Full Truck Alliance Income Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	12,490	11,239	8,436	6,734	4,657
Revenue Growth (YoY)	11.13%	33.22%	25.28%	44.59%	80.45%
Cost of Revenue	5,063	1,504	1,233	1,170	686.72
Gross Profit	7,426	9,735	7,204	5,564	3,970
Selling, General & Admin	2,458	2,511	2,105	2,320	5,108
Research & Development	874.44	880.02	946.64	914.15	729.67
Other Operating Expenses	-51.77	3,869	3,083	2,492	1,928
Operating Expenses	3,280	7,260	6,134	5,727	7,766
Operating Income	4,146	2,475	1,069	-162.49	-3,796
Interest Expense	-	-	-	-0.18	-0.04
Interest & Investment Income	1,049	1,128	1,197	489.07	262.97
Earnings From Equity Investments	-14.81	-2.86	-2.07	-1.25	-11.32
Currency Exchange Gain (Loss)	-17.34	8	-2.15	15.05	-15.47
Other Non Operating Income (Expenses)	109.23	128.19	131.07	230.63	7.35
EBT Excluding Unusual Items	5,272	3,737	2,394	570.84	-3,552
Gain (Loss) on Sale of Investments	116.16	-373.65	12.94	-63.39	-87.6
Gain (Loss) on Sale of Assets	-	-0.04	-0.8	0.48	-0.28
Legal Settlements	-	-	-71.9	-	-
Pretax Income	5,388	3,363	2,334	507.94	-3,640
Income Tax Expense	929.16	239.41	106.8	96.04	14.19
Earnings From Continuing Operations	4,459	3,123	2,227	411.9	-3,655
Net Income to Company	4,459	3,123	2,227	411.9	-3,655
Minority Interest in Earnings	-50.91	-53.59	-14.21	-5.14	0.08
Net Income	4,408	3,070	2,213	406.76	-3,654
Preferred Dividends & Other Adjustments	-	-	-	-	518.43
Net Income to Common	4,408	3,070	2,213	406.76	-4,173
Net Income Growth	43.60%	38.73%	444.02%	-	-
Shares Outstanding (Basic)	1,042	1,041	1,056	1,076	672
Shares Outstanding (Diluted)	1,046	1,045	1,058	1,079	672
Shares Change (YoY)	0.12%	-1.23%	-1.93%	60.49%	292.73%
EPS (Basic)	4.23	2.95	2.10	0.38	-6.21
EPS (Diluted)	4.20	2.94	2.09	0.38	-6.21
EPS Growth	43.00%	40.44%	453.16%	-	-
Free Cash Flow	4,497	2,895	2,169	-101.21	-254.64
Free Cash Flow Per Share	4.30	2.77	2.05	-0.09	-0.38
Dividend Per Share	0.671	0.701	1.021	-	-
Dividend Growth	-4.17%	-31.38%	-	-	-
Gross Margin	59.46%	86.62%	85.39%	82.63%	85.25%
Operating Margin	33.20%	22.02%	12.68%	-2.41%	-81.51%
Profit Margin	35.29%	27.32%	26.23%	6.04%	-89.60%
Free Cash Flow Margin	36.01%	25.76%	25.71%	-1.50%	-5.47%
EBITDA	4,224	2,553	1,144	-74.14	-3,729
EBITDA Margin	33.82%	22.71%	13.56%	-1.10%	-80.06%
D&A For EBITDA	77.93	77.93	74.74	88.34	67.42
EBIT	4,146	2,475	1,069	-162.49	-3,796
EBIT Margin	33.20%	22.02%	12.68%	-2.41%	-81.51%
Effective Tax Rate	17.24%	7.12%	4.58%	18.91%	-

Updated Mar 12, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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