Full Truck Alliance Cash Flow 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
Net Income	4,408	3,070	2,213	406.76	-3,654
Depreciation & Amortization	-	77.93	74.74	88.34	67.42
Loss (Gain) From Sale of Assets	-	0.04	0.8	-0.48	0.28
Loss (Gain) From Sale of Investments	-	375.89	-16.79	64.27	87.72
Loss (Gain) on Equity Investments	-	2.86	2.07	1.25	11.32
Stock-Based Compensation	-	496.64	441.83	919.26	3,629
Provision & Write-off of Bad Debts	-	-0.51	-0.77	4.61	1.59
Other Operating Activities	218.71	72.56	29.15	6.37	167.89
Change in Accounts Receivable	-	3.81	-10.04	14.07	18.8
Change in Accounts Payable	-	6.01	-2.73	-1.43	5.31
Change in Income Taxes	-	181.3	102.68	20.7	5.61
Change in Other Net Operating Assets	-	-1,656	-678.16	-1,698	-636.43
Operating Cash Flow	4,627	2,970	2,270	-15.52	-211.42
Operating Cash Flow Growth	55.78%	30.86%	-	-	-
Capital Expenditures	-129.71	-74.97	-100.34	-85.69	-43.22
Sale of Property, Plant & Equipment	-	0.68	1.4	0.74	7.16
Cash Acquisitions	-	-	-	-76.59	-242.01
Divestitures	-	-	-	-	-0.4
Investment in Securities	-	-2,203	652.68	2,297	-14,146
Other Investing Activities	-2,588	-142.07	-	-4.06	25.88
Investing Cash Flow	-2,717	-2,420	553.74	2,131	-14,399
Short-Term Debt Repaid	-	-	-	-9	-
Total Debt Repaid	-	-	-	-9	-
Net Debt Issued (Repaid)	-	-	-	-9	-
Issuance of Common Stock	-	0	0	0.01	11,091
Repurchase of Common Stock	-	-575.28	-1,375	-1,392	-2,585
Common Dividends Paid	-	-1,064	-	-	-
Other Financing Activities	-1,656	119.68	207.82	71.19	10.32
Financing Cash Flow	-1,656	-1,520	-1,167	-1,330	8,902
Foreign Exchange Rate Adjustments	-38.02	23.73	18.95	71.93	-87.68
Net Cash Flow	215.55	-945.53	1,675	857.46	-5,797
Free Cash Flow	4,497	2,895	2,169	-101.21	-254.64
Free Cash Flow Growth	55.33%	33.46%	-	-	-
Free Cash Flow Margin	36.01%	25.76%	25.71%	-1.50%	-5.47%
Free Cash Flow Per Share	4.30	2.77	2.05	-0.09	-0.38
Cash Interest Paid	-	-	-	0.18	0.07
Cash Income Tax Paid	-	108.73	124.73	110.49	49.61
Levered Free Cash Flow	3,087	1,055	704.16	-1,018	1,165
Unlevered Free Cash Flow	3,087	1,055	704.16	-1,018	1,165
Change in Working Capital	-	-1,422	-708.87	-1,700	-619.46

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

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