6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

March 2026

Commission File Number: 001-40507

Full Truck Alliance Co. Ltd.

6 Keji Road<br><br><br>Huaxi District, Guiyang<br><br><br>Guizhou 550025<br><br><br>People’s Republic of China<br><br><br>+86-851-8384-2056	Wanbo Science and Technology Park, 20<br><br><br>Fengxin Road<br> <br>YuhuataiDistrict, Nanjing<br> <br>Jiangsu 210012<br><br><br>People’s Republic of China<br><br><br>+86-25-6692-0156

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒   Form  40-F ☐

TABLE OF CONTENTS

Exhibit 99.1	Full Truck Alliance Co. Ltd. Announces Fourth Quarter and Fiscal Year 2025 Unaudited Financial Results

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Full Truck Alliance Co. Ltd.
By:	/s/ Peter Hui Zhang
Name:	Peter Hui Zhang
Title:	Chairman and Chief Executive Officer

Date: March 12, 2026

3

EX-99.1

Exhibit 99.1

Full Truck Alliance Co. Ltd. Announces Fourth Quarter and Fiscal Year 2025 Unaudited Financial Results

GUIYANG, China, March 12, 2026—Full Truck Alliance Co. Ltd. (“FTA” or the “Company”) (NYSE: YMM), a leading digital freight platform, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025.

Fourth Quarter andFiscal Year 2025 Financial and Operational Highlights

•	Total net revenues in the fourth quarter of 2025 were RMB3,192.6 million (US$456.5 million), an<br>increase of 0.6% from RMB3,174.3 million in the same period of 2024. Total net revenues in 2025 were RMB12,489.9 million (US$1,786.0 million), an increase of 11.1% from RMB11,238.6 million in 2024.
•	Net income **** in the fourth quarter of 2025 was RMB994.3 million (US$142.2 million), an increase<br>of 73.0% from RMB574.6 million in the same period of 2024. Net income in 2025 was RMB4,459.1 million (US$637.6 million), an increase of 42.8% from RMB3,123.4 million in 2024.
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•	Non-GAAP adjusted net income **^1^**in the fourth quarter of 2025 was RMB1,063.1 million (US$152.0 million), an increase of 1.1% from RMB1,052.0 million in the same period of 2024.<br>Non-GAAP adjusted net income **^^**in 2025 was RMB 4,794.7 million (US$685.6 million), an increase of 19.3% from RMB4,020.4 million in<br>2024.
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•	Fulfilled orders ^2^ **** in the fourth quarter<br>of 2025 reached 63.9 million, an increase of 12.3% from 56.9 million in the same period of 2024. Fulfilled orders in 2025 reached 236.3 million, an increase of 19.8% from 197.2 million in 2024.
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•	Average shipper MAUs ^3^ **** in the fourth<br>quarter of 2025 reached 3.28 million, an increase of 11.6% from 2.93 million in the same period of 2024. Average shipper MAUs in 2025 reached 3.14 million, an increase of 18.6% from 2.64 million in 2024.<br>
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Mr. Peter Hui Zhang, Founder, Chairman, and Chief Executive Officer of FTA, commented, “We achieved improvements in both user experience and profitability amid a complex market environment in the fourth quarter of 2025 through disciplined strategic execution. For the full year, fulfilled orders exceeded 236 million, representing nearly 20% year-over-year growth; average shipper MAUs increased 18.6% year over year, reflecting a healthier ecosystem across both shippers and truckers. Meanwhile, we piloted AI assistant capabilities for shippers to enhance fulfillment efficiency across the platform. Looking ahead, we will accelerate the adoption of AI across logistics transactions and fulfillment, creating greater value for the industry.”

Mr. Langbo Guo, President of FTA, added, “Looking back at 2025, we continued to drive growth through a dual focus on user growth and ecosystem development. Full-year revenue reached RMB 12.49 billion, up 11.1% year-over-year. At the same time, revenue mix further improved, with transaction service revenue growing 38.2% year-over-year. Net income reached RMB 4.46 billion, up 42.8% year-over-year, and non-GAAP adjusted net income reached RMB 4.79 billion, up 19.3% year-over-year, demonstrating sustained profitability. Moving forward, we will actively leverage AI to empower both shippers and truckers, further strengthening our core competitiveness and sustainable profitability.”

