Trip.com Group Limited Reports Unaudited Second Quarter and First Half of 2025 Financial Results

Rhea-AI Summary

Trip.com Group (NASDAQ: TCOM) reported strong Q2 2025 financial results, with net revenue reaching RMB14.8 billion (US$2.1 billion), up 16% year-over-year. The company achieved net income of RMB4.9 billion (US$681 million), showing significant growth from RMB3.9 billion in Q2 2024.

International business showed remarkable growth with overall reservations increasing over 60% year-over-year, and inbound travel bookings surging by over 100%. Outbound bookings exceeded 120% of pre-COVID levels. The company's board authorized a new US$5 billion share repurchase program, following the completion of US$400 million in repurchases under the previous program.

Segment performance showed strong growth across all areas: accommodation revenue rose 21% to RMB6.2 billion, transportation ticketing increased 11% to RMB5.4 billion, packaged tours grew 5% to RMB1.1 billion, and corporate travel revenue increased 9% to RMB692 million year-over-year.

Positive

• Net income increased to RMB4.9 billion, up from RMB3.9 billion year-over-year
• Overall international reservations grew over 60% year-over-year
• Inbound travel bookings surged by over 100% year-over-year
• Outbound bookings exceeded 120% of pre-COVID levels
• New US$5 billion share repurchase program authorized
• Strong cash position with RMB94.1 billion (US$13.1 billion) in cash and equivalents

Negative

• Cost of revenue increased 22% year-over-year to RMB2.8 billion
• Product development expenses rose 17% to RMB3.5 billion year-over-year
• Sales and marketing expenses increased 17% to RMB3.3 billion year-over-year

Insights

Financial Analyst

Trip.com's Q2 results show 16% YoY revenue growth to $2.1B with net income up 26% to $681M, demonstrating strong international expansion.

Trip.com Group has delivered robust financial performance in Q2 2025, with $2.1 billion in revenue representing a 16% year-over-year increase. The company's growth is being fueled by exceptional momentum in its international business, where overall reservations jumped by over 60% year-over-year, while inbound travel bookings surged by more than 100%.

The accommodation segment remains Trip.com's largest revenue driver at $869 million (up 21% YoY), followed by transportation ticketing at $753 million (up 11% YoY). What's particularly impressive is the bottom-line performance, with net income reaching $681 million, representing a 26% increase from the $3.9 billion reported in the same period of 2024.

Operating metrics reveal balanced growth across segments, but with some margin pressure. While revenue grew 16%, cost of revenue increased 22%, suggesting some compression in gross margins. Operating expenses are being managed effectively with product development (24% of revenue) and sales and marketing (22% of revenue) growing in line with revenue.

The company's balance sheet remains exceptionally strong with $13.1 billion in cash and equivalents. Management's confidence is reflected in their capital return policy, with $400 million already deployed in share repurchases and an additional $5 billion share repurchase program just authorized. This substantial buyback, representing over 10% of the company's market capitalization, signals management's belief that the stock is undervalued and demonstrates commitment to shareholder returns alongside growth investments.

SINGAPORE, Aug. 27, 2025 /PRNewswire/ -- Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) ("Trip.com Group" or the "Company"), a leading global one-stop travel service provider of accommodation reservation, transportation ticketing, packaged tours, and corporate travel management, today announced its unaudited financial results for the second quarter and first half of 2025.

Key Highlights for the Second Quarter of 2025

•  International businesses sustained strong growth across all segments during the second quarter of 2025
  - Overall reservations on the Company's international OTA platform increased by over 60% year-over-year.
  - Inbound travel bookings surged by over 100% year-over-year.
  - Outbound hotel and air ticket bookings have surpassed 120% of the pre-COVID level for the same period in 2019.

"Travel is a key driver in national growth and global engagement. It serves not only as an engine for economic development but also as a catalyst for cultural exchange, global understanding and social vitality," said James Liang, Executive Chairman. "Looking ahead, we remain confident in the industry's long-term growth, and will continue to prioritize strategic investments in innovation, partnership development , and inbound travel expansion to stimulate global economic advancement."

"We are encouraged by the strong momentum across all segments of the travel industry," said Jane Sun, Chief Executive Officer. "Our strategy focuses on capturing growing demand from every demographic, with special attention to inbound travel. At the same time, we are enhancing our service capabilities to provide global travelers with seamless local experiences. These efforts further reinforce our position as a trusted platform in the global travel landscape."

