Full Truck Alliance (YMM) Research & Development (2020 - 2025)
Full Truck Alliance recorded quarterly Research & Development of -$36.9 million in Q4 2025, down 12.69% quarter-over-quarter from -$32.8 million in Q3 2025, and down 31.45% year-over-year from -$53.9 million in Q4 2024.
Full Truck Alliance's Research & Development history runs 6 years deep, the most recent figure standing at -$36.9 million for Q4 2025.
- In Q4 2025, Research & Development fell 31.45% year-over-year to -$36.9 million; the TTM figure through Dec 2025 stood at -$122.8 million (down 0.54% YoY), while the FY2025 annual figure was $125.0 million, up 3.72% from the prior year.
- Research & Development came in at -$36.9 million for Q4 2025 at Full Truck Alliance, down from -$32.8 million in the prior quarter.
- In the past five years, Research & Development ranged from a high of -$21.3 million in Q1 2021 to a low of -$36.9 million in Q4 2025.
- A 5-year average of -$31.3 million and a median of -$32.1 million in 2022 frame the typical range for Research & Development.
- Across the five-year window, Research & Development tumbled 104.22% in 2021 and advanced 22.33% in 2025, its largest moves.
- Full Truck Alliance's Research & Development stood at -$36.7 million in 2021, then advanced by 1.06% to -$36.3 million in 2022, then increased by 0.86% to -$36.0 million in 2023, then rose by 21.9% to -$28.1 million in 2024, then sank by 31.45% to -$36.9 million in 2025.
- According to Business Quant data, Research & Development over the past three periods registered -$36.9 million, -$32.8 million, and -$26.5 million for Q4 2025, Q3 2025, and Q2 2025 respectively.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Sap Se | 253.17 Bn | 235.20 Bn | 8.16 Bn | -1.99 Bn |
| 2 | Salesforce | 171.07 Bn | 161.50 Bn | 8.69 Bn | 1.62 Bn |
| 3 | Uber Technologies | 147.39 Bn | 146.35 Bn | 11.88 Bn | 951.00 Mn |
| 4 | Shopify | 134.25 Bn | 128.50 Bn | 1.55 Bn | 437.00 Mn |
| 5 | ServiceNow | 105.72 Bn | 100.54 Bn | 2.83 Bn | 823.00 Mn |
| 6 | Cadence Design Systems | 101.64 Bn | 100.23 Bn | 1.26 Bn | 508.44 Mn |
| 7 | Adobe | 100.35 Bn | 93.46 Bn | 5.73 Bn | 1.11 Bn |
| 8 | Automatic Data Processing | 90.91 Bn | 87.68 Bn | 2.87 Bn | 253.90 Mn |
| 9 | Intuit | 88.30 Bn | 81.52 Bn | 6.77 Bn | 840.00 Mn |
| 10 | Full Truck Alliance | 24.56 Bn | 23.81 Bn | - | -36.92 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | -36.92 Mn |
| Sep 30, 2025 | -32.76 Mn |
| Jun 30, 2025 | -26.47 Mn |
| Mar 31, 2025 | -26.65 Mn |
| Dec 31, 2024 | -28.09 Mn |
| Sep 30, 2024 | -27.81 Mn |
| Jun 30, 2024 | -31.94 Mn |
| Mar 31, 2024 | -34.31 Mn |
| Dec 31, 2023 | -35.96 Mn |
| Sep 30, 2023 | -32.58 Mn |
| Jun 30, 2023 | -30.85 Mn |
| Mar 31, 2023 | -33.47 Mn |
| Dec 31, 2022 | -36.28 Mn |
| Sep 30, 2022 | -31.86 Mn |
| Jun 30, 2022 | -32.30 Mn |
| Mar 31, 2022 | -34.86 Mn |
| Dec 31, 2021 | -36.66 Mn |
| Sep 30, 2021 | -31.49 Mn |
| Jun 30, 2021 | -24.02 Mn |
| Mar 31, 2021 | -21.30 Mn |
| Dec 31, 2020 | -17.95 Mn |
| Sep 30, 2020 | -16.73 Mn |
| Jun 30, 2020 | -12.40 Mn |