^1^	Non-GAAP adjusted net income is defined as net income excluding<br>(i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; (iv) impairment loss of long-term investment; and<br>(v) tax effects of non-GAAP adjustments. See “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and<br>Non-GAAP Results” at the end of this press release.
^2^	Fulfilled orders on our platform in a given period are defined as all shipping orders matched through our<br>platform during such period but exclude (i) shipping orders that are subsequently canceled and (ii) shipping orders for which our users failed to specify any freight prices, as there are substantial uncertainties as to whether such<br>shipping orders are fulfilled.
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^3^	Average shipper MAUs in a given period are calculated by dividing (i) the sum of shipper MAUs for each<br>month of a given period by (ii) the number of months in a given period. Shipper MAUs are defined as the number of active shippers on our platform in a given month. Active shippers are defined as the aggregate number of registered shipper<br>accounts that have posted at least one shipping order on our platform during a given period.
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Fourth Quarter 2025 Financial Results

Net Revenues (including value added taxes, or “VAT” of RMB1,422.1 million and RMB1,088.6 million for the three months ended December 31, 2024 and 2025, respectively). Total net revenues in the fourth quarter of 2025 were RMB3,192.6 million (US$456.5 million), representing an increase of 0.6% from RMB3,174.3 million in the same period of 2024, primarily attributable to an increase in revenues from value-added services.

Freight matching services. Revenues from freight matching services in the fourth quarter of 2025 were RMB2,704.2 million (US$386.7 million), compared with RMB2,704.9 million in the same period of 2024. The slight decrease was mainly due to a decrease in freight brokerage service revenues, substantially offset by an increase in transaction service revenues and freight listing service revenues.

•	Freight brokerage service. Revenues from freight brokerage service in the fourth quarter of 2025 were<br>RMB961.5 million (US$137.5 million), compared with RMB1,316.1 million in the same period of 2024, primarily attributable to a decrease in transaction volume, partially offset by an increase in service fee rate.
•	Freight listing service. Revenues from freight listing service in the fourth quarter of 2025 were<br>RMB255.2 million (US$36.5 million), an increase of 10.7% from RMB230.5 million in the same period of 2024, primarily due to the growing number of total paying members.
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•	T ransaction service. Revenues from transaction service amounted to<br>RMB1,487.5 million (US$212.7 million) in the fourth quarter of 2025, an increase of 28.4% from RMB1,158.3 million in the same period of 2024, primarily driven by increases in order volume, penetration rate and per-order transaction service fee.
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Value-added services. ^4^ Revenues from value-added services in the fourth quarter of 2025 were RMB488.4 million (US$69.8 million), an increase of 4.1% from RMB469.3 million in the same period of 2024. The increase was primarily due to an increase in other value-added services revenues, attributable to the inclusion of revenues from Giga.AI Technology Limited (“Giga.AI”) subsequent to its consolidation into the Company’s financial results since July 9, 2025, partially offset by a decrease in credit solutions revenues.

Cost of Revenues (including VAT net of government grants of RMB1,070.9 million and RMB843.2 million for the three months ended December 31, 2024 and 2025, respectively). Cost of revenues in the fourth quarter of 2025 was RMB1,076.7 million (US$154.0 million), compared with RMB1,391.7 million in the same period of 2024, primarily due to decreases in VAT, related tax surcharges and other tax costs, net of grants from government authorities. These tax-related costs net of government grants totaled RMB864.9 million, compared with RMB1,278.5 million in the same period of 2024, primarily due to a decrease in tax costs net of government grants related to the Company’s freight brokerage service.

Sales and Marketing Expenses. **** Sales and marketing expenses in the fourth quarter of 2025 were RMB497.3 million (US$71.1 million), compared with RMB471.8 million in the same period of 2024. The increase was primarily due to additional investments in user ecosystem enhancement and user rights protection, partially offset by efficiency-focused spending on user acquisitions.

General and Administrative Expenses. **** General and administrative expenses in the fourth quarter of 2025 were RMB191.9 million (US$27.4 million), compared with RMB202.3 million in the same period of 2024. The decrease was primarily due to lower share-based compensation expenses, partially offset by higher salary and benefit expenses.

Research and Development Expenses. Research and development expenses in the fourth quarter of 2025 were RMB258.2 million (US$36.9 million), compared with RMB205.0 million in the same period of 2024. The increase was mainly due to the inclusion of Giga.AI’s R&D costs.

Income from Operations . Income from operations in the fourth quarter of 2025 was RMB 1,027.9 million (US$147.0 million), an increase of 23.0% from RMB835.4 million in the same period of 2024.

Non-GAAP Adjusted OperatingIncome. ^5^ **** Non-GAAP adjusted operating income in the fourth quarter of 2025 was RMB1,102.4 million (US$157.6 million), an increase of 14.4% from RMB963.3 million in the same period of 2024.

Net Income. Net income in the fourth quarter of 2025 was RMB994.3 million (US$142.2 million), an increase of 73.0% from RMB574.6 million in the same period of 2024.

Non-GAAP Adjusted Net Income . Non-GAAP adjusted net income in the fourth quarter of 2025 was RMB1,063.1 million (US$152.0 million), an increase of 1.1% from RMB1,052.0 million in the same period of 2024.

