Full Truck Alliance Roars Ahead in Q4 2025 Earnings Report
Full Truck Alliance (FTA), the leading digital freight platform in China, has reported impressive earnings for its fourth quarter and fiscal year 2025. In a conference call on March 12th, FTA's Founder, Chairman, and CEO, Mr. Hui Zhang, presented the company's financial highlights, which demonstrate strong business growth across various segments.
The company achieved total fulfilled orders of 36.9 million for the quarter, representing a year-over-year increase of 12.3%. Full year total fulfilled orders reached 236 million, up 19.8% year-over-year. Notably, full year orders fulfilled for cold chain logistics grew by nearly 30% year-over-year.
FTA's targeted user acquisition strategy and refined membership system gained momentum on the shipper side, with average monthly active shippers reaching 3.28 million in the fourth quarter and 3.14 million for the full year 2025, marking year-over-year increases of 11.6% and 18.6%, respectively.
The company also reported steady improvement in key metrics across all business lines. For trucker users, FTA continued to optimize the trucker credit rating system and protection mechanisms, maintaining the 12-month rolling active trucker base at a high level, and the next month's retention rate for truckers who responded to orders above 85%, further strengthening the overall reliability and quality of its truckers network.
FTA's AI-powered heavy truck feed, delivered by GigaAI, is now operating commercially in the express delivery and fast freight sectors. The company also piloted AI assistant capabilities for shippers to further enhance fulfillment efficiency during the quarter.
In terms of financial performance, FTA reported net revenues of CNY 12.49 billion for full year 2025, up 11.1% year-over-year. Revenue mix continued to improve with transaction service revenues of CNY 5.32 billion for the full year, growing by 38.2% year-over-year.
On the bottom line, FTA achieved a net income of CNY 4.46 billion for the full year, up 42.8% year-over-year. On a non-GAAP basis, adjusted net income reached CNY 4.79 billion for the full year, up 19.3% year-over-year, underscoring the company's high-quality profitability and increasing economies of scale.
These impressive results demonstrate FTA's ability to execute its strategy and drive growth in a competitive market. As the digital freight platform continues to expand its reach and capabilities, investors are likely to remain optimistic about the company's prospects for future success.
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