Full Truck Alliance Co. Ltd. (NYSE:YMM) reported strong second-quarter results on Thursday that topped Wall Street estimates, but shares still fell more than 4% in pre-market trading after the company warned that upcoming changes to its freight brokerage business could weigh on transaction volumes.
The digital freight platform posted adjusted earnings of $1.27 per ADS, above consensus expectations of $1.18. Revenue rose 17.2% year-over-year to RMB 3.24 billion ($452.2 million), exceeding the average analyst forecast of RMB 3.09 billion. A standout was transaction service revenue, which jumped 39.4% year-over-year to RMB 1.33 billion ($185.3 million).
Profitability also improved meaningfully. Net income surged 50.5% to RMB 1.26 billion ($176.6 million), while non-GAAP adjusted net income climbed 39.3% to RMB 1.35 billion ($188.7 million). Fulfilled orders grew 23.8% year-over-year to 60.8 million.
Still, investors zeroed in on the company’s decision to raise service fees in its freight brokerage unit, which management acknowledged would cause a “significant decline” in transaction volumes starting in the third quarter. The company further cautioned the move could “adversely affect the Company’s profit to a certain extent.”
“In the second quarter of 2025, FTA demonstrated strong resilience in navigating both opportunities and challenges in the external environment,” said Peter Hui Zhang, Founder, Chairman, and CEO. “By leveraging digitalization and intelligent technologies, we further helped shippers reduce logistic costs and improved operational efficiency across the road freight industry.”
Looking ahead, the company projected third-quarter net revenue between RMB 3.07 billion and RMB 3.17 billion, representing year-over-year growth of 1.3% to 4.6%. Excluding the freight brokerage business, Full Truck Alliance expects net revenues of RMB 2.16 billion to RMB 2.26 billion, which would mark growth of 23.4% to 29.1%.
In addition, the board approved a semi-annual cash dividend of $0.0960 per ADS, with payment scheduled around October 27, 2025.
Full Truck Alliance Co. stock price
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