Basic and Diluted Net Income per ADS ^6^ and Non-GAAP Adjusted Basic and Diluted Net Income per ADS. ^7^ ****Basic net income per ADS was RMB0.95 (US$0.14) in the fourth quarter of 2025, compared with RMB0.54 in the same period of 2024. Diluted net income per ADS was RMB0.94 (US$0.14) in the fourth quarter of 2025, compared with RMB0.53 in the same period of 2024. Non-GAAP adjusted basic net income per ADS was RMB1.01 (US$0.14) in the fourth quarter of 2025, compared with RMB1.00 in the same period of 2024. Non-GAAP adjusted diluted net income per ADS was RMB1.01 (US$0.14) in the fourth quarter of 2025, compared with RMB0.99 in the same period of 2024.

Balance Sheet and Cash Flow

As of December 31, 2025, the Company had cash and cash equivalents, restricted cash, short-term investments, long-term time deposits and wealth management products with maturities over one year of RMB31.5 billion (US$4.5 billion) in total, compared with RMB29.2 billion as of December 31, 2024.

As of December 31, 2025, the total outstanding loan balance^8^ was RMB5.5 billion (US$0.8 billion), compared with RMB4.4 billion as of December 31, 2024. The total non-performing loan ratio^8^ was 2.9% as of December 31, 2025, compared with 2.0% as of December 31, 2024, primarily due to an increase in industry-wide risk fluctuation.

In the fourth quarter of 2025, net cash provided by operating activities was RMB1,330.9 million (US$190.3 million), compared with RMB1,150.0 million in the same period of 2024. Free cash flow^9^ was RMB1,296.4 million (US$185.4 million), compared with RMB1,126.3 million in the same period of 2024.

^4^	The Company provides a range of value-added services including credit solutions, insurance services, electronic<br>toll collection, energy services, services arising from the consolidation of Giga.AI, and other services on the FTA platform.
^5^	Non-GAAP adjusted operating income is defined as income from operations<br>excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; and (iii) compensation cost incurred in relation to acquisitions. See “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.
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^6^	ADS refers to American depositary shares, each of which represents 20 Class A ordinary shares.<br>
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^7^	Non-GAAP adjusted basic and diluted net income per ADS is net income<br>attributable to ordinary shareholders excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions;<br>(iv) impairment loss of long-term investment; and (v) tax effects of non-GAAP adjustments, divided by weighted average number of basic and diluted ADSs, respectively. For more information, refer to<br>“Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release. Off-balance sheet loans refer to the loans funded by the Company’s institutional funding partners that we bear principal risk.
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^8^	To better reflect the substance of our credit solutions business and present its complete operating<br>performance, we have revised the calculation methodologies of the total outstanding loan balance and the non-performing loan (“NPL”) ratio by including<br>off-balance sheet loans in the calculation. Total outstanding loan balance means the aggregate principal amount outstanding under on-balance sheet and off-balance sheet loans as of the end of each reporting period, excluding loans that are more than 180 days past due. NPL ratio is calculated by dividing the sum of total outstanding principal of the on- and off-balance sheet loans that were over 90 calendar days past due (excluding loans that are over 180 days past due and are therefore charged off) by the sum of total outstanding principal of on- and off-balance sheet loans (excluding loans that are over 180 days past due and are therefore charged off) as of a specified date. Comparative periods have been restated<br>accordingly to conform to this presentation.
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^9^	Free cash flow is defined as operating cash flow adjusted for the impact from capital expenditures. Capital<br>expenditures include purchase of property and equipment and intangible assets.
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Fiscal Year 2025 Financial Results

Net Revenues (including value added taxes, or “VAT” of RMB5,097.7 million and RMB4,671.4 million for the years ended December 31, 2024 and 2025, respectively). Total net revenues in 2025 were RMB12,489.9 million (US$1,786.0 million), representing an increase of 11.1% from RMB11,238.6 million in 2024, primarily attributable to an increase in revenues from freight matching services.

Freight matching services. Revenues from freight matching services in 2025 were RMB10,496.8 million (US$1,501.0 million), representing an increase of 11.0% from RMB9,455.1 million in 2024. The increase was mainly due to the rapid increase in transaction service revenues, partially offset by a decrease in freight brokerage service revenues.

•	Freight brokerage service. Revenues from freight brokerage service in 2025 were RMB4,199.4 million<br>(US$600.5 million), compared with RMB4,727.0 million in 2024, primarily attributable to a decrease in transaction volume, partially offset by an increase in service fee rate.
•	Freight listing service. Revenues from freight listing service in 2025 were RMB980.2 million<br>(US$140.2 million), an increase of 11.4% from RMB879.5 million in 2024, primarily due to the growing number of total paying members.
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•	Transaction service. Revenues from transaction service amounted to RMB5,317.2 million (US$760.4<br>million) in 2025, an increase of 38.2% from RMB3,848.7 million in 2024, primarily driven by increases in order volume, penetration rate and per-order transaction service fee.
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Value-added services. Revenues from value-added services in 2025 were RMB1,993.1 million (US$285.0 million), an increase of 11.8% from RMB1,783.5 million in 2024. The increase was primarily due to an increase in credit solutions revenues and the inclusion of Giga.AI’s revenues.

