Trip.com Group (TCOM) Company Report

Analyst Coverage

Research analysts who have asked questions during Trip.com Group earnings calls.

Alex Yao

JPMorgan Chase & Co.

9 questions for TCOM

Also covers: BABA, BIDU, TME +1 more

Brian Gong

Citigroup Inc.

9 questions for TCOM

Also covers: ATHM, DAO, KC +1 more

Joyce Ju

Analyst

9 questions for TCOM

Also covers: BABA, JD, PDD +1 more

Thomas Chong

Jefferies Financial Group Inc.

8 questions for TCOM

Also covers: ATHM, BABA, BEKE +22 more

Simon Cheung

Goldman Sachs Group, Inc.

7 questions for TCOM

Also covers: ATAT, HTHT, MLCO

Wei Xiong

UBS

7 questions for TCOM

Also covers: BIDU, BZ, DADA +2 more

Yang Liu

Morgan Stanley

7 questions for TCOM

Also covers: BILI, GDS, NTES +3 more

Jiong Shao

Barclays

5 questions for TCOM

Also covers: BABA, CPNG, GRAB +1 more

Parash Jain

HSBC

5 questions for TCOM

Also covers: AMKBY

Ellie Jiang

Macquarie

4 questions for TCOM

Also covers: BABA, BIDU, TME

John Choi

Daiwa Capital Markets

4 questions for TCOM

Also covers: SE

Wei Fang

Mizuho Financial Group

4 questions for TCOM

Also covers: AMCN, ANTE, BILI +4 more

Alex Poon

Morgan Stanley

2 questions for TCOM

James Lee

Mizuho Securities

2 questions for TCOM

Also covers: ABNB, BABA, BIDU +5 more

Parish Chen

HSBC

2 questions for TCOM

Qiuting Wang

CICC

2 questions for TCOM

Simon Jang

Goldman Sachs

2 questions for TCOM

Keating Wang

China International Capital Corporation

1 question for TCOM

Latest news

Recent press releases and 8-K filings for TCOM.

Trip.com Group Reports Q4 and Full Year 2025 Financial Results, Announces Board Changes and Regulatory Investigation

TCOM

Earnings

Board Change

Legal Proceedings

Trip.com Group reported net revenue of RMB15.4 billion (US$2.2 billion) for Q4 2025, a 21% increase year-over-year, and RMB62.4 billion (US$8.9 billion) for the full year 2025, a 17% increase from 2024.
Non-GAAP diluted earnings per ADS for Q4 2025 was RMB4.97 (US$0.71), and RMB45.59 (US$6.52) for the full year 2025.
As of December 31, 2025, the company held RMB105.8 billion (US$15.1 billion) in cash and cash equivalents, restricted cash, short-term investment, and held to maturity time deposit and financial products.
International business bookings on the company's OTA platform increased by approximately 60% year-over-year in 2025.
The company announced board composition changes effective February 25, 2026, including two resignations and two new independent director appointments. Additionally, in January 2026, Trip.com Group received notice of an ongoing investigation from the State Administration for Market Regulation (SAMR) under the PRC Anti-monopoly Law.

2 days ago

6-K

Trip.com Group Reports Strong Q4 and Full-Year 2025 Results, Emphasizing International Growth and AI Strategy

TCOM

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Trip.com Group reported net revenue of RMB 15.4 billion for Q4 2025, a 21% increase year-over-year, and RMB 62.4 billion for the full year 2025, a 17% increase year-over-year. Full-year 2025 adjusted EBITDA was RMB 18.9 billion, representing 11% growth year-over-year, with diluted earnings per ordinary share of RMB 47.67.
The company's international OTA platform achieved approximately 60% year-over-year growth in gross bookings in 2025, with international business contributing about 40% of total revenue and bookings. Inbound travel to China is a core pillar, serving approximately 20 million inbound travelers in 2025.
Trip.com Group invested over RMB 1 billion in driving growth for the inbound travel sector in 2025 and approximately RMB 2.9 billion to enhance the overall travel experience for users. The company is actively embracing AI to enhance its platform, leveraging proprietary data, a strong supply chain, and end-to-end service.
In January, the company received notice of a regulatory investigation from the State Administration for Market Regulation, with which it is cooperating fully. Additionally, Trip.com Group fully utilized its authorized share repurchase quota under the 2025 repurchase plan.

