Full Truck Alliance Co. Ltd. (NYSE:YMM), one of China’s largest digital freight platforms, reported stronger-than-expected third-quarter revenue on Monday, lifting its shares more than 3% in pre-market trading—even as earnings came in slightly below analyst targets.
The company generated total net revenue of RMB3.36 billion ($471.7 million) for Q3 2025, edging past the consensus estimate of RMB3.34 billion and marking a 10.8% increase from RMB3.03 billion a year earlier. Adjusted earnings per share, however, were RMB0.93, falling short of the RMB1.00 analysts had projected. Revenue from transaction services was a standout, surging 39.0% year-over-year to RMB1.46 billion.
“As we entered the second half of 2025, we remained committed to reducing costs and improving efficiency across the logistics industry through digital and intelligent transformation,” said Peter Hui Zhang, Founder, Chairman, and Chief Executive Officer of FTA. “Meanwhile, we continued to upgrade our user protection mechanisms and strengthen ecosystem development to enhance user satisfaction.”
Operational metrics also hit new highs: average monthly active shippers rose to 3.35 million, up 17.6% year-over-year, while completed orders climbed 22.3% to 63.4 million. Quarterly net income reached RMB921.0 million ($129.4 million), compared with RMB1,121.9 million in the same quarter of 2024.
Looking to Q4, Full Truck Alliance expects revenue in the range of RMB3.08 billion to RMB3.18 billion, versus RMB3.17 billion in the prior year. Excluding freight brokerage, net revenue is projected between RMB2.18 billion and RMB2.28 billion, representing growth of 17.1% to 22.5%.
The company also highlighted the strategic value of its recent majority acquisition of Giga.AI Technology Limited, saying the move enhances its artificial intelligence capabilities and positions it for long-term expansion in the digital freight ecosystem.