Second Quarter of 2025 Financial Results and Business Updates

For the second quarter of 2025, Trip.com Group reported net revenue of RMB14.8 billion (US$2.1 billion), representing a 16% increase from the same period in 2024 and a 7% increase from the previous quarter, primarily driven by stronger travel demand, particularly during the holiday periods.

Accommodation reservation revenue for the second quarter of 2025 was RMB6.2 billion (US$869 million), representing a 21% increase from the same period in 2024, primarily driven by an increase in accommodation reservations. Accommodation reservation revenue for the second quarter of 2025 increased by 12% from the previous quarter, primarily driven by stronger travel demand, particularly during the holiday periods.

Transportation ticketing revenue for the second quarter of 2025 was RMB5.4 billion (US$753 million), representing an 11% increase from the same period in 2024, primarily driven by an increase in transportation reservations. Transportation ticketing revenue for the second quarter of 2025 was flat, compared to that of the previous quarter.

Packaged-tour revenue for the second quarter of 2025 was RMB1.1 billion (US$151 million), representing a 5% increase from the same period in 2024, primarily driven by an increase in packaged-tour reservations. Packaged-tour revenue for the second quarter of 2025 increased by 14% from the previous quarter, primarily driven by stronger travel demand, particularly during the holiday periods.

Corporate travel revenue for the second quarter of 2025 was RMB692 million (US$97 million), representing a 9% increase from the same period in 2024 and a 21% increase from the previous quarter, primarily driven by an increase in corporate travel reservations.

Cost of revenue for the second quarter of 2025 increased by 22% to RMB2.8 billion (US$393 million) from the same period in 2024 and increased by 4% from the previous quarter, which was generally in line with the fluctuations in net revenue from the respective periods. Cost of revenue as a percentage of net revenue was 19% for the second quarter of 2025.

Product development expenses for the second quarter of 2025 increased by 17% to RMB3.5 billion (US$489 million) from the same period in 2024 primarily due to the increase in product development personnel related expenses. Product development expenses for the second quarter of 2025 decreased by 1% from the previous quarter. Product development expenses as a percentage of net revenue were 24% for the second quarter of 2025.

Sales and marketing expenses for the second quarter of 2025 increased by 17% to RMB3.3 billion (US$464 million) from the same period in 2024 and increased by 11% from the previous quarter, primarily due to the increase in expenses relating to sales and marketing promotion activities. Sales and marketing expenses as a percentage of net revenue were 22% for the second quarter of 2025.

General and administrative expenses for the second quarter of 2025 increased by 2% to RMB1.1 billion (US$153 million) from the same period in 2024 and increased by 6% from the previous quarter. General and administrative expenses as a percentage of net revenue were 7% for the second quarter of 2025.

Income tax expense for the second quarter of 2025 was RMB998 million (US$139 million), compared to RMB693 million for the same period in 2024 and RMB638 million for the previous quarter. The change in Trip.com Group's effective tax rate was primarily due to the combined impacts of changes in respective profitability of its subsidiaries with different tax rates, changes in deferred tax liabilities relating to withholding tax, certain non-taxable income or loss resulting from the fair value changes in equity securities investments and exchangeable senior notes recorded in other income/(expense), and changes in valuation allowance provided for deferred tax assets.

Net income for the second quarter of 2025 was RMB4.9 billion (US$681 million), compared to RMB3.9 billion for the same period in 2024 and RMB4.3 billion for the previous quarter. Adjusted EBITDA for the second quarter of 2025 was RMB4.9 billion (US$680 million), compared to RMB4.4 billion for the same period in 2024 and RMB4.2 billion for the previous quarter.

Net income attributable to Trip.com Group's shareholders for the second quarter of 2025 was RMB4.8 billion (US$676 million), compared to RMB3.8 billion for the same period in 2024 and RMB4.3 billion for the previous quarter. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects, non-GAAP net income attributable to Trip.com Group's shareholders for the second quarter of 2025 was RMB5.0 billion (US$699 million), compared to RMB5.0 billion for the same period in 2024 and RMB4.2 billion for the previous quarter.

Diluted earnings per ordinary share and per ADS was RMB6.97 (US$0.97) for the second quarter of 2025. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects, non-GAAP diluted earnings per ordinary share and per ADS was RMB7.20 (US$1.01) for the second quarter of 2025. Each ADS currently represents one ordinary share of the Company.

As of June 30, 2025, the balance of cash and cash equivalents, restricted cash, short-term investment, and held to maturity time deposit and financial products was RMB94.1 billion (US$13.1 billion).

