Trip.com

TCOM · Nasdaq

Services-Business Services, NEC · Fiscal year ends Dec 31 · Reports in CNY

Trip.com reported revenue of CNY 62.4B in the fiscal year ended Dec 2025, up 17.1% from the year before. Operating income was CNY 15.8B, an operating margin of 25.3%, and net income was CNY 33.3B. Operating cash flow of CNY 14.4B less capital expenditure of CNY 797M left free cash flow of CNY 13.6B. It held more cash than debt (net cash CNY 9.1B).

Last 5 fiscal years

Revenue and net income

RevenueNet income

Income statement

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	CNY 20B	CNY 20B	CNY 44.5B	CNY 53.3B	CNY 62.4B
Cost of revenue	CNY 4.6B	CNY 4.5B	CNY 8.1B	CNY 10B	CNY 12.1B
Gross profit	CNY 15.4B	CNY 15.5B	CNY 36.4B	CNY 43.3B	CNY 50.3B
Research & development	CNY 9B	CNY 8.3B	CNY 12.1B	CNY 13.1B	CNY 15.1B
Operating income	−CNY 1.4B	CNY 88M	CNY 11.3B	CNY 14.2B	CNY 15.8B
Interest expense	CNY 1.6B	CNY 1.5B	CNY 2.1B	CNY 1.7B	CNY 849M
Pre-tax income	−CNY 471M	CNY 2.6B	CNY 10.7B	CNY 17B	CNY 38.8B
Income tax	CNY 270M	CNY 682M	CNY 1.8B	CNY 2.6B	CNY 5.8B
Net income	−CNY 550M	CNY 1.4B	CNY 9.9B	CNY 17.1B	CNY 33.3B
Diluted shares	634M	657M	671M	689M	698M

Balance sheet

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash & equivalents	CNY 19.8B	CNY 17B	CNY 41.6B	CNY 48.4B	CNY 39.8B
Receivables	CNY 4.6B	CNY 5.5B	CNY 11.4B	CNY 12.5B	CNY 15.2B
Current assets	CNY 66.1B	CNY 61.4B	CNY 88.7B	CNY 112B	CNY 121B
Net PP&E	CNY 5.5B	CNY 5.2B	CNY 5.1B	CNY 5.1B	CNY 5.4B
Goodwill	CNY 59.4B	CNY 59.3B	CNY 59.4B	CNY 60.9B	CNY 62.3B
Total assets	CNY 192B	CNY 192B	CNY 219B	CNY 243B	CNY 267B
Payables	CNY 6B	CNY 7.6B	CNY 16.5B	CNY 16.6B	CNY 19.2B
Current liabilities	CNY 66.2B	CNY 61.2B	CNY 72.4B	CNY 74B	CNY 78.2B
Short-term debt	CNY 39.9B	CNY 32.7B	CNY 25.9B	CNY 19.4B	CNY 19.3B
Long-term debt	CNY 11.1B	CNY 13.2B	CNY 19.1B	CNY 20.1B	CNY 11.4B
Total liabilities	CNY 81.4B	CNY 78.7B	CNY 96.1B	CNY 99.1B	CNY 94.8B
Shareholders' equity	CNY 110B	CNY 112B	CNY 122B	CNY 142B	CNY 171B

Cash flow

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating cash flow	CNY 2.5B	CNY 2.6B	CNY 22B	CNY 19.6B	CNY 14.4B
Capital expenditure	CNY 570M	CNY 497M	CNY 606M	CNY 591M	CNY 797M
Free cash flow	CNY 1.9B	CNY 2.1B	CNY 21.4B	CNY 19B	CNY 13.6B
Depreciation & amortisation	CNY 723M	CNY 632M	CNY 627M	CNY 655M	CNY 647M
Stock-based compensation	CNY 1.7B	CNY 1.2B	CNY 1.8B	CNY 2B	CNY 2.3B
Acquisitions	CNY 42M	CNY 5M	CNY 0	−CNY 1.2B	CNY 753M
Share buybacks	–	–	CNY 1.6B	CNY 2.2B	CNY 4.4B
Dividends paid	–	–	–	–	CNY 1.4B

Key ratios

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue growth (YoY)	–	0.1%	122.1%	19.7%	17.1%
Operating income growth (YoY)	–	–	12768.2%	25.2%	11.3%
Gross margin	77.0%	77.5%	81.8%	81.3%	80.6%
Operating margin	−7.0%	0.4%	25.4%	26.6%	25.3%
Net margin	−2.7%	7.0%	22.3%	32.0%	53.3%
Return on equityBlank when equity is negative	−0.5%	1.2%	8.1%	12.0%	19.5%
ROCEEBIT ÷ (assets − current liabilities)	−1.1%	0.1%	7.7%	8.4%	8.3%
Free cash flow margin	9.5%	10.7%	48.1%	35.7%	21.8%
Cash conversion (CFO ÷ net income)	−4.50x	1.88x	2.22x	1.15x	0.43x
Receivable days	85	100	94	85	89
Payable days	478	612	740	606	577
Interest cover	−0.90x	0.06x	5.48x	8.17x	18.6x
Debt ÷ equity	0.46x	0.41x	0.37x	0.28x	0.18x
Net debtDebt − cash & equivalents; excludes investments; negative = net cash	CNY 31.2B	CNY 28.9B	CNY 3.4B	−CNY 8.9B	−CNY 9.1B
Current ratio	1.00x	1.00x	1.23x	1.51x	1.55x

Recent filings

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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.