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Software - Application · Technology · Fiscal year ends Dec 31 · Reports in CNY
Full Truck Alliance reported revenue of CNY 12.5B in the fiscal year ended Dec 2025, up 11.1% from the year before. Operating income was CNY 4.1B, an operating margin of 33.2%, and net income was CNY 4.5B. Operating cash flow of CNY 4.6B less capital expenditure of CNY 130M left free cash flow of CNY 4.5B.
Ranks among the 83 software - application companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 4,657 | 6,734 | 8,436 | 11,239 | 12,490 |
| Cost of revenue | 2,540 | 3,515 | 4,119 | 5,101 | 4,619 |
| Gross profit | 2,117 | 3,219 | 4,317 | 6,138 | 7,871 |
| Research & development | 730 | 914 | 947 | 880 | 874 |
| Selling, general & admin | 5,108 | 2,320 | 2,177 | 2,511 | 2,458 |
| Operating income | −3,796 | −162 | 997 | 2,475 | 4,146 |
| Interest expense | 0.0 | 0.2 | 0.0 | 0.0 | – |
| Pre-tax income | −3,640 | 508 | 2,334 | 3,363 | 5,388 |
| Income tax | 14.2 | 96.0 | 107 | 239 | 929 |
| Net income | −3,655 | 412 | 2,227 | 3,123 | 4,459 |
| Diluted EPS | −0.31 | 0.02 | 0.10 | 0.15 | 0.21 |
| Diluted shares | 13,446 | 21,580 | 21,162 | 20,902 | 20,928 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 4,284 | 5,137 | 6,771 | 5,810 | 6,066 |
| Receivables | 29.1 | 13.0 | 23.4 | 19.6 | 75.1 |
| Current assets | 28,898 | 31,004 | 23,997 | 27,256 | 23,052 |
| Net PP&E | 102 | 109 | 195 | 290 | 457 |
| Goodwill | 3,125 | 3,125 | 3,125 | 3,125 | 4,025 |
| Total assets | 34,398 | 36,696 | 39,348 | 41,287 | 44,322 |
| Payables | 29.4 | 28.0 | 25.2 | 31.2 | 37.8 |
| Deferred revenue | 383 | 462 | 549 | 571 | 637 |
| Current liabilities | 2,734 | 2,732 | 3,275 | 3,020 | 2,851 |
| Short-term debt | 9.0 | – | – | – | – |
| Total liabilities | 2,870 | 2,889 | 3,453 | 3,152 | 3,050 |
| Shareholders' equity | 31,529 | 33,657 | 35,617 | 37,692 | 40,524 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −211 | −15.5 | 2,270 | 2,970 | 4,627 |
| Capital expenditure | 43.2 | 85.7 | 100 | 75.0 | 130 |
| Free cash flow | −255 | −101 | 2,169 | 2,895 | 4,497 |
| Depreciation & amortisation | 67.4 | 88.3 | 74.7 | 77.9 | 100 |
| Stock-based compensation | 3,629 | 919 | 442 | 497 | 282 |
| Acquisitions | 242 | 76.6 | 0.0 | 0.0 | −150 |
| Share buybacks | 0.0 | 0.0 | 180 | 0.0 | 35.2 |
| Dividends paid | – | 0.0 | 0.0 | 1,064 | 1,425 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 44.6% | 25.3% | 33.2% | 11.1% |
| Operating income growth (YoY) | – | – | – | 148.1% | 67.5% |
| EPS growth (YoY) | – | – | 400.0% | 50.0% | 40.0% |
| Gross margin | 45.5% | 47.8% | 51.2% | 54.6% | 63.0% |
| Operating margin | −81.5% | −2.4% | 11.8% | 22.0% | 33.2% |
| Net margin | −78.5% | 6.1% | 26.4% | 27.8% | 35.7% |
| Return on equityBlank when equity is negative | −11.6% | 1.2% | 6.3% | 8.3% | 11.0% |
| ROCEEBIT ÷ (assets − current liabilities) | −12.0% | −0.5% | 2.8% | 6.5% | 10.0% |
| Free cash flow margin | −5.5% | −1.5% | 25.7% | 25.8% | 36.0% |
| Cash conversion (CFO ÷ net income) | 0.06x | −0.04x | 1.02x | 0.95x | 1.04x |
| Receivable days | 2 | 1 | 1 | 1 | 2 |
| Payable days | 4 | 3 | 2 | 2 | 3 |
| Interest cover | −94899x | −926x | – | – | – |
| Current ratio | 10.6x | 11.3x | 7.33x | 9.03x | 8.09x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.