Recent Development

As part of the Company's ongoing commitment to delivering value to its shareholders and ADS holders and in line with its regular capital return policy, as of August 27, 2025, U.S. Eastern Time, the Company had repurchased 7 million ADSs in aggregate with a total gross consideration of US$400 million pursuant to its existing share repurchase program authorized in February 2025.

In August 2025, the board of directors of the Company (the "Board") has authorized a new share repurchase program under which the Company may repurchase up to an aggregate of US$5 billion of its outstanding ordinary shares and/or ADSs. The share repurchases may be made from time to time in the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations as well as repurchase mandate granted or to be granted to the Board pursuant to the resolutions of shareholders passed at the annual general meeting of the Company (to the extent applicable).

Conference Call

Trip.com Group's management team will host a conference call at 8:00 PM on August 27, 2025, U.S. Eastern Time (or 8:00 AM on August 28, 2025, Hong Kong Time) following this announcement.

The conference call will be available live on Webcast and for replay at: https://investors.trip.com. The call will be archived for twelve months on our website.

All participants must pre-register to join this conference call using the Participant Registration link below:

https://register-conf.media-server.com/register/BI721587a0c39340f2abf725eb0ffb89eb. 

Upon registration, each participant will receive details for this conference call, including dial-in numbers and a unique access PIN. To join the conference, please dial the number provided, enter your PIN, and you will join the conference instantly.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate," "future," "intend," "plan," "believe," "estimate," "is/are likely to," "confident," or other similar statements. Among other things, quotations from management in this press release, as well as Trip.com Group's strategic and operational plans, contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, severe or prolonged downturn in the global or Chinese economy, general declines or disruptions in the travel industry, volatility in the trading price of Trip.com Group's ADSs or shares, Trip.com Group's reliance on its relationships and contractual arrangements with travel suppliers and strategic alliances, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in the relevant jurisdictions where Trip.com Group operates, failure to successfully develop Trip.com Group's existing or future business lines, damage to or failure of Trip.com Group's infrastructure and technology, loss of services of Trip.com Group's key executives, adverse changes in economic and business conditions in the relevant jurisdictions where Trip.com Group operates, any regulatory developments in laws, regulations, rules, policies or guidelines applicable to Trip.com Group and other risks outlined in Trip.com Group's filings with the U.S. Securities and Exchange Commission or the Stock Exchange of Hong Kong Limited. All information provided in this press release and in the attachments is as of the date of the issuance, and Trip.com Group does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement Trip.com Group's consolidated financial statements, which are prepared and presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), Trip.com Group uses non-GAAP financial information related to adjusted net income attributable to Trip.com Group Limited, adjusted EBITDA, adjusted EBITDA margin, and adjusted diluted earnings per ordinary share and per ADS, each of which is adjusted from the most comparable GAAP result to exclude the share-based compensation charges that are not tax deductible, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), net of tax, and other applicable items. Trip.com Group's management believes the non-GAAP financial measures facilitate better understanding of operating results from quarter to quarter and provide management with a better capability to plan and forecast future periods.

Non-GAAP information is not prepared in accordance with GAAP, does not have a standardized meaning under GAAP, and may be different from non-GAAP methods of accounting and reporting used by other companies. The presentation of this additional information should not be considered a substitute for GAAP results. A limitation of using non-GAAP financial measures is that non-GAAP measures exclude share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects that have been and will continue to be significant recurring expenses in Trip.com Group's business for the foreseeable future.

Reconciliations of Trip.com Group's non-GAAP financial data to the most comparable GAAP data included in the consolidated statement of operations are included at the end of this press release.

About Trip.com Group Limited

Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) is a leading global one-stop travel platform, integrating a comprehensive suite of travel products and services and differentiated travel content. It is the go-to destination for many travelers in Asia, and increasingly for travelers around the world, to explore travel, get inspired, make informed and cost-effective travel bookings, enjoy hassle-free on-the-go support, and share travel experience. Founded in 1999 and listed on Nasdaq in 2003 and HKEX in 2021, the Company currently operates under a portfolio of brands, including Ctrip, Qunar, Trip.com, and Skyscanner, with the mission "to pursue the perfect trip for a better world."

