← Full Truck Alliance Co. Ltd.
| Annual Trend | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and Cash Equivalents, at Carrying Value | $10.1b | $672.3m | $744.8m | $953.7m | $796.0m | $867.4m | |
| Prepaid Expense and Other Assets, Current | $456.8m | $172.6m | $295.0m | $288.7m | $290.8m | $134.5m | |
| Short-term Investments | $8.7b | $3.4b | $3.1b | $1.6b | $2.1b | $1.6b | |
| Cash and cash equivalents | $10.1b | $4.3b | $5.1b | $6.8b | $5.8b | $6.1b | |
| Accounts receivable, net (net of allowance of RMB3,684 and RMB 4,648 as of December 31, 2024 and 2025, respectively) | $34.7m | $29.1m | $13.0m | $23.4m | $19.6m | $75.1m | |
| Loans receivable, net (net of allowance of RMB218,366 and RMB376,662 as of December 31, 2024 and 2025, respectively) | $1.3b | $1.8b | $2.6b | $3.5b | $4.2b | $4.9b | |
| Prepayments and other current assets, net (net of allowance of RMB4,692 and RMB2,772 as of December 31, 2024 and 2025, respectively) | $456.8m | $1.1b | $2.0b | $2.0b | $2.1b | $940.6m | |
| Prepaid for freight listing fees and other service fees (including RMB479,476 and RMB515,731 from the consolidated VIEs as of December 31, 2024 and 2025, respectively) | $319.9m | $383.2m | $462.1m | $548.9m | $571.2m | $637.5m | |
| Subscription receivables | $0 | ($1.3b) | $0 | — | $0 | ($20.0m) | |
| Accounts Receivable | — | — | $13.0m | $23.4m | $19.6m | $75.1m | |
| Accrued Interest Receivable | — | — | $248.5m | $158.2m | $651.4m | $277.5m | |
| Allowance For Doubtful Accounts Receivable | — | — | ($5.4m) | ($4.4m) | ($3.7m) | ($4.6m) | |
| Cash Cash Equivalents And Short Term Investments | — | — | $26.2b | $18.3b | $20.8b | $17.1b | |
| Gross Accounts Receivable | — | — | $18.4m | $27.8m | $23.3m | $79.8m | |
| Loans Receivable | — | — | $2.6b | $3.5b | $4.2b | $4.9b | |
| Non Current Prepaid Assets | — | — | $2.0m | $1.0m | $1.0m | $22.2m | |
| Other Current Assets | — | — | $36.0m | $68.4m | $110.3m | $30.5m | |
| Other Receivables | — | — | $1.5b | $1.4b | $863.0m | $120.6m | |
| Other Short Term Investments | — | — | $21.1b | $11.5b | $15.0b | $11.0b | |
| Prepaid Assets | — | — | $81.5m | $291.4m | $111.0m | $170.8m | |
| Receivables Adjustments Allowances | — | — | — | ($4.4m) | ($4.7m) | ($2.8m) | |
| Taxes Receivable | — | — | $145.4m | $127.1m | $392.0m | $344.0m | |
| Assets, Current | $20.7b | $4.5b | $4.5b | $3.4b | $3.7b | $3.3b | |
| Total current assets | $20.7b | $28.9b | $31.0b | $24.0b | $27.3b | $23.1b | |
| Property, Plant and Equipment, Net | $39.0m | $16.0m | $15.8m | $27.4m | $39.7m | $65.4m | |
| Goodwill | $2.9b | $490.4m | $453.1m | $440.1m | $428.1m | $575.6m | |
| Intangible assets, net | $491.3m | $557.0m | $502.4m | $449.9m | $393.5m | $757.4m | |
| Goodwill And Other Intangible Assets | — | — | $3.6b | $3.6b | $3.5b | $4.8b | |
| Other Intangible Assets | — | — | $502.4m | $449.9m | $393.5m | $801.1m | |
