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.

7 questions for TCOM

Also covers: BABA, BIDU, TME +1 more

Brian Gong

Citigroup Inc.

7 questions for TCOM

Also covers: ATHM, DAO, KC +1 more

Joyce Ju

Analyst

7 questions for TCOM

Also covers: BABA, JD, PDD +1 more

Thomas Chong

Jefferies Financial Group Inc.

6 questions for TCOM

Also covers: ATHM, BABA, BEKE +22 more

Jiong Shao

Barclays

5 questions for TCOM

Also covers: BABA, CPNG, GRAB +1 more

Simon Cheung

Goldman Sachs Group, Inc.

5 questions for TCOM

Also covers: ATAT, HTHT, MLCO

Wei Xiong

UBS

5 questions for TCOM

Also covers: BIDU, BZ, DADA +2 more

Yang Liu

Morgan Stanley

5 questions for TCOM

Also covers: BILI, GDS, NTES +3 more

Ellie Jiang

Macquarie

4 questions for TCOM

Also covers: BABA, 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 +3 more

Parash Jain

HSBC

3 questions for TCOM

Also covers: AMKBY

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 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.

Nov 18, 2025, 12:00 AM

Transcript

Trip.com Group Reports Strong Third Quarter 2025 Financial Results

TCOM

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Trip.com Group 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 attributable to Trip.com Group's shareholders surged to RMB19.9 billion (US$2.8 billion) in Q3 2025, significantly higher than RMB6.8 billion in Q3 2024, primarily due to the partial disposal of certain investment.
Diluted earnings per ordinary share and per ADS were RMB28.61 (US$4.02) for the third quarter of 2025.
The company's international businesses delivered robust performance, with overall bookings on its international OTA platform increasing by around 60% year-over-year, and inbound travel bookings surging by over 100% year-over-year.

Nov 17, 2025, 10:00 PM

Press Release

Trip.com Group Limited Reports Q2 2025 Financial Results

TCOM

Earnings

Share Buyback

Revenue Acceleration/Inflection

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.

Aug 28, 2025, 10:05 AM

6-K

Trip.com Group updates its MakeMyTrip investment

TCOM

New Projects/Investments

Debt Issuance

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.

Jun 18, 2025, 12:00 AM

6-K

Trip.com Group enters share repurchase agreement with MakeMyTrip

TCOM

Debt Issuance

Share Buyback

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.

Jun 16, 2025, 9:54 PM

Press Release

Trip.com Group Announces 2025 Repurchase Right for Senior Notes

TCOM

Debt Issuance

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 , ).

May 27, 2025, 12:00 AM

6-K

Trip.com Group Q1 2025 Financial Results Update

TCOM

Earnings

Revenue Acceleration/Inflection

Share Buyback

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 .