Trip.com Group reports unaudited third quarter 2025 financial results

SINGAPORE, Nov. 18, 2025 /PRNewswire/ -- Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) ("Trip.com Group" or the "Company"), a leading global one-stop travel service provider of accommodation reservation, transportation ticketing, packaged tours, and corporate travel management, today announced its unaudited financial results for the third quarter of 2025.

Key Highlights for the Third Quarter of 2025

• International businesses delivered robust performance across all segments during the third quarter of 2025
  - Overall bookings on our international OTA platform increased by around 60% year-over-year.
  - Inbound travel bookings surged by over 100% year-over-year.
  - Outbound flight and hotel bookings have climbed to around 140% of the volume for the same period in 2019.

"Travel demand stayed strong this summer, driven by travelers' enduring passion to explore the world," said James Liang, the Executive Chairman. "We are enhancing every stage of the journey with AI, and our immersive "Taste of China" program is redefining inbound travel experiences. Moving forward, we will continue to push the boundaries of technology and service to shape a smarter, more sustainable future for travel."

"We are pleased with our strong third-quarter performance, particularly in cross-border travel," said Jane Sun, the Chief Executive Officer. "We are committed to empowering our partners to enhance service capabilities and capture new opportunities, creating a more vibrant and connected global travel ecosystem defined by exceptional services and memorable experiences."

Third Quarter of 2025 Financial Results and Business Updates

For the third quarter of 2025, Trip.com Group reported net revenue of RMB18.3 billion (US$2.6 billion), representing a 16% increase from the same period in 2024, primarily driven by stronger travel demand. Net revenue for the third quarter of 2025 increased by 24% from the previous quarter, primarily due to seasonality.

Accommodation reservation revenue for the third quarter of 2025 was RMB8.0 billion (US$1.1 billion), representing an 18% increase from the same period in 2024, primarily driven by an increase in accommodation reservations. Accommodation reservation revenue for the third quarter of 2025 increased by 29% from the previous quarter, primarily due to seasonality.

Transportation ticketing revenue for the third quarter of 2025 was RMB6.3 billion (US$886 million), representing a 12% increase from the same period in 2024, primarily driven by an increase in transportation reservations. Transportation ticketing revenue for the third quarter of 2025 increased by 17% from the previous quarter, primarily due to seasonality.

Packaged-tour revenue for the third quarter of 2025 was RMB1.6 billion (US$226 million), representing a 3% increase from the same period in 2024, primarily driven by an increase in packaged-tour reservations. Packaged-tour revenue for the third quarter of 2025 increased by 49% from the previous quarter, primarily due to seasonality.

Corporate travel revenue for the third quarter of 2025 was RMB756 million (US$106 million), representing a 15% increase from the same period in 2024 and a 9% increase from the previous quarter, primarily driven by an increase in corporate travel reservations.

Cost of revenue for the third quarter of 2025 increased by 20% to RMB3.4 billion (US$472 million) from the same period in 2024 and increased by 19% from the previous quarter, which was generally in line with the increase in net revenue from the respective periods. Cost of revenue as a percentage of net revenue was 18% for the third quarter of 2025.

Product development expenses for the third quarter of 2025 increased by 12% to RMB4.1 billion (US$574 million) from the same period in 2024 and increased by 17% from the previous quarter, primarily due to the increase in product development personnel related expenses. Product development expenses as a percentage of net revenue were 22% for the third quarter of 2025.

Sales and marketing expenses for the third quarter of 2025 increased by 24% to RMB4.2 billion (US$587 million) from the same period in 2024 and increased by 26% from the previous quarter, primarily due to the increase in expenses relating to sales and marketing promotion activities. Sales and marketing expenses as a percentage of net revenue were 23% for the third quarter of 2025.

General and administrative expenses for the third quarter of 2025 increased by 9% to RMB1.1 billion (US$160 million) from the same period in 2024 and increased by 4% from the previous quarter. General and administrative expenses as a percentage of net revenue were 6% for the third quarter of 2025.

