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Sep 30, 2025
FTA Q3 2025 Earnings Report
Full Truck Alliance reported its Q3 2025 results with solid revenue growth, strong platform activity, and healthy profitability.
Key Takeaways
The company delivered a 10.8% YoY revenue increase in Q3 2025, supported by strong user growth and record-high order volume, though net income declined YoY.
Revenue reached $471,700,000, up from $426,000,000 the previous year
Net income was $129,400,000, down from $157,600,000 in Q3 2024
Adjusted EPS came in at $0.13, while GAAP EPS was $0.12
Fulfilled orders surged to 63,400,000, supported by 3.35 million average monthly active shippers
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
FTA expects Q4 2025 revenue between RMB3.08B and RMB3.18B, reflecting up to 22.5% growth in core business ex-freight brokerage.
Positive Outlook
- Core revenue (excluding brokerage) expected to grow 17.1–22.5% YoY
- Continued investment in AI through Giga.AI acquisition
- Strong growth in user metrics supports revenue base
- Transaction services remain a key growth engine
- Healthy balance sheet with $4.4B in cash, investments, and deposits
Challenges Ahead
- Total Q4 revenue guidance flattish YoY including brokerage
- Decline in freight brokerage revenue YoY
- YoY net income decline despite higher revenue
- Pressure from rising cost of revenues
- Higher tax expense affected Q3 bottom line
Historical Earnings Impact
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Avg. Return Before/After Earnings
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