Full Truck Alliance Q1 2026 Financial Results: Revenue Growth with Declining Net Income

Full Truck Alliance Co. Ltd. reported its unaudited financial results for Q1 2026, showing mixed performance. Total net revenues increased 5.5% year-over-year to RMB2.85 billion (US$412.9 million), driven by growth in freight matching services. However, net income declined to RMB994.1 million (US$144.1 million) from RMB1.28 billion in Q1 2025. Non-GAAP adjusted net income was RMB1.20 billion (US$174.3 million), down from RMB1.39 billion. Operational metrics showed strength with fulfilled orders growing 14.3% to 55.0 million and average shipper MAUs increasing 12.7% to 3.11 million. The company declared a quarterly cash dividend of US$0.0840 per ADS totaling approximately US$87.5 million. For Q2 2026, the company expects total net revenues between RMB3.07-3.17 billion, representing a decline from the same period in 2025, though excluding freight brokerage service, revenues are projected to grow 7.1-11.7% year-over-year.