Income tax expense for the third quarter of 2025 was RMB3.3 billion (US$470 million), compared to RMB721 million for the same period in 2024 and RMB998 million for the previous quarter, due to the increase in taxable income primarily attributable to the partial disposal of certain investment. The change in Trip.com Group's effective tax rate was primarily due to the combined impacts of changes in respective profitability of its subsidiaries with different tax rates, changes in deferred tax liabilities relating to withholding tax, certain non-taxable income or loss resulting from the fair value changes in equity securities investments and exchangeable senior notes recorded in other income, changes in valuation allowance provided for deferred tax assets, and tax arising from the partial disposal of certain investment in accordance with the local indirect transfer tax rules.

Net income for the third quarter of 2025 was RMB19.9 billion (US$2.8 billion), compared to RMB6.8 billion for the same period in 2024 and RMB4.9 billion for the previous quarter. Adjusted EBITDA for the third quarter of 2025 was RMB6.3 billion (US$892 million), compared to RMB5.7 billion for the same period in 2024 and RMB4.9 billion for the previous quarter.

Net income attributable to Trip.com Group's shareholders for the third quarter of 2025 was RMB19.9 billion (US$2.8 billion), compared to RMB6.8 billion for the same period in 2024 and RMB4.8 billion for the previous quarter, primarily due to the partial disposal of certain investment. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income, and their tax effects, non-GAAP net income attributable to Trip.com Group's shareholders for the third quarter of 2025 was RMB19.2 billion (US$2.7 billion), compared to RMB6.0 billion for the same period in 2024 and RMB5.0 billion for the previous quarter.

Diluted earnings per ordinary share and per ADS was RMB28.61 (US$4.02) for the third quarter of 2025. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income, and their tax effects, non-GAAP diluted earnings per ordinary share and per ADS was RMB27.56 (US$3.87) for the third quarter of 2025. Each ADS currently represents one ordinary share of the Company.

As of September 30, 2025, the balance of cash and cash equivalents, restricted cash, short-term investment, and held to maturity time deposit and financial products was RMB107.7 billion (US$15.1 billion).

Conference Call

Trip.com Group's management team will host a conference call at 7:00 PM on November 17, 2025, U.S. Eastern Time (or 8:00 AM on November 18, 2025, Hong Kong Time) following this announcement.

The conference call will be available live on Webcast and for replay at: https://investors.trip.com. The call will be archived for twelve months on our website.

All participants must pre-register to join this conference call using the Participant Registration link below:

https://register-conf.media-server.com/register/BI832bb6185b5042c6a2f663b42d9981b6.

Upon registration, each participant will receive details for this conference call, including dial-in numbers and a unique access PIN. To join the conference, please dial the number provided, enter your PIN, and you will join the conference instantly.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate," "future," "intend," "plan," "believe," "estimate," "is/are likely to," "confident," or other similar statements. Among other things, quotations from management in this press release, as well as Trip.com Group's strategic and operational plans, contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, severe or prolonged downturn in the global or Chinese economy, general declines or disruptions in the travel industry, volatility in the trading price of Trip.com Group's ADSs or shares, Trip.com Group's reliance on its relationships and contractual arrangements with travel suppliers and strategic alliances, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in the relevant jurisdictions where Trip.com Group operates, failure to successfully develop Trip.com Group's existing or future business lines, damage to or failure of Trip.com Group's infrastructure and technology, loss of services of Trip.com Group's key executives, adverse changes in economic and business conditions in the relevant jurisdictions where Trip.com Group operates, any regulatory developments in laws, regulations, rules, policies or guidelines applicable to Trip.com Group and other risks outlined in Trip.com Group's filings with the U.S. Securities and Exchange Commission or the Stock Exchange of Hong Kong Limited. All information provided in this press release and in the attachments is as of the date of the issuance, and Trip.com Group does not undertake any obligation to update any forward-looking statement, except as required under applicable law.