Full Truck Alliance (YMM) Research & Development (2020 - 2026)
Full Truck Alliance (YMM) reported Research & Development of -$37.0 million for Q1 2026, down 38.92% on a YoY basis from -$60.6 million in Q1 2025, and little changed sequentially from -$36.9 million in Q4 2025.
Full Truck Alliance (YMM) Research & Development (2020 - 2026) Analysis & Trends
Full Truck Alliance (YMM) has 7 years of Research & Development data on file, last reported at -$37.0 million in Q1 2026.
- For the quarter ending Q1 2026, Research & Development fell 38.92% year-over-year to -$37.0 million; the trailing twelve-month figure through Mar 2026 stood at -$133.2 million (down 16.32% YoY), and the FY2025 full-year result was $249.9 million, up 107.3% from the prior year.
- Research & Development held at -$37.0 million in Q1 2026, from -$36.9 million in the prior quarter.
- In the past five years, Research & Development ranged from a high of -$26.5 million in Q2 2025 to a low of -$37.0 million in Q1 2026.
- A 5-year average of -$32.4 million and a median of -$32.6 million in 2023 frame the typical range for Research & Development.
- Across the five-year window, Research & Development plunged 63.66% in 2022 and gained 22.33% in 2025, its largest moves.
- Tracing YMM's Research & Development over 5 years: stood at -$36.3 million in 2022, then climbed by 0.86% to -$36.0 million in 2023, then grew by 21.9% to -$28.1 million in 2024, then tumbled by 31.45% to -$36.9 million in 2025, then slipped by 0.25% to -$37.0 million in 2026.
- Business Quant data shows YMM's Research & Development at -$37.0 million in Q1 2026, -$36.9 million in Q4 2025, and -$32.8 million in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Sap Se | 208.91 Bn | 189.27 Bn | 8.16 Bn | -1.99 Bn |
| 2 | Full Truck Alliance | 188.77 Bn | 186.13 Bn | - | -37.02 Mn |
| 3 | Shopify | 145.98 Bn | 140.23 Bn | 1.55 Bn | 496.00 Mn |
| 4 | Uber Technologies | 141.48 Bn | 140.44 Bn | 5.95 Bn | 1.33 Bn |
| 5 | Salesforce | 128.51 Bn | 116.67 Bn | 8.56 Bn | 3.77 Bn |
| 6 | ServiceNow | 98.38 Bn | 93.20 Bn | 2.82 Bn | 1.37 Bn |
| 7 | Automatic Data Processing | 97.56 Bn | 94.34 Bn | 2.87 Bn | 253.90 Mn |
| 8 | Snowflake | 91.55 Bn | 88.59 Bn | 926.45 Mn | 588.95 Mn |
| 9 | Cadence Design Systems | 89.91 Bn | 88.50 Bn | 1.41 Bn | 508.44 Mn |
| 10 | Datadog | 86.34 Bn | 81.58 Bn | 797.20 Mn | 435.30 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | -37.02 Mn |
| 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 |