← Full Truck Alliance Co. Ltd.
| Annual Trend | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating Revenue | $2.5b | $2.6b | $4.7b | $6.7b | $8.4b | $11.2b | $12.5b | |
| Revenue from Contract with Customer, Including Assessed Tax | — | $2.6b | $730.8m | $976.3m | $1.2b | $1.5b | $1.8b | |
| Cost of Revenue | ($1.4b) | $1.3b | $398.6m | $509.6m | $580.2m | $698.8m | $660.5m | |
| Cost of revenues (including VAT net of government grants, of RMB3,121,010, RMB3,893,351and RMB 3,262,448 for the years ended December 31, 2023, 2024 and 2025, respectively) | ($1.4b) | ($1.3b) | ($2.5b) | ($3.5b) | ($4.1b) | ($5.1b) | ($4.6b) | |
| Reconciled Cost Of Revenue | — | — | — | $3.5b | $4.1b | $5.1b | $4.6b | |
| Gross Profit (derived) | — | $1.3b | $332.2m | $3.2b | $4.3b | $6.1b | $7.9b | |
| Research And Development | — | — | — | $914.2m | $946.6m | $880.0m | $874.4m | |
| Operating expenses: | ||||||||
| Other Operating Expenses | — | — | — | ($47.5m) | ($38.4m) | ($24.0m) | ($52.5m) | |
| Total operating expenses | ($3.5b) | ($6.2b) | ($8.5b) | ($6.9b) | ($7.5b) | ($8.8b) | ($8.4b) | |
| Operating Income (Loss) | $13.2m | ($3.6b) | ($595.7m) | ($23.5m) | $140.5m | $339.1m | $592.9m | |
| Additional Financial Items | ||||||||
| Net Revenues (including value added taxes, "VAT", of RMB4,172,660, RMB5,097,716 and RMB 4,671,363 for the years ended December 31, 2023, 2024 and 2025, respectively) | $2.5b | $2.6b | $4.7b | $6.7b | $8.4b | $11.2b | $12.5b | |
| Amortization of Intangible Assets | — | $47.0m | $50.0m | $61.8m | $58.3m | $58.6m | $79.5m | |
| Foreign Currency Transaction Gain (Loss), before Tax | — | ($21.3m) | ($2.4m) | $2.2m | ($303k) | $1.1m | ($2.5m) | |
| Income (Loss) from Continuing Operations before Income Taxes, Domestic | — | $145.6m | $57.0m | $1.0b | $1.8b | $2.9b | $4.6b | |
| Income (Loss) from Continuing Operations, Per Basic Share | — | — | — | $0 | — | — | — | |
| Income (Loss) from Continuing Operations, Per Diluted Share | — | — | — | $0 | — | — | — | |
| Income (Loss) from Equity Method Investments | — | ($11.1m) | ($1.8m) | ($181k) | ($291k) | ($392k) | ($2.1m) | |
| Interest Income, Other | — | $209.8m | $36.8m | $70.1m | $160.8m | $147.1m | $136.4m | |
| Other Operating Income | $13.2m | $21.0m | $3.6m | $6.9m | $5.4m | $3.3m | $7.5m | |
| Provision for credit solutions | — | — | ($97.7m) | ($194.3m) | ($234.6m) | ($296.5m) | ($445.4m) | |
| Interest income | $229.3m | $209.8m | $234.7m | $483.7m | $1.1b | $1.1b | $954.1m | |
| Foreign exchange (loss) gain | ($4.4m) | ($21.3m) | ($15.5m) | $15.0m | ($2.1m) | $8.0m | ($17.3m) | |
| Investment income | $0 | $3.3m | $28.3m | $5.4m | $55.6m | $54.8m | $94.7m | |
| Unrealized gains (losses) from fair value changes of investments | $0 | $18.1m | $24.0m | ($63.4m) | $12.9m | ($20.9m) | $116.2m | |
| Other income, net | ($8.6m) | ($5.6m) | $7.1m | $230.6m | $130.3m | $128.2m | $109.2m | |
| Impairment loss | ($710.3m) | ($22.0m) | ($111.6m) | $0 | $0 | ($352.7m) | $0 | |
| Share of loss in equity method investees | ($1.7m) | ($11.1m) | ($11.3m) | ($1.2m) | ($2.1m) | ($2.9m) | ($14.8m) | |
| Less: net loss attributable to non-controlling interests | ($7k) | ($8k) | ($80k) | $539k | ($1.3m) | ($3.5m) | ($27.5m) | |
| Less: measurement adjustment attributable to redeemable non-controlling interests | — | — | — | $4.6m | $15.5m | $57.1m | $78.4m | |
