Inline quarter amid sharp year-over-year decline. Full Truck Alliance reported Q4 2025 adjusted EPS of $0.14, matching the prior quarter’s $0.14 but down 85.9% from $0.99 a year ago. Revenue of $456.5 million collapsed 85.6% year-over-year from $3.17 billion in Q4 2024, marking a dramatic contraction for the Chinese freight platform. Net income totaled $142.2 million on operating income of $147 million, though cost of revenue reached $1.39 billion. Shares traded flat at $9.27 on volume of 10.1 million, near the 52-week low of $8.71.
Trajectory shows sustained deterioration. The Q4 result caps a year of declining performance across both earnings and revenue. EPS peaked at $1.32 in Q1 2025, then fell to $1.27 in Q2, $0.93 in Q3, and $0.14 in Q4 — an 89% sequential decline from the year’s high. Revenue followed a similar pattern, dropping from $3.36 billion in Q3 2025 to $456.5 million in Q4, an 86% quarter-over-quarter contraction. The company delivered beats in Q1 and Q2 2025, missed in Q3, and came in inline for Q4. The magnitude of the year-over-year declines — revenue down $2.72 billion and EPS down $0.85 — signals fundamental business disruption rather than seasonal variation.
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