21, 2024	2024 (Q1)	0.09 / 0.08	0.053	47.37% (+0.03)
Mar 07, 2024	2023 (Q4)	0.09 / 0.08	0.058	33.33% (+0.02)
Nov 20, 2023	2023 (Q3)	0.08 / 0.08	0.003	2800.00% (+0.08)
Aug 23, 2023	2023 (Q2)	0.06 / 0.08	0	―
May 22, 2023	2023 (Q1)	0.05 / 0.05	-0.001	3900.00% (+0.05)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

YMM Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
May 21, 2025	$12.09	$11.91	-1.49%
Mar 05, 2025	$11.58	$13.16	+13.64%
Nov 20, 2024	$8.51	$9.77	+14.81%
Aug 21, 2024	$7.32	$7.51	+2.60%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.