TCOM

MKT CAP:$35B

Trip.com Group Limited

Market Cap

$35B

Consumer Cyclical·Travel Services·🇸🇬 Singapore·NASDAQ

Consumer Cyc.·Travel Services·🇸🇬·NASDAQ

Stock Price

$53.02-$21.47 (-28.82%)

Apr 24, 2026

Company Details

Trip.com Group Limited, through its subsidiaries, operates as a travel service provider for accommodation reservation, transportation ticketing, packaged tours and in-destination, corporate travel management, and other travel-related servic...

CEO

Jie Sun

IPO Date

Dec 9, 2003

Website

group.trip.com

Key Metrics TTM

Revenue

$9.1B

+20.3% YoY

Net Income

$4.9B

EPS (Diluted)

$6.97

Free Cash Flow

$0

Revenue / Share

$12.97

Gross Margin

80.6%

Operating Margin

25.3%

Net Margin

53.4%

FCF Margin

0.0%

P/S

3.8x

P/E

7.1x

Earnings Reports

FY 2025

Dec 30, 2025

$8.9BEPS $6.77

Q4 2025

Feb 26, 2026

$2.2B+19.2%EPS $0.88

Q3 2025

Nov 18, 2025

$2.7B+15.5%EPS $4.18

Q2 2025

Aug 28, 2025

$2.2B+16.2%EPS $1.02

Q1 2025

May 20, 2025

$2.0BEPS $0.89

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$781M	$602M	-$36M
Q4 21	$684M	$521M	-$103M
Q1 22	$600M	$444M	-$52M
Q2 22	$586M	$443M	-$24M
Q3 22	$1.0B	$821M	$125M
Q1 23	$1.3B	$1.1B	$327M
Q2 23	$1.6B	$1.4B	$435M
Q3 23	$2.0B	$1.6B	$571M
Q4 23	$1.5B	$1.2B	$321M
Q2 24	$1.9B	$1.5B	$519M
Q3 24	$2.3B	$1.9B	$731M
Q4 24	$1.9B	$1.5B	$336M
Q1 25	$2.0B	$1.6B	$521M
Q2 25	$2.2B	$1.8B	$599M
Q3 25	$2.7B	$2.2B	$814M
Q4 25	$2.2B	$1.8B	$365M

Valuation

Quarter	P/S	P/E
Q3 21	6.5x	102.7x
Q4 21	5.6x	—
Q1 22	5.2x	—
Q2 22	6.0x	—
Q3 22	6.3x	—
Q1 23	6.9x	61.5x
Q2 23	5.0x	36.3x
Q3 23	3.9x	18.0x
Q4 23	3.8x	17.0x
Q2 24	4.7x	21.6x
Q3 24	5.3x	17.0x
Q4 24	6.3x	23.3x
Q1 25	5.5x	17.8x
Q2 25	4.6x	14.7x
Q3 25	5.8x	11.0x
Q4 25	5.2x	9.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	$0	$0
Q3 21	$0	$0
Q4 21	$0	$0
Q1 22	$0	$0
Q2 22	$0	$0
Q3 22	$9M	$9M
Q1 23	$464M	$448M
Q2 23	$8M	$8M
Q3 23	$8M	$8M
Q4 23	$0	$0
Q2 24	$0	$0
Q3 24	$0	$0
Q4 24	$0	$0
Q1 25	$0	$0
Q2 25	$0	$0
Q3 25	$0	$0

