Trip.com Group (TCOM) Q3 2025 earnings summary

Executive summary

• Net revenue in Q3 2025 rose 16% year-over-year and 24% sequentially to RMB 18.3 billion, driven by robust travel demand across domestic and international markets, especially during peak travel seasons and holidays.

• Outbound hotel and air bookings grew nearly 20% year-over-year, reaching about 140% of 2019 volumes, with Europe and Asia-Pacific as key growth regions.

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

• Mobile bookings accounted for over 70% of total bookings, with affluent seniors and younger travelers contributing significantly to growth.

• AI-powered tools and strategic partnerships in entertainment and events enhanced user experience and market reach.

Financial highlights

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

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

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

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

• Adjusted EBITDA: RMB 6.3 billion, up from RMB 5.7 billion last year and RMB 4.9 billion last quarter.

• Diluted EPS: RMB 28.61 ($4.02), elevated by a one-time gain from an overseas investment divestment.

• Net income surged to RMB 19.9 billion ($2.8 billion), mainly due to a partial disposal of certain investments.

Outlook and guidance

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

• Positive outlook for 2026, with emphasis on product enhancement, global expansion, and capturing demand from both inbound and outbound travel.

• Marketing investments to increase in upcoming quarters, especially during global holiday seasons.