SINGAPORE, Nov. 18, 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 third quarter of 2025.
Key Highlights for the Third Quarter of 2025
International businesses delivered robust performance across all segments during the third quarter of 2025
– Overall bookings on our international OTA platform increased by around 60% year-over-year.
– Inbound travel bookings surged by over 100% year-over-year.
– Outbound flight and hotel bookings have climbed to around 140% of the volume for the same period in 2019.
“Travel demand stayed strong this summer, driven by travelers’ enduring passion to explore the world,” said James Liang, the Executive Chairman. “We are enhancing every stage of the journey with AI, and our immersive “Taste of China” program is redefining inbound travel experiences. Moving forward, we will continue to push the boundaries of technology and service to shape a smarter, more sustainable future for travel.”
“We are pleased with our strong third-quarter performance, particularly in cross-border travel,” said Jane Sun, the Chief Executive Officer. “We are committed to empowering our partners to enhance service capabilities and capture new opportunities, creating a more vibrant and connected global travel ecosystem defined by exceptional services and memorable experiences.”
Third Quarter of 2025 Financial Results and Business Updates
For the third quarter of 2025, Trip.com Group reported net revenue of RMB18.3 billion (US$2.6 billion), representing a 16% increase from the same period in 2024, primarily driven by stronger travel demand. Net revenue for the third quarter of 2025 increased by 24% from the previous quarter, primarily due to seasonality.
Accommodation reservation revenue for the third quarter of 2025 was RMB8.0 billion (US$1.1 billion), representing an 18% increase from the same period in 2024, primarily driven by an increase in accommodation reservations. Accommodation reservation revenue for the third quarter of 2025 increased by 29% from the previous quarter, primarily due to seasonality.
Transportation ticketing revenue for the third quarter of 2025 was RMB6.3 billion (US$886 million), representing a 12% increase from the same period in 2024, primarily driven by an increase in transportation reservations. Transportation ticketing revenue for the third quarter of 2025 increased by 17% from the previous quarter, primarily due to seasonality.
Packaged-tour revenue for the third quarter of 2025 was RMB1.6 billion (US$226 million), representing a 3% increase from the same period in 2024, primarily driven by an increase in packaged-tour reservations. Packaged-tour revenue for the third quarter of 2025 increased by 49% from the previous quarter, primarily due to seasonality.
Corporate travel revenue for the third quarter of 2025 was RMB756 million (US$106 million), representing a 15% increase from the same period in 2024 and a 9% increase from the previous quarter, primarily driven by an increase in corporate travel reservations.
Cost of revenue for the third quarter of 2025 increased by 20% to RMB3.4 billion (US$472 million) from the same period in 2024 and increased by 19% from the previous quarter, which was generally in line with the increase in net revenue from the respective periods. Cost of revenue as a percentage of net revenue was 18% for the third quarter of 2025.
Product development expenses for the third quarter of 2025 increased by 12% to RMB4.1 billion (US$574 million) from the same period in 2024 and increased by 17% from the previous quarter, primarily due to the increase in product development personnel related expenses. Product development expenses as a percentage of net revenue were 22% for the third quarter of 2025.
Sales and marketing expenses for the third quarter of 2025 increased by 24% to RMB4.2 billion (US$587 million) from the same period in 2024 and increased by 26% 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 23% for the third quarter of 2025.
General and administrative expenses for the third quarter of 2025 increased by 9% to RMB1.1 billion (US$160 million) from the same period in 2024 and increased by 4% from the previous quarter. General and administrative expenses as a percentage of net revenue were 6% for the third quarter of 2025.
Income tax expense for the third quarter of 2025 was RMB3.3 billion (US$470 million), compared to RMB721 million for the same period in 2024 and RMB998 million for the previous quarter, due to the increase in taxable income primarily attributable to the partial disposal of certain investment. 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, 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.
