Trip.com Group (TCOM) Q1 2025 earnings summary

Executive summary

• Net revenue for Q1 2025 reached RMB 13.8 billion (US$1.9 billion), up 16% year-over-year and 9% quarter-over-quarter, driven by strong travel demand across all business segments and geographies.

• Inbound travel bookings surged by approximately 100% year-over-year, supported by favorable visa policies and increased global visibility.

• Outbound and international hotel and air bookings exceeded 120% of 2019 levels, outperforming the market by 30%-40%.

• APAC remains a key growth engine, with international OTA bookings up over 60% year-over-year.

• AI-driven tools, such as TripGenie, increased user engagement and operational efficiency, with AI handling over 80% of post-sales inquiries.

Financial highlights

• Q1 2025 net revenue: RMB 13.8 billion, up 16% year-over-year and 9% quarter-over-quarter.

• Accommodation reservation revenue: RMB 5.5 billion, up 23% year-over-year.

• Transportation ticketing revenue: RMB 5.4 billion, up 8% year-over-year.

• Package tour revenue: RMB 947 million, up 7% year-over-year.

• Corporate travel revenue: RMB 573 million, up 12% year-over-year.

• Adjusted EBITDA: RMB 4.2 billion (US$586 million), up from RMB 4.0 billion last year.

• Diluted EPS: RMB 6.09 (US$0.84); non-GAAP diluted EPS: RMB 5.96 (US$0.82).

• Cash and equivalents: RMB 92.9 billion (US$12.8 billion) as of March 31, 2025.

Outlook and guidance

• Management expects continued strong travel demand, with cross-border flights from China forecast to exceed 90% of 2019 levels by end of 2025.

• Hotel prices are stabilizing, with demand and supply growth expected to support price normalization.

• Marketing investments will remain ROI-focused, with ongoing global expansion and efficiency improvements.

• Management expects to sustain growth momentum, citing resilient consumer demand and favorable travel policies.

• Forward-looking statements highlight potential risks from global economic uncertainties and industry volatility.