Full Truck Alliance (FTA) showcased a strong performance in the second quarter of 2026, driven by an expansion in freight matching services, enhanced operational efficiencies, and strategic shifts in its business model. The company reported a significant increase in both revenue and fulfilled orders, alongside a marked improvement in user satisfaction and platform functionality. Despite facing external challenges such as fluctuating fuel prices and extreme weather events, FTA's commitment to ecosystem governance, direct shipper growth, and technological innovation, particularly in AI, has positioned it for sustained growth.
The financial highlights for the second quarter of 2026 were particularly noteworthy. Full Truck Alliance achieved total net revenues of RMB 3.38 billion, representing a 4.4% year-over-year increase. A significant contributor to this growth was the transaction service revenue, which soared by 33.1% to RMB 1.77 billion, now constituting 52% of the total net revenues. The platform successfully facilitated 68.5 million orders, marking a 12.7% increase, and saw its average shipper Monthly Active Users (MAUs) grow by 12.8% to 3.57 million. This period also witnessed the platform's fulfillment rate reaching an all-time high of 47%, an impressive 6.3 percentage point increase from the previous year, while the median matching time for freight was shortened to just five minutes. Net income for the quarter stood at RMB 1.35 billion, up 6.3%, and non-GAAP adjusted net income increased by 6% to RMB 1.43 billion. Furthermore, net cash from operating activities significantly improved to RMB 2.15 billion, contributing to a robust total cash position of RMB 33.4 billion, underscoring the company's strong liquidity and financial health.
The company's strategic initiatives played a crucial role in these positive outcomes. Full Truck Alliance is actively transforming its freight brokerage operations from a traditional self-operated model to a more agile asset-light aggregator model. This shift aims to reduce exposure to VAT refund risks and enhance compliance, while effectively meeting shippers' demands for freight matching and VAT invoicing. By focusing on direct shippers and improving the quality of freight demand, FTA has strengthened truckers' willingness to accept orders, thereby boosting fulfillment reliability and efficiency. The ongoing integration of AI across various aspects of the platform, including a shipper AI assistant and AI-powered customer service, further refines the matching process and improves overall user experience. Additionally, the Qmove initiative, FTA's international venture, continues to expand rapidly in overseas markets, contributing to the platform's volume and fulfillment rate improvements. The company also announced a quarterly cash dividend of $0.0840 per ADS, as part of a broader shareholder return plan targeting approximately $400 million for fiscal year 2026.
Looking ahead, Full Truck Alliance anticipates continued growth, with third-quarter revenues projected to be between RMB 3.32 billion and RMB 3.42 billion. The company remains cautiously optimistic about long-term order growth, banking on the increasing online penetration in the long-haul freight market. While acknowledging potential near-term disruptions from extreme weather events and persistent high diesel prices, FTA's diversified energy mix within its truck fleet, including the rising penetration of electric trucks in short-to-medium haul operations, is expected to enhance overall platform ecosystem efficiency. The firm's continuous innovation in AI, expansion of its direct shipper base, and commitment to refining operating strategies are key to unlocking further gains in transaction efficiency and sustaining value for its stakeholders.
