Trip.com Earnings Got a Major Boost in 2025

Trip.com Group reported the fourth quarter net revenue of RMB 15.4 billion (US$2.2 billion), up 21 percent year over year. Full-year net revenue rose to RMB 62.4 billion (US$8.9 billion), up 17 percent from 2024. Trip.com said the growth was driven by resilient travel demand, while some quarter-over-quarter declines were due to seasonality.

Trip.com also highlighted strong international momentum. It said bookings on its international OTA platform increased by about 60 percent year over year in 2025, and it served about 20 million inbound travelers that year. This matters because it shows growth was supported by cross-border and inbound travel, not only domestic demand.

Why it matters for travel

Trip.com is one of the largest travel platforms linked to Asia and global travel demand. Through brands like Trip.com, Ctrip, Qunar, and Skyscanner, the group has visibility across hotels, flights, package tours, and corporate travel. That makes its earnings results useful for airlines, hotel groups, tourism boards, and travel tech companies watching demand trends and competition.

The results suggest demand stayed strong enough in 2025 to support growth across major booking categories. At the same time, Trip.com increased spending on marketing and product development, which shows the company is still investing aggressively to grow and compete.

Q4 and full-year comparison with last year: Core travel grew across major segments

Compared with the fourth quarter of 2024, Trip.com’s fourth quarter of 2025 results improved across all major segments.

• Accommodation reservation revenue rose 21 percent to RMB 6.3 billion (US$899 million).
• Transportation ticketing revenue rose 12 percent to RMB 5.4 billion (US$768 million).
• Packaged-tour revenue rose 21 percent to RMB 1.1 billion (US$151 million).
• Corporate travel revenue rose 15 percent to RMB 808 million (US$116 million).

This shows broad-based growth across the core business.

The full-year comparison also shows steady expansion.

• Accommodation reservation revenue increased 21 percent to RMB 26.1 billion (US$3.7 billion).
• Transportation ticketing revenue rose 11 percent to RMB 22.5 billion (US$3.2 billion). Packaged-tour revenue rose 8 percent to RMB 4.7 billion (US$670 million).
• Corporate travel revenue increased 13 percent to RMB 2.8 billion (US$405 million).

In short, Trip.com’s underlying travel business clearly grew year over year.

Investment gains boosted earnings, while SAMR remains the key risk

Trip.com said full-year net income rose to RMB 33.4 billion (US$4.8 billion), compared with RMB 17.2 billion (US$2.5 billion) in 2024, but it also said the increase was primarily driven by a RMB 19.9 billion (US$2.8 billion) gain from investments recorded in other income/expense. That means the company’s operating business improved, but the sharp profit jump was not driven only by bookings and travel demand.

The main near-term risk remains regulatory. Trip.com said the SAMR antitrust investigation disclosed in January 2026 is still ongoing, that it is cooperating, and that business operations remain normal. So the next key developments for investors and industry partners will be whether travel demand stays strong in 2026 and whether regulators provide more clarity on the investigation outcome.

Photo by Jeyakumaran Mayooresan on Unsplash