Trip.com Group (TCOM) Q3 2025 earnings summary

Executive summary

• Net revenue in Q3 2025 rose 16% year-over-year to RMB 18.3 billion, driven by robust travel demand across domestic and international markets, with strong performance during peak travel seasons and holidays.

• Outbound hotel and air bookings grew nearly 20% year-over-year, reaching about 140% of 2019 volumes, with Japan, South Korea, and Southeast Asia as top destinations.

• Inbound travel bookings surged over 100% year-over-year, supported by expanded visa-free policies and new immersive experiences for international visitors.

• Net income surged to RMB 19.9 billion, mainly due to a partial disposal of certain investments.

• Mobile bookings accounted for over 70% of total bookings, with significant growth among affluent seniors and younger travelers.

Financial highlights

• Q3 2025 net revenue was RMB 18.3 billion, up 16% year-over-year and 24% sequentially.

• Accommodation reservation revenue reached RMB 8.0 billion, up 18% year-over-year and 29% quarter-over-quarter.

• Transportation ticketing revenue was RMB 6.3 billion, up 12% year-over-year and 17% sequentially.

• Package tour revenue was RMB 1.6 billion, up 3% year-over-year and 49% sequentially.

• Adjusted EBITDA was RMB 6.3 billion, compared to RMB 5.7 billion last year and RMB 4.9 billion last quarter.

Outlook and guidance

• Management remains confident in continued business strength and future opportunities, focusing on sustainable growth and long-term value creation.

• Positive outlook for 2026, with plans to invest globally, especially in Asia-Pacific, and to deepen collaboration with partners for inbound and generational travel segments.