Capital Expenditures

Quarter	CapEx
Q2 21	$0
Q3 21	$0
Q4 21	$0
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q1 23	$16M
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	-2.2%	+19.6%
Q4 21	-5.7%	+8.1%
Q1 22	+0.0%	-8.7%
Q2 22	-31.9%	-24.9%
Q3 22	+29.0%	+8.0%
Q1 23	+96.5%	+29.2%
Q2 23	+173.7%	+85.1%
Q3 23	+242.6%	+135.3%
Q4 23	+49.8%	+34.6%
Q2 24	+38.9%	+32.5%
Q3 24	+41.1%	+31.4%
Q4 24	-7.2%	+6.2%
Q1 25	+33.9%	+26.3%
Q2 25	+16.2%	+16.5%
Q3 25	+15.5%	+17.5%
Q4 25	+19.2%	+21.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$53M	6.2%
Q3 21	$75M	9.6%
Q4 21	$74M	10.8%
Q1 22	$33M	5.4%
Q2 22	$44M	7.6%
Q3 22	$51M	5.1%
Q1 23	$55M	4.1%
Q2 23	$73M	4.4%
Q3 23	$74M	3.7%
Q4 23	$66M	4.4%
Q2 24	$98M	5.3%
Q3 24	$67M	2.9%
Q4 24	$67M	3.6%
Q1 25	$70M	3.5%
Q2 25	$83M	3.8%
Q3 25	$82M	3.1%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q3 21	$337M	$116M	$186M	—
Q4 21	$327M	$107M	$190M	—
Q1 22	$288M	$85M	$123M	—
Q2 22	$259M	$88M	$121M	—
Q3 22	$364M	$123M	$209M	—
Q1 23	$391M	$130M	$256M	—
Q2 23	$431M	$140M	$344M	—
Q3 23	$523M	$150M	$403M	—
Q4 23	$426M	$127M	$341M	—
Q2 24	$437M	$157M	$414M	—
Q3 24	$532M	$153M	$494M	—
Q4 24	$496M	$151M	$493M	—
Q1 25	$515M	$152M	$438M	—
Q2 25	$511M	$160M	$486M	—
Q3 25	$597M	$167M	$611M	—
Q4 25	$580M	—	—	$806M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$3.0B	$4.4B	$7.5B
Q2 22	$3.4B	$4.5B	$7.8B
Q3 22	$2.8B	$4.2B	$7.0B
Q4 22	$2.5B	$3.7B	$6.2B
Q1 23	$4.5B	$2.5B	$7.0B
Q2 23	$5.4B	$2.7B	$8.1B
Q3 23	$5.5B	$3.5B	$9.0B
Q4 23	$6.1B	$2.6B	$8.7B
Q1 24	$6.2B	$3.7B	$9.9B
Q2 24	$7.5B	$5.6B	$13.1B
Q3 24	$6.1B	$5.0B	$11.1B
Q4 24	$7.1B	$4.2B	$11.2B
Q1 25	$8.2B	$3.2B	$11.4B
Q2 25	$8.5B	$3.2B	$11.7B
Q3 25	$8.7B	$3.1B	$11.8B
Q4 25	$6.8B	$4.7B	$11.5B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	644M	+1.3%	+3.9%
Q4 21	646M	+0.4%	+6.1%
Q1 22	648M	+0.2%	+2.9%
Q2 22	651M	+0.5%	+2.4%
Q3 22	653M	+0.4%	+1.5%
Q1 23	673M	+2.9%	+4.1%
Q2 23	672M	-0.1%	+3.7%
Q3 23	674M	+0.3%	+3.6%
Q4 23	668M	-0.9%	+2.3%
Q2 24	688M	+2.9%	+2.3%
Q3 24	688M	-0.0%	+2.4%
Q4 24	698M	+1.5%	+3.6%
Q1 25	702M	+0.6%	+5.1%
Q2 25	696M	-0.9%	+1.1%
Q3 25	695M	-0.1%	+1.0%
Q4 25	700M	+0.8%	+0.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$23.4K	33K
Q4 21	$20.3K	34K
Q1 22	$17.8K	34K
Q2 22	$17.4K	34K
Q3 22	$29.9K	34K
Q1 23	$41.7K	32K
Q2 23	$51.0K	32K
Q3 23	$62.3K	32K
Q4 23	$41.6K	36K
Q2 24	$51.5K	36K
Q3 24	$64.0K	36K
Q4 24	$45.3K	41K
Q1 25	$49.2K	41K
Q2 25	$52.8K	41K
Q3 25	$65.2K	41K
Q4 25	$54.0K	41K

Revenue / Employee