Full Truck Alliance profit surges 43% as shipping ecosystem scales

Full Truck Alliance Company (NYSE:YMM) released its unaudited fourth-quarter and full-year 2025 financial results on Thursday, revealing a year of high-margin growth and increased platform efficiency.

The Guizhou-based "Uber for trucks" reported total net revenues of RMB12,489.9 million, an 11.1% increase over the previous year.

The company’s profitability outpaced its revenue growth, with full-year net income surging 42.8% to RMB4,459.1 million.

This bottom-line expansion was fueled by a significant increase in platform activity, as fulfilled orders rose 19.8% to 236.3 million.

The company also successfully expanded its user ecosystem, reporting that average shipper monthly active users (MAUs) grew 18.6% to reach 3.14 million.

Management attributed the strong performance to the continued maturation of its transaction services and the initial pilot deployment of AI-driven logistics tools.

On the balance sheet, Full Truck Alliance remains heavily capitalized, ending the year with RMB31.5 billion in cash and equivalents.

However, the report also noted some headwinds in its credit business, as the non-performing loan ratio rose to 2.9%.

Despite this uptick, the company emphasized its continued focus on profitability and the development of a more integrated ecosystem for shippers and truckers.