Full Truck Alliance’s ADSs are higher today as the market re-prices the stock around its shareholder-return narrative—an FY2026 plan targeting about $400 million returned through a mix of quarterly cash dividends and open-market share repurchases. The company’s March disclosures also showed repurchases already underway in 2026, reinforcing near-term demand from corporate buying and supporting sentiment toward capital returns.

In its March 12, 2026 update, Full Truck Alliance reported FY2025 net revenues of RMB12.49 billion (up 11.1% year over year) and net income of RMB4.46 billion (up 42.8%). It also guided Q1 2026 net revenues to RMB2.70–2.80 billion, implying continued growth, while highlighting strong liquidity and free cash flow generation that underpins the capital return plan.

The FY2026 return framework calls for roughly $400 million to be returned, including a minimum threshold through quarterly dividends and the remainder through buybacks. The company disclosed it had already repurchased ADSs in early 2026 (with purchases completed by March 11, 2026), which can tighten float and amplify moves when risk appetite improves.

Traders will watch for the cadence of quarterly dividend declarations, the pace of buybacks, and any updates to full-year 2026 operating trends as China freight demand and platform activity evolve. Any acceleration in repurchase activity or stronger-than-expected quarterly trends would likely reinforce the “returns + resilience” thesis that is lifting the stock today.