Full Truck Alliance Co. Ltd. (NYSE: YMM) has approved a long‑term shareholder return plan that will return $400 million to investors in fiscal year 2026. The plan requires the company to distribute at least 50 % of its FY 2025 non‑GAAP adjusted net income—$550.8 million—through dividends and/or share repurchases each year. At least $300 million of the total return will be paid as quarterly dividends, with the remaining $100 million financed through open‑market share buybacks.
FY 2025 non‑GAAP adjusted net income of $550.8 million means the 50 % commitment equals $275.4 million. By targeting $400 million in FY 2026, the company is returning more than the minimum threshold, underscoring its confidence in cash‑flow generation and the strength of its earnings base.
The plan builds on a history of capital returns. In 2023 the board declared a $150 million dividend, and in 2025 it approved a $200 million dividend and extended the share‑repurchase program to $300 million through March 2025. A further extension in March 2025 added $200 million of repurchase authority through March 2026. The FY 2026 plan continues this trajectory, providing a predictable and sizable return to shareholders.
Management cited robust cash‑flow generation and a commitment to delivering long‑term value as the rationale for the plan. The company’s focus on AI‑driven logistics solutions has driven higher margins and positioned it as a leader in China’s competitive digital freight platform market, giving it the financial flexibility to support this capital‑return policy.
The long‑term nature of the plan signals stability and confidence in future earnings. By committing to a substantial return each year, Full Truck Alliance reinforces its balance‑sheet strength, offers investors a clear return path, and maintains flexibility to adjust the mix of dividends and buybacks as market conditions evolve.
Overall, the $400 million shareholder return plan reflects Full Truck Alliance’s solid financial footing, its strategic emphasis on technology‑enabled logistics, and its intent to reward shareholders while preserving capital for growth.
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