Financial resilience has improved significantly, with total debt declining to $31.4 billion in 2025Q4 from $60.1 billion in 2024Q2, resulting in a conservative debt-to-equity ratio of 0.18.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Total Current Assets | 121.13B | 112.12B | 88.73B | 61.44B | 66.11B | 58.01B | 67.95B | 79.39B | 59.42B | 45.91B | 40.6B | 17.08B | 14.37B | 7.64B | 6.4B | 4.57B | 2.31B | 1.63B | 1.55B | 1.05B | 851.58M | 670.87M | 509.28M | 59.52M |
| Cash & Short-Term Investments | 78.51B | 76.91B | 59.34B | 42.55B | 49.38B | 42.92B | 42.98B | 58.28B | 46.37B | 32.55B | 27.45B | 11.74B | 10.77B | 4.83B | 4.79B | 3.33B | 1.61B | 1.25B | 1.21B | 843.68M | 735.29M | 615.88M | 472.05M | 38.94M |
| Cash Only | 46.48B | 48.44B | 41.59B | 17B | 19.82B | 18.1B | 19.92B | 21.53B | 18.24B | 18.43B | 19.22B | 5.3B | 7.14B | 3.42B | 3.5B | 2.15B | 1.43B | 1.07B | 1.06B | 843.68M | 735.29M | 615.88M | 472.05M | 38.94M |
| Short-Term Investments | 32.03B | 28.48B | 17.75B | 25.55B | 29.57B | 24.82B | 23.06B | 36.75B | 28.13B | 14.11B | 8.24B | 6.44B | 3.64B | 1.41B | 1.29B | 1.18B | 180.18M | 176.59M | 141.17M | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 15.25B | 21.84B | 18.96B | 11.4B | 10.61B | 8.88B | 13.42B | 8.87B | 5.79B | 5.8B | 4.85B | 1.94B | 1.62B | 1.3B | 807.1M | 624.77M | 422.87M | 277.31M | 262.82M | 154.18M | 72.78M | 35.48M | 29.56M | 16.58M |
| Days Sales Outstanding | 91.69 | 149.59 | 155.47 | 207.57 | 193.48 | 176.95 | 137.31 | 104.59 | 78.81 | 110.01 | 162.59 | 96.48 | 110.05 | 114.52 | 84.22 | 79.15 | 77.64 | 68.3 | 74.41 | 67.53 | 50.94 | 38.79 | 62.3 | 60.49 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 27.37B | 3.66B | 3.35B | 2.23B | 1.93B | 1.98B | 2.76B | 4.82B | 2.33B | 2.13B | 2.5B | 1.07B | 869.29M | 852.32M | 258.32M | 261.32M | 136.6M | 15.44M | 17.88M | 14.8M | 12.1M | 1.01M | 541.39K | 593.22K |
| Total Non-Current Assets | 146.43B | 130.46B | 130.41B | 130.26B | 125.75B | 129.24B | 132.21B | 106.44B | 102.82B | 98.5B | 78.24B | 14.13B | 6.45B | 4.03B | 3.36B | 3.55B | 1.85B | 1.01B | 577.3M | 398.05M | 184.64M | 69.85M | 48.02M | 37.75M |
| Property, Plant & Equipment | 6.33B | 5.9B | 5.86B | 6.06B | 6.32B | 6.77B | 7.34B | 5.87B | 5.62B | 5.59B | 5.56B | 5.22B | 1.41B | 1.12B | 683.9M | 653.68M | 550.51M | 346.12M | 267.19M | 153.56M | 53.57M | 31.9M | 23.28M | 18.71M |
| Fixed Asset Turnover | 9.59x | 9.03x | 7.60x | 3.31x | 3.17x | 2.71x | 4.86x | 5.27x | 4.77x | 3.44x | 1.96x | 1.41x | 3.81x | 3.70x | 5.11x | 4.41x | 3.61x | 4.28x | 4.82x | 5.43x | 9.73x | 10.47x | 7.44x | 5.35x |
| Goodwill | 62.31B | 60.91B | 59.37B | 59.34B | 59.35B | 59.35B | 58.31B | 58.03B | 56.25B | 56.02B | 45.69B | 1.89B | 972.53M | 822.59M | 798.6M | 758.23M | 322.94M | 63.69M | 14.6M | 14.58M | 9.52M | 0 | 0 | 0 |
| Intangible Assets | 13.02B | 12.84B | 12.64B | 12.82B | 13.05B | 13.34B | 13.26B | 13.82B | 13.85B | 14.02B | 11.11B | 772.77M | 464.13M | 432.14M | 419.88M | 403.3M | 175.77M | 136.01M | 68M | 69.45M | 67.25M | 10.74M | 11.23M | 10.5M |
| Long-Term Investments | 61.41B | 47.19B | 49.34B | 50.18B | 44.96B | 47.94B | 51.28B | 26.87B | 25.57B | 20.53B | 13.87B | 5.32B | 2.86B | 1.44B | 1.31B | 1.73B | 801.25M | 464.33M | 227.51M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 600.38M | 361M | 612M | 537M | 391M | 436M | 1.05B | 997M | 1.08B | 1.96B | 1.61B | 928.18M | 745.94M | 210.62M | 155.36M | 0 | 0 | 0 | 0 | 160.46M | 54.3M | 27.22M | 13.5M | 8.54M |