2 days ago

Transcript

Trip.com Group Reports Strong Q4 and Full Year 2025 Financial Results

TCOM

Earnings

New Projects/Investments

Legal Proceedings

Trip.com Group reported net revenue of RMB 15.4 billion for Q4 2025, a 21% increase year-over-year, and RMB 62.4 billion for the full year 2025, up 17% year-over-year. For the full year 2025, income from operations was RMB 15.8 billion, an 11% increase year-over-year, and adjusted EBITDA reached RMB 18.9 billion, also up 11% year-over-year.
The company's core OTA business achieved RMB 1.1 trillion in gross bookings for FY 2025. International business contributed 40% of total revenue and bookings in 2025, with international OTA platform gross bookings increasing by approximately 60% year-over-year.
Trip.com Group served approximately 20 million inbound travelers in 2025, investing over RMB 1 billion in the inbound travel sector. The company is also scaling investment in proprietary, travel-focused AI and vertical large models as a core pillar of its long-term technology strategy.
In January, the company received a notice from the State Administration for Market Regulation (SAMR) regarding the initiation of a regulatory investigation, and Trip.com Group is fully cooperating with the relevant authorities.
The company fully utilized its authorized share repurchase quota under the 2025 repurchase plan and completed additional repurchases in Q4 2025, remaining committed to its capital return program.

2 days ago

Transcript

Trip.com Group Reports Strong Q4 and Full Year 2025 Results, Addresses Regulatory Investigation

TCOM

Earnings

New Projects/Investments

Legal Proceedings

Trip.com Group reported net revenue of RMB 15.4 billion for Q4 2025, a 21% increase year-over-year, and RMB 62.4 billion for the full year 2025, a 17% increase year-over-year. Full-year adjusted EBITDA was RMB 18.9 billion, representing an 11% growth year-over-year.
For the full year 2025, the core OTA business achieved gross bookings of approximately RMB 1.1 trillion, with the international OTA platform's gross bookings increasing by approximately 60% year-over-year.
The company's investment priorities are focused on inbound tourism, social responsibility initiatives, and AI innovation, having served approximately 20 million inbound travelers in 2025 and invested over RMB 1 billion in the inbound travel sector.
Trip.com Group is actively cooperating with a regulatory investigation initiated by the State Administration for Market Regulation and has fully utilized its authorized share repurchase quota under the 2025 plan, completing additional repurchases in Q4 2025.

2 days ago

Transcript

Trip.com Group Announces Q4 and Full Year 2025 Results, Board Changes, and Regulatory Probe

TCOM

Earnings

Board Change

Legal Proceedings

Trip.com Group reported net revenue of RMB15.4 billion (US$2.2 billion) for the fourth quarter of 2025, a 21% increase from the same period in 2024, and RMB62.4 billion (US$8.9 billion) for the full year 2025, a 17% increase from 2024.
Net income attributable to shareholders was RMB4.3 billion (US$614 million) for Q4 2025 and RMB33.3 billion (US$4.8 billion) for the full year 2025, with diluted earnings per ADS of RMB6.11 (US$0.87) for Q4 2025 and RMB47.67 (US$6.82) for the full year 2025.
The company's international business delivered solid growth in 2025, with overall bookings on its international OTA platform increasing by around 60% year-over-year.
Trip.com Group announced board composition changes, including the resignations of co-founders Mr. Min Fan and Mr. Qi Ji, and the appointments of Ms. May Yihong Wu and Ms. Iris Yang Xiao as new independent directors, effective February 25, 2026.
The company disclosed an ongoing investigation from the State Administration for Market Regulation (SAMR) pursuant to the PRC Anti-monopoly Law, which commenced in January 2026.

2 days ago

Press Release

Trip.com Group receives anti-monopoly investigation notice

TCOM

Legal Proceedings

Trip.com Group Limited announced it received a notice of investigation from the State Administration for Market Regulations of the People's Republic of China (SAMR).
The investigation was commenced pursuant to the Anti-Monopoly Law of the People's Republic of China.
The company stated it will actively cooperate with the investigation and that its business operations remain normal.

