Full Truck Alliance’s transaction-service business continued to take a larger share of its revenue mix during the second quarter of 2026, growing substantially faster than the digital freight platform’s overall top line.
Transaction-service revenue increased 33.1% to RMB1.77 billion, or approximately $260.3 million, from RMB1.33 billion a year earlier.
That business accounted for 52.2% of Full Truck Alliance’s total quarterly revenue, making transaction services the company’s largest revenue stream.
By comparison, companywide revenue increased only 4.4% to RMB3.38 billion, or $498.4 million.
The divergence reflects a continuing shift within Full Truck Alliance’s freight-matching business.
Freight brokerage revenue fell to RMB995.4 million, or $146.7 million, from RMB1.18 billion a year earlier as transaction volume declined. Higher service-fee rates provided a partial offset.
Freight listing revenue increased 3.3% to RMB250.8 million, or $37 million, supported by growth in paying members.
Transaction-service growth more than offset those pressures. Full Truck Alliance attributed the 33.1% increase to higher order volume, greater penetration of transaction services and higher transaction-service fees per order.
Operational activity also increased considerably faster than overall revenue.
Fulfilled orders rose 12.7% to 68.5 million from 60.8 million, while average shipper monthly active users increased 12.8% to 3.57 million.
Management said higher order density and increased trucker capacity pushed the platform’s fulfillment rate to a record while shortening matching times.
Full Truck Alliance’s newer initiatives are also expanding. Its Qmove operation increased order volume and fulfillment rates in overseas markets, while its less-than-truckload offering reached nationwide coverage through dedicated-line carrier partnerships. The company has also expanded autonomous-delivery vehicle pilots to multiple cities.
Net income increased 6.3% to RMB1.35 billion, or $198.2 million, while adjusted net income increased 6% to $211.3 million.
KEY QUOTES:
“Higher order density and growing trucker capacity drove the fulfillment rate to a record high while further shortening matching time.”
Peter Hui Zhang, Founder, Chairman and CEO of Full Truck Alliance