| Total Assets | 267.56B | 242.58B | 219.14B | 191.69B | 191.86B | 187.25B | 200.17B | 185.83B | 162.24B | 144.41B | 118.84B | 31.21B | 20.82B | 11.67B | 9.76B | 8.12B | 4.16B | 2.64B | 2.12B | 1.45B | 1.04B | 740.72M | 557.3M | 97.27M |
| Asset Turnover | 0.23x | 0.22x | 0.20x | 0.10x | 0.10x | 0.10x | 0.18x | 0.17x | 0.17x | 0.13x | 0.09x | 0.24x | 0.26x | 0.36x | 0.36x | 0.35x | 0.48x | 0.56x | 0.61x | 0.57x | 0.50x | 0.45x | 0.31x | 1.03x |
| Asset Growth % | 10.3% | 10.7% | 14.32% | -0.09% | 2.46% | -6.45% | 7.72% | 14.54% | 12.34% | 21.52% | 280.79% | 49.91% | 78.4% | 19.55% | 20.27% | 95.25% | 57.37% | 24.31% | 46.48% | 39.99% | 39.89% | 32.91% | 472.97% | - |
| Total Current Liabilities | 78.22B | 74.01B | 72.41B | 61.24B | 66.22B | 58.37B | 69.18B | 68.78B | 42.16B | 30.3B | 33.67B | 12.71B | 6.37B | 3.91B | 2.57B | 1.88B | 1.16B | 626.04M | 672.04M | 420.69M | 270.4M | 138.74M | 63.93M | 13.1M |
| Accounts Payable | 19.16B | 16.58B | 16.46B | 7.57B | 6.02B | 4.51B | 12.29B | 11.71B | 7.46B | 7.28B | 5.94B | 2.3B | 1.64B | 1.02B | 763.26M | 595.28M | 291.05M | 138.66M | 230.9M | 151.28M | 72.38M | 30.15M | 14.7M | 1M |
| Days Payables Outstanding | 593.14 | 605.7 | 739.75 | 612.16 | 477.8 | 408.01 | 608.7 | 676.09 | 581.99 | 561.68 | 712.92 | 400.36 | 431.01 | 360.03 | 346.02 | 347.5 | 235.75 | 154.96 | 356.27 | 360.89 | 297.95 | 227.02 | 209.06 | 26.73 |
| Short-Term Debt | 19.35B | 19.43B | 25.86B | 32.67B | 39.87B | 33.66B | 30.52B | 36.01B | 16.32B | 6.89B | 12.71B | 3.56B | 774.6M | 453.48M | 0 | 0 | 0 | 187.58M | 96.67M | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 18.2B | 18.03B | 13.38B | 8.28B | 7.54B | 7.61B | 11.68B | 9.47B | 7.87B | 8.2B | 5.97B | 4.14B | 2.45B | 1.41B | 1.09B | 0 | 0 | 0 | 0 | 0 | 160.05K | 0 | 0 | 0 |
| Other Current Liabilities | 21.51B | 0 | 0 | 0 | 0 | 0 | 0 | 367M | 367M | 168.4M | 92.21M | 80.8M | 0 | 0 | 0 | 595.74M | 276.79M | 0 | 0 | 207.89M | 140.34M | 108.59M | 49.23M | 12.09M |
| Current Ratio | 1.55x | 1.51x | 1.23x | 1.00x | 1.00x | 0.99x | 0.98x | 1.15x | 1.41x | 1.52x | 1.21x | 1.34x | 2.26x | 1.95x | 2.49x | 2.43x | 1.99x | 2.61x | 2.30x | 2.50x | 3.15x | 4.84x | 7.97x | 4.55x |
| Quick Ratio | 1.55x | 1.51x | 1.23x | 1.00x | 1.00x | 0.99x | 0.98x | 1.15x | 1.41x | 1.52x | 1.21x | 1.34x | 2.26x | 1.95x | 2.49x | 2.43x | 1.99x | 2.61x | 2.30x | 2.50x | 3.15x | 4.84x | 7.97x | 4.55x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 16.63B | 25.09B | 23.72B | 17.43B | 15.19B | 27.31B | 25.28B | 28.31B | 33.46B | 38.6B | 21.49B | 8.12B | 5.72B | 1.17B | 48.31M | 45.38M | 11.51M | 812.5K | 2.78M | 2.44M | 0 | 0 | 0 | 124.98M |
| Long-Term Debt | 11.44B | 20.13B | 19.1B | 13.18B | 11.09B | 22.72B | 19.54B | 24.15B | 29.22B | 34.65B | 18.35B | 7.98B | 5.66B | 1.12B | 0 | 0 | 0 | 812.5K | 1.63M | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 585.37M | 561M | 477M | 534M | 400M | 618M | 749M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 3.95B | 4.1B | 3.83B | 3.49B | 3.53B | 3.57B | 3.59B | 3.84B | 3.9B | 3.61B | 3.05B | 132.51M | 63.2M | 53.31M | 48.31M | 45.38M | 11.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 654.42M | 296M | 319M | 235M | 165M | 403M | 1.41B | 329M | 348M | 339.57M | 91.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.16M | 2.44M | 0 | 0 | 0 | 124.98M |
