The earnings call highlighted strong operational and financial performance with significant growth in order volume, revenue, and user engagement. However, concerns were raised about the potential negative impact of increased service fees on the freight brokerage business and the modest revenue growth forecast.

Company Guidance

During Full Truck Alliance's second-quarter 2025 earnings call, the company highlighted several key metrics and strategic initiatives. Fulfilled orders reached a milestone of 60.8 million, marking a 23.8% year-over-year increase, while the fulfillment rate improved to 40.7%, up by nearly seven percentage points. The average shipper monthly active users (MAUs) grew by 19.3% year-over-year to exceed 3.16 million, and shipper members surpassed 1.2 million, indicating increased user engagement and retention. The number of active truckers fulfilling orders rose to 4.34 million, a 9% increase from the previous year, and trucker membership approached 1 million. Financially, the company reported a 17.2% year-over-year increase in total net revenue to RMB 3.24 billion, with transaction service revenues surging 39.4% to RMB 1.33 billion. Non-GAAP adjusted operating income rose by 76% to RMB 1.23 billion, and adjusted net income increased by 39.3% to RMB 1.35 billion. Looking forward, the company expects total net revenues for 2025 to be between RMB 3 billion and RMB 3.617 billion, representing a growth rate of approximately 1.3% to 4.6%.

Significant Growth in Fulfilled Orders

Fulfilled orders increased by 23.8% year-over-year, reaching 60.8 million, indicating strong growth momentum driven by user base expansion and improvements in fulfillment efficiency.

Record High Fulfillment Rate

The fulfillment rate reached a historical high of 40.7%, an increase of nearly seven percentage points from the prior year, demonstrating enhanced matching efficiency.

Strong Financial Performance

Total net revenue increased by 17.2% year-over-year to RMB 3.24 billion. Non-GAAP adjusted operating income rose 76% year-over-year to RMB 1.23 billion, and non-GAAP adjusted net income grew 39.3% year-over-year to RMB 1.35 billion.

Increase in Trucker Engagement

The number of active truckers rose to 4.34 million, up approximately 9% year-over-year, with trucker membership nearing 1 million, reflecting rising engagement and loyalty.

Advancements in Technology

AI-driven enhancements were made across multiple key processes, improving overall user experience and operational efficiency.

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
Nov 19, 2025	2025 (Q3)	0.14 / -	0.148	―	―	―
Aug 21, 2025	2025 (Q2)	0.16 / 0.17	0.11	50.63% (+0.06)
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	0.08	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	0.059	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	―

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
Aug 21, 2025	$11.01	$12.09	+9.81%
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%

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.