EarningsQ2 2026 Earnings Report
MX:YMMN Q2 2026 EPS Results
Actual EPS$3.45
Consensus EPS$3.33
Beat/MissBeat by +$0.12
One Year Ago EPS$3.43
MX:YMMN Q2 2026 Revenue Results
Actual Revenue$8.99B
Expected Revenue$8.49B
Beat/MissBeat by +$496.78M
YoY Revenue Growth+10.94%
Earnings Announcement Details
QuarterQ2 2026
Date08/19/2026
TimeBefore Open
Conference CallWednesday, August 19, 2026
MX:YMMN Upcoming Earnings
Full Truck Alliance's next earnings date is estimated for November 25, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:YMMN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted multiple operational and commercial wins: double-digit order and user growth, record fulfillment rate and faster matching, a strong 33.1% expansion in transaction service revenues, improved profitability and robust cash generation (RMB 2.15B operating cash, RMB 33.4B cash balance). Management also advanced monetization (94.7% commission coverage), new business initiatives (Qmove, LTL, autonomous pilots) and AI deployments. Key headwinds included modest overall revenue growth (4.4% YoY), fuel-price-driven demand volatility earlier in the quarter, natural disaster-related near-term disruptions, electrification limitations for long-haul, and transition-related shifts in brokerage and credit models that may cause near-term cash/revenue mix variability. Overall, positive operating momentum and strong cash position outweigh the transitory and structural challenges cited by management.Company Guidance
Strong Order and User Growth
Fulfilled orders reached 68.5 million, up 12.7% year-over-year. Average shipper MAUs were 3.57 million, up 12.8% year-over-year, and monthly active truckers responding to orders rose nearly 5% year-over-year, indicating expanding two-sided engagement and network effects.
Record High Fulfillment Rate and Faster Matching
Fulfillment rate hit a record 47%, up 6.3 percentage points year-over-year and 2.9 percentage points quarter-over-quarter. Medium matching time shortened to 5 minutes (first time), and fulfillment rate for full truckload long-haul rose ~7 percentage points, reflecting improved matching efficiency and order quality.
Transaction Service Revenue Surge
Transaction service revenues grew 33.1% year-over-year to RMB 1.77 billion, accounting for 52% of total net revenues, driven by near-full rollout of the commission network and higher monetization per order.
Profitability and Strong Cash Generation
Total net revenues were RMB 3.38 billion, up 4.4% year-over-year. Net income was RMB 1.35 billion, up 6.3% year-over-year; non-GAAP adjusted net income was RMB 1.43 billion, up 6.0% year-over-year. Net cash provided by operating activities grew to RMB 2.15 billion and free cash flow was RMB 2.04 billion, supporting a cash position of RMB 33.4 billion.
Commission Network and Monetization Progress
Commission model rollout reached ~94.7% city coverage, supporting monetization and providing a foundation for sustainable transaction service growth while the company emphasizes protecting trucker economics to sustain take rates and fulfillment.
New Business and Technology Momentum
Qmove showed rapid overseas growth in fulfilled orders and fulfillment rate. Nationwide less-than-truckload (LTL) coverage achieved via dedicated line carriers. Autonomous delivery vehicle pilots expanded to multiple cities. AI initiatives progressed with broader shipper AI assistant rollout and full deployment of AI-powered customer service across applicable use cases.
Freight Brokerage Transition to Asset-Light Model
The company advanced a dual-track freight brokerage model (self-operated + aggregator). Invoicing-only customers declined to single-digit share; self-operated take rate remained ~10%. Aggregator model scaled and its revenue began being recognized, reducing direct VAT refund and settlement exposure.
MX:YMMN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed