Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) is a leading global travel service provider that operates a one-stop travel platform offering a wide range of travel products and services. The company connects users with ecosystem partners across sectors such as accommodation, transportation, and tours, leveraging advanced AI capabilities and over two decades of travel insights. Through its portfolio of brands, including Ctrip, Qunar, Trip.com, and Skyscanner, the company caters to both leisure and business travelers worldwide.
- Transportation Ticketing - Facilitates ticket reservations for flights, trains, and other transportation services, earning commissions on ticketing reservations.
- Accommodation Reservation - Provides a platform for booking hotels and other accommodations globally.
- Packaged Tours - Offers packaged-tour products and services, earning referral fees from travel product providers.
- Corporate Travel Management - Includes air ticket booking, hotel reservations, and packaged-tour services tailored for corporate clients.
- Other Businesses - Includes online advertising services and financial services, such as platform service fees from third-party financial institutions and interest income from user receivables.
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Trip.com was previously active in M&A but now focuses on organic growth; can you elaborate on the reasons behind this strategic shift and how you plan to drive growth without acquisitions?
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With increased competition in the Asian markets, what specific challenges do you face in differentiating Trip.com's one-stop travel services from local and global peers, and how are you addressing them?
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Inbound travel to China now contributes over 25% to Trip.com's business; what strategies are you implementing to sustain this growth, and how do you plan to overcome challenges like visa, payment, and internet access for foreign visitors?
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Despite strong travel demand, domestic hotel ADRs and average airfares have decreased year-over-year; how is this pricing pressure impacting your margins, and what measures are you taking to mitigate this?
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As you invest in AI to enhance user experience and with marketing expenses expected to increase, how do you plan to balance these investments with maintaining strong profit margins in the upcoming quarters?
Research analysts who have asked questions during Trip.com Group earnings calls.
Alex Yao
JPMorgan Chase & Co.
5 questions for TCOM
Brian Gong
Citigroup Inc.
5 questions for TCOM
Jiong Shao
Barclays
5 questions for TCOM
Joyce Ju
Analyst
5 questions for TCOM
Simon Cheung
Goldman Sachs Group, Inc.
5 questions for TCOM
Thomas Chong
Jefferies Financial Group Inc.
4 questions for TCOM
Parash Jain
HSBC
3 questions for TCOM
Wei Xiong
UBS
3 questions for TCOM
Yang Liu
Morgan Stanley
3 questions for TCOM
Alex Poon
Morgan Stanley
2 questions for TCOM
Ellie Jiang
Macquarie
2 questions for TCOM
James Lee
Mizuho Securities
2 questions for TCOM
John Choi
Daiwa Capital Markets
2 questions for TCOM
Wei Fang
Mizuho Financial Group
2 questions for TCOM
Keating Wang
China International Capital Corporation
1 question for TCOM
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Trip.com Group Limited (Multiple companies) | 2024 | No material acquisition took place as the acquisitions during the three‐month period ended March 31, 2024, had a total consideration of nil and did not result in goodwill or intangible assets; consequently, no pro forma operational results were provided. |
Recent press releases and 8-K filings for TCOM.
- Trip.com Group Limited reported net revenue of RMB14.8 billion (US$2.1 billion) for the second quarter of 2025, representing a 16% increase from the same period in 2024.
- Net income attributable to Trip.com Group's shareholders for Q2 2025 was RMB4.8 billion (US$676 million), compared to RMB3.8 billion for the same period in 2024.
- International businesses sustained strong growth in Q2 2025, with overall reservations on the Company’s international OTA platform increasing by over 60% year-over-year and inbound travel bookings surging by over 100% year-over-year.
- The Board authorized a new share repurchase program of up to US$5 billion in August 2025.
- Trip.com Group has entered a share repurchase agreement to sell a portion of its Class B ordinary shares in MakeMyTrip for cancellation, while remaining the largest minority shareholder and continuing to support MakeMyTrip’s growth.
- MakeMyTrip will fund the repurchase through an offering of convertible senior notes and a concurrent underwritten public offering of ordinary shares, with Trip.com Group agreeing to a 180-day lock-up.
- The consideration for Trip.com Group’s share sale is expected to be between US$2.5 billion and US$3.0 billion, contingent on the closing of MakeMyTrip’s offerings.
- Trip.com Group entered into a share repurchase agreement with MakeMyTrip to sell a portion of its Class B ordinary shares for cancellation as part of efforts to optimize its investment portfolio and enhance shareholder returns.
- Following completion, Trip.com will remain the largest minority shareholder of MakeMyTrip and continue to support its growth.
- MakeMyTrip will fund the repurchase through an offering of convertible senior notes under Rule 144A and a concurrent underwritten public offering of ordinary shares.
- Trip.com has agreed to a 180-day lock-up period on its remaining shares, subject to customary exceptions.
- Trip.com Group Limited announced a Repurchase Right Notification for its 1.50% Exchangeable Senior Notes due 2027, allowing holders to trigger a cash repurchase on July 1, 2025 at a price equal to 100% of the principal plus accrued interest (documents , ).
- The exercise window for the repurchase right is from May 28, 2025 to June 27, 2025, with an outstanding aggregate principal amount of US$500 million (documents , ).
- Trip.com Group Reports Q1 2025 Financial Results: Unaudited net revenue of RMB13.8 billion (US$1.9 billion), up 16% YoY and 9% sequentially .
- Adjusted EBITDA grew to RMB4.2 billion with Q1 net income reaching RMB4.3 billion; EPS was USD 0.84 and diluted EPS RMB6.09 .
- Inbound travel bookings surged nearly 100% YoY, fueled by robust demand, favorable visa-free policies, and extended in-transit periods .
- Key segments delivered strong performance with accommodation revenues up 23% YoY and transportation ticketing revenues increasing by 8% YoY .
- International business segments also grew, with OTA reservations rising over 60% YoY and outbound hotel/air ticket bookings exceeding 120% of pre-COVID levels .
- Ongoing share repurchase efforts saw the buyback of 1.6 million ADSs for approximately US$84–88 million, reinforcing the company’s commitment to shareholder returns .
- Trip.com will hold its audit committee meeting on May 16, 2025 (HK time) to approve the Q1 2025 financial results, with the results set to be announced on May 20, 2025.
- Following the announcement, the management team will host a conference call on May 19, 2025 at 8:00 PM U.S. Eastern Time (May 20, 2025 in Hong Kong) to discuss the Q1 2025 outcomes.