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 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	3,070	2,213	406.76	-3,654	-3,470
Depreciation & Amortization	77.93	74.74	88.34	67.42	63.67
Loss (Gain) From Sale of Assets	0.04	0.8	-0.48	0.28	1.43
Asset Writedown & Restructuring Costs	-	-	-	-	22.03
Loss (Gain) From Sale of Investments	375.89	-16.79	64.27	87.72	-18.14
Loss (Gain) on Equity Investments	2.86	2.07	1.25	11.32	11.05
Stock-Based Compensation	496.64	441.83	919.26	3,629	3,254
Provision & Write-off of Bad Debts	-0.51	-0.77	4.61	1.59	18.68
Other Operating Activities	72.56	29.15	6.37	167.89	231.96
Change in Accounts Receivable	3.81	-10.04	14.07	18.8	-16.4
Change in Accounts Payable	6.01	-2.73	-1.43	5.31	5.86
Change in Income Taxes	181.3	102.68	20.7	5.61	15.47
Change in Other Net Operating Assets	-1,656	-678.16	-1,698	-636.43	373.62
Operating Cash Flow	2,970	2,270	-15.52	-211.42	574.74
Operating Cash Flow Growth	30.86%	-	-	-	-
Capital Expenditures	-74.97	-100.34	-85.69	-43.22	-53.06
Sale of Property, Plant & Equipment	0.68	1.4	0.74	7.16	21.4
Cash Acquisitions	-	-	-76.59	-242.01	-17.73
Divestitures	-	-	-	-0.4	-
Investment in Securities	-2,203	652.68	2,297	-14,146	-2,898
Other Investing Activities	-142.07	-	-4.06	25.88	136.31
Investing Cash Flow	-2,420	553.74	2,131	-14,399	-2,691
Short-Term Debt Repaid	-	-	-9	-	-500
Total Debt Repaid	-	-	-9	-	-500
Net Debt Issued (Repaid)	-	-	-9	-	-500
Issuance of Common Stock	0	0	0.01	11,091	0.09
Repurchase of Common Stock	-575.28	-1,375	-1,392	-2,585	-557.84
Common Dividends Paid	-1,064	-	-	-	-
Other Financing Activities	119.68	207.82	71.19	10.32	-1,699
Financing Cash Flow	-1,520	-1,167	-1,330	8,902	8,324
Foreign Exchange Rate Adjustments	23.73	18.95	71.93	-87.68	-127.77
Net Cash Flow	-945.53	1,675	857.46	-5,797	6,081
Free Cash Flow	2,895	2,169	-101.21	-254.64	521.68
Free Cash Flow Growth	33.46%	-	-	-	-
Free Cash Flow Margin	25.76%	25.71%	-1.50%	-5.47%	20.21%
Free Cash Flow Per Share	2.77	2.05	-0.09	-0.38	3.05
Cash Interest Paid	-	-	0.18	0.07	9.05
Cash Income Tax Paid	108.73	124.73	110.49	49.61	16.38
Levered Free Cash Flow	1,055	704.16	-1,018	1,165	1,728
Unlevered Free Cash Flow	1,055	704.16	-1,018	1,165	1,733
Change in Working Capital	-1,422	-708.87	-1,700	-619.46	366.04

Updated Nov 17, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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