Cost of Revenues (including VAT net of government grants of RMB3,893.4 million and RMB3,262.4 million for the years ended December 31, 2024 and 2025, respectively). Cost of revenues in 2025 was RMB4,618.8 million (US$660.5 million), compared with RMB5,100.6 million in 2024, primarily due to decreases in VAT, related tax surcharges and other tax costs, net of grants from government authorities. These tax-related costs net of government grants totaled RMB3,944.7 million, compared with RMB4,584.4 million in 2024, primarily due to a decrease in tax costs net of government grants related to the Company’s freight brokerage service.

Sales and Marketing Expenses. Sales and marketing expenses in 2025 were RMB1,747.8 million (US$249.9 million), compared with RMB1,596.8 million in 2024. The increase was primarily due to further investments in user ecosystem enhancement and user rights protection, as well as an increase in advertising and marketing expenses for user acquisitions.

General and Administrative Expenses. **** General and administrative expenses in 2025 were RMB709.8 million (US$101.5 million), compared with RMB913.8 million in 2024. The decrease was primarily due to lower share-based compensation expenses.

***Research and Development Expenses.***Research and development expenses in 2025 were RMB874.4 million (US$125.0 million), compared with RMB880.0 million in 2024. The decrease was mainly due to lower salary and benefits expenses, partially offset by the inclusion of Giga.AI’s R&D costs.

Income from Operations . Income from operations in 2025 was RMB4,146.2 million (US$592.9 million), an increase of 67.5% from RMB2,475.0 million in 2024.

Non-GAAP Adjusted OperatingIncome. **** Non-GAAP adjusted operating income in 2025 was RMB4,499.8 million (US$643.5 million), an increase of 48.4% from RMB3,032.3 million in 2024.

Net Income. Net income in 2025 was RMB4,459.1 million (US$637.6 million), an increase of 42.8% from RMB3,123.4 million in 2024.

Non-GAAP Adjusted Net Income . Non-GAAP adjusted net income in 2025 was RMB4,794.7 million (US$685.6 million), an increase of 19.3% from RMB4,020.4 million in 2024.

Basic and Diluted NetIncome per ADS and Non-GAAP Adjusted Basic and Diluted Net Income per ADS. Basic net income per ADS was RMB4.23 (US$0.60) in 2025, compared with RMB2.95 in 2024. Diluted net income per ADS was RMB4.21 (US$0.60) in 2025, compared with RMB2.94 in 2024. Non-GAAP adjusted basic net income per ADS was RMB4.55 (US$0.65) in 2025, compared with RMB3.81 in 2024. Non-GAAP adjusted diluted net income per ADS was RMB4.53 (US$0.65) in 2025, compared with RMB3.80 in 2024.

Business Outlook

The Company expects its total net revenues to be between RMB2.70 billion and RMB2.80 billion for the first quarter of 2026, representing approximately flat to a 3.9% year-over-year increase. Excluding freight brokerage service, net revenues are expected to range from RMB1.98 billion to RMB2.06 billion, representing an estimated year-over-year growth rate of 13.9% to 19.0%. These forecasts are based on the Company’s current and preliminary view of the market and operational conditions, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.

Share Repurchase Update and Quarterly Cash Dividend Policy

In March 2025, the Company’s board of directors (the “board”) approved an extension of the original share repurchase program adopted in March 2024 such that the Company may repurchase up to US$200 million of its ADSs and/or ordinary shares through March 12, 2026. As of March 11, 2026, the Company had repurchased an aggregate of approximately 5.3 million ADSs for approximately US$52.4 million from the open market under the share repurchase program, of which an aggregate of approximately 5.1 million ADSs for approximately US$50.0 million were repurchased after January 1, 2026 as part of the shareholder return plan approved in January 2026, under which the Company will return a total of US$400 million to the shareholders in fiscal year 2026. The board intends to continue to evaluate implementing additional share repurchase programs following the completion of the ongoing program, subject to then-current market conditions and necessary approvals.

To further implement the shareholder return plan, the board approved a cash dividend for the first quarter of 2026 in the amount of US$0.0042 per ordinary share, or US$0.0840 per ADS, totaling approximately US$87.5 million. The dividend will be paid on or around April 22, 2026, to holders of record of the Company’s ordinary shares at the close of business on April 8, 2026. For holders of the Company’s ADSs, cash dividends are expected to be paid through the depositary, Deutsche Bank Trust Company Americas, on or around April 22, 2026, subject to the terms of the deposit agreement, including the fees and expenses payable thereunder.

