Trip.com Group (Nasdaq: TCOM) 2025 profit surges on investment gains

Rhea-AI Filing Summary

Trip.com Group reported strong growth for the fourth quarter and full year of 2025, with travel demand driving higher revenue and profit. Net revenue reached RMB15.4 billion in Q4, up 21% year over year, and RMB62.4 billion for 2025, a 17% annual increase.

Full-year net income rose to RMB33.4 billion from RMB17.2 billion, mainly boosted by RMB19.9 billion of investment gains. Core businesses remained healthy: 2025 accommodation revenue grew 21% to RMB26.1 billion, transportation ticketing rose 11% to RMB22.5 billion, and adjusted EBITDA was RMB18.9 billion with a 30% margin.

Operating costs increased but stayed broadly in line with growth, while cash, cash equivalents, restricted cash, short-term investments, and held-to-maturity products totaled RMB105.8 billion as of December 31, 2025. The company also announced board changes, adding two independent directors. Separately, China’s State Administration for Market Regulation started an anti-monopoly investigation in January 2026, which is ongoing; the company says operations remain normal and it is fully cooperating.

Positive

• Strong 2025 revenue growth and diversified travel momentum: Net revenue rose to RMB62.4 billion, up 17% year over year, with accommodation revenue up 21% and transportation ticketing up 11%, indicating broad-based demand across key travel segments.
• Significantly higher profitability backed by robust balance sheet: Full-year net income nearly doubled to RMB33.4 billion, aided by RMB19.9 billion of investment gains, while adjusted EBITDA reached RMB18.9 billion (30% margin) and cash and investment balances totaled RMB105.8 billion.

Negative

• Ongoing PRC anti-monopoly investigation: In January 2026, China’s State Administration for Market Regulation began an investigation under the PRC Anti-monopoly Law. The outcome and potential consequences are uncertain, creating regulatory overhang despite management stating that operations remain normal.
• Rising operating expenses and higher tax burden: Sales and marketing expenses grew 25% to RMB14.9 billion and product development reached RMB15.1 billion, while income tax expense increased to RMB5.8 billion, compressing underlying profitability relative to pure revenue growth.

Insights

Equity and earnings analyst

Travel demand and investment gains drove a strong 2025, offset by rising costs and regulatory overhang.

Trip.com Group delivered solid top-line growth in 2025, with net revenue up 17% to RMB62.4 billion. Travel fundamentals look healthy: accommodation revenue rose 21% to RMB26.1 billion and transportation ticketing grew 11% to RMB22.5 billion, supported by resilient demand in key categories.

Profitability also improved, but headline earnings were heavily influenced by investments. Net income climbed to RMB33.4 billion, largely due to a RMB19.9 billion gain from investments recorded in other (expense)/income. Adjusted EBITDA reached RMB18.9 billion with a 30% margin, indicating the core business remains profitable even after excluding fair value swings.

Cost lines grew faster than revenue in some areas, particularly sales and marketing, which increased 25% for the year to RMB14.9 billion. Nonetheless, the balance of cash, equivalents, restricted cash, short-term investments, and held-to-maturity products stood at RMB105.8 billion as of December 31, 2025, providing a substantial financial cushion for ongoing investment in technology, product development, and global expansion.

Regulatory and governance analyst

New antitrust probe and board reshuffle introduce governance and regulatory uncertainty.

In January 2026, the company received notice that China’s State Administration for Market Regulation had opened an investigation under the PRC Anti-monopoly Law. The investigation is ongoing, and management says it is fully cooperating and maintaining normal operations, while acknowledging it cannot predict the outcome.

On governance, two co-founders, Min Fan and Qi Ji, resigned from the board (and Mr. Fan also as president), marking a generational shift. At the same time, the company appointed experienced independent directors May Yihong Wu and Iris Yang Xiao, and added Gabriel Li to the compensation committee. Subsequent disclosures and the eventual conclusion of the SAMR investigation will be important for assessing longer-term regulatory and governance stability.

Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2026

Commission File Number: 001-33853

Trip.com Group Limited

(Registrant’s Name)

30 Raffles Place, #29-01

Singapore 048622

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒    Form 40-F ☐

EXHIBIT INDEX

Exhibit No.		Description
99.1		Press Release—Trip.com Group Limited Reports Unaudited Fourth Quarter and Full Year of 2025 Financial Results

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TRIP.COM GROUP LIMITED
By :		/s/ Cindy Xiaofan Wang
Name :		Cindy Xiaofan Wang
Title :		Chief Financial Officer

Date: February 26, 2026

Exhibit 99.1

Trip.com Group Limited Reports Unaudited Fourth Quarter and Full Year of 2025 Financial Results

SINGAPORE, February 25, 2026 — 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 fourth quarter and full year of 2025.

Key Highlights for the Fourth Quarter and Full Year of 2025

• International business delivered solid growth across all segments in 2025

– Overall bookings on the Company’s international OTA platform increased by around 60% year-over-year.

– The Company served approximately 20 million inbound travelers during the year.

“Travel is more than an industry; it is an essential economic infrastructure that enables connection, mobility, and shared growth,” said James Liang, Executive Chairman. “Inbound travel plays a meaningful role in expanding opportunity and contributing to local communities. Guided by a customer-centric and trust-based approach, we continue to scale our efforts. By investing consistently in inbound tourism, social responsibility initiatives, and AI innovations, we are building a resilient foundation for sustainable long-term development.”

“The travel market demonstrated strong resilience in 2025,” said Jane Sun, Chief Executive Officer. “Inbound travel remains a key growth driver, contributing to economic growth and creating job opportunities for young talents and industry partners. We support this momentum by empowering and closely collaborating with local partners to generate incremental demand and long-term value. Following our “Globalization and Great Quality” strategy, we continue to work closely with merchants, destinations, and communities to build a dynamic travel ecosystem grounded in shared, sustainable success.”

Fourth Quarter and Full Year of 2025 Financial Results and Business Updates

For the fourth quarter of 2025, Trip.com Group reported net revenue of RMB15.4 billion (US$2.2 billion), representing a 21% increase from the same period in 2024, primarily driven by resilient travel demand. Net revenue for the fourth quarter of 2025 decreased by 16% from the previous quarter, primarily due to seasonality.

For the full year of 2025, net revenue was RMB62.4 billion (US$8.9 billion), representing a 17% increase from 2024.

Accommodation reservation revenue for the fourth quarter of 2025 was RMB6.3 billion (US$899 million), representing a 21% increase from the same period in 2024, primarily driven by an increase in accommodation reservations. Accommodation reservation revenue for the fourth quarter of 2025 decreased by 22% from the previous quarter, primarily due to seasonality.

For the full year of 2025, accommodation reservation revenue was RMB26.1 billion (US$3.7 billion), representing a 21% increase from 2024. The accommodation reservation revenue accounted for 42% of the total revenue in 2025.

Transportation ticketing revenue for the fourth quarter of 2025 was RMB5.4 billion (US$768 million), representing a 12% increase from the same period in 2024, primarily driven by an increase in transportation reservations. Transportation ticketing revenue for the fourth quarter of 2025 decreased by 15% from the previous quarter, primarily due to seasonality.

For the full year of 2025, transportation ticketing revenue was RMB22.5 billion (US$3.2 billion), representing an 11% increase from 2024. The transportation ticketing revenue accounted for 36% of the total revenue in 2025.

Packaged-tour revenue for the fourth quarter of 2025 was RMB1.1 billion (US$151 million), representing a 21% increase from the same period in 2024, primarily driven by an increase in packaged-tour reservations. Packaged-tour revenue for the fourth quarter of 2025 decreased by 34% from the previous quarter, primarily due to seasonality.

For the full year of 2025, packaged-tour revenue was RMB4.7 billion (US$670 million), representing an 8% increase from 2024. The packaged-tour revenue accounted for 7% of the total revenue in 2025.

