Full Truck Alliance Co. Ltd. (NYSE:YMM) presented its second quarter 2026 results on August 19, revealing robust operational growth and margin expansion despite a challenging freight market in China. The digital freight platform operator reported 68.5 million fulfilled orders, up 12.7% year-over-year, while non-GAAP adjusted operating margins reached a record 46.7%. The company's shares rose 2.73% to $9.04 in premarket trading following the earnings release.
Operational Growth
The platform processed 68.5 million fulfilled orders during the quarter, representing a 12.7% increase from the prior year period. Average shipper monthly active users (MAUs) reached 3.57 million, up 12.8% year-over-year, while the platform maintained 4.78 million active truckers who fulfilled shipping orders.
Revenue Composition
A significant development in the quarter was the continued evolution of Full Truck Alliance's revenue composition, with freight brokerage services emerging as the dominant revenue driver. Freight brokerage service revenue surged to RMB 1,766 million in Q2 2026, representing 52.2% of total revenue compared to 41.0% in the prior year period.
Margin Expansion
Non-GAAP adjusted operating income reached RMB 1,581 million with a margin of 46.7%, up from 38.0% in the prior year quarter. Non-GAAP adjusted net income totaled RMB 1,434 million with a 42.4% margin, compared to 41.7% a year earlier. The margin expansion reflects the shift toward higher-margin freight brokerage services and improved operational efficiency.