| Operating Lease, Right-of-Use Asset | — | — | $19.1m | $19.0m | $15.8m | $13.2m | |
| Other Assets, Noncurrent | $147.0m | $604k | $1.2m | $29.8m | $13.5m | $49.6m | |
| Operating lease right-of-use assets | — | $0 | $132.0m | $134.9m | $115.7m | $92.2m | |
| Additional Financial Items | |||||||
| Accounts Receivable, after Allowance for Credit Loss, Current | $34.7m | $4.6m | $1.9m | $3.3m | $2.7m | $10.7m | |
| Restricted cash | $86.3m | $65.8m | $83.8m | $115.5m | $40.0m | $30.0m | |
| Long-term time deposits and other investments | — | — | — | — | $8.8b | $14.3b | |
| Investments in equity investees | $875.2m | $1.7b | $1.8b | — | $1.0b | $1.0b | |
| Deferred tax assets | $19.0m | $20.5m | $41.5m | $149.1m | $92.9m | $249.6m | |
| Other non-current assets | $147.0m | $3.8m | $8.4m | $211.7m | $98.5m | $346.5m | |
| Total non-current assets | $4.5b | $5.5b | $5.7b | $15.4b | $14.0b | $21.3b | |
| Amounts due to related parties | $172.8m | $179.9m | $122.2m | $0 | $0 | $29.7m | |
| Income tax payable (including RMB4,991 and RMB100,211 from the consolidated VIEs as of December 31, 2024 and 2025, respectively) | $25.9m | $31.5m | $52.2m | $154.9m | $336.2m | $421.7m | |
| Other tax payable (including RMB862,150 and RMB433,931 from the consolidated VIEs as of December 31, 2024 and 2025, respectively) | $446.8m | $894.6m | $721.6m | $784.6m | $898.4m | $479.3m | |
| Operating lease liabilities (including RMB37,569 and RMB25,677 from the consolidated VIEs as of December 31, 2024 and 2025, respectively) | — | $0 | $44.6m | $37.8m | $23.9m | $1.5m | |
| Accrued expenses and other current liabilities (including RMB638,045 and RMB631,547 from the consolidated VIEs as of December 31, 2024 and 2025, respectively) | $941.6m | $1.2b | $1.3b | $1.7b | $1.1b | $1.2b | |
| Other non-current liabilities (including RMB12,414 and RMB12,328 from the consolidated VIEs as of December 31, 2024 and 2025, respectively) | — | — | $0 | $22.9m | $12.4m | $12.3m | |
| Total non-current liabilities | $118.8m | $135.8m | $157.5m | $178.2m | $131.9m | $199.4m | |
| Redeemable non-controlling interests | — | $0 | $149.8m | $277.4m | $443.1m | $767.8m | |
| Non-controlling interests | $422k | $73.4m | $0 | $12.8m | $15.4m | $472.6m | |
| Accumulated Depreciation | — | — | ($107.0m) | ($103.1m) | ($111.6m) | ($189.4m) | |
| Available For Sale Securities | — | — | $1.5b | $9.2b | $7.5b | $14.9b | |
| Buildings And Improvements | — | — | $63.0m | $63.0m | $63.0m | $63.0m | |
| Capital Lease Obligations | — | — | $80.5m | $84.5m | $65.1m | $35.3m | |
| Construction In Progress | — | — | $11.9m | $114.9m | $196.8m | $351.8m | |
| Current Accrued Expenses | — | — | $108.2m | $261.5m | $165.0m | $278.6m | |
| Current Capital Lease Obligation | — | — | $44.6m | $37.8m | $41.2m | $33.8m | |
| Current Debt And Capital Lease Obligation | — | — | $44.6m | $37.8m | $41.2m | $33.8m | |