| Foreign currency translation adjustments, net of tax of nil | $89.4m | ($498.2m) | ($533.7m) | $2.0b | $386.7m | $325.5m | ($484.4m) | |
| Unrealized gains (losses) on available-for-sale investments, net of reclassification | — | — | — | $0 | $0 | $599k | ($599k) | |
| Less: comprehensive loss attributable to non-controlling interests | ($7k) | ($8k) | ($80k) | $539k | ($1.3m) | ($3.5m) | ($27.5m) | |
| Foreign Currency Translation Adjustments To Non Controlling Interests | — | — | — | — | $0 | $0 | ($3.2m) | |
| Comprehensive income attributable to Full Truck Alliance Co. Ltd. | — | ($4.0b) | ($4.2b) | $2.4b | $2.6b | $3.4b | $3.9b | |
| Comprehensive income attributable to ordinary shareholders | ($1.4b) | ($4.1b) | ($4.7b) | $2.4b | $2.6b | $3.4b | $3.9b | |
| Average Dilution Earnings | — | — | — | $0 | ($23k) | ($206k) | ($530k) | |
| Diluted EPS | — | — | — | $0.40 | $2.00 | $3.00 | $4.20 | |
| Diluted NI Availto Com Stockholders | — | — | — | $406.8m | $2.2b | $3.1b | $4.4b | |
| Earnings From Equity Interest | ($1.7m) | ($11.1m) | ($11.3m) | ($1.2m) | ($2.1m) | ($2.9m) | ($14.8m) | |
| Gain On Sale Of Security | — | — | — | ($42.9m) | $66.4m | $41.9m | $193.5m | |
| Interest Income Non Operating | $229.3m | $209.8m | $234.7m | $483.7m | $1.1b | $1.1b | $954.1m | |
| Minority Interests | — | — | — | ($5.1m) | ($14.2m) | ($53.6m) | ($50.9m) | |
| Net Income From Continuing And Discontinued Operation | — | — | — | $406.8m | $2.2b | $3.1b | $4.4b | |
| Net Income From Continuing Operation Net Minority Interest | — | — | — | $406.8m | $2.2b | $3.1b | $4.4b | |
| Net Interest Income | $229.3m | $209.8m | $234.7m | $483.5m | $1.1b | $1.1b | $954.1m | |
| Normalized EBITDA | — | — | — | $639.4m | $1.0b | $2.9b | $4.1b | |
| Normalized Income | — | — | — | $441.6m | $2.1b | $3.4b | $4.2b | |
| Other Gand A | — | — | — | $1.4b | $937.7m | $913.8m | $709.8m | |
| Provision For Doubtful Accounts | — | — | — | $194.3m | $234.6m | $296.5m | $445.4m | |
| Reconciled Depreciation | — | — | — | $88.3m | $74.7m | $77.9m | $100.0m | |
| Selling General And Administration | — | — | — | $2.3b | $2.2b | $2.5b | $2.5b | |
| Special Income Charges | ($710.3m) | ($22.0m) | ($111.6m) | $0 | $0 | ($352.7m) | $0 | |
| Tax Effect Of Unusual Items | — | — | — | ($8.1m) | $3.0m | ($22.1m) | $33.4m | |
| Tax Provision | — | — | — | $96.0m | $106.8m | $239.4m | $929.2m | |
| Tax Rate For Calcs | — | — | — | $0 | $0 | $0 | $0 | |
| Write Off | — | — | — | $0 | $0 | $352.7m | $0 | |
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | — | ($3.5b) | ($571.2m) | $73.6m | $328.7m | $460.7m | $770.5m | |
| Gain (Loss) on Derivative Instruments, Net, Pretax | — | $18.1m | $3.8m | ($9.2m) | $1.8m | ($2.9m) | $16.6m | |
| Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | — | ($3.5b) | ($573.5m) | $59.7m | — | — | — | |
| Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | — | $452k | $0 | $0 | — | — | — | |
| Investment Income, Net | — | $3.3m | $4.4m | $785k | $7.8m | $7.5m | $13.5m | |
| Total other income | ($535.7m) | $163.0m | $155.6m | $669.9m | $1.3b | $887.9m | $1.2b | |
| Total comprehensive income | ($1.4b) | ($4.0b) | ($4.2b) | $2.4b | $2.6b | $3.4b | $4.0b | |
| Total Unusual Items | — | — | — | ($42.9m) | $66.4m | ($310.9m) | $193.5m | |
