Full Truck Alliance (YMM) Research & Development (2020 - 2026)
Full Truck Alliance (YMM) posted Research & Development of -$37.0 million for Q1 2026, little changed sequentially from -$36.9 million in Q4 2025, and down 38.92% YoY from -$60.6 million in Q1 2025.
Full Truck Alliance (YMM) Research & Development (2020 - 2026) Analysis & Trends
Full Truck Alliance has reported Research & Development for 7 years, with the latest figure at -$37.0 million in Q1 2026.
- Quarterly Research & Development fell 38.92% year-over-year to -$37.0 million in Q1 2026, while the trailing twelve-month figure through Mar 2026 was -$133.2 million (down 16.32% YoY) and the FY2025 annual result came in at $249.9 million, up 107.3% from the prior year.
- Research & Development held at -$37.0 million in Q1 2026 per YMM's latest filing, from -$36.9 million in the prior quarter.
- Over five years, Research & Development peaked at -$26.5 million in Q2 2025 and troughed at -$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.
- The sharpest annual moves came in 2022 and 2025: Research & Development slumped 63.66% in 2022, then climbed 22.33% in 2025.
- Over 5 years, Research & Development stood at -$36.3 million in 2022, then rose by 0.86% to -$36.0 million in 2023, then gained by 21.9% to -$28.1 million in 2024, then slumped by 31.45% to -$36.9 million in 2025, then fell by 0.25% to -$37.0 million in 2026.
- According to Business Quant data, Research & Development over the past three periods registered -$37.0 million, -$36.9 million, and -$32.8 million for Q1 2026, Q4 2025, and Q3 2025 respectively.
Powered by 
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Sap Se | 255.48 Bn | 234.41 Bn | 16.51 Bn | -4.12 Bn |
| 2 | Shopify | 198.95 Bn | 194.00 Bn | 1.71 Bn | 498.00 Mn |
| 3 | Salesforce | 160.70 Bn | 148.86 Bn | 8.56 Bn | 3.77 Bn |
| 4 | Uber Technologies | 154.94 Bn | 149.73 Bn | 6.38 Bn | 1.52 Bn |
| 5 | ServiceNow | 128.25 Bn | 123.58 Bn | 2.82 Bn | 1.37 Bn |
| 6 | Snowflake | 114.00 Bn | 111.05 Bn | 926.45 Mn | 588.95 Mn |
| 7 | Automatic Data Processing | 108.58 Bn | 104.35 Bn | 2.51 Bn | 265.90 Mn |
| 8 | Adobe | 105.34 Bn | 99.72 Bn | 5.90 Bn | 1.88 Bn |
| 9 | Intuit | 94.55 Bn | 87.77 Bn | 7.24 Bn | 1.79 Bn |
| 10 | Full Truck Alliance | 9.16 Bn | 6.51 Bn | - | -37.02 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 |