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Trip.com Group
Trip.com Group (TCOM) investor relations material
Trip.com Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Achieved strong growth in 2025, with net revenue up 17% year-over-year to RMB 62.4 billion, driven by robust travel demand across domestic, outbound, and international markets.
International OTA platform bookings grew 60% year-over-year, with APAC as the primary growth region and international business contributing 40% of total revenue and bookings.
Inbound travel served 20 million travelers, nearly doubling year-over-year, and expanded supply-side participation with over 63,000 hotels serving inbound guests for the first time.
Net income for 2025 was RMB 33.4 billion, up from RMB 17.2 billion in 2024, driven by significant investment gains.
Continued investment in AI innovation, social responsibility, and inbound tourism as core strategic priorities.
Financial highlights
Q4 2025 net revenue was RMB 15.4 billion, up 21% year-over-year; full-year net revenue reached RMB 62.4 billion, up 17%.
Income from operations for 2025 was RMB 15.8 billion, up 11% year-over-year (excluding investment gains); net income attributable was RMB 13.4 billion.
Adjusted EBITDA for 2025 was RMB 18.9 billion, up 11% year-over-year; Q4 adjusted EBITDA was RMB 3.4 billion.
Diluted EPS for 2025 was RMB 47.67 ($6.82); non-GAAP diluted EPS was RMB 45.59 ($6.52).
Cash and equivalents as of year-end were RMB 105.8 billion ($15.1 billion).
Outlook and guidance
Expect continued strong growth in inbound travel, aiming to double inbound traveler numbers in 2026.
International expansion, especially in APAC, remains a key focus, with ongoing investments in product localization and brand presence.
AI infrastructure and innovation to further enhance partner efficiency and user experience.
Management emphasizes continued investment in inbound tourism, AI, and social responsibility for sustainable growth.
Ongoing focus on globalization and quality to drive long-term value with partners and communities.
How did investment gains impact 2025 net income?
What are the potential impacts of SAMR investigation?
How will AI investments drive future growth?
Inbound tourism growth trajectory 2026+
AI agent impact on OTA business model
SAMR investigation impact on business?
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Next Trip.com Group earnings date
Q1 202619 May, 2026
Trip.com Group
Next Trip.com Group earnings date
Q1 202619 May, 2026
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Frequently asked questions
Trip.com Group Limited is a China-based online travel service provider that offers booking services for accommodation, transportation, tours, and corporate travel. The company operates travel platforms under several brands and serves customers globally. Trip.com Group Limited is headquartered in Shanghai, China, and its shares are listed on the NASDAQ.
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