Corporate travel revenue for the fourth quarter of 2025 was RMB808 million (US$116 million), representing a 15% increase from the same period in 2024 and a 7% increase from the previous quarter, primarily driven by an increase in corporate travel reservations.

For the full year of 2025, corporate travel revenue was RMB2.8 billion (US$405 million), representing a 13% increase from 2024. The corporate travel revenue accounted for 5% of the total revenue in 2025.

Cost of revenue for the fourth quarter of 2025 increased by 23% to RMB3.2 billion (US$463 million) from the same period in 2024 and decreased 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 21% for the fourth quarter of 2025.

For the full year of 2025, cost of revenue was RMB12.1 billion (US$1.7 billion), representing a 21% increase from 2024. Cost of revenue as a percentage of net revenue was 19% in 2025.

Product development expenses for the fourth quarter of 2025 increased by 19% to RMB4.0 billion (US$576 million) from the same period in 2024 and decreased by 1% from the previous quarter, primarily due to the fluctuations in product development personnel related expenses. Product development expenses as a percentage of net revenue were 26% for the fourth quarter of 2025.

For the full year of 2025, product development expenses increased by 15% to RMB15.1 billion (US$2.2 billion) from 2024. Product development expenses as a percentage of net revenue were 24% in 2025.

Sales and marketing expenses for the fourth quarter of 2025 increased by 30% to RMB4.4 billion (US$629 million) from the same period in 2024 and increased by 5% 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 29% for the fourth quarter of 2025.

For the full year of 2025, sales and marketing expenses increased by 25% to RMB14.9 billion (US$2.1 billion) from 2024. Sales and marketing expenses as a percentage of net revenue were 24% in 2025.

General and administrative expenses for the fourth quarter of 2025 increased by 16% to RMB1.2 billion (US$171 million) from the same period in 2024 and increased by 5% from the previous quarter, primarily due to an increase in general and administrative personnel related expenses. General and administrative expenses as a percentage of net revenue were 8% for the fourth quarter of 2025.

For the full year of 2025, general and administrative expenses increased by 9% to RMB4.5 billion (US$640 million) from 2024. General and administrative expenses as a percentage of net revenue were 7% in 2025.

Income tax expense for the fourth quarter of 2025 was RMB835 million (US$119 million), compared to RMB526 million for the same period in 2024 and RMB3.3 billion for the previous quarter. The quarter-over-quarter decrease was due to higher taxable income recorded in the previous quarter primarily derived from gain from investments recorded in other (expense)/income. 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 (expense)/income, changes in valuation allowance provided for deferred tax assets, and tax arising from the partial disposal of certain investment in accordance with the local indirect transfer tax rules.

For the full year of 2025, income tax expense was RMB5.8 billion (US$832 million), compared to RMB2.6 billion in 2024. The increase was primarily due to the income tax expense related to the gain from investments recorded in other (expense)/income.

Net income for the fourth quarter of 2025 was RMB4.3 billion (US$613 million), compared to RMB2.2 billion for the same period in 2024 and RMB19.9 billion for the previous quarter. The quarter-over-quarter decrease was primarily due to the gain from investments recorded in other (expense)/income in the previous quarter. Adjusted EBITDA for the fourth quarter of 2025 was RMB3.4 billion (US$490 million), compared to RMB3.0 billion for the same period in 2024 and RMB6.3 billion for the previous quarter.

For the full year of 2025, net income was RMB33.4 billion (US$4.8 billion), compared to RMB17.2 billion in 2024. The increase was primarily due to the gain from investments recorded in other (expense)/income in the amount of RMB19.9 billion (US$ 2.8 billion) in 2025, compared to RMB1.1 billion in 2024.

Net income attributable to Trip.com Group’s shareholders for the fourth quarter of 2025 was RMB4.3 billion (US$614 million), compared to RMB2.2 billion for the same period in 2024 and RMB19.9 billion for the previous quarter. The quarter-over-quarter decrease was primarily due to the gain from investments recorded in other (expense)/income in the previous quarter. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other (expense)/income, and their tax effects, non-GAAP net income attributable to Trip.com Group’s shareholders for the fourth quarter of 2025 was RMB3.5 billion (US$500 million), compared to RMB3.0 billion for the same period in 2024 and RMB19.2 billion for the previous quarter. The quarter-over-quarter decrease was primarily due to other investments-related gain recorded in other (expense)/income in the previous quarter.

