Earnings collapse 85.9% year-over-year. Full Truck Alliance Co. Ltd (NYSE: YMM) reported adjusted EPS of $0.14 for Q4 2025, down sharply from $0.99 in the year-ago quarter. The company posted net income of $142.2 million on revenue of $456.5 million. No consensus estimates were available for comparison. The dramatic earnings decline marks a stark reversal from the prior three quarters, which delivered consistent profitability with EPS ranging from $0.93 to $1.32.
Revenue plunges 85.6% from year-ago. Q4 2025 revenue of $456.5 million fell from $3.17 billion in Q4 2024, a decline of 85.6%. The sequential comparison shows revenue flat at $456.5 million versus Q3 2025’s $456.5 million. The magnitude of the year-over-year revenue contraction—from $3.2 billion to $456 million—suggests a fundamental business model shift, potential divestiture, or accounting restatement rather than organic decline. Operating income of $147 million against cost of revenue of $1.39 billion indicates the company maintained positive operating leverage despite the revenue collapse.
Stock trades near 52-week low. Shares closed at $9.27, just 6% above the 52-week low of $8.71 and 34% below the 52-week high of $14.07. Trading volume reached 10.1 million shares. The company held its earnings call at 8:00 AM ET today, where management commentary on the revenue decline will be critical for investor confidence.
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