The board will review the quarterly cash dividend policy periodically, and may authorize adjustments to the size and terms of the dividends to ensure that the total shareholder return value for fiscal year 2026 will be approximately US$400 million.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at a rate of RMB6.9931 to US$1.00, the exchange rate in effect as of December 31, 2025, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all.

Conference Call

The Company’s management will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on March 12, 2026, or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the fourth quarter and fiscal year 2025.

For participants who wish to join the conference using dial-in numbers, please complete online registration using the link provided below prior to the scheduled call start time.

Participant Online Registration:

https://s1.c-conf.com/diamondpass/10053167-hy76t5.html

Upon registration, each participant will receive details for the conference call, including dial-in numbers and a unique access PIN. To join the conference, please dial the provided number, enter your PIN, and you will join the conference.

The replay will be accessible through March 19, 2026, by dialing the following numbers:

United States:	+1-855-883-1031
Mainland China:	400-120-9216
Hong Kong, SAR:	800-930-639
United Kingdom:	0800-031-4295
Singapore:	800-101-3223
Replay Access Code:	10053167

A live and archived webcast of the conference call will also be available on the Company’s investor relations website at ir.fulltruckalliance.com.

About Full Truck Alliance Co. Ltd.

Full Truck Alliance Co. Ltd. (NYSE: YMM) is a leading digital freight platform connecting shippers with truckers to facilitate shipments across distance ranges, cargo weights and types. The Company provides a range of freight matching services, including freight listing, freight brokerage and transaction services. The Company also provides a range of value-added services that cater to the various needs of shippers and truckers, such as financial institutions, highway authorities, and gas station operators. With a mission to empower enterprises with greater logistics competitiveness, the Company is shaping the future of logistics with technology and aspires to revolutionize logistics, improve efficiency across the value chain and reduce its carbon footprint for our planet. For more information, please visit ir.fulltruckalliance.com.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP adjusted operating income, non-GAAP adjusted net income, non-GAAP adjusted net income attributable to ordinary shareholders, non-GAAP adjusted basic and diluted net income per share and non-GAAP adjusted basic and diluted net income per ADS, each a non-GAAP financial measure, as supplemental measures to review and assess its operating performance.

The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines non-GAAP adjusted operating income as income from operations excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; and (iii) compensation cost incurred in relation to acquisitions. The Company defines non-GAAP adjusted net income as net income excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; (iv) impairment loss of long-term investment; and (v) tax effects of non-GAAP adjustments. The Company defines non-GAAP adjusted net income attributable to ordinary shareholders as net income attributable to ordinary shareholders excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; (iv) impairment loss of long-term investment; and (v) tax effects of non-GAAP adjustments. The Company defines non-GAAP adjusted basic and diluted net income per share as non-GAAP adjusted net income attributable to ordinary shareholders divided by weighted average number of basic and diluted ordinary shares, respectively. The Company defines non-GAAP adjusted basic and diluted net income per ADS as non-GAAP adjusted net income attributable to ordinary shareholders divided by the weighted average number of basic and diluted ADSs, respectively. The Company defines free cash flow as operating cash flow adjusting for the impact from capital expenditures. Capital expenditures include purchase of property and equipment and intangible assets.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as an analytical tool. The non-GAAP financial measures do not reflect all items of expense that affect its operations.

The Company reconciles the non-GAAP financial measures to the nearest U.S. GAAP performance measures. Non-GAAP adjusted operating income, non-GAAP adjusted net income, non-GAAP adjusted net income attributable to ordinary shareholders and non-GAAP adjusted basic and diluted net income per share should not be considered in isolation or construed as an alternative to operating income, net income, net income attributable to ordinary shareholders and basic and diluted net income per share or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review FTA’s non-GAAP financial measures against the most directly comparable GAAP measures. FTA’s non-GAAP financial measure may not be comparable to similarly titled measures presented by other companies.

For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this release.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements which are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: FTA’s goal and strategies; FTA’s expansion plans; FTA’s future business development, financial condition and results of operations; expected changes in FTA’s revenues, costs or expenses; industry landscape of, and trends in, China’s road transportation market; competition in FTA’s industry; FTA’s expectations regarding demand for, and market acceptance of, its services; FTA’s expectations regarding its relationships with shippers, truckers and other ecosystem participants; FTA’s ability to protect its systems and infrastructures from cyber-attacks; PRC laws, regulations, and policies relating to the road transportation market, as well as general regulatory environment in which FTA operates in China; the results of regulatory review and the duration and impact of any regulatory action taken against FTA; the impact of health epidemics, extreme weather conditions and production constraints brought by electricity rationing measures; general economic and business condition; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

Full Truck Alliance Co. Ltd.