For the full year of 2025, net income attributable to Trip.com Group’s shareholders was RMB33.3 billion (US$4.8 billion), compared to RMB17.1 billion in 2024. The increase was primarily due to the gain from investments recorded in other (expense)/income in the amount of RMB19.9 billion (US$ 2.8 billion) in 2025, compared to RMB1.1 billion in 2024. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other (expense)/income, and their tax effects, non-GAAP net income attributable to Trip.com Group’s shareholders was RMB31.8 billion (US$4.6 billion) in 2025, compared to RMB18.0 billion in 2024. The increase was primarily due to other investments-related gain recorded in other (expense)/income in the amount of RMB15.9 billion (US$ 2.3 billion) in 2025, compared to RMB61 million in 2024.

Diluted earnings per ordinary share and per ADS was RMB6.11 (US$0.87) for the fourth quarter of 2025. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other (expense)/income, and their tax effects, non-GAAP diluted earnings per ordinary share and per ADS was RMB4.97 (US$0.71) for the fourth quarter of 2025. Each ADS currently represents one ordinary share of the Company.

For the full year of 2025, diluted earnings per share and per ADS was RMB47.67 (US$6.82). Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other (expense)/income, and their tax effects, non-GAAP diluted earnings per share and per ADS was RMB45.59 (US$6.52).

As of December 31, 2025, the balance of cash and cash equivalents, restricted cash, short-term investment, and held to maturity time deposit and financial products was RMB105.8 billion (US$15.1 billion).

Board Composition Changes

The Company today announced a series of changes to its board of directors, effective February 25, 2026.

Mr. Min Fan has resigned from his positions as a director and the president of the Company, and Mr. Qi Ji has resigned from his position as a director. As co-founders of the Company, Mr. Fan and Mr. Ji have made foundational and immeasurable contributions to its inception, growth, and success. The board expresses its most sincere gratitude and deepest appreciation for their vision, extraordinary leadership, and years of dedicated service.

Concurrently, the Company announced the appointments of Ms. May Yihong Wu and Ms. Iris Yang Xiao as new independent directors. These appointments reflect the board’s ongoing commitment to maintaining diverse expertise and fresh perspectives, positioning it to effectively guide the Company’s evolving strategy and oversee future opportunities and risks.

Additionally, Mr. Gabriel Li has been appointed to serve on the compensation committee of the board of directors.

Ms. May Yihong Wu has been serving as an independent director, the chairwoman of the audit committee and a member of the compensation committee of MakeMyTrip Limited (Nasdaq: MMYT) since May 2024, an independent non-executive director and chairwoman of the audit committee of Alibaba Health Information Technology Limited (HKEX: 0241) since August 2023, an independent non-executive director and chairwoman of the audit committee of Swire Properties Limited (HKEX: 1972) since May 2017, and an independent director and a member of the corporate governance and nominating committee of Noah Holdings Limited (Nasdaq: NOAH; HKEX: 6686) since November 2010, where she was also a member of the compensation committee from November 2010 to May 2015 and has been the chairwoman of the compensation committee since May 2015. From July 2019 to May 2023, Ms. Wu also served as a board adviser of Homeinns Hotel Group, where she also served as the chief strategy officer from May 2010 to June 2019 and chief financial officer from July 2006 to April 2010. Ms. Wu holds an MBA degree from the Kellogg School of Management at Northwestern University, a master’s degree in economics from Brooklyn College of the City University of New York, and a bachelor’s degree in biochemistry from Fudan University.

