Full Truck Alliance Co. Ltd. (YMM) Cash Flow Statement
Where YMM’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- CN¥4.63B +55.8% vs 2024
- Capital expenditures
- CN¥129.7M 1.0% of revenue
- Free cash flow
- CN¥4.50B 36.0% margin
- Returned to shareholders
- CN¥1.83B 41% of free cash flow
- Change in cash
- CN¥215.5M cash at year-end CN¥6.17B
Drawn to scale: where the cash came from and how it was used. Hover for values.
YMM operating cash flow, capex and free cash flow
YMM cash flow trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −CN¥924.0M2019 | CN¥4.63B2025 | — | |
| Capital expenditures | CN¥10.4M2019 | CN¥129.7M2025 | +52.2%/yr | |
| Free cash flow | −CN¥934.4M2019 | CN¥4.50B2025 | — | |
| Free cash flow margin | −37.8%2019 | 36.0%2025 | +73.8 pts | |
| Operating cash flow / net income | −0.042022 | 1.042025 | +1.08 | |
| Stock-based compensation | CN¥455.6M2019 | CN¥281.6M2025 | −7.7%/yr | |
| Dividends paid | CN¥02022 | CN¥1.43B2025 | — | |
| Share buybacks (net) | CN¥384.9M2019 | CN¥406.9M2025 | +0.9%/yr | |
| Capex / revenue | 0.4%2019 | 1.0%2025 | +0.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
YMM cash flow by activity
YMM net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
YMM cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | CN¥4.46B | CN¥3.12B | CN¥2.23B | CN¥411.9M | −CN¥3.65B | −CN¥3.47B | −CN¥1.52B |
| Depreciation & amortization | CN¥100.0M | CN¥77.9M | CN¥74.7M | CN¥88.3M | CN¥67.4M | CN¥63.7M | CN¥70.7M |
| Stock-based compensation | CN¥281.6M | CN¥496.6M | CN¥441.8M | CN¥919.3M | CN¥3.63B | CN¥3.25B | CN¥455.6M |
| Change in working capital | −CN¥590.0M | −CN¥1.42B | −CN¥708.9M | −CN¥1.70B | −CN¥619.5M | CN¥366.0M | −CN¥829.1M |
| Other non-cash items | CN¥376.3M | CN¥693.8M | CN¥234.9M | CN¥265.1M | CN¥366.5M | CN¥361.2M | CN¥902.5M |
| Cash from operating activities | CN¥4.63B | CN¥2.97B | CN¥2.27B | −CN¥15.5M | −CN¥211.4M | CN¥574.7M | −CN¥924.0M |
| Investing activities | |||||||
| Capital expenditures | −CN¥129.7M | −CN¥75.0M | −CN¥100.3M | −CN¥85.7M | −CN¥43.2M | −CN¥53.1M | −CN¥10.4M |
| Investments (net) | −CN¥2.61B | −CN¥2.42B | CN¥553.7M | CN¥2.13B | −CN¥14.15B | −CN¥2.90B | −CN¥3.38B |
| Acquisitions & other investing | CN¥22.7M | CN¥75.0M | CN¥100.3M | CN¥85.7M | −CN¥209.4M | CN¥260.0M | −CN¥1.9M |
| Cash from investing activities | −CN¥2.72B | −CN¥2.42B | CN¥553.7M | CN¥2.13B | −CN¥14.40B | −CN¥2.69B | −CN¥3.39B |
| Financing activities | |||||||
| Dividends paid | −CN¥1.43B | −CN¥1.06B | CN¥0 | CN¥0 | — | — | — |
| Share repurchases & issuance (net) | −CN¥406.9M | −CN¥575.3M | −CN¥1.37B | −CN¥1.39B | −CN¥2.59B | −CN¥557.8M | −CN¥384.9M |
| Net borrowing (repayment) | — | CN¥0 | CN¥0 | −CN¥9.0M | −CN¥31.4M | −CN¥888.7M | CN¥405.7M |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥11.44B | CN¥11.08B | CN¥1.67B |
| Other financing | CN¥176.1M | CN¥119.7M | CN¥207.8M | CN¥71.2M | CN¥73.5M | −CN¥1.31B | CN¥0 |
| Cash from financing activities | −CN¥1.66B | −CN¥1.52B | −CN¥1.17B | −CN¥1.33B | CN¥8.90B | CN¥8.32B | CN¥1.69B |
| Summary | |||||||
| Net change in cash | CN¥215.5M | −CN¥945.5M | CN¥1.68B | CN¥857.5M | −CN¥5.80B | CN¥6.08B | −CN¥2.60B |
| Cash at end of period | CN¥6.17B | CN¥5.95B | CN¥6.90B | CN¥5.22B | CN¥4.36B | CN¥10.16B | CN¥4.08B |
| Free cash flow | CN¥4.50B | CN¥2.90B | CN¥2.17B | −CN¥101.2M | −CN¥254.6M | CN¥521.7M | −CN¥934.4M |