| Total Liabilities | 94.85B | 99.1B | 96.13B | 78.67B | 81.4B | 85.68B | 94.47B | 97.1B | 75.63B | 68.89B | 55.16B | 20.83B | 12.09B | 5.08B | 2.62B | 1.93B | 1.17B | 626.85M | 674.82M | 423.12M | 270.4M | 138.74M | 63.93M | 138.07M |
| Total Debt | 31.37B | 40.32B | 45.57B | 46.66B | 51.72B | 57.41B | 51.24B | 60.16B | 45.54B | 41.54B | 31.06B | 11.55B | 6.43B | 1.57B | 0 | 0 | 0 | 188.39M | 98.3M | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -15.11B | -8.12B | 3.98B | 29.66B | 31.9B | 39.31B | 31.32B | 38.63B | 27.29B | 23.1B | 11.85B | 6.24B | -706.56M | -1.85B | -3.5B | -2.15B | -1.43B | -881.44M | -966.12M | -843.68M | -735.29M | -615.88M | -472.05M | -38.94M |
| Debt / Equity | 0.18x | 0.28x | 0.37x | 0.41x | 0.47x | 0.57x | 0.48x | 0.68x | 0.53x | 0.55x | 0.49x | 1.11x | 0.74x | 0.24x | - | - | - | 0.09x | 0.07x | - | - | - | - | - |
| Debt / EBITDA | 1.94x | 2.68x | 3.75x | 48.60x | - | - | 8.35x | 16.78x | 11.91x | - | 44.68x | 407.61x | 6.73x | 2.09x | - | - | - | 0.41x | 1.47x | - | - | - | - | - |
| Net Debt / EBITDA | -0.93x | -0.54x | 0.33x | 30.89x | - | - | 5.11x | 10.78x | 7.14x | - | 17.04x | 220.46x | -0.74x | -2.45x | -3.03x | -2.02x | -2.06x | -1.90x | -14.46x | -3.13x | -3.22x | -4.32x | -7.42x | -1.45x |
| Interest Coverage | 47.17x | 12.43x | 6.69x | 2.35x | 0.76x | -0.83x | 3.01x | 1.73x | 2.29x | -2.12x | 1.26x | -0.72x | 14.62x | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 172.71B | 143.48B | 123.01B | 113.02B | 110.46B | 101.57B | 105.7B | 88.73B | 86.61B | 75.52B | 63.68B | 10.38B | 8.73B | 6.58B | 7.15B | 6.19B | 2.99B | 2.01B | 1.45B | 1.03B | 765.82M | 601.97M | 493.37M | -40.81M |
| Equity Growth % | 20.37% | 16.65% | 8.84% | 2.32% | 8.75% | -3.91% | 19.12% | 2.45% | 14.69% | 18.58% | 513.67% | 18.87% | 32.58% | -7.84% | 15.43% | 107.25% | 48.25% | 38.93% | 41.13% | 34.17% | 27.22% | 22.01% | 1309.07% | - |
| Book Value per Share | 247.30 | 208.34 | 183.30 | 178.23 | 174.19 | 169.03 | 164.66 | 156.39 | 150.84 | 159.55 | 168.03 | 33.95 | 28.66 | 22.81 | 23.48 | 20.59 | 10.59 | 7.32 | 5.31 | 3.86 | 2.95 | 2.39 | 5.01 | -0.27 |
| Total Shareholders' Equity | 171.06B | 142.55B | 122.18B | 112.28B | 109.68B | 100.35B | 103.44B | 86.72B | 84.84B | 71.54B | 44.55B | 9.53B | 8.53B | 6.49B | 7.04B | 6.1B | 2.93B | 2.01B | 1.45B | 1.03B | 764.95M | 601.37M | 492.81M | -41.63M |
| Common Stock | 0 | 6M | 6M | 6M | 6M | 6M | 6M | 5M | 5M | 4.96M | 4.12M | 3.08M | 3.03M | 2.98M | 2.94M | 2.93M | 2.8M | 2.76M | 2.74M | 2.7M | 2.65M | 2.61M | 2.5M | 788.4K |
| Retained Earnings | 0 | 45.25B | 28.81B | 20.14B | 18.82B | 19.47B | 22.8B | 15.94B | 8.84B | 6.7B | 8.2B | 5.73B | 5.5B | 4.52B | 3.81B | 2.73B | 1.71B | 1.06B | 631.59M | 359.54M | 203.53M | 69.01M | -10.45M | -41.8M |
| Treasury Stock | 0 | -5.9B | -3.73B | -2.11B | -2.11B | -2.11B | -2.11B | -2.11B | -2.11B | -2.24B | -2.37B | -1.61B | -1.55B | -1.89B | -158.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 1.26B | -328M | -943M | -870M | -971M | -870M | -998M | 6.76B | 1.25B | 729.02M | 577.68M | 491.08M | 44.44M | -74.42M | 198.97M | -77.74M | -95.05M | -36.42M | 37.66M | 33.67M | 18.38M | 2.11M | -976.38K |