Net income for the third quarter of 2025 was RMB19.9 billion (US$2.8 billion), compared to RMB6.8 billion for the same period in 2024 and RMB4.9 billion for the previous quarter. Adjusted EBITDA for the third quarter of 2025 was RMB6.3 billion (US$892 million), compared to RMB5.7 billion for the same period in 2024 and RMB4.9 billion for the previous quarter.
Net income attributable to Trip.com Group’s shareholders for the third quarter of 2025 was RMB19.9 billion (US$2.8 billion), compared to RMB6.8 billion for the same period in 2024 and RMB4.8 billion for the previous quarter, primarily due to the partial disposal of certain investment. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income, and their tax effects, non-GAAP net income attributable to Trip.com Group’s shareholders for the third quarter of 2025 was RMB19.2 billion (US$2.7 billion), compared to RMB6.0 billion for the same period in 2024 and RMB5.0 billion for the previous quarter.
Diluted earnings per ordinary share and per ADS was RMB28.61 (US$4.02) for the third quarter of 2025. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income, and their tax effects, non-GAAP diluted earnings per ordinary share and per ADS was RMB27.56 (US$3.87) for the third quarter of 2025. Each ADS currently represents one ordinary share of the Company.
As of September 30, 2025, the balance of cash and cash equivalents, restricted cash, short-term investment, and held to maturity time deposit and financial products was RMB107.7 billion (US$15.1 billion).
Conference Call
Trip.com Group’s management team will host a conference call at 7:00 PM on November 17, 2025, U.S. Eastern Time (or 8:00 AM on November 18, 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/BI832bb6185b5042c6a2f663b42d9981b6.
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, 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, 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
September 30, 2025
September 30, 2025
RMB (million)
RMB (million)
USD (million)
ASSETS
Current assets:
Cash, cash equivalents and restricted cash
51,093
59,221
8,319
Short-term investments
28,475
21,234
2,983
Accounts receivable, net
12,459
16,344
2,296
Prepayments and other current assets
20,093
28,614
4,019
Total current assets
112,120
125,413
17,617
Property, equipment and software
5,053
5,505
773
Intangible assets and land use rights
12,840
13,071
1,836
Right-of-use asset
755
824
116
Investments (Includes held to maturity time deposit and
financial products of RMB10,453 million and RMB27,195
million as of December 31,2024 and September 30,
2025, respectively)
47,194
59,752
8,393
Goodwill
60,911
62,288
8,750
Other long-term assets
454
485
68
Deferred tax asset
3,254
3,240
455
Total assets
242,581
270,578
38,008
LIABILITIES
Current liabilities:
Short-term debt and current portion of long-term debt
19,433
20,339
2,857
Accounts payable
16,578
20,149
2,830
Advances from customers
18,029
22,208
3,120
Other current liabilities
19,970
21,783
3,060
Total current liabilities
74,010
84,479
11,867
Deferred tax liability
4,098
3,846
540
Long-term debt
20,134
11,033
1,550
Long-term lease liability
561
563
79
Other long-term liabilities
296
678
95
Total liabilities
99,099
100,599
14,131
MEZZANINE EQUITY
743
132
19
SHAREHOLDERS’ EQUITY
Total Trip.com Group Limited shareholders’ equity
141,807
168,095
23,612
Non-controlling interests
932
1,752
246
Total shareholders’ equity
142,739
169,847
23,858
Total liabilities, mezzanine equity and shareholders’
equity
242,581
270,578
38,008
Trip.com Group Limited
Unaudited Consolidated Statements of Income
