Full Truck Alliance Co Ltd ADR (YMM) financial statements

Technology · Software - Application · Market cap $8.2B

Full Truck Alliance Co Ltd ADR reported revenue of 12.5B CNY in fiscal 2025, up 31.0% a year over 6 years.

Net income was 4.5B CNY and the operating margin 33.2%, against -41.3% in 2019.

Free cash flow was 4.5B CNY, and the company returned 1.4B CNY in dividends and 35M CNY in net buybacks.

The diluted share count rose 534% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions (CNY).

-50510152019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, in CNY, from Full Truck Alliance Co Ltd ADR's 10-K filings with the SEC.

Fiscal year2019202020212022202320242025
Revenue2.5B CNY2.6B CNY4.7B CNY6.7B CNY8.4B CNY11.2B CNY12.5B CNY
Cost of revenue1.4B CNY1.3B CNY2.5B CNY3.5B CNY4.1B CNY5.1B CNY4.6B CNY
Gross profit1.1B CNY1.3B CNY2.1B CNY3.2B CNY4.3B CNY6.1B CNY7.9B CNY
Research and development397M CNY413M CNY730M CNY914M CNY947M CNY880M CNY874M CNY
Selling, general and admin1.6B CNY4.4B CNY5.1B CNY2.3B CNY2.2B CNY2.5B CNY2.5B CNY
Operating income-1.0B CNY-3.6B CNY-3.8B CNY-162M CNY997M CNY2.5B CNY4.1B CNY
Interest expense40M CNY8M CNY40,000 CNY175,000 CNY0 CNY0 CNY—
Pre-tax income-1.6B CNY-3.5B CNY-3.6B CNY508M CNY2.3B CNY3.4B CNY5.4B CNY
Income tax-15M CNY19M CNY14M CNY96M CNY107M CNY239M CNY929M CNY
Net income-1.5B CNY-3.5B CNY-3.7B CNY412M CNY2.2B CNY3.1B CNY4.5B CNY
EPS (diluted)-0.46 CNY-1.05 CNY-0.31 CNY0.02 CNY0.10 CNY0.15 CNY0.21 CNY
Diluted shares3.30B3.42B13.45B21.58B21.16B20.90B20.93B
Gross margin43.8%49.0%45.5%47.8%51.2%54.6%63.0%
Operating margin-41.3%-140.1%-81.5%-2.4%11.8%22.0%33.2%
Net margin-61.6%-134.5%-78.5%6.1%26.4%27.8%35.7%

Balance sheet

Fiscal years, in CNY, from Full Truck Alliance Co Ltd ADR's 10-K filings with the SEC.

Fiscal year2019202020212022202320242025
Cash and short-term investments4.0B CNY18.8B CNY25.9B CNY26.2B CNY18.3B CNY20.8B CNY17.1B CNY
Receivables—35M CNY29M CNY13M CNY23M CNY20M CNY75M CNY
Total current assets—20.7B CNY28.9B CNY31.0B CNY24.0B CNY27.3B CNY23.1B CNY
Property, plant and equipment—39M CNY102M CNY109M CNY195M CNY290M CNY457M CNY
Goodwill—2.9B CNY3.1B CNY3.1B CNY3.1B CNY3.1B CNY4.0B CNY
Total assets—25.1B CNY34.4B CNY36.7B CNY39.3B CNY41.3B CNY44.3B CNY
Total current liabilities—2.0B CNY2.7B CNY2.7B CNY3.3B CNY3.0B CNY2.9B CNY
Total liabilities—2.1B CNY2.9B CNY2.9B CNY3.5B CNY3.2B CNY3.1B CNY
Shareholders' equity-7.1B CNY-8.5B CNY31.5B CNY33.7B CNY35.6B CNY37.7B CNY40.5B CNY
Net debt-4.0B CNY-10.1B CNY-4.3B CNY-5.1B CNY-6.8B CNY-5.8B CNY-6.1B CNY

Cash flow

Fiscal years, in CNY, from Full Truck Alliance Co Ltd ADR's 10-K filings with the SEC.

Fiscal year2019202020212022202320242025
Operating cash flow-924M CNY575M CNY-211M CNY-16M CNY2.3B CNY3.0B CNY4.6B CNY
Capital spending10M CNY53M CNY43M CNY86M CNY100M CNY75M CNY130M CNY
Free cash flow-934M CNY522M CNY-255M CNY-101M CNY2.2B CNY2.9B CNY4.5B CNY
Stock-based compensation456M CNY3.3B CNY3.6B CNY919M CNY442M CNY497M CNY282M CNY
Dividends paid———0 CNY0 CNY1.1B CNY1.4B CNY
Share buybacks (net)——0 CNY0 CNY-180M CNY0 CNY-35M CNY
Free cash flow margin-37.8%20.2%-5.5%-1.5%25.7%25.8%36.0%
Dividends per share—————0.05 CNY0.07 CNY
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Questions

What was Full Truck Alliance Co Ltd ADR's revenue in 2025?

12.5B CNY in fiscal 2025, from its 10-K filing.

How much free cash flow does Full Truck Alliance Co Ltd ADR generate?

4.5B CNY in fiscal 2025 (operating cash flow minus capital spending).

From Full Truck Alliance Co Ltd ADR's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.