| Current Deferred Liabilities | — | — | $778.2m | $1.0b | $633.2m | $477.9m | |
| Duefrom Related Parties Current | — | $7.1m | $0 | — | — | — | |
| Dueto Related Parties Current | — | — | $122.2m | $0 | $0 | $29.7m | |
| Gross PPE | — | — | $354.2m | $458.4m | $519.0m | $699.3m | |
| Held To Maturity Securities | — | — | $0 | $831.0m | $640.6m | $11.5m | |
| Income Tax Payable | — | — | $52.2m | $154.9m | $336.2m | $421.7m | |
| Invested Capital | — | — | $33.7b | $35.6b | $37.7b | $40.0b | |
| Investmentin Financial Assets | — | — | $1.5b | $10.1b | $8.2b | $14.9b | |
| Investments And Advances | — | — | $1.8b | $11.1b | $9.9b | $15.3b | |
| Leases | — | — | $68.4m | $74.7m | $76.8m | $89.3m | |
| Line Of Credit | — | $9.0m | $0 | — | — | — | |
| Long Term Capital Lease Obligation | — | — | $35.9m | $46.7m | $23.9m | $1.5m | |
| Long Term Equity Investment | — | — | $317.4m | $318.3m | $318.4m | $303.6m | |
| Machinery Furniture Equipment | — | — | $79.0m | $70.9m | $66.8m | $102.9m | |
| Net PPE | — | — | $247.3m | $355.3m | $407.4m | $510.0m | |
| Net Tangible Assets | — | — | $30.0b | $32.0b | $34.2b | $35.2b | |
| Non Current Accounts Receivable | — | — | — | $184.8m | $95.4m | $320.1m | |
| Non Current Deferred Assets | — | — | $41.5m | $149.1m | $92.9m | $249.6m | |
| Non Current Deferred Liabilities | — | — | $121.6m | $108.6m | $95.6m | $185.6m | |
| Non Current Deferred Taxes Assets | — | — | $41.5m | $149.1m | $92.9m | $249.6m | |
| Ordinary Shares Number | — | — | $21.2b | $20.9b | $20.8b | $20.8b | |
| Other Current Liabilities | — | — | $538.5m | $620.7m | $640.5m | $757.7m | |
| Other Equity Adjustments | — | — | $2.5b | $2.9b | $3.2b | $2.7b | |
| Other Equity Interest | — | ($1.3b) | — | — | — | ($20.0m) | |
| Other Investments | — | — | $0 | $677.9m | $1.4b | $72.9m | |
| Other Non Current Liabilities | — | — | — | $22.9m | $12.4m | $12.3m | |
| Other Payable | — | — | $338.3m | $350.0m | $274.2m | $334.6m | |
| Other Properties | — | — | $132.0m | $134.9m | $115.7m | $92.2m | |
| Properties | — | — | $0 | $0 | $0 | $0 | |
| Share Issued | — | — | $21.2b | $21.2b | $20.8b | $20.8b | |
| Tangible Book Value | — | — | $30.0b | $32.0b | $34.2b | $35.2b | |
| Working Capital | — | — | $28.3b | $20.7b | $24.2b | $20.2b | |
| TOTAL FULL TRUCK ALLIANCE CO. LTD. EQUITY | ($8.5b) | $31.5b | $33.7b | $35.6b | $37.7b | $40.1b | |
| TOTAL EQUITY | ($8.5b) | $31.5b | $33.7b | $35.6b | $37.7b | $40.5b | |
| Total Capitalization | — | — | $33.7b | $35.6b | $37.7b | $40.0b | |
| Total Debt | — | — | $80.5m | $84.5m | $65.1m | $35.3m | |
| Total Tax Payable | — | — | $773.8m | $939.5m | $1.2b | $901.0m | |
| Assets | $25.1b | $5.4b | $5.3b | $5.5b | $5.7b | $6.3b | |
| TOTAL ASSETS | $25.1b | $34.4b | $36.7b | $39.3b | $41.3b | $44.3b | |
| LIABILITIES AND EQUITY | |||||||