Mao Mao

E-mail: IR@amh-group.com

Piacente Financial Communications

Helen Wu

Tel: +86-10-6508-0677

E-mail: FTA@thepiacentegroup.com

In the United States:

Piacente Financial Communications

Brandi Piacente

Tel: +1-212-481-2050

E-mail: FTA@thepiacentegroup.com

FULL TRUCK ALLIANCE CO. LTD.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except share, ADS, per share and per ADS data)

	As of
	December 31,2024			December 31,2025			December 31,2025
	RMB			RMB			US
ASSETS
Current assets:
Cash and cash equivalents		5,810,347			6,066,137
Restricted cash		100,533			70,290
Short-term investments		15,002,903			11,048,309
Accounts receivable, net		19,643			75,133
Loans receivable, net		4,199,645			4,851,353
Prepayments and other current assets, net		2,122,902			940,552
Total current assets	****	27,255,973	****	****	23,051,774	****		****
Restricted cash		40,000			30,000
Long-term time deposits and other<br>investments^1^		8,839,547			14,268,513
Investments in equity investees		1,036,571			1,043,145
Property and equipment, net		289,611			457,487
Intangible assets, net		393,477			757,408
Goodwill		3,124,828			4,025,420
Deferred tax assets		92,882			249,551
Operating lease<br>right-of-use assets		115,654			92,218
Other non-current assets		98,532			346,512
Total non-current assets	****	14,031,102	****	****	21,270,254	****		****
TOTAL ASSETS	****	41,287,075	****	****	44,322,028	****		****
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable		31,227			37,750
Amount due to related parties		—			29,674
Prepaid for freight listing fees and other service fees		571,185			637,489
Income tax payable		336,220			421,707
Other tax payable		898,396			479,286
Operating lease liabilities		41,204			33,847
Accrued expenses and other current liabilities		1,141,758			1,211,279
Total current liabilities	****	3,019,990	****	****	2,851,032	****		****
Deferred tax liabilities		95,570			185,578
Operating lease liabilities		23,928			1,485
Other non-current liabilities		12,414			12,328
Total non-current liabilities	****	131,912	****	****	199,391	****		****
TOTAL LIABILITIES	****	3,151,902	****	****	3,050,423	****		****
MEZZANINE EQUITY
Redeemable non-controlling interests		443,070			767,813
Subscription receivables		—			(20,000	)		)
SHAREHOLDERS’ EQUITY
Ordinary shares		1,343			1,345
Additional paid-in capital		45,823,723			44,328,028
Accumulated other comprehensive income		3,223,944			2,742,068
Accumulated deficit		(11,372,284	)		(7,020,237	)		)
TOTAL FULL TRUCK ALLIANCE CO. LTD. EQUITY	****	37,676,726	****	****	40,051,204	****		****
Non-controlling interests		15,377			472,588
TOTAL SHAREHOLDERS’ EQUITY	****	37,692,103	****	****	40,523,792	****		****
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY	****	41,287,075	****	****	44,322,028	****		****

All values are in US Dollars.

^1.^	The Group’s long-term time deposits and other investments consist of RMB14,184 million long-term<br>time deposits, RMB73 million wealth management products with maturities over one year, and RMB12 million available-for-sale debt securities as of<br>December 31, 2025.

FULL TRUCK ALLIANCE CO. LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(All amounts in thousands, except share, ADS, per share and per ADS data)