Jan 15, 2026, 11:02 AM

6-K

Trip.com Group Limited Reports Q3 2025 Financial Results

TCOM

Earnings

Revenue Acceleration/Inflection

Trip.com Group Limited reported net revenue of RMB18.3 billion (US$2.6 billion) for the third quarter of 2025, representing a 16% increase from the same period in 2024 and a 24% increase from the previous quarter.
Net income for Q3 2025 was RMB19.9 billion (US$2.8 billion), significantly higher than RMB6.8 billion in Q3 2024, primarily driven by the partial disposal of certain investment.
Adjusted EBITDA for the quarter reached RMB6.3 billion (US$892 million), and diluted earnings per ordinary share and per ADS were RMB28.61 (US$4.02).
The company's international businesses demonstrated robust performance, with overall bookings on its international OTA platform increasing by approximately 60% year-over-year and inbound travel bookings surging by over 100% year-over-year.

Nov 18, 2025, 11:04 AM

6-K

Trip.com Group Reports Strong Q3 2025 Financial Results and Operational Growth

TCOM

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Trip.com Group reported net revenue of RMB 18.3 billion for Q3 2025, marking a 16% increase year-over-year and a 24% increase quarter-over-quarter.
Accommodation reservation revenue reached RMB 8.0 billion, up 18% year-over-year, while transportation ticketing revenue was RMB 6.3 billion, a 12% increase year-over-year.
The company's adjusted EBITDA for Q3 2025 was RMB 6.3 billion, and non-GAAP diluted earnings per ordinary share and per ADS were RMB 27.56 or $3.87.
Key growth drivers included strong demand in domestic travel and a steady rise in outbound journeys, with outbound hotel and air bookings growing by close to 20% year-over-year and international bookings on the platform increasing by around 60% year-over-year. Inbound travel bookings on the platform grew by over 100%.
Trip.com Group continues to leverage AI innovation (e.g., Trip Planner, Trip Genie) and is focused on international expansion, particularly in the Asia-Pacific region, and inbound travel initiatives.

Nov 18, 2025, 12:00 AM

Transcript

Trip.com Group Reports Strong Q3 2025 Financial Results

TCOM

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Trip.com Group reported net revenue of RMB 18.3 billion for Q3 2025, marking a 16% increase year-over-year and 24% quarter-over-quarter.
Accommodation reservation revenue grew 18% year-over-year to RMB 8.0 billion, and transportation ticketing revenue increased 12% year-over-year to RMB 6.3 billion.
Adjusted EBITDA for Q3 2025 was RMB 6.3 billion, with non-GAAP diluted earnings per share at RMB 27.56.
Outbound hotel and air bookings grew by close to 20% year-over-year, reaching 140% of 2019 volumes, while inbound travel bookings surged by over 100% in Q3 2025. International bookings on the platform increased by around 60% year-over-year.
The company continues to leverage AI-powered tools, with Trip Planner seeing a 180% year-over-year surge in unique visits and Trip Genie users growing over 200% year-over-year in H1 2025.

Nov 18, 2025, 12:00 AM

Transcript

Trip.com Group Reports Strong Q3 2025 Results

TCOM

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Trip.com Group reported net revenue of RMB 18.3 billion for Q3 2025, representing a 16% increase year-over-year and a 24% increase quarter-over-quarter, reflecting robust travel demand.
Outbound hotel and air bookings grew by close to 20% year-over-year, reaching approximately 140% of 2019 volumes, while inbound travel bookings surged over 100% on the platform in Q3 2025. International bookings on the platform also increased by around 60% year-over-year.
The company achieved adjusted EBITDA of RMB 6.3 billion and non-GAAP diluted earnings per ordinary share of RMB 27.56 for the third quarter of 2025.
Trip.com Group is actively leveraging AI innovation, with AI-powered tools like Trip Planner experiencing a 180% year-over-year surge in unique visits and Trip Genie users growing over 200% year-over-year in the first half of 2025.
Management expressed confidence in the continued strength of the business and future opportunities, with a focus on global investment, particularly across Asia-Pacific, and enhancing products and services for evolving traveler needs.