Trip.com Group Limited (NASDAQ: TCOM) reported unaudited fourth‑quarter and full‑year 2025 results on February 25, 2026. Net revenue for Q4 rose 21% year‑over‑year to RMB15.4 billion (US$2.2 billion), and net income climbed to RMB4.3 billion (US$613 million). Full‑year 2025 revenue reached RMB62.4 billion (US$8.9 billion), a 17% increase from 2024, while operating income from operations, excluding investment gains, was RMB15.8 billion, up 11% YoY.
The revenue growth was driven by strong demand across all core segments. Accommodation reservation revenue increased 21% to RMB6.3 billion, transportation ticketing revenue grew 12% to RMB5.4 billion, and packaged‑tour revenue expanded 18% to RMB3.7 billion. International business, which accounts for a growing share of bookings, grew 60% YoY, reflecting a rebound in inbound tourism and a shift toward higher‑margin services.
Margin performance showed a mixed picture. Adjusted EBITDA margin fell to 22% in Q4 from 35% in the prior quarter, largely due to a 30% year‑over‑year rise in sales and marketing expenses and a one‑time gain from investments in the previous quarter. Operating income, however, increased to RMB15.8 billion from RMB12.2 billion in 2024, driven by higher mix and cost efficiencies in the accommodation and transportation segments.
Earnings per share missed consensus by US$0.01, reporting a non‑GAAP diluted EPS of US$0.71 versus an estimate of US$0.72. The slight miss was attributed to the one‑time investment gain in Q4 2024, which inflated the prior quarter’s EPS and made the current quarter’s earnings appear lower in comparison. The company’s cost‑control program and higher‑margin mix helped keep the miss narrow.
Management did not provide forward guidance for the next quarter or full year. Analysts noted the absence of guidance as a source of uncertainty, but many maintained bullish views on the company’s long‑term trajectory, citing robust international growth and AI investments. The company’s board announced the resignation of co‑founder Min Fan and the appointment of new independent directors on February 25, 2026, signaling a shift in governance amid regulatory scrutiny.
The company is under investigation by China’s State Administration for Market Regulation for anti‑monopoly concerns that began in January 2026. CFO Cindy Wang said, "Trip.com Group is actively cooperating with the state administration for market regulation throughout its review process." The investigation introduces regulatory uncertainty and could impact future growth, but the company’s focus on inbound tourism, AI innovation, and a US$100 million Tourism Innovation Fund positions it for continued expansion.
James Liang, Executive Chairman, said, "Travel is more than an industry; it is an essential economic infrastructure that enables connection, mobility, and shared growth. Inbound travel plays a meaningful role in expanding opportunity and contributing to local communities. Guided by a customer‑centric and trust‑based approach, we continue to scale our efforts. By investing consistently in inbound tourism, social responsibility initiatives, and AI innovations, we are building a resilient foundation for sustainable long‑term development."
Jane Sun, Chief Executive Officer, added, "The travel market demonstrated strong resilience in 2025. Inbound travel remains a key growth driver, contributing to economic growth and creating job opportunities for young talents and industry partners. We support this momentum by empowering and closely collaborating with local partners to generate incremental demand and long‑term value. Following our 'Globalization and Great Quality' strategy, we continue to work closely with merchants, destinations, and communities to build a dynamic travel ecosystem grounded in shared, sustainable success."
Cindy Wang, Chief Financial Officer, noted, "For the fourth quarter of 2025, Trip.com Group reported a net revenue of RMB 15.4 billion, representing a 21% increase from the same period last year. This was primarily due to robust travel demand throughout the winter holiday."
Cindy Xiaofan Wang, Chief Financial Officer, said, "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."
Jianzhang Liang, Executive Chairman, commented, "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."
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