	Three months ended											Year ended
	December 31,2024			September 30,2025			December 31,2025			December 31,2025		December 31,2024			December 31,2025			December 31,2025
	RMB			RMB			RMB			US		RMB			RMB			US
Net Revenues:
Freight Matching Services	****	2,704,940	****	****	2,797,555	****	****	2,704,190	****		****	****	9,455,134	****	****	10,496,771	****		****
Freight brokerage service		1,316,140			1,094,349			961,472					4,726,989			4,199,393
Freight listing service		230,489			247,119			255,214					879,489			980,158
Transaction service		1,158,311			1,456,087			1,487,504					3,848,656			5,317,220
Value-added services	****	469,314	****	****	560,687	****	****	488,412	****		****	****	1,783,504	****	****	1,993,088	****		****
Total net revenues (including value-added taxes or “VAT” of<br>RMB1,422.1 million and RMB1,088.6 million for the three months ended December 31, 2024 and 2025, RMB5,097.7 million and RMB4,671.4 million for the year ended December 31, 2024 and 2025, respectively)	****	3,174,254	****	****	3,358,242	****	****	3,192,602	****		****	****	11,238,638	****	****	12,489,859	****		****
Operating expenses:
Cost of revenues (including VAT net of government grants of RMB1,070.9 million and<br>RMB843.2 million for the three months ended December 31, 2024 and 2025, RMB3,893.4 million and RMB3,262.4 million for the year ended December 31, 2024 and 2025, respectively)(1)		(1,391,714	)		(1,605,214	)		(1,076,652	)		)		(5,100,558	)		(4,618,796	)		)
Sales and marketing expenses(1)		(471,829	)		(438,809	)		(497,258	)		)		(1,596,763	)		(1,747,759	)		)
General and administrative expenses(1)		(202,265	)		(161,550	)		(191,869	)		)		(913,763	)		(709,775	)		)
Research and development expenses(1)		(205,026	)		(233,250	)		(258,207	)		)		(880,016	)		(874,435	)		)
Provision for credit solutions		(73,905	)		(144,425	)		(144,047	)		)		(296,528	)		(445,351	)		)
Total operating expenses	****	(2,344,739	)	****	(2,583,248	)	****	(2,168,033	)		)	****	(8,787,628	)	****	(8,396,116	)		)
Other operating income		5,920			1,272			3,356					23,970			52,455
Income from operations	****	835,435	****	****	776,266	****	****	1,027,925	****		****	****	2,474,980	****	****	4,146,198	****		****
Other income (expense)
Interest income		149,466			230,607			226,662					1,073,434			954,082
Foreign exchange gain (loss)		4,725			(2,416	)		(4,308	)		)		8,004			(17,344	)		)
Investment income		10,354			24,288			31,094					54,785			94,717
Unrealized (losses) gains from fair value changes of investments		(19,612	)		32,721			12,947					(20,904	)		116,162
Other (expenses) income, net		(1,559	)		136,231			(16,593	)		)		128,152			109,232
Impairment loss		(352,742	)		—			—					(352,742	)		—
Share of loss in equity method investees		(1,580	)		(1,815	)		(10,572	)		)		(2,861	)		(14,814	)		)
Total other (expense) income	****	(210,948	)	****	419,616	****	****	239,230	****		****	****	887,868	****	****	1,242,035	****		****
Net income before income tax	****	624,487	****	****	1,195,882	****	****	1,267,155	****		****	****	3,362,848	****	****	5,388,233	****		****
Income tax expense		(49,861	)		(274,862	)		(272,869	)		)		(239,411	)		(929,157	)		)
Net income	****	574,626	****	****	921,020	****	****	994,286	****		****	****	3,123,437	****	****	4,459,076	****		****
Less: net loss attributable to non-controlling<br>interests		(1,177	)		(11,749	)		(13,396	)		)		(3,548	)		(27,454	)		)
Less: measurement adjustment attributable to redeemable<br>non-controlling interests		17,346			25,493			19,853					57,136			78,361
Net income attributable to ordinary shareholders	****	558,457	****	****	907,276	****	****	987,829	****		****	****	3,069,849	****	****	4,408,169	****		****

All values are in US Dollars.

FULL TRUCK ALLIANCE CO. LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (CONTINUED)

(All amounts in thousands, except share, ADS, per share and per ADS data)

	Three months ended							Year ended
	December 31,2024		September 30,2025		December 31,2025		December 312025	December 31,2024		December 31,2025		December 31,2025
	RMB		RMB		RMB		US	RMB		RMB		US
Net income per ordinary share
—Basic		0.03		0.04		0.05			0.15		0.21
—Diluted		0.03		0.04		0.05			0.15		0.21
Net income per ADS*
—Basic		0.54		0.87		0.95			2.95		4.23
—Diluted		0.53		0.87		0.94			2.94		4.21
Weighted average number of ordinary shares used in computing net income per share
—Basic		20,803,347,603		20,840,884,667		20,841,527,394			20,822,835,545		20,839,163,070
—Diluted		20,913,595,702		20,910,549,643		20,909,526,453			20,902,222,036		20,928,172,684
Weighted average number of ADS used in computing net income per ADS
—Basic		1,040,167,380		1,042,044,233		1,042,076,370			1,041,141,777		1,041,958,153
—Diluted		1,045,679,785		1,045,527,482		1,045,476,323			1,045,111,102		1,046,408,634

All values are in US Dollars.

*	Each ADS **** represents 20 ordinary shares.
(1)	Share-based compensation expense in operating expenses are as follows:
---	---
	Three months ended							Year ended
---	---	---	---	---	---	---	---	---	---	---	---	---
	December 31,2024		September 30,2025		December 31,2025		December 312025	December 31,2024		December 31,2025		December 31,2025
	RMB		RMB		RMB		US	RMB		RMB		US
Cost of revenues		2,997		2,897		2,410			11,118		12,669
Sales and marketing expenses		13,750		12,186		7,803			50,109		55,250
General and administrative expenses		75,768		20,878		27,047			348,400		139,824
Research and development expenses		22,361		13,892		14,300			87,012		73,816
Total	****	114,876	****	49,853	****	51,560		****	496,639	****	281,559

All values are in US Dollars.