Ms. Iris Yang Xiao served as an investment analyst of Capital International Investors, Hong Kong from June 2020 to June 2025. Prior to that, Ms. Xiao worked at Principal Global Investors from March 2013 to March 2020, including as a portfolio manager and as an equity analyst. Prior to that, Ms. Xiao served as a portfolio manager of Ping An of China Asset Management from March 2010 to February 2013. Ms. Xiao holds a bachelor’s degree in international economics and trade from Shanghai Jiao Tong University and a master’s degree in global finance from the New York University Stern Business School and the Hong Kong University of Science and Technology.

According to the Company’s current articles of association, each of Ms. Wu and Ms. Xiao will hold office as a director of the Company until the first annual general meeting following her appointment, at which point she will be eligible for re-election.

Recent Development

In January 2026, the Company received a notice of an investigation from the State Administration for Market Regulation (“SAMR”) that it had commenced an investigation pursuant to the PRC Anti-monopoly Law. The investigation is ongoing and the Company is fully cooperating with the SAMR. The Company will continue to actively communicate with the SAMR on compliance with regulatory requirements. The Company cannot predict the status or results of the investigation as of now, and will provide further updates when the investigation is concluded. The Company’s business operations remain normal. The Company remain fully committed to providing high-quality products and services to users and partners worldwide.

Conference Call

Trip.com Group’s management team will host a conference call at 7:00 PM on February 25, 2026, U.S. Eastern Time (or 8:00 AM on February 26, 2026, 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/BI5133b541361040a6adb984eec1e12037.

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, any investigation, enforcement or legal/administrative proceeding against Trip.com Group in connection with its business operation 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 (expense)/income, 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 (expense)/income, 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

Email: iremail@trip.com

Trip.com Group Limited

Unaudited Consolidated Balance Sheets

(In millions, except share and per share data)

		December 31, 2024				December 31, 2025				December 31, 2025
		RMB (million)				RMB (million)				USD (million)
	ASSETS
Current assets:
Cash, cash equivalents and restricted cash			51,093				46,451				6,642
Short-term investments			28,475				32,007				4,577
Accounts receivable, net			12,459				15,241				2,179
Prepayments and other current assets			20,093				27,351				3,911
Total current assets			112,120				121,050				17,309
Property, equipment and software			5,053				5,445				779
Intangible assets and land use rights			12,840				13,013				1,861
Right-of-use asset			755				881				126
Investments (Includes held to maturity time deposit and financial products of RMB10,453 million and RMB27,302 million as of December 31,2024 and December 31, 2025, respectively)			47,194				61,375				8,777
Goodwill			60,911				62,268				8,904
Other long-term assets			454				600				86
Deferred tax asset			3,254				2,755				394
Total assets			242,581				267,387				38,236
LIABILITIES
Current liabilities:
Short-term debt and current portion of long-term debt			19,433				19,335				2,765
Accounts payable			16,578				19,150				2,738
Advances from customers			18,029				18,185				2,600
Other current liabilities			19,970				21,499				3,074
Total current liabilities			74,010				78,169				11,177
Deferred tax liability			4,098				3,949				565
Long-term debt			20,134				11,430				1,634
Long-term lease liability			561				585				84
Other long-term liabilities			296				654				94
Total liabilities			99,099				94,787				13,554
MEZZANINE EQUITY			743				131				19
SHAREHOLDERS’ EQUITY
Total Trip.com Group Limited shareholders’ equity			141,807				170,818				24,427
Non-controlling interests			932				1,651				236
Total shareholders’ equity			142,739				172,469				24,663
Total liabilities, mezzanine equity and shareholders’ equity			242,581				267,387				38,236

Trip.com Group Limited

Unaudited Consolidated Statements of Income

(In millions, except share and per share data)

