Full Truck Alliance (YMM) Operating Expenses (2020 - 2026)
Full Truck Alliance (YMM) posted Operating Expenses of -$269.4 million for Q1 2026, up 13.1% sequentially from -$310.0 million in Q4 2025, and down 27.15% YoY from -$369.8 million in Q1 2025.
Full Truck Alliance (YMM) Operating Expenses (2020 - 2026) Analysis & Trends
Full Truck Alliance has reported Operating Expenses for 7 years, with the latest figure at -$269.4 million in Q1 2026.
- Quarterly Operating Expenses fell 27.15% year-over-year to -$269.4 million in Q1 2026, while the trailing twelve-month figure through Mar 2026 was -$1.2 billion (down 6.55% YoY) and the FY2025 annual result came in at $1.2 billion, changed 0.27% from the prior year.
- Operating Expenses grew to -$269.4 million in Q1 2026 per YMM's latest filing, from -$310.0 million in the prior quarter.
- Over five years, Operating Expenses peaked at -$211.9 million in Q1 2025 and troughed at -$362.9 million in Q3 2025.
- A 5-year average of -$279.1 million and a median of -$277.4 million in 2023 frame the typical range for Operating Expenses.
- The widest YoY moves for Operating Expenses: up 47.52% in 2022, down 53.17% in 2022.
- Over 5 years, Operating Expenses stood at -$282.0 million in 2022, then slipped by 7.99% to -$304.5 million in 2023, then slipped by 5.48% to -$321.2 million in 2024, then rose by 3.49% to -$310.0 million in 2025, then advanced by 13.1% to -$269.4 million in 2026.
- According to Business Quant data, Operating Expenses over the past three periods registered -$269.4 million, -$310.0 million, and -$362.9 million for Q1 2026, Q4 2025, and Q3 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Sap Se | 255.48 Bn | 234.41 Bn | 16.51 Bn | -16.33 Bn |
| 2 | Shopify | 198.95 Bn | 194.00 Bn | 1.71 Bn | 1.22 Bn |
| 3 | Salesforce | 160.70 Bn | 148.86 Bn | 8.56 Bn | 6.22 Bn |
| 4 | Uber Technologies | 154.94 Bn | 149.73 Bn | 6.38 Bn | 12.30 Bn |
| 5 | ServiceNow | 128.25 Bn | 123.58 Bn | 2.82 Bn | 2.66 Bn |
| 6 | Snowflake | 114.00 Bn | 111.05 Bn | 926.45 Mn | 1.25 Bn |
| 7 | Automatic Data Processing | 108.58 Bn | 104.35 Bn | 2.51 Bn | 4.34 Bn |
| 8 | Adobe | 105.34 Bn | 99.72 Bn | 5.90 Bn | 3.67 Bn |
| 9 | Intuit | 94.55 Bn | 87.77 Bn | 7.24 Bn | 4.54 Bn |
| 10 | Full Truck Alliance | 9.16 Bn | 6.51 Bn | - | -269.42 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | -269.42 Mn |
| Dec 31, 2025 | -310.02 Mn |
| Sep 30, 2025 | -362.87 Mn |
| Jun 30, 2025 | -294.16 Mn |
| Mar 31, 2025 | -211.89 Mn |
| Dec 31, 2024 | -321.23 Mn |
| Sep 30, 2024 | -323.71 Mn |
| Jun 30, 2024 | -303.66 Mn |
| Mar 31, 2024 | -272.09 Mn |
| Dec 31, 2023 | -304.55 Mn |
| Sep 30, 2023 | -277.41 Mn |
| Jun 30, 2023 | -239.07 Mn |
| Mar 31, 2023 | -226.76 Mn |
| Dec 31, 2022 | -282.03 Mn |
| Sep 30, 2022 | -234.67 Mn |
| Jun 30, 2022 | -257.29 Mn |
| Mar 31, 2022 | -253.23 Mn |
| Dec 31, 2021 | -438.11 Mn |
| Sep 30, 2021 | -224.51 Mn |
| Jun 30, 2021 | -490.29 Mn |