For further information, please contact:

Investor Relations
Trip.com Group Limited
Tel: +86 (21) 3406-4880 X 12229
Email: iremail@trip.com

 

Trip.com Group Limited
Unaudited Consolidated Balance Sheets
(In millions, except share and per share data)
			December 31, 2024		June 30, 2025		June 30, 2025
			RMB (million)		RMB (million)		USD (million)
	ASSETS
	Current assets:
	Cash, cash equivalents and restricted cash		51,093		58,313		8,140
	Short-term investments		28,475		21,705		3,030
	Accounts receivable, net		12,459		14,413		2,012
	Prepayments and other current assets		20,093		22,085		3,083
	Total current assets		112,120		116,516		16,265
	Property, equipment and software		5,053		5,394		753
	Intangible assets and land use rights		12,840		12,967		1,810
	Right-of-use asset		755		766		107
	Investments (Includes held to maturity time deposit and financial products of RMB10,453 million and RMB14,097 million as of December 31,2024 and June 30, 2025, respectively)		47,194		51,121		7,136
	Goodwill		60,911		61,884		8,639
	Other long-term assets		454		514		72
	Deferred tax asset		3,254		3,276		457
	Total assets		242,581		252,438		35,239
	LIABILITIES
	Current liabilities:
	Short-term debt and current portion of long-term debt		19,433		28,202		3,937
	Accounts payable		16,578		19,506		2,723
	Advances from customers		18,029		19,692		2,749
	Other current liabilities		19,970		20,054		2,800
	Total current liabilities		74,010		87,454		12,209
	Deferred tax liability		4,098		3,640		508
	Long-term debt		20,134		10,938		1,527
	Long-term lease liability		561		543		76
	Other long-term liabilities		296		383		53
	Total liabilities		99,099		102,958		14,373
	MEZZANINE EQUITY		743		791		110
	SHAREHOLDERS' EQUITY
	Total Trip.com Group Limited shareholders' equity		141,807		147,646		20,610
	Non-controlling interests		932		1,043		146
	Total shareholders' equity		142,739		148,689		20,756
	Total liabilities, mezzanine equity and shareholders' equity		242,581		252,438		35,239

 

Trip.com Group Limited
Unaudited Consolidated Statements of Income
(In millions, except share and per share data)
			Three Months Ended								Six Months Ended
			June 30, 2024		March 31, 2025		June 30, 2025		June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2025
			RMB (million)		RMB (million)		RMB (million)		USD (million)		RMB (million)		RMB (million)		USD (million)
	Revenue:
	Accommodation reservation		5,136		5,541		6,225		869		9,632		11,766		1,642
	Transportation ticketing		4,871		5,418		5,397		753		9,871		10,815		1,510
	Packaged-tour		1,025		947		1,079		151		1,908		2,026		283
	Corporate travel		633		573		692		97		1,144		1,265		177
	Others		1,123		1,371		1,471		205		2,154		2,842		397
	Total revenue		12,788		13,850		14,864		2,075		24,709		28,714		4,009
	Less: Sales tax and surcharges		(16)		(20)		(21)		(3)		(32)		(41)		(6)
	Net revenue		12,772		13,830		14,843		2,072		24,677		28,673		4,003
	Cost of revenue		(2,312)		(2,705)		(2,818)		(393)		(4,550)		(5,523)		(771)
	Gross profit		10,460		11,125		12,025		1,679		20,127		23,150		3,232
	Operating expenses:
	Product development *		(2,993)		(3,525)		(3,500)		(489)		(6,102)		(7,025)		(981)
	Sales and marketing *		(2,835)		(2,999)		(3,326)		(464)		(5,147)		(6,325)		(883)
	General and administrative *		(1,077)		(1,038)		(1,097)		(153)		(2,008)		(2,135)		(298)
	Total operating expenses		(6,905)		(7,562)		(7,923)		(1,106)		(13,257)		(15,485)		(2,162)
	Income from operations		3,555		3,563		4,102		573		6,870		7,665		1,070
	Interest income		634		640		609		85		1,226		1,249		174
	Interest expense		(514)		(286)		(265)		(37)		(1,013)		(551)		(77)
	Other (expense)/income		(183)		1,137		1,114		155		576		2,251		314
	Income before income tax expense and equity in income/(loss) of affiliates		3,492		5,054		5,560		776		7,659		10,614		1,481
	Income tax expense		(693)		(638)		(998)		(139)		(1,357)		(1,636)		(228)
	Equity in income/(loss) of affiliates		1,089		(102)		318		44		1,911		216		30
	Net income		3,888		4,314		4,880		681		8,213		9,194		1,283
	Net income attributable to non- controlling interests and mezzanine classified non-controlling interests		(55)		(37)		(34)		(5)		(68)		(71)		(10)
	Net income attributable to Trip.com Group Limited		3,833		4,277		4,846		676		8,145		9,123		1,273
	Earnings per ordinary share
	- Basic		5.84		6.48		7.34		1.02		12.46		13.82		1.93
	- Diluted		5.57		6.09		6.97		0.97		11.93		13.05		1.82
	Earnings per ADS
	- Basic		5.84		6.48		7.34		1.02		12.46		13.82		1.93
	- Diluted		5.57		6.09		6.97		0.97		11.93		13.05		1.82
	Weighted average ordinary shares outstanding
	- Basic		655,857,569		660,203,576		659,916,799		659,916,799		653,603,638		660,060,247		660,060,247
	- Diluted		687,977,626		702,144,923		695,705,348		695,705,348		682,766,701		698,925,198		698,925,198
	* Share-based compensation included in Operating expenses above is as follows:
	Product development		322		220		258		36		536		478		67
	Sales and marketing		55		41		53		7		93		94		13
	General and administrative		297		219		255		35		495		474		66

