Revenue growth has moderated to 17.2% as of 2025Q2, while operating margins have improved significantly to 35.2% from 9.7% in 2023Q1, reflecting successful scaling of the platform's core logistics operations.
| Sales/Revenue | 12.14B | 12.49B | 11.24B | 8.44B | 6.73B | 4.66B | 2.58B | 2.47B |
| Revenue Growth % | 25.14% | 11.13% | 33.22% | 25.28% | 44.59% | 80.45% | 4.36% | - |
| Cost of Goods Sold | 3.49B | 4.62B | 1.5B | 1.23B | 3.51B | 2.54B | 1.32B | 1.39B |
| COGS % of Revenue | - | 36.98% | 13.38% | 14.61% | 52.19% | 54.54% | 50.99% | 56.2% |
| Gross Profit | 8.66B | 7.87B | 9.73B | 7.2B | 3.22B | 2.12B | 1.26B | 1.08B |
| Gross Margin % | 71.27% | 63.02% | 86.62% | 85.39% | 47.81% | 45.46% | 49.01% | 43.8% |
| Gross Profit Growth % | - | -19.15% | 35.14% | 123.78% | 52.06% | 67.38% | 16.77% | - |
| Operating Expenses | 4.72B | 3.72B | 7.26B | 6.21B | 3.38B | 5.91B | 4.88B | 2.1B |
| OpEx % of Revenue | - | 29.82% | 64.6% | 73.57% | 50.21% | 126.97% | 189.06% | 85.07% |
| Selling, General & Admin | 2.49B | 2.46B | 2.51B | 2.18B | 2.32B | 5.11B | 4.39B | 1.59B |
| SG&A % of Revenue | - | 19.68% | 22.34% | 25.8% | 34.46% | 109.69% | 170.21% | 64.4% |
| Research & Development | 783.15M | 874.43M | 880.02M | 946.63M | 914.15M | 729.67M | 413.37M | 396.69M |
| R&D % of Revenue | - | 7% | 7.83% | 11.22% | 13.58% | 15.67% | 16.02% | 16.04% |
| Other Operating Expenses | 4M | 392.9M | 3.87B | 3.08B | 146.74M | 74.84M | 73.13M | 114.57M |
| Operating Income | 3.94B | 4.15B | 2.47B | 997.43M | -162M | -3.8B | -3.61B | -1.02B |
| Operating Margin % | 32.44% | 33.2% | 22.02% | 11.82% | -2.41% | -81.51% | -140.06% | -41.27% |
| Operating Income Growth % | - | 67.52% | 148.14% | 715.69% | 95.73% | -5.02% | -254.16% | - |
| EBITDA | 3.98B | 4.25B | 2.55B | 1.07B | -73.66M | -3.73B | -3.55B | -949.89M |
| EBITDA Margin % | 32.77% | 34% | 22.72% | 12.71% | -1.09% | -80.06% | -137.59% | -38.41% |
| EBITDA Growth % | 173.83% | 66.33% | 138.11% | 1555.59% | 98.02% | -5% | -273.82% | - |
| D&A (Non-Cash Add-back) | 40.96M | 100.01M | 77.93M | 74.74M | 88.34M | 67.42M | 63.67M | 70.71M |
| EBIT | 3.94B | 4.15B | 2.47B | 2.33B | -162.49M | -3.64B | -3.44B | -1.52B |
| Net Interest Income | 949.55M | 954.08M | 1.07B | 1.14B | 483.48M | 234.61M | 201.47M | 189.31M |
| Interest Income | 949.55M | 954.08M | 1.07B | 1.14B | 483.66M | 234.65M | 209.83M | 229.31M |
| Interest Expense | 0 | 0 | 0 | 0 | 175K | 40K | 8.37M | 40M |
| Other Income/Expense | 815.83M | 1.24B | 887.87M | 1.34B | 669.94M | 155.61M | 163.01M | -535.74M |
| Pretax Income | 4.76B | 5.39B | 3.36B | 2.33B | 507.94M | -3.64B | -3.45B | -1.56B |
| Pretax Margin % | 39.16% | 43.14% | 29.92% | 27.67% | 7.54% | -78.17% | -133.74% | -62.93% |
| Income Tax | 514.93M | 929.16M | 239.41M | 106.8M | 96.03M | 14.19M | 19.34M | -14.68M |
| Effective Tax Rate % | 10.83% | 17.24% | 7.12% | 4.58% | 18.91% | -0.39% | -0.56% | 0.94% |
| Net Income | 4.18B | 4.41B | 3.07B | 2.21B | 406.76M | -3.65B | -3.47B | -1.52B |
| Net Margin % | 34.41% | 35.29% | 27.32% | 26.23% | 6.04% | -78.47% | -134.49% | -61.61% |
| Net Income Growth % | 60.55% | 43.6% | 38.73% | 444.03% | 111.13% | -5.29% | -127.8% | - |
| Net Income (Continuing) | 4.24B | 4.46B | 3.12B | 2.23B | 411.9M | -3.65B | -3.47B | -1.54B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 452K | 0 |
| Minority Interest | 594.97M | 1.24B | 458.45M | 290.22M | 149.77M | 73.44M | 422K | 430K |
| EPS (Diluted) | 3.99 | 4.20 | 2.94 | 2.00 | 0.40 | -3.40 | -3.20 | -1.42 |
| EPS Growth % | 1693.33% | 42.86% | 47% | 400% | 111.76% | -6.25% | -125.35% | - |
| EPS (Basic) | - | 4.20 | 2.95 | 2.00 | 0.40 | -3.40 | -3.20 | -1.42 |
| Diluted Shares Outstanding | 1.05B | 1.05B | 1.05B | 1.06B | 1.08B | 1.08B | 1.09B | 1.09B |
| Basic Shares Outstanding | 1.04B | 1.04B | 1.04B | 1.06B | 1.08B | 1.08B | 1.09B | 1.09B |
| Dividend Payout Ratio | - | 32.33% | 34.66% | - | - | - | - | - |
Regulatory and platform oversight