| Free cash flow margin | 36.0% | 25.8% | 25.7% | −1.5% | −5.5% | 20.2% | −37.8% |
| Capex / revenue | 1.0% | 0.7% | 1.2% | 1.3% | 0.9% | 2.1% | 0.4% |
| Operating cash flow / net income | 1.04 | 0.95 | 1.02 | −0.04 | — | — | — |
| Jun '26 | Mar '26 | Jun '25 | Mar '25 | Dec '24 | Sep '23 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | CN¥1.33B | CN¥987.8M | CN¥1.24B | CN¥1.27B | CN¥558.5M | CN¥615.0M |
| Depreciation & amortization | CN¥23.8M | CN¥23.7M | CN¥13.0M | CN¥13.0M | — | CN¥13.1M |
| Stock-based compensation | CN¥70.9M | CN¥51.6M | CN¥77.5M | CN¥102.7M | CN¥114.9M | CN¥122.2M |
| Change in working capital | — | — | — | — | CN¥2.97B | — |
| Other non-cash items | CN¥725.5M | CN¥498.9M | −CN¥21.6M | −CN¥1.06B | −CN¥673.3M | −CN¥724.1M |
| Cash from operating activities | CN¥2.15B | CN¥1.56B | CN¥1.31B | CN¥325.6M | CN¥2.97B | CN¥26.2M |
| Investing activities | ||||||
| Capital expenditures | CN¥0 | −CN¥68.2M | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Acquisitions & other investing | −CN¥1.46B | −CN¥385.4M | — | — | — | — |
| Cash from investing activities | −CN¥1.46B | −CN¥453.6M | — | — | — | — |
| Financing activities | ||||||
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | −CN¥527.9M | −CN¥296.9M | — | — | — | — |
| Cash from financing activities | −CN¥527.9M | −CN¥296.9M | — | — | — | — |
| Summary | ||||||
| Net change in cash | CN¥130.4M | CN¥783.6M | −CN¥3.91B | CN¥2.46B | — | −CN¥360.6M |
| Cash at end of period | CN¥7.08B | CN¥6.95B | CN¥4.50B | CN¥8.41B | CN¥5.95B | CN¥6.85B |
| Free cash flow | CN¥2.15B | CN¥1.56B | CN¥1.31B | CN¥325.6M | CN¥2.97B | CN¥26.2M |
| Free cash flow margin | 63.8% | 54.8% | 40.5% | 12.1% | 93.6% | 1.2% |
| Capex / revenue | 0.0% | 2.4% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | 1.62 | 1.58 | 1.06 | 0.26 | 5.32 | 0.04 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.
YMM cash generation
In fiscal 2025 (ended December 31, 2025), Full Truck Alliance generated CN¥4.6 billion of cash from operations (up 55.8%) and spent CN¥129.7 million on capital expenditures, leaving free cash flow of CN¥4.5 billion, 36.0% of revenue. It returned CN¥1.8 billion to shareholders through dividends (CN¥1.4 billion) and net share buybacks (CN¥406.9 million). Cash and equivalents rose by CN¥215.5 million over the year.
Related: YMM income statement, YMM balance sheet, YMM dividend history. See the YMM stock overview for the latest quote and news.
YMM cash flow FAQ
What is Full Truck Alliance's free cash flow?
Full Truck Alliance's free cash flow was CN¥4.5 billion in fiscal 2025: CN¥4.6 billion of operating cash flow minus CN¥129.7 million of capital expenditures It was CN¥2.9 billion a year earlier..
How much cash does Full Truck Alliance generate from operations?
Full Truck Alliance generated CN¥4.6 billion of cash from operating activities in fiscal 2025, 1.04 times its net income of CN¥4.5 billion.
How much does Full Truck Alliance spend on capital expenditures?
Full Truck Alliance spent CN¥129.7 million on capital expenditures in fiscal 2025, 1.0% of revenue, compared with CN¥75.0 million the year before.
How much stock does Full Truck Alliance buy back?
Full Truck Alliance spent CN¥406.9 million on net share repurchases in fiscal 2025.
How much does Full Truck Alliance pay in dividends?
Full Truck Alliance paid CN¥1.4 billion in dividends in fiscal 2025, 31.7% of free cash flow.