Trip.com Group Ltd (TCOM) Q4 2025 Earnings Call Highlights: Strong Revenue Growth Amid …

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Thu, February 26, 2026 at 4:01 PM GMT+9 5 min read

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**Net Revenue (Q4 2025):** RMB15.4 billion, a 21% increase year over year.

**Net Revenue (Full Year 2025):** RMB62.4 billion, a 17% increase year over year.

**Gross Bookings (Full Year 2025):** RMB1.1 trillion.

**Income from Operations (Full Year 2025):** RMB15.8 billion, an 11% increase year over year.

**Net Income (Excluding Gains from Investments):** RMB13.4 billion.

**Accommodation Reservation Revenue (Q4 2025):** RMB6.3 billion, a 21% increase year over year.

**Accommodation Reservation Revenue (Full Year 2025):** RMB26.1 billion, a 21% increase year over year.

**Transportation Ticketing Revenue (Q4 2025):** RMB5.4 billion, a 12% increase year over year.

**Transportation Ticketing Revenue (Full Year 2025):** RMB22.5 billion, an 11% increase year over year.

**Packaged Tour Revenue (Q4 2025):** RMB1.1 billion, a 21% increase year over year.

**Packaged Tour Revenue (Full Year 2025):** RMB4.7 billion, an 8% increase year over year.

**Corporate Travel Revenue (Q4 2025):** RMB808 million, a 15% increase year over year.

**Corporate Travel Revenue (Full Year 2025):** RMB2.8 billion, a 13% increase year over year.

**Adjusted EBITDA (Q4 2025):** RMB3.4 billion.

**Adjusted EBITDA (Full Year 2025):** RMB18.9 billion, an 11% growth year over year.

**Diluted Earnings per ADS (Q4 2025):** RMB6.11 or USD0.87.

**Non-GAAP Diluted Earnings per ADS (Q4 2025):** RMB4.97 or USD0.71.

**Diluted Earnings per ADS (Full Year 2025):** RMB47.67 or USD6.82.

**Non-GAAP Diluted Earnings per ADS (Full Year 2025):** RMB45.59 or USD6.52.

**Cash and Cash Equivalents (As of December 31, 2025):** RMB105.8 billion or USD15.1 billion.

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Release Date: February 26, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Trip.com Group Ltd (NASDAQ:TCOM) reported a net revenue of RMB15.4 billion for Q4 2025, representing a 21% increase from the same period last year.

The company's international OTA platform achieved approximately 60% year-over-year growth, driven by strong performance in the APAC region.

Trip.com Group Ltd (NASDAQ:TCOM) served approximately 20 million inbound travelers in 2025, reflecting a significant growth opportunity in inbound tourism.

The company launched a USD100 million tourism innovation fund to support commercial innovation across the travel ecosystem.

Trip.com Group Ltd (NASDAQ:TCOM) continues to invest in AI and technology to enhance partner efficiency and improve user experiences.

Negative Points

Trip.com Group Ltd (NASDAQ:TCOM) is under investigation by the state administration for market regulation, which could impact its business operations.

Adjusted sales and marketing expenses increased by 30% year over year, indicating higher costs associated with international expansion.

The company faces intensifying competition in the domestic travel market, which could affect its market share.

Despite strong growth, the company's adjusted product development and G&A expenses increased by 14% year over year.

The regulatory investigation and potential compliance issues could pose risks to Trip.com Group Ltd (NASDAQ:TCOM)'s long-term strategy.

 






Story Continues  

Q & A Highlights

Q: Could the management share any update regarding the recent SAMR investigation? How do you assess the potential impact on your business in 2026 and longer term? A: Xiaofan Wang, Chief Financial Officer, stated that Trip.com Group is actively cooperating with the state administration for market regulation throughout its review process. The company remains committed to fostering a transparent and sustainable environment for all stakeholders. Looking ahead, they will focus on driving inbound tourism, deepening social responsibility initiatives, and accelerating AI innovations to create long-term sustainable value.

Q: How do you evaluate the impact of AI agents on your OTA business model, and what is your strategy to sustain your value proposition in the travel industry? A: Jianzhang Liang, Executive Chairman, explained that AI advancements validate and accelerate their long-term strategy. While AI agents excel at inspiring travel, Trip.com focuses on transactional and service layers, which are central to their business. They are investing in proprietary data and vertical AI, maintaining a strong supply chain, and ensuring end-to-end service and trust to enhance their platform and shape the evolution of travel in the age of AI.

Q: Can you provide guidance on the future growth trajectory for inbound tourism markets into 2026 and beyond? A: Jie Sun, Chief Executive Officer, highlighted that inbound travel to China is at the start of a significant growth cycle, with potential for 5 to 10 times growth. Trip.com is uniquely positioned to capture this opportunity through local expertise and global reach. They are promoting super destinations, empowering local partners, and enhancing traveler experiences to drive growth in inbound tourism.

Q: Could you share some color about the booking trend during the Chinese New Year and recent consumer sentiments? A: Xiaofan Wang, Chief Financial Officer, noted that the 2026 Chinese New Year stimulated travel demand, with domestic hotel business recording robust growth. International markets also showed strong performance, with the international OTA platform achieving approximately 60% year-over-year growth. Travel sentiment remains strong worldwide, driven by leisure travel.

Q: How do you maintain your competitive edge in the domestic travel market amid intensifying competition? A: Jie Sun, Chief Executive Officer, emphasized their focus on high-level services, comprehensive product offerings, and global coverage. Trip.com provides 24/7 customer service, a wide range of travel products, and strong support during unexpected events, ensuring a competitive advantage in the domestic travel market.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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