Full Truck Alliance (NYSE:YMM) reported second-quarter 2026 revenue growth of 4.4% as transaction services expanded and platform fulfillment metrics reached record levels, despite what management described as a challenging market environment.
Total net revenue was RMB 3.38 billion, while transaction service revenue increased 33.1% year over year to RMB 1.77 billion and accounted for 52% of total revenue. Net income rose 6.3% to RMB 1.35 billion, and adjusted net income increased 6% to RMB 1.43 billion, according to the company.
Fulfillment Rate Reaches Record High
Full Truck Alliance’s fulfillment rate rose 6.3 percentage points year over year and 2.9 percentage points sequentially to 47%, a record level for the company. Simon Cai, the company’s chief financing and investment officer, said the increase reflected improvements in truck-capacity allocation, freight-demand quality and matching efficiency.
Monthly active truckers responding to orders rose nearly 5% year over year, Cai said. The fulfillment rate in the company’s full-truckload long-haul business increased by nearly 7 percentage points, making the segment an important contributor to the overall improvement.
The company reorganized its freight offerings into four categories: express, entrusted shipping, general freight and less-than-truckload services. Cai said the more defined product categories help shippers communicate their transportation needs and allow the platform to better match freight with available capacity.
Direct shippers achieved an average fulfillment rate exceeding 65%, according to Cai, while fulfillment among broker shippers also improved. The median time needed to match an order with capacity fell to five minutes for the first time.
Order Growth and Fuel-Price Conditions
Cai said second-quarter order growth was supported by governance measures targeting misclassified carpooling orders, freight reselling and low-priced freight listings. The company said those actions improved the authenticity of freight demand and the reliability of completed transactions, while direct shippers continued to account for a greater share of its shipper base.
Management said elevated domestic diesel prices from late March through May weighed on freight demand, particularly for low-value and price-sensitive cargo. Consecutive diesel-price reductions beginning in June eased transportation-cost pressure and supported a recovery in year-over-year platform order growth.
Looking forward, Cai said the company remains cautiously optimistic about long-term order growth, citing moderating fuel prices and the opportunity for further online penetration in China’s long-haul freight market. However, he said extreme weather events and natural disasters in parts of China could create near-term disruptions to freight transportation activity.
Commission Rollout Supports Transaction Services
Transaction service revenue growth was driven by the near-complete rollout of the company’s commission network, improving monetization per order and contributions from newer business use cases, Cai said.
The company completed the commission-model rollout across eligible cities during the quarter, increasing commission penetration to 94.7%. Management said it is using factors including city, route, vehicle type and user segment to optimize commission strategies.
Cai said the company is balancing monetization with trucker economics, including truckers’ take-home earnings, order acceptance, retention and fulfillment performance. Full Truck Alliance also cited preferential access to higher-quality freight, membership benefits, payment protection and operating subsidies as measures intended to support truckers.
Brokerage Transition and Cash Generation
The company continued transitioning its freight brokerage operation from a traditional self-operated model to a dual-track approach that includes self-operated and aggregator models. Under the self-operated model, the platform handles invoicing and settlement for customers seeking freight matching and value-added tax invoicing. Invoicing-only customers declined to a single-digit percentage of transaction volume during the quarter, and the take rate for self-operated invoicing remained about 10%, Cai said.
Under the aggregator model, qualified third-party partners handle invoicing and fund settlement, while Full Truck Alliance focuses on matching freight demand with truck capacity and collects a low-single-digit channel service fee. Revenue associated with this model began being recognized in the freight brokerage business in the second quarter. Cai said the asset-light structure reduces the company’s direct exposure to VAT refund, settlement and operational risks.
Net cash provided by operating activities totaled RMB 2.15 billion, while free cash flow was RMB 2.04 billion. Cai attributed the cash generation to improved core-platform profitability, the release of capital from the company’s credit business as it shifts toward an asset-light distribution model, and working-capital management.
Full Truck Alliance ended the quarter with RMB 33.4 billion in cash and cash assets. Management said it plans to continue returning value to shareholders through quarterly cash dividends while investing in new initiatives, including overseas operations, less-than-truckload services, autonomous delivery vehicle pilots and artificial-intelligence applications.
About Full Truck Alliance (NYSE:YMM)
Full Truck Alliance (NYSE: YMM) operates a leading digital freight platform in China, connecting shippers with a vast network of independent truck drivers. The company’s core offering centers on load matching, enabling cargo owners to find suitable carriers quickly through a mobile and web-based interface. By streamlining the booking process, Full Truck Alliance helps reduce downtime and improves overall asset utilization for both shippers and drivers.
The platform features real-time route optimization, electronic waybills, digital payment solutions and in-app communication tools.