| Total Unusual Items Excluding Goodwill | — | — | — | ($42.9m) | $66.4m | ($310.9m) | $193.5m | |
| Net income before income tax | ($1.6b) | ($3.5b) | ($3.6b) | $507.9m | $2.3b | $3.4b | $5.4b | |
| Pre-Tax Income | ($1.6b) | ($3.5b) | ($3.6b) | $507.9m | $2.3b | $3.4b | $5.4b | |
| Net Income Continuous Operations | ($1.5b) | ($3.5b) | ($3.7b) | $411.9m | $2.2b | $3.1b | $4.5b | |
| Net Income Discontinuous Operations | — | — | $0 | $0 | — | — | — | |
| Net Income (Loss) Attributable to Parent | ($1.5b) | ($3.5b) | ($3.7b) | $411.9m | $2.2b | $3.1b | $4.5b | |
| Net Income (Loss) Available to Common Stockholders, Basic | ($1.5b) | ($3.6b) | ($654.8m) | $59.0m | $311.7m | $420.6m | $630.4m | |
| Net Income (Loss) Attributable to Noncontrolling Interest | — | ($8k) | ($13k) | $78k | ($176k) | ($486k) | ($3.9m) | |
| Net Income Including Noncontrolling Interests | ($1.5b) | ($3.5b) | ($3.7b) | $411.9m | $2.2b | $3.1b | $4.5b | |
| Earnings Per Share, Basic | ($0.46) | ($1.05) | ($0.31) | $0.00 | $0.01 | $0.02 | $0.03 | |
| Earnings Per Share, Diluted | ($0.46) | ($1.05) | ($0.31) | $0.00 | $0.01 | $0.02 | $0.03 | |
| Weighted Average Number of Shares Outstanding, Basic | 3.3b | 3.4b | 13.4b | 21.5b | 21.1b | 20.8b | 20.8b | |
| Basic Average Shares | — | — | — | $1.1b | $1.1b | $1.0b | $1.0b | |
| Diluted Average Shares | — | — | — | $1.1b | $1.1b | $1.0b | $1.0b | |
| Weighted Average Number of Shares Outstanding, Diluted | 3.3b | 3.4b | 13.4b | 21.6b | 21.2b | 20.9b | 20.9b | |
| Other income (expense): | ||||||||
| Research and Development Expense | — | $413.4m | $114.5m | $132.5m | $133.3m | $120.6m | $125.0m | |
| Research and development expenses | ($396.7m) | ($413.4m) | ($729.7m) | ($914.2m) | ($946.6m) | ($880.0m) | ($874.4m) | |
| General and Administrative Expense | — | $3.9b | $670.2m | $205.6m | $132.1m | $125.2m | $101.5m | |
| General and administrative expenses | ($1.2b) | ($3.9b) | ($4.3b) | ($1.4b) | ($937.7m) | ($913.8m) | ($709.8m) | |
| Selling and Marketing Expense | — | $454.3m | $131.4m | $130.8m | $174.5m | $218.8m | $249.9m | |
| Other Nonoperating Income (Expense) | — | ($5.6m) | $1.1m | $33.4m | $18.3m | $17.6m | $15.6m | |
| Costs and Expenses | — | $6.2b | $1.3b | $1.0b | $1.1b | $1.2b | $1.2b | |
| Sales and marketing expenses | ($403.1m) | ($454.3m) | ($837.3m) | ($902.3m) | ($1.2b) | ($1.6b) | ($1.7b) | |
| Interest Expense (non-operating) | — | — | $40k | $175k | $0 | $0 | — | |
| Interest Expense | — | $8.4m | $6k | $25k | $0 | $0 | — | |
| Current Income Tax Expense (Benefit) | — | $31.8m | $27.0m | $131.2m | $227.4m | $196.2m | $1.1b | |
| Income tax expense | $14.7m | ($19.3m) | ($14.2m) | ($96.0m) | ($106.8m) | ($239.4m) | ($929.2m) | |
| Net Non Operating Interest Income Expense | $229.3m | $209.8m | $234.7m | $483.5m | $1.1b | $1.1b | $954.1m | |
| Operating Expense | — | — | — | $3.4b | $3.3b | $3.7b | $3.7b | |
| Other Non Operating Income Expenses | ($8.6m) | ($5.6m) | $7.1m | $230.6m | $130.3m | $128.2m | $109.2m | |
| Nonoperating Income (Expense) | — | $163.0m | $24.4m | $97.1m | $188.2m | $121.6m | $177.6m | |
| Income Tax Expense (Benefit) | — | $19.3m | $2.2m | $13.9m | $15.0m | $32.8m | $132.9m | |
| Total Expenses | — | — | — | $6.9b | $7.4b | $8.8b | $8.3b |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.