Full Truck Alliance (NYSE:YMM) reported first-quarter results ahead of analyst expectations after strong growth in freight orders and user activity helped drive revenue higher.
The company posted adjusted earnings per share of US$1.15, beating the analyst consensus estimate of US$0.96 by US$0.19.
Revenue for the quarter reached RMB2.85 billion (US$412.9 million), exceeding analyst forecasts of US$2.68 billion and representing a 5.5% increase compared with the same period last year.
Adjusted net income came in at RMB1.20 billion (US$174.3 million), down from RMB1.39 billion recorded in the first quarter of 2025.
The company’s platform continued to see strong operational momentum, with fulfilled freight orders climbing 14.3% year-on-year to 55.0 million.
Average monthly active shipper users increased 12.7% from a year earlier to 3.11 million.
Shares in Full Truck Alliance rose 3.3% following the earnings announcement.
Looking ahead, the company issued second-quarter 2026 revenue guidance of between RMB3.07 billion and RMB3.17 billion. The midpoint of RMB3.12 billion came in comfortably above the analyst consensus estimate of RMB2.93 billion.
“In the first quarter of 2026, our business sustained robust growth momentum, delivering meaningful improvement in both scale and quality,” said Peter Hui Zhang, Founder, Chairman, and Chief Executive Officer.
“Looking ahead, we will accelerate AI integration into core logistics workflows and provide users with one-stop solutions, unlocking new long-term growth opportunities,” he added.
On a GAAP basis, net income for the quarter totaled RMB994.1 million (US$144.1 million), compared with RMB1.28 billion in the same period of 2025.
The company also highlighted strengthening network effects across its logistics platform, with truck driver activity levels and order fulfillment frequency both continuing to improve steadily during the quarter.