(In millions, except share and per share data)
Quarter ended
Quarter ended
Quarter ended
Quarter ended
September 30, 2024
June 30, 2025
September 30, 2025
September 30, 2025
RMB (million)
RMB (million)
RMB (million)
USD (million)
Revenue:
Accommodation reservation
6,802
6,225
8,047
1,130
Transportation ticketing
5,650
5,397
6,306
886
Packaged-tour
1,558
1,079
1,606
226
Corporate travel
656
692
756
106
Others
1,234
1,471
1,652
232
Total revenue
15,900
14,864
18,367
2,580
Less: Sales tax and surcharges
(27)
(21)
(29)
(4)
Net revenue
15,873
14,843
18,338
2,576
Cost of revenue
(2,800)
(2,818)
(3,359)
(472)
Gross profit
13,073
12,025
14,979
2,104
Operating expenses:
Product development *
(3,640)
(3,500)
(4,083)
(574)
Sales and marketing *
(3,382)
(3,326)
(4,181)
(587)
General and administrative *
(1,045)
(1,097)
(1,141)
(160)
Total operating expenses
(8,067)
(7,923)
(9,405)
(1,321)
Income from operations
5,006
4,102
5,574
783
Interest income
598
609
675
95
Interest expense
(399)
(265)
(183)
(26)
Other income
1,781
1,114
17,032
2,392
Income before income tax
expense and equity in income of
affiliates
6,986
5,560
23,098
3,244
Income tax expense
(721)
(998)
(3,344)
(470)
Equity in income of affiliates
558
318
165
23
Net income
6,823
4,880
19,919
2,797
Net income attributable to non-
controlling interests and mezzanine
classified non-controlling interests
(58)
(34)
(29)
(4)
Net income attributable to
Trip.com Group Limited
6,765
4,846
19,890
2,793
Earnings per ordinary share
– Basic
10.37
7.34
30.36
4.26
– Diluted
9.93
6.97
28.61
4.02
Earnings per ADS
– Basic
10.37
7.34
30.36
4.26
– Diluted
9.93
6.97
28.61
4.02
Weighted average ordinary shares outstanding
– Basic
652,719,801
659,916,799
655,036,191
655,036,191
– Diluted
681,411,847
695,705,348
695,035,857
695,035,857
* Share-based compensation included in Operating expenses above is as follows:
Product development
221
258
257
36
Sales and marketing
38
53
55
8
General and administrative
200
255
248
35
Trip.com Group Limited
Unaudited Reconciliation of GAAP and Non-GAAP Results
(In millions, except %, share and per share data)
Quarter ended
Quarter ended
Quarter ended
Quarter ended
September 30, 2024
June 30, 2025
September 30, 2025
September 30, 2025
RMB (million)
RMB (million)
RMB (million)
USD (million)
Net income
6,823
4,880
19,919
2,797
Less: Interest income
(598)
(609)
(675)
(95)
Add: Interest expense
399
265
183
26
Less: Other income
(1,781)
(1,114)
(17,032)
(2,392)
Add: Income tax expense
721
998
3,344
470
Less: Equity in income of affiliates
(558)
(318)
(165)
(23)
Income from operations
5,006
4,102
5,574
783
Add: Share-based compensation
459
566
560
79
Add: Depreciation and amortization
215
212
212
30
Adjusted EBITDA
5,680
4,880
6,346
892
Adjusted EBITDA margin
36 %
33 %
35 %
35 %
Net income attributable to Trip.com Group Limited
6,765
4,846
19,890
2,793
Add: Share-based compensation
459
566
560
79
Less: Gain from fair value changes of equity securities investments
and exchangeable senior notes
(1,276)
(447)
(1,308)
(184)
Add: Tax effects on fair value changes of equity securities
investments and exchangeable senior notes
15
46
14
2
Non-GAAP net income attributable to Trip.com Group Limited
5,963
5,011
19,156
2,690
Weighted average ordinary shares outstanding-
Diluted-non GAAP
681,411,847
695,705,348
695,035,857
695,035,857
Non-GAAP Diluted income per share
8.75
7.20
27.56
3.87
Non-GAAP Diluted income per ADS
8.75
7.20
27.56
3.87
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=RMB7.1190 on September 30, 2025 published by the Federal
Reserve Board.