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TCOM

Trip.com Group Limited

TCOM

Trip.com Group Limited • NASDAQ
$69.92 ▲ 0.29% (+0.20)
Market Cap $46.00 B
52w High $78.65
52w Low $51.35
Dividend Yield 0.28%
P/E 19.1
Volume 1.27M
Outstanding Shares 657.84M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $18.338B ▲ $9.405B ▲ $19.89B ▲ 108.463% ▲ $30.36 ▲ $23.37B ▲
Q2-2025 $14.843B ▲ $7.923B ▲ $4.846B ▲ 32.648% ▲ $7.34 ▲ $4.314B ▲
Q1-2025 $13.83B ▲ $7.562B ▼ $4.277B ▲ 30.926% ▲ $6.48 ▲ $3.775B ▲
Q4-2024 $12.744B ▼ $7.803B ▼ $2.157B ▼ 16.926% ▼ $3.28 ▼ $2.513B ▼
Q3-2024 $15.873B $8.067B $6.765B 42.62% $10.37 $5.21B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $80.455B ▲ $270.578B ▲ $100.599B ▼ $168.227B ▲
Q2-2025 $80.018B ▲ $252.438B ▲ $102.958B ▲ $148.437B ▲
Q1-2025 $78.099B ▲ $247.762B ▲ $100.776B ▲ $145.986B ▲
Q4-2024 $76.914B ▲ $242.581B ▼ $99.099B ▼ $142.55B ▲
Q3-2024 $76.298B $244.3B $104.173B $139.143B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $19.89B ▲ $0 $0 $0 $0 $0
Q2-2025 $4.846B ▲ $0 $0 $0 $0 $0
Q1-2025 $4.277B ▲ $0 $0 $0 $0 $0
Q4-2024 $2.157B ▼ $0 $0 $0 $0 $0
Q3-2024 $6.765B $0 $0 $0 $0 $0

Five-Year Company Overview

Income Statement

Income Statement Trip.com’s income statement shows a clear turnaround story. Revenue has climbed strongly from pandemic lows and is now well above pre‑COVID levels. Profitability has improved even faster than sales, moving from losses a few years ago to healthy operating and net profits now. This tells you the business has meaningful operating leverage: once travel demand returned, a lot of that extra revenue dropped through to profit. The current earnings level looks strong, but investors should keep in mind that part of this jump reflects the post‑reopening surge in travel, which may not repeat at the same pace going forward.

Balance Sheet

Balance Sheet The balance sheet looks solid and has strengthened over time. Total assets have steadily grown, with cash and liquid resources rising significantly in recent years. Debt has been gradually reduced from earlier peaks, while shareholders’ equity has consistently increased. This means the company is less stretched than it used to be and has more of its capital coming from equity rather than borrowing. Overall, the financial foundation appears robust, giving Trip.com room to absorb shocks in the cyclical travel industry and to fund ongoing investments.

Cash Flow

Cash Flow Cash generation is a major bright spot. Operating cash flow has been strong for several years in a row after being negative during the height of the pandemic. Free cash flow is very close to operating cash flow because the business does not require heavy capital spending to grow. This “light asset” model, combined with improving profits, means Trip.com is generating meaningful surplus cash. That cash can be used in many ways—strengthening the balance sheet, investing in technology and growth, or strategic deals—while still leaving a cushion against future downturns in travel demand.

Competitive Edge

Competitive Edge Trip.com holds a leading position in online travel, especially in China where it has a dominant share and multiple well‑known brands under one umbrella. Its scale, broad supplier network, and large user base create strong network effects that are hard for smaller rivals to match. Global brands like Trip.com and Skyscanner extend its reach outside China, giving it both inbound and outbound travel flows. At the same time, the company operates in a highly competitive and cyclical space, facing global players, local competitors, and super‑apps, plus exposure to economic cycles, health events, and regulatory shifts—particularly in its home market. Its moat is meaningful, but the environment remains dynamic and sometimes volatile.

Innovation and R&D

Innovation and R&D Innovation is a core part of Trip.com’s strategy. The company has invested heavily in AI to personalize search, recommend itineraries, and automate customer service through tools like Trip.Planner and TripGenie. These tools aim to make travel planning easier, more tailored, and more likely to convert into bookings. Trip.com also builds engagement through content, social features, and livestreaming, blending media, community, and commerce in a way that is especially powerful in China and is being extended abroad. On top of that, it is pushing into corporate travel and niche offerings like rail ticketing in Europe. The upside is a differentiated, tech‑driven platform; the risk is that the AI and content race is intense, and success depends on executing well across different regions and regulatory regimes.

Summary

Trip.com has moved from pandemic‑driven stress to a position of clear financial strength: revenues are well recovered, profits are solid, and cash flows are strong. The balance sheet is healthier than it was, with more cash, less reliance on debt, and growing equity. Competitively, the company combines a dominant home‑market position with meaningful global reach and a technology‑heavy model built around AI, mobile, and content. Looking ahead, key things to watch include the sustainability of travel demand after the post‑reopening surge, economic and regulatory developments in China, the pace of international expansion, and Trip.com’s ability to stay ahead in AI and user experience while fending off global and local rivals.

NEWS

November 17, 2025 · 5:00 PM UTC

Trip.com Group Limited Reports Unaudited Third Quarter of 2025 Financial Results

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November 7, 2025 · 3:00 AM UTC

Trip.com Group Shapes Global Travel Trends through AI Innovation, Sustainability and New Consumer Insights at WTM London 2025

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November 5, 2025 · 5:00 AM UTC

Trip.com Group Limited to Report Third Quarter of 2025 Financial Results on November 17, 2025 U.S. Time

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