Full Truck Alliance (YMM) Q2 2026 Earnings Call: Orders Rise 12.7%, Transaction Revenue Up 33.1%
Source Tradingkey
Key Takeaways
- Fulfilled orders increased 12.7% year over year to 68.5 million, while average shipper monthly active users rose 12.8% to 3.57 million.
- Total net revenues grew 4.4% to RMB 3.38 billion. Transaction service revenue climbed 33.1% to RMB 1.77 billion, representing 52% of total net revenues.
- Net income rose 6.3% to RMB 1.35 billion, while non-GAAP adjusted net income increased 6.0% to RMB 1.43 billion.
- The fulfillment rate reached a record 47%, up 6.3 percentage points year over year and 2.9 percentage points quarter over quarter. Order matching time shortened to 5 minutes for the first time.
- Net cash provided by operating activities reached RMB 2.15 billion, with free cash flow of RMB 2.04 billion and a quarter-end cash position of RMB 33.4 billion.
- Electric trucks accounted for more than 20% of fulfilled orders. Management expects fleet electrification to benefit the platform but sees material constraints in ad hoc long-haul trucking.
Core Financial Data
| Metric | Q2 2026 | Change / Commentary |
|---|---|---|
| Total net revenues | RMB 3.38 billion | Up 4.4% year over year |
| Transaction service revenue | RMB 1.77 billion | Up 33.1%; 52% of total net revenues |
| Net income | RMB 1.35 billion | Up 6.3% year over year |
| Non-GAAP adjusted net income | RMB 1.43 billion | Up 6.0% year over year |
| Operating cash flow | RMB 2.15 billion | Significant year-over-year growth |
| Free cash flow | RMB 2.04 billion | Strong cash generation across the business |
| Quarter-end cash position | RMB 33.4 billion | Supports new initiatives and long-term strategy |
| Fulfilled orders | 68.5 million | Up 12.7% year over year |
| Average shipper MAUs | 3.57 million | Up 12.8% year over year |
| Fulfillment rate | 47% | Up 6.3 percentage points year over year |
Business and Operating Performance
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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