Trip.com Group (TCOM) Q2 2025 earnings summary

Executive summary

• Net revenue in Q2 2025 rose 16% year-over-year to RMB 14.8 billion, driven by strong demand across all travel segments and geographies.

• Adjusted EBITDA increased 10% year-over-year to RMB 4.9 billion, reflecting operational efficiency and top-line growth.

• Inbound travel bookings surged over 100% year-over-year, with China’s inbound segment and international bookings showing exceptional momentum.

• Outbound hotel and air bookings surpassed 120% of 2019 volumes, outpacing the broader market by 30-40 percentage points.

• Net income for Q2 2025 was RMB 4.9 billion, up from RMB 3.9 billion a year ago.

Financial highlights

• Accommodation reservation revenue reached RMB 6.2 billion, up 21% year-over-year and 12% quarter-over-quarter.

• Transportation ticketing revenue was RMB 5.4 billion, up 11% year-over-year, flat sequentially.

• Package tour revenue was RMB 1.1 billion, up 5% year-over-year and 14% quarter-over-quarter.

• Corporate travel revenue was RMB 692 million, up 9% year-over-year and 21% quarter-over-quarter.

• Cash and equivalents stood at RMB 94.1 billion ($13.1 billion) as of June 30, 2025.

Outlook and guidance

• Inbound travel expected to become a key growth engine as visa policies ease and China’s global appeal rises.

• Continued investment in AI, digital tools, and global expansion, especially in APAC and Middle East markets.

• Management remains confident in long-term industry growth, focusing on innovation, partnerships, and inbound travel expansion.