Full Truck Alliance (YMN) Q1 2026 earnings summary

Executive summary

• Achieved 55.0 million fulfilled orders in Q1 2026, up 14.3% year-over-year, with coverage in over 300 cities and 100% of prefecture-level cities in China.

• Average shipper MAUs reached 3.11 million, a 12.7% year-over-year increase, and 4.63 million active truckers fulfilled shipping orders.

• Achieved steady business growth in Q1 2026, focusing on high-quality growth and digital innovation amid a complex market environment.

• Ecosystem governance and credit rating programs improved conduct standards, user satisfaction, and retention.

• AI shipper assistant and autonomous delivery pilots advanced, expanding nationwide and internationally.

Financial highlights

• Total net revenues grew 5.5% year-over-year to RMB2,848.4 million in Q1 2026.

• Non-GAAP adjusted net income for Q1 2026 was RMB1,202 million, with a margin of 42.2%.

• Free cash flow for Q1 2026 was RMB1,493.8 million, with operating cash flow at RMB1,562.0 million.

• Transaction service revenues surged over 33% year-over-year to RMB1,393.1 million.

• Non-GAAP adjusted operating income for Q1 2026 was RMB1,220 million, with a margin of 42.8%.

Outlook and guidance

• Confident in sustaining solid growth in coming quarters, driven by platform governance, direct shipper share, and deeper AI penetration.

• Q2 2026 net revenues expected between RMB3.07 billion and RMB3.17 billion, with ex-freight brokerage net revenues forecasted at RMB2.21–2.30 billion.

• Monetization per order and commission penetration expected to improve as new orders mature.

• Next-month retention of truckers who responded to orders remained above 85% in Q1 2026.

• Board approved a Q2 2026 cash dividend of US$0.0042 per ordinary share (US$0.0840 per ADS), totaling about US$87.5 million.