		Three Months Ended																Year Ended
		December 31, 2024				September 30, 2025				December 31, 2025				December 31, 2025				December 31, 2024				December 31, 2025				December 31, 2025
		RMB (million)				RMB (million)				RMB (million)				USD (million)				RMB (million)				RMB (million)				USD (million)
Revenue:
Accommodation reservation			5,178				8,047				6,287				899				21,612				26,100				3,732
Transportation ticketing			4,780				6,306				5,368				768				20,301				22,489				3,216
Packaged-tour			870				1,606				1,056				151				4,336				4,688				670
Corporate travel			702				756				808				116				2,502				2,829				405
Others			1,238				1,652				1,910				273				4,626				6,404				916
Total revenue			12,768				18,367				15,429				2,207				53,377				62,510				8,939
Less: Sales tax and surcharges			(24	)			(29	)			(31	)			(4	)			(83	)			(101	)			(14	)
Net revenue			12,744				18,338				15,398				2,203				53,294				62,409				8,925
Cost of revenue			(2,640	)			(3,359	)			(3,240	)			(463	)			(9,990	)			(12,122	)			(1,733	)
Gross profit			10,104				14,979				12,158				1,740				43,304				50,287				7,192
Operating expenses:
Product development *			(3,397	)			(4,083	)			(4,028	)			(576	)			(13,139	)			(15,136	)			(2,164	)
Sales and marketing *			(3,373	)			(4,181	)			(4,398	)			(629	)			(11,902	)			(14,904	)			(2,131	)
General and administrative *			(1,033	)			(1,141	)			(1,198	)			(171	)			(4,086	)			(4,474	)			(640	)
Total operating expenses			(7,803	)			(9,405	)			(9,624	)			(1,376	)			(29,127	)			(34,514	)			(4,935	)
Income from operations			2,301				5,574				2,534				364				14,177				15,773				2,257
Interest income			517				675				679				97				2,341				2,603				372
Interest expense			(323	)			(183	)			(115	)			(16	)			(1,735	)			(849	)			(121	)
Other (expense)/income			(137	)			17,032				2,038				291				2,220				21,321				3,049
Income before income tax expense and equity in income/(loss) of affiliates			2,358				23,098				5,136				736				17,003				38,848				5,557
Income tax expense			(526	)			(3,344	)			(835	)			(119	)			(2,604	)			(5,815	)			(832	)
Equity in income/(loss) of affiliates			359				165				(28	)			(4	)			2,828				353				50
Net income			2,191				19,919				4,273				613				17,227				33,386				4,775
Net (income)/loss attributable to non-controlling interests and mezzanine classified non-controlling interests			(34	)			(29	)			8				1				(160	)			(92	)			(13	)
Net income attributable to Trip.com Group Limited			2,157				19,890				4,281				614				17,067				33,294				4,762
Earnings per ordinary share
- Basic			3.28				30.36				6.53				0.93				26.10				50.62				7.24
- Diluted			3.09				28.61				6.11				0.87				24.78				47.67				6.82
Earnings per ADS
- Basic			3.28				30.36				6.53				0.93				26.10				50.62				7.24
- Diluted			3.09				28.61				6.11				0.87				24.78				47.67				6.82
Weighted average ordinary shares outstanding
- Basic			656,190,044				655,036,191				655,910,664				655,910,664				654,035,399				657,754,190				657,754,190
- Diluted			698,171,269				695,035,857				700,452,261				700,452,261				688,704,882				698,378,891				698,378,891
*  Share-based compensation included in Operating expenses above is as follows:
Product development			219				257				304				43				976				1,039				149
Sales and marketing			40				55				67				10				171				216				31
General and administrative			200				248				293				42				895				1,015				145

Trip.com Group Limited

Unaudited Reconciliation of GAAP and Non-GAAP Results

(In millions, except %, share and per share data)

