Key Takeaways:
Full Truck Alliance Co. (YMM) reported first-quarter earnings of $0.17 per American depositary share, a figure that surpassed the Zacks Consensus Estimate of $0.13 and prompted a rise in the company's stock.
"In the first quarter of 2026, our business sustained robust growth momentum, delivering meaningful improvement in both scale and quality," Peter Hui Zhang, founder, Chairman, and CEO of FTA, said in a statement. "Quarterly fulfilled orders grew by more than 13% year over year, while average shipper MAUs increased by 13% year over year."
The digital freight platform's revenue for the quarter ending March 31 was RMB 2.79 billion ($386.8 million), a 3.3% increase from the same period last year. The company's non-GAAP adjusted net income was RMB 1.20 billion ($166.5 million), compared with RMB 1.67 billion in the first quarter of 2025. The growth in fulfilled orders reached 44.0 million, up 13.5% from 38.8 million year-over-year.
Shares of Full Truck Alliance rose 4% in pre-market trading following the announcement. The company's performance reflects continued growth in user engagement and transaction volume on its platform, with average shipper monthly active users (MAUs) growing to 2.33 million.
Net revenue from freight matching services, which includes freight brokerage, freight listing, and transaction services, was RMB 2.41 billion, an increase of 10.0% from the first quarter of 2025. This was driven primarily by a 33.1% surge in transaction service revenue to RMB 1.67 billion, reflecting higher order volume and penetration rate. However, revenue from freight brokerage services declined to RMB 861.3 million from RMB 964.1 million a year ago.
The company's cost of revenue increased to RMB 889.6 million from RMB 698.6 million in the prior-year period, mainly due to increases in VAT and other tax-related costs.
For the second quarter of 2026, Full Truck Alliance projects total net revenues between RMB 3.05 billion and RMB 3.15 billion.
The results indicate a solid start to the year for the freight platform, showing its ability to expand its user base and order volume. Investors will be watching the company's second-quarter performance to see if the growth momentum can be maintained.
This article is for informational purposes only and does not constitute investment advice.