Based on reported financial statements, YMM's revenue growth has decelerated from 34.1% in 2024Q2 to 17.2% by 2025Q2, suggesting that the initial post-investigation expansion phase is moderating as the company reaches a higher baseline of transaction volume within the competitive Chinese logistics market.
The transition from rapid recovery to a more sustainable growth trajectory appears to reflect the maturation of the platform's core freight matching services. Investors should monitor whether the current growth rate can be maintained through increased penetration of value-added services or if the core matching engine is approaching a saturation point in its primary geographic hubs.
As reported in recent filings, gross margins have exhibited significant volatility, swinging from a peak of 139.1% in 2024Q2 to 61.8% in 2025Q2, which highlights the sensitivity of the platform's profitability to accounting adjustments and the underlying mix of brokerage versus listing-based revenue streams.
The wide variance in gross margins suggests that the company's reported figures may be heavily influenced by the principal-versus-agent accounting treatment of its brokerage model. This inconsistency makes it difficult to ascertain the true underlying pricing power of the platform, necessitating a focus on normalized operating margins to gauge actual efficiency.
According to the income statement data, YMM has demonstrated improved operating leverage, with operating margins expanding from 9.7% in 2023Q1 to 35.2% in 2025Q2, indicating that the platform is successfully scaling its revenue base without a commensurate increase in its core operating expense structure.
The ability to maintain relatively stable R&D and SG&A spending while revenue grows suggests that the platform's network effects are beginning to yield significant economies of scale. This trend appears to be a primary driver of the company's bottom-line performance, though it remains contingent on the company's ability to manage user acquisition costs effectively.
Based on the provided financial data, stock-based compensation remains a persistent feature of the cost structure, with $77.5 million recorded in 2025Q2, which investors should consider when evaluating the quality of the company's reported net income and its alignment with long-term shareholder value creation.
While the company reports strong net margins, the consistent use of equity-based incentives suggests that GAAP earnings may overstate the cash-generative capacity of the business. Analysts should adjust for these non-cash expenses to better understand the true operational profitability and the potential for future dilution of existing equity holders.
As noted in recent regulatory filings, the company faces ongoing scrutiny regarding platform worker rights and take-rate caps, which could fundamentally alter the current profitability profile if authorities mandate changes to the commission structure or require increased social security contributions for the platform's driver base.
The current high operating margins may be vulnerable to a regulatory-induced compression if the company is forced to sacrifice its take rate to improve driver welfare. This potential for structural margin erosion represents a significant risk that is not fully captured by the historical performance of the income statement.
Quick answers to the most common questions about buying YMM stock.
For fiscal year 2025, Full Truck Alliance Co. Ltd. (YMM) reported total revenue of $12.49B. This represents a 405.0% increase compared to $2.47B in 2019.
Full Truck Alliance Co. Ltd. (YMM) is profitable, generating $4.41B in net income for the fiscal year ending 2025 with a net profit margin of 35.3%.
Full Truck Alliance Co. Ltd. (YMM) reported an operating income of $4.15B, resulting in an operating profit margin of 33.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Full Truck Alliance Co. Ltd. (YMM) generated $7.87B in gross profit for the year, representing a gross profit margin of 63.0%. This demonstrates the company's core pricing power and production efficiency.