FULL TRUCK ALLIANCE CO. LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND FREE CASH FLOW

(All amounts in thousands, except share, ADS, per share and per ADS data)

	Three months ended											Year ended
	December 31,2024			September 30,2025			December 31,2025			December 312025		December 31,2024			December 31,2025			December 31,2025
	RMB			RMB			RMB			US		RMB			RMB			US
Net cash provided by operating activities		1,150,016			1,657,054			1,330,883					2,970,125			4,626,880
Net cash used in investing activities		(170,316	)		(363,575	)		(341,108	)		)		(2,419,636	)		(2,717,363	)		)
Net cash provided by (used in) financing activities		221,427			62,837			(647,175	)		)		(1,519,745	)		(1,655,948	)		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		36,886			(17,381	)		(17,167	)		)		23,728			(38,022	)		)
Net increase (decrease) in cash, cash equivalents and restricted cash	****	1,238,013	****	****	1,338,935	****	****	325,433	****		****	****	(945,528	)	****	215,547	****		****
Cash, cash equivalents and restricted cash, beginning of the period		4,712,867			4,502,059			5,840,994					6,896,408			5,950,880
Cash, cash equivalents and restricted cash, end of the period	****	5,950,880	****	****	5,840,994	****	****	6,166,427	****		****	****	5,950,880	****	****	6,166,427	****		****
Net cash provided by operating activities	****	1,150,016	****	****	1,657,054	****	****	1,330,883	****		****	****	2,970,125	****	****	4,626,880	****		****
Less: Capital expenditures		(23,742	)		(48,524	)		(34,481	)		)		(74,967	)		(129,714	)		)
Free cash flow (non-GAAP)	****	1,126,274	****	****	1,608,530	****	****	1,296,402	****		****	****	2,895,158	****	****	4,497,166	****		****

All values are in US Dollars.

FULL TRUCK ALLIANCE CO. LTD.

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except share, ADS, per share and per ADS data)

	Three months ended											Year ended
	December 31,			September 30,			December 31,			December 31		December 31,			December 31,			December 31,
	2024			2025			2025			2025		2024			2025			2025
	RMB			RMB			RMB			US		RMB			RMB			US
Income from operations	****	835,435	****	****	776,266	****	****	1,027,925	****		****	****	2,474,980	****	****	4,146,198	****		****
Add:
Share-based compensation expense		114,876			49,853			51,560					496,639			281,559
Amortization of intangible assets resulting from business acquisitions		13,021			23,024			22,956					52,084			72,022
Compensation cost incurred in relation to acquisitions		—			—			—					8,562			—
Non-GAAP adjusted operating income	****	963,332	****	****	849,143	****	****	1,102,441	****		****	****	3,032,265	****	****	4,499,779	****		****
Net income	****	574,626	****	****	921,020	****	****	994,286	****		****	****	3,123,437	****	****	4,459,076	****		****
Add:
Share-based compensation expense		114,876			49,853			51,560					496,639			281,559
Amortization of intangible assets resulting from business acquisitions		13,021			23,024			22,956					52,084			72,022
Compensation cost<br><br><br>incurred in relation to acquisitions		—			—			—					8,562			—
Impairment loss of long-term investment		352,742			—			—					352,742			—
Tax effects of non-GAAP adjustments		(3,255	)		(5,756	)		(5,739	)		)		(13,020	)		(18,006	)		)
Non-GAAP adjusted net income	****	1,052,010	****	****	988,141	****	****	1,063,063	****		****	****	4,020,444	****	****	4,794,651	****		****

All values are in US Dollars.

FULL TRUCK ALLIANCE CO. LTD.

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (CONTINUED)

(All amounts in thousands, except share, ADS, per share and per ADS data)

	Three months ended											Year ended
	December 31,			September 30,			December 31,			December 31		December 31,			December 31,			December 31,
	2024			2025			2025			2025		2024			2025			2025
	RMB			RMB			RMB			US		RMB			RMB			US
Net income attributable to ordinary shareholders	****	558,457	****	****	907,276	****	****	987,829	****		****	****	3,069,849	****	****	4,408,169	****		****
Add:
Share-based compensation expense		114,876			49,853			51,560					496,639			281,559
Amortization of intangible assets resulting from business acquisitions		13,021			23,024			22,956					52,084			72,022
Compensation cost incurred in relation to acquisitions		—			—			—					8,562			—
Impairment loss of long-term investment		352,742			—			—					352,742			—
Tax effects of non-GAAP adjustments		(3,255	)		(5,756	)		(5,739	)		)		(13,020	)		(18,006	)		)
Non-GAAP adjusted net income attributable to ordinaryshareholders	****	1,035,841	****	****	974,397	****	****	1,056,606	****		****	****	3,966,856	****	****	4,743,744	****		****
Non-GAAP adjusted net income per ordinaryshare
—Basic		0.05			0.05			0.05					0.19			0.23
—Diluted		0.05			0.05			0.05					0.19			0.23
Non-GAAP adjusted net income per ADS
—Basic		1.00			0.94			1.01					3.81			4.55
—Diluted		0.99			0.93			1.01					3.80			4.53

All values are in US Dollars.