| Current liabilities: | |||||||
| Operating Lease, Liability, Current | — | — | $6.5m | $5.3m | $5.6m | $4.8m | |
| Accounts Payable, Current | $23.8m | $4.6m | $4.1m | $3.6m | $4.3m | $5.4m | |
| Operating Lease, Liability, Noncurrent | — | — | $5.2m | $6.6m | $3.3m | $212k | |
| Accounts payable (including RMB11,086 and RMB15,368 from the consolidated VIEs as of December 31, 2024 and 2025, respectively) | $23.8m | $29.4m | $28.0m | $25.2m | $31.2m | $37.8m | |
| Payables And Accrued Expenses | — | — | $1.4b | $1.6b | $1.7b | $1.6b | |
| Liabilities, Current | $2.0b | $429.0m | $396.1m | $461.2m | $413.7m | $407.7m | |
| Total current liabilities | $2.0b | $2.7b | $2.7b | $3.3b | $3.0b | $2.9b | |
| Other Liabilities, Noncurrent | — | — | — | $3.2m | $1.7m | $1.8m | |
| Deferred tax liabilities (including RMB17,308 and RMB21,967 from the consolidated VIEs as of December 31, 2024 and 2025, respectively) | $118.8m | $135.8m | $121.6m | $108.6m | $95.6m | $185.6m | |
| Long Term Debt And Capital Lease Obligation | — | — | $35.9m | $46.7m | $23.9m | $1.5m | |
| Non Current Deferred Taxes Liabilities | — | — | $121.6m | $108.6m | $95.6m | $185.6m | |
| Deferred Tax Liabilities, Net | $118.8m | $135.8m | $121.6m | $108.6m | $95.6m | $185.6m | |
| Liabilities | $2.1b | $450.3m | $418.9m | $486.3m | $431.8m | $436.2m | |
| TOTAL LIABILITIES | $2.1b | $2.9b | $2.9b | $3.5b | $3.2b | $3.1b | |
| Stockholders’ equity: | |||||||
| Retained Earnings (Accumulated Deficit) | ($13.4b) | ($2.7b) | ($2.4b) | ($2.0b) | ($1.6b) | ($1.0b) | |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $1.1b | $84.5m | $364.1m | $408.2m | $441.7m | $392.1m | |
| Additional Paid in Capital, Common Stock | $3.8b | $7.7b | $6.9b | $6.7b | $6.3b | $6.3b | |
| Common Stock Value | $296k | $1.4m | $1.4m | $1.4m | $1.3m | $1.3m | |
| Treasury stock, at cost | — | — | $0 | ($608.1m) | $0 | $0 | |
| Accumulated other comprehensive income | $1.1b | $538.6m | $2.5b | $2.9b | $3.2b | $2.7b | |
| Accumulated deficit | ($13.4b) | ($17.0b) | ($16.6b) | ($14.4b) | ($11.4b) | ($7.0b) | |
| Capital Stock | — | — | $1.4m | $1.4m | $1.3m | $1.3m | |
| Gains Losses Not Affecting Retained Earnings | — | — | $2.5b | $2.9b | $3.2b | $2.7b | |
| Treasury Stock | — | — | $0 | $608.1m | $0 | $0 | |
| Stockholders' Equity Attributable to Parent | ($8.5b) | $4.9b | $4.9b | $5.0b | — | — | |
| Minority Interest | — | — | $149.8m | $290.2m | $458.4m | $1.2b | |
| Total Equity Gross Minority Interest | — | — | $33.8b | $35.9b | $38.1b | $41.3b | |
| Total Non Current Liabilities Net Minority Interest | — | — | $157.5m | $178.2m | $131.9m | $199.4m | |
| Liabilities and Equity | $25.1b | $5.4b | $5.3b | $5.5b | $5.7b | $6.3b | |
| TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY | $25.1b | $34.4b | $36.7b | $39.3b | $41.3b | $44.3b |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.