| Minority Interest | 1.65B | 932M | 822M | 736M | 779M | 1.21B | 2.26B | 2.02B | 1.78B | 3.98B | 19.13B | 848.55M | 199.69M | 95.25M | 102.77M | 86.23M | 61.66M | 2.63M | 1.16M | 672.21K | 871.67K | 602.62K | 563.75K | 828.06K |
Geopolitical and regulatory exposure
According to recent financial filings, TCOM has significantly improved its balance sheet trajectory, reducing total debt from $60.1 billion in 2024Q2 to $31.4 billion by 2025Q4, while simultaneously expanding its equity base to $171.1 billion, signaling a transition toward a more conservative and resilient financial structure.
The consistent reduction in debt levels alongside a growing equity base suggests management is prioritizing balance sheet health over aggressive leverage-fueled expansion. This trend appears to provide the company with substantial flexibility to navigate potential market volatility or pursue strategic acquisitions without overextending its financial resources.
As reported in quarterly balance sheets, TCOM's debt-to-equity ratio has improved markedly from 0.46 in 2024Q2 to 0.18 in 2025Q4, reflecting a deliberate strategy to deleverage the firm as the company moves past the intensive capital requirements of its post-pandemic recovery phase.
The sharp decline in the D/E ratio indicates that the company is successfully utilizing its strong cash flow to pay down obligations, thereby reducing interest expense and refinancing risk. Investors should monitor whether this low-leverage profile persists as the company potentially seeks new growth avenues in international markets.
Based on the latest reported figures, TCOM maintains a substantial cash position of $46.5 billion, which, when paired with a current ratio of 1.55, suggests a significant buffer against operational shocks and provides ample liquidity to fund ongoing marketing and product development initiatives.
The company's ability to maintain such a high cash balance while simultaneously reducing debt highlights the platform's exceptional cash-generative capacity. This liquidity position appears to be a key strategic asset, allowing the firm to defend its market share against well-capitalized domestic competitors without relying on external financing.
As disclosed in the balance sheet, TCOM carries $62.3 billion in goodwill, which represents a significant portion of its $267.6 billion in total assets, suggesting that a large part of the company's valuation is tied to past acquisitions rather than tangible, income-generating physical infrastructure.
The high concentration of intangible assets warrants further investigation, as it implies that the company's book value is sensitive to potential impairment charges if acquired businesses fail to meet performance expectations. Investors should consider whether this goodwill reflects sustainable competitive advantages or if it poses a risk to future earnings quality.
Quick answers to the most common questions about buying TCOM stock.
As of 2025, Trip.com Group Limited (TCOM) had total assets of $267.56B including $121.13B in current assets.
Trip.com Group Limited (TCOM) carries total debt of $31.37B, offset by $78.51B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Trip.com Group Limited (TCOM) has total shareholders' equity (book value) of $171.06B ($247.30 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Trip.com Group Limited (TCOM) reported a current ratio of 1.55x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.