 

Trip.com Group Limited
Unaudited Reconciliation of  GAAP and Non-GAAP Results
(In millions, except %, share and per share data)
			Three Months Ended								Six Months Ended
			June 30, 2024		March 31, 2025		June 30, 2025		June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2025
			RMB (million)		RMB (million)		RMB (million)		USD (million)		RMB (million)		RMB (million)		USD (million)
	Net income		3,888		4,314		4,880		681		8,213		9,194		1,283
	Less: Interest income		(634)		(640)		(609)		(85)		(1,226)		(1,249)		(174)
	Add: Interest expense		514		286		265		37		1,013		551		77
	Add: Other expense/(income)		183		(1,137)		(1,114)		(155)		(576)		(2,251)		(314)
	Add: Income tax expense		693		638		998		139		1,357		1,636		228
	Less: Equity in (income)/loss of affiliates		(1,089)		102		(318)		(44)		(1,911)		(216)		(30)
	Income from operations		3,555		3,563		4,102		573		6,870		7,665		1,070
	Add: Share-based compensation		674		480		566		78		1,124		1,046		146
	Add: Depreciation and amortization		207		204		212		29		416		416		58
	Adjusted EBITDA		4,436		4,247		4,880		680		8,410		9,127		1,274
	Adjusted EBITDA margin		35 %		31 %		33 %		33 %		34 %		32 %		32 %
	Net income attributable to Trip.com Group Limited		3,833		4,277		4,846		676		8,145		9,123		1,273
	Add: Share-based compensation		674		480		566		78		1,124		1,046		146
	Add: Loss/(gain) from fair value changes of equity securities investments and exchangeable senior notes		435		(526)		(447)		(62)		(244)		(973)		(136)
	Add: Tax effects on fair value changes of equity securities investments and exchangeable senior notes		43		(43)		46		7		15		3		0
	Non-GAAP net income attributable to Trip.com Group Limited		4,985		4,188		5,011		699		9,040		9,199		1,283
	Weighted average ordinary shares outstanding-  Diluted-non GAAP		687,977,626		702,144,923		695,705,348		695,705,348		682,766,701		698,925,198		698,925,198
	Non-GAAP Diluted income per share		7.25		5.96		7.20		1.01		13.24		13.16		1.84
	Non-GAAP Diluted income per ADS		7.25		5.96		7.20		1.01		13.24		13.16		1.84
	Notes for all the condensed consolidated financial schedules presented:
	Note 1: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00=RMB7.1636 on June 30, 2025 published by the Federal Reserve Board.

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SOURCE Trip.com Group Limited

FAQ

What were Trip.com Group's (TCOM) Q2 2025 earnings results?

Trip.com Group reported net revenue of RMB14.8 billion (US$2.1 billion), up 16% year-over-year, and net income of RMB4.9 billion (US$681 million). Diluted earnings per ADS reached RMB6.97 (US$0.97).

How much is Trip.com's new share repurchase program worth?

Trip.com Group's board authorized a new share repurchase program of up to US$5 billion in August 2025.

What was Trip.com's international business performance in Q2 2025?

Trip.com's international business showed strong growth with overall reservations up over 60% year-over-year, inbound travel bookings up over 100%, and outbound bookings exceeding 120% of pre-COVID levels.

How did Trip.com's different business segments perform in Q2 2025?

All segments showed growth: accommodation revenue up 21% to RMB6.2 billion, transportation ticketing up 11% to RMB5.4 billion, packaged tours up 5% to RMB1.1 billion, and corporate travel up 9% to RMB692 million year-over-year.

What is Trip.com Group's current cash position?

As of June 30, 2025, Trip.com Group held RMB94.1 billion (US$13.1 billion) in cash and cash equivalents, restricted cash, short-term investments, and held to maturity time deposits and financial products.