Full Truck Alliance Co. Ltd. cash flow statement

In fiscal 2025, Full Truck Alliance Co. Ltd.'s operations generated $644m of cash; it spent $18.0m on capital projects, leaving free cash flow of $626m. It returned $198m in dividends and $4.9m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Full Truck Alliance Co. Ltd.: cash flow statement, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	−134	83	−33	−2	321	413	644
Depreciation and amortisation	10	9	10	13	11	11	14
Stock-based pay	66	472	563	137	62	69	39
Capital spending	2	8	7	13	14	10	18
Free cash flow	−135	76	−39	−15	307	402	626
Free cash flow after stock pay	−201	−396	−602	−152	244	333	587
Dividends paid	—	—	—	0	0	148	198
Share buybacks	—	—	0	0	25	0	5

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Full Truck Alliance Co. Ltd.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Full Truck Alliance Co. Ltd.