China's Full Truck Alliance Q4 net income jumps 73%

Full Truck Alliance

12/03/2026 10:43

Overview

China digital freight platform's Q4 revenue rose 0.6% yr/yr on higher value-added services

Q4 adjusted net income grew 1.1% yr/yr, net income up 73% on lower operating expenses

Company repurchased 5.3 mln ADSs for $52.4 mln and declared Q1 2026 cash dividend

Outlook

Full Truck Alliance expects Q1 2026 net revenues of RMB2.70 bln to RMB2.80 bln

Company expects Q1 2026 net revenues excluding freight brokerage service of RMB1.98 bln to RMB2.06 bln

Company plans to accelerate AI adoption across logistics transactions and fulfillment

Result Drivers

TRANSACTION SERVICE GROWTH - Q4 transaction service revenue increased 28.4%, driven by higher order volume, penetration rate and per-order service fees

FREIGHT BROKERAGE DECLINE - Q4 freight brokerage revenue fell 26.9% due to lower transaction volume, partly offset by higher service fee rate

VALUE-ADDED SERVICES - Q4 value-added services revenue rose 4.1%, helped by the consolidation of Giga.AI, partly offset by lower credit solutions revenue

Company press release: ID:nPnqxvsWa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 Revenue
RMB 3.19 bln
Q4 Adjusted Net Income
RMB 1.06 bln
Q4 Net Income
RMB 994.30 mln
Q4 Adjusted Operating Income
RMB 1.10 bln
Q4 Operating Income
RMB 1.03 bln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", 2 "hold" and 1 "sell" or "strong sell"

Wall Street's median 12-month price target for Full Truck Alliance Co Ltd is $13.60, about 49% above its March 11 closing price of $9.13

The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 16 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)