Full Truck Alliance Co. Ltd. (NYSE:YMM) reported second-quarter results on Wednesday that came in ahead of analysts’ expectations, supported by higher transaction service revenue and continued growth in activity across its digital freight platform.
The shares showed a muted reaction to the stronger-than-expected figures, edging just 0.57% higher in pre-market trading following the announcement.
Adjusted earnings per ADS reached $1.36, exceeding the consensus estimate of $1.26, while revenue of $3.38 billion also surpassed analysts’ forecast of $3.15 billion. Revenue increased 4.4% year-on-year from $3.24 billion in the second quarter of 2025.
Third-Quarter Revenue Guidance Comes In Above Expectations
Full Truck Alliance also delivered an upbeat outlook for the third quarter, forecasting revenue of between $3.32 billion and $3.42 billion.
The range stands comfortably above the analyst consensus of $2.95 billion. At $3.37 billion, the midpoint of the company’s guidance is approximately 14.2% higher than the current market estimate.
Transaction services were the main contributor to second-quarter growth, with revenue from the segment jumping 33.1% year-on-year to $1.77 billion. The business accounted for 52.2% of Full Truck Alliance’s total quarterly revenue.
Freight brokerage services moved in the opposite direction, with revenue falling to $995.4 million from $1.18 billion a year earlier.
Orders and Active Shippers Continue to Increase
Activity across the company’s freight platform remained strong during the quarter. Fulfilled orders increased 12.7% from the previous year to 68.5 million, while average monthly active shippers rose 12.8% to 3.57 million.
“During the second quarter, we remained focused on enhancing user experience and transaction efficiency,” said Peter Hui Zhang, Founder, Chairman and CEO. “By expanding transaction protections for shippers and truckers, we significantly improved user satisfaction on both sides of the platform and further strengthened our nationwide network effects.”
The increase in orders and active customers highlights continued adoption of the platform as Full Truck Alliance works to improve transaction efficiency and deepen engagement between shippers and truck drivers.
Profit and Operating Cash Flow Move Higher
Adjusted net income increased 6.0% year-on-year to $1.43 billion, while GAAP net income advanced 6.3% to $1.35 billion.
Cash generation showed a particularly strong improvement. Operating cash flow climbed to $2.15 billion from $1.31 billion in the corresponding quarter of 2025, strengthening the company’s financial position alongside the increase in profitability.
Full Truck Alliance’s board also approved a third-quarter cash dividend of $0.084 per ADS, which is scheduled to be paid on October 28, 2026.
The combination of stronger transaction revenue, higher platform activity and third-quarter guidance above Wall Street expectations points to continued operational momentum, even as weakness in freight brokerage revenue remains an area for investors to monitor.