YMM 6-K SEC Filing Analysis

Latest settled — T+5d

YMM ▲ +0.34% at T+5d

SHORT call ✗ call lost -0.34% · α vs SPY +1.26% · entry $8.82 → $8.85

Next anchor: T+20d in 7d

Last close $8.44 (close Jun 12) · +4.31% from $8.82 entry (call sign-flipped)

Entry anchored
May 20, 03:59 PM ET
via Databento tick

T+1d

-5.22%

call +5.22% · α +5.66%

$8.36

settled 24d ago

T+5d

+0.34%

call -0.34% · α +1.26%

$8.85

settled 17d ago

T+20d

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call — · α —

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in 7d

T+60d

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call — · α —

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in 2mo

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Executive Summary

Full Truck Alliance (YMM) reported Q1 2026 revenue of RMB2,848.4M (+5.5% YoY), but net income fell 22.3% YoY to RMB994.1M, and non-GAAP adjusted net income declined 13.6% YoY. The company guided Q2 2026 total revenue below the prior year's level (RMB3.07-3.17B vs RMB3.24B), implying a YoY decline of 2-5%. While fulfilled orders grew 14.3% and transaction service revenue surged 33.1%, the earnings miss and negative guidance overshadow the operational metrics.

Actionable Insight

The Q2 guidance below prior year is the key negative signal — it breaks the growth narrative and suggests top-line headwinds despite strong order growth. Watch for analyst downgrades and whether the company can stabilize revenue ex-freight brokerage. The dividend announcement provides a floor but does not offset the fundamental deterioration.

Key Facts

Q1 2026 total net revenues: RMB2,848.4M (+5.5% YoY from RMB2,699.9M)
Q1 2026 net income: RMB994.1M, down 22.3% from RMB1,278.9M YoY
Non-GAAP adjusted net income: RMB1,202.0M, down 13.6% from RMB1,391.4M YoY
Q2 2026 revenue guidance: RMB3.07-3.17B, below RMB3.24B in Q2 2025 (YoY decline of 2-5%)
Fulfilled orders grew 14.3% YoY to 55.0M; average shipper MAUs up 12.7% to 3.11M
Transaction service revenue grew 33.1% YoY to RMB1,393.1M
Operating cash flow improved to RMB1,562.0M from RMB325.6M YoY
Board declared Q2 2026 cash dividend of ~US$87.5M (US$0.0840/ADS)
Non-performing loan ratio increased to 3.2% from 2.9% as of Dec 2025

Financial Impact

Net income declined ~22% YoY; Q2 guidance implies total revenue decline of 2-5% YoY; non-GAAP EPS (RMB1.15/ADS) down ~13% YoY

revenuenet incomenon-GAAP net incomeguidanceEPS

Risk Factors

Q2 revenue guidance implies YoY decline, breaking the growth trajectory
Net income and non-GAAP net income both declined YoY despite revenue growth
NPL ratio increased to 3.2%, indicating credit quality deterioration in the lending business
Freight brokerage revenue continued to shrink (down 14.3% YoY)
Share-based compensation spiked to RMB190M from RMB103M YoY, pressuring margins

Market Snapshot

Exchange

NYSE

Sector

Services-Prepackaged Software

Analyst Consensus

74% bullish (19 analysts)

Documents Analyzed

This report is based on 5 SEC documents filed with EDGAR.

Document	Accession Number
6-K Filing (Primary)	0001193125-26-233578
Document: d50293d6k.htm	0001193125-26-233578
Document: 0001193125-26-233578-index-headers.html	0001193125-26-233578
Document: 0001193125-26-233578-index.html	0001193125-26-233578
Document: 0001193125-26-233578.txt	0001193125-26-233578

4 reports for YMM

T+1T+5T+20T+60

Track record builds as more directional reports settle.

Filters

Reports for YMM — sortable, filterable
	Type				Now
May 22, 2026 24d ago	144 NEUTRAL ★ 2/10	$8.36 $9.02	▲ +7.89%	▲ +6.24%	$8.44 (+0.96%)
May 21, 2026 24d ago	6-K BEARISH ★ 6/10	$8.82 $8.85	▼ −0.34%	▲ +1.26%	$8.44 (+4.31%)
Apr 14, 2026 8w ago	20-F BULLISH ★ 8/10	$8.39 $8.83	▲ +5.24%	▲ +3.85%	$8.44 (+0.60%)
Feb 28, 2026 15w ago	Institutional Cluster NEUTRAL ★ 5/10	$9.22 $9.00	▼ −2.47%	▼ −1.26%	$8.44 (−8.50%)

US Market Status

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