		Three Months Ended																Year Ended
		December 31, 2024				September 30, 2025				December 31, 2025				December 31, 2025				December 31, 2024				December 31, 2025				December 31, 2025
		RMB (million)				RMB (million)				RMB (million)				USD (million)				RMB (million)				RMB (million)				USD (million)
	Net income			2,191				19,919				4,273				613				17,227				33,386				4,775
Less: Interest income			(517	)			(675	)			(679	)			(97	)			(2,341	)			(2,603	)			(372	)
Add: Interest expense			323				183				115				16				1,735				849				121
Add: Other expense/(income)			137				(17,032	)			(2,038	)			(291	)			(2,220	)			(21,321	)			(3,049	)
Add: Income tax expense			526				3,344				835				119				2,604				5,815				832
Less: Equity in (income)/loss of affiliates			(359	)			(165	)			28				4				(2,828	)			(353	)			(50	)
Income from operations			2,301				5,574				2,534				364				14,177				15,773				2,257
Add: Share-based compensation			459				560				664				95				2,042				2,270				325
Add: Depreciation and amortization			220				212				217				31				851				845				121
Adjusted EBITDA			2,980				6,346				3,415				490				17,070				18,888				2,703
Adjusted EBITDA margin			23	%			35	%			22	%			22	%			32	%			30	%			30	%
Net income attributable to Trip.com Group Limited			2,157				19,890				4,281				614				17,067				33,294				4,762
Add: Share-based compensation			459				560				664				95				2,042				2,270				325
Add: Loss/(gain) from fair value changes of equity securities investments and exchangeable senior notes			438				(1,308	)			(1,673	)			(239	)			(1,082	)			(3,954	)			(565	)
Add: Tax effects on fair value changes of equity securities investments and exchangeable senior notes			(16	)			14				212				30				14				229				33
Non-GAAP net income attributable to Trip.com Group Limited			3,038				19,156				3,484				500				18,041				31,839				4,555
Weighted average ordinary shares outstanding- Diluted-non GAAP			698,171,269				695,035,857				700,452,261				700,452,261				688,704,882				698,378,891				698,378,891
Non-GAAP Diluted income per share			4.35				27.56				4.97				0.71				26.20				45.59				6.52
Non-GAAP Diluted income per ADS			4.35				27.56				4.97				0.71				26.20				45.59				6.52

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=RMB6.9931 on December 31, 2025 published by the Federal Reserve Board.

FAQ

How did Trip.com Group (TCOM) perform financially in full-year 2025?

Trip.com Group delivered strong 2025 results with net revenue of RMB62.4 billion, up 17% from 2024. Full-year net income rose to RMB33.4 billion from RMB17.2 billion, helped by substantial investment gains and solid travel demand across accommodation, transportation, and other services.

What were Trip.com Group’s key revenue drivers in 2025?

Revenue was driven mainly by travel demand in core segments. Accommodation revenue grew 21% to RMB26.1 billion, transportation ticketing increased 11% to RMB22.5 billion, packaged tours reached RMB4.7 billion, and corporate travel hit RMB2.8 billion, showing broad-based growth.

How much of Trip.com Group’s 2025 profit came from investment gains?

A large portion of 2025 profit came from investments. The company recorded RMB19.9 billion of gains in other (expense)/income, versus RMB1.1 billion in 2024. This significantly boosted net income to RMB33.4 billion, beyond the improvement from operations alone.

What is Trip.com Group’s cash and investment position at year-end 2025?

As of December 31, 2025, cash, cash equivalents, restricted cash, short-term investments, and held-to-maturity time deposits and financial products totaled RMB105.8 billion. This large liquidity pool supports ongoing product development, marketing, technology investment, and potential strategic opportunities.

Is Trip.com Group facing any regulatory investigations in China?

Yes. In January 2026, the company received notice that the State Administration for Market Regulation started an investigation under the PRC Anti-monopoly Law. The investigation is ongoing; management says operations remain normal and the company is fully cooperating with the regulator.

What board and leadership changes did Trip.com Group announce?

Co-founders Min Fan and Qi Ji resigned from the board, with Mr. Fan also leaving his president role. The company appointed May Yihong Wu and Iris Yang Xiao as new independent directors and named Gabriel Li to the compensation committee, enhancing board independence and expertise.

How did Trip.com Group’s adjusted EBITDA and margins trend in 2025?

Adjusted EBITDA rose to RMB18.9 billion in 2025 from RMB17.1 billion in 2024. Adjusted EBITDA margin was 30%, reflecting strong underlying profitability even after excluding share-based compensation and fair value changes of equity investments and exchangeable senior notes.

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