Revenue growth accelerated to 16.5% year-over-year in 2026Q1, but operating margin compressed to 24.3% from a 30.4% peak in 2025Q3, suggesting potential cost pressures despite a strong 79.5% gross margin.
Trip.com Group Limited (TCOM) annual income statement — 24-year revenue, gross profit & net income history
| Metric | TTM | 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 |
|---|
| Sales/Revenue | 64.48B | 60.71B | 53.29B | 44.51B | 20.04B | 20.02B | 18.32B | 35.67B | 30.96B | 26.8B | 19.25B | 10.9B | 7.35B | 5.39B | 4.16B | 3.5B | 2.88B | 1.99B | 1.48B | 1.29B | 833.32M | 521.44M | 333.82M | 173.18M | 100.06M |
| Revenue Growth % | 16.77% | 13.91% | 19.73% | 122.12% | 0.08% | 9.32% | -48.65% | 15.18% | 15.56% | 39.24% | 76.6% | 48.33% | 36.39% | 29.53% | 18.89% | 21.41% | 44.93% | 34.14% | 14.96% | 54.7% | 59.81% | 56.2% | 92.76% | 73.07% | - |
| Cost of Goods Sold | 12.68B | 11.79B | 9.99B | 8.12B | 4.51B | 4.6B | 4.03B | 7.37B | 6.32B | 4.68B | 4.73B | 3.04B | 2.1B | 1.39B | 1.04B | 805.13M | 625.26M | 450.6M | 326.61M | 236.57M | 153M | 88.66M | 48.48M | 25.66M | 13.67M |
| COGS % of Revenue | - | 19.42% | 18.75% | 18.25% | 22.52% | 22.96% | 22.01% | 20.67% | 20.42% | 17.46% | 24.58% | 27.93% | 28.59% | 25.74% | 24.95% | 23.02% | 21.7% | 22.67% | 22.04% | 18.35% | 18.36% | 17% | 14.52% | 14.82% | 13.67% |
| Gross Profit | 51.79B | 48.92B | 43.3B | 36.39B | 15.53B | 15.43B | 14.29B | 28.29B | 24.64B | 22.12B | 14.52B | 7.85B | 5.25B | 4B | 3.12B | 2.69B | 2.26B | 1.54B | 1.16B | 1.05B | 680.32M | 432.77M | 285.34M | 147.52M | 86.39M |
| Gross Margin % | 80.33% | 80.58% | 81.25% | 81.75% | 77.48% | 77.04% | 77.99% | 79.33% | 79.58% | 82.54% | 75.42% | 72.07% | 71.41% | 74.26% | 75.05% | 76.98% | 78.3% | 77.33% | 77.96% | 81.65% | 81.64% | 83% | 85.48% | 85.18% | 86.33% |
| Gross Profit Growth % | - | 12.96% | 19% | 134.37% | 0.65% | 7.98% | -49.51% | 14.82% | 11.41% | 52.38% | 84.81% | 49.71% | 31.16% | 28.16% | 15.9% | 19.37% | 46.74% | 33.06% | 9.77% | 54.72% | 57.2% | 51.67% | 93.43% | 70.77% | - |
| Operating Expenses | 35.7B | 33.57B | 29.13B | 25.07B | 15.44B | 16.84B | 15.71B | 23.25B | 22.04B | 19.18B | 16.07B | 7.47B | 5.4B | 3.16B | 2.47B | 1.63B | 1.2B | 850.04M | 694.19M | 923.78M | 371.29M | 213.18M | 149.67M | 89.43M | 63.11M |
| OpEx % of Revenue | - | 55.3% | 54.65% | 56.31% | 77.04% | 84.08% | 85.76% | 65.2% | 71.16% | 71.56% | 83.49% | 68.58% | 73.46% | 58.69% | 59.31% | 46.51% | 41.71% | 42.76% | 46.84% | 71.66% | 44.56% | 40.88% | 44.84% | 51.64% | 63.07% |
| Selling, General & Admin | 20.11B | 18.85B | 15.99B | 12.95B | 7.1B | 7.84B | 8.04B | 12.58B | 12.42B | 10.92B | 8.38B | 4.18B | 3.08B | 1.92B | 1.55B | 1.03B | 747.99M | 541.59M | 458.39M | 381.81M | 265.44M | 155.65M | 111.22M | 68.36M | 48.48M |
| SG&A % of Revenue | - | 31.05% | 30% | 29.08% | 35.42% | 39.17% | 43.9% | 35.28% | 40.1% | 40.74% | 43.54% | 38.32% | 41.86% | 35.57% | 37.38% | 29.32% | 25.96% | 27.24% | 30.93% | 29.62% | 31.85% | 29.85% | 33.32% | 39.47% | 48.45% |
| Research & Development | 15.59B | 14.72B | 13.14B | 12.12B | 8.34B | 8.99B | 7.67B | 10.67B | 9.62B | 8.26B | 7.69B | 3.3B | 2.32B | 1.25B | 911.9M | 601.49M | 453.85M | 308.45M | 235.8M | 177.56M | 105.85M | 57.53M | 37.96M | 20.69M | 13.37M |
| R&D % of Revenue | - | 24.25% | 24.65% | 27.23% | 41.62% | 44.91% | 41.86% | 29.92% | 31.07% | 30.82% | 39.94% | 30.25% | 31.6% | 23.13% | 21.93% | 17.19% | 15.75% | 15.52% | 15.91% | 13.77% | 12.7% | 11.03% | 11.37% | 11.95% | 13.36% |
| Other Operating Expenses | 7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 364.42M | 0 | 0 | 492.9K | 388.23K | 1.27M |
| Operating Income | 16.1B | 15.34B | 14.18B | 11.32B | 88M | -1.41B | -1.42B | 5.04B | 2.6B | 2.94B | -1.55B | 381.04M | -150.8M | 838.44M | 654.61M | 1.07B | 1.05B | 687.37M | 461.21M | 40.49M | 255M | 219.59M | 135.67M | 58.09M | 23.27M |
| Operating Margin % | 24.96% | 25.27% | 26.6% | 25.44% | 0.44% | -7.05% | -7.77% | 14.13% | 8.41% | 10.98% | -8.06% | 3.5% | -2.05% | 15.56% | 15.74% | 30.47% | 36.59% | 34.58% | 31.12% | 3.14% | 30.6% | 42.11% | 40.64% | 33.54% | 23.26% |
| Operating Income Growth % | - | 8.23% | 25.19% | 12768.18% | 106.24% | 0.84% | -128.23% | 93.47% | -11.48% | 289.63% | -507.3% | 352.69% | -117.99% | 28.08% | -38.59% | 1.13% | 53.36% | 49.04% | 1039.05% | -84.12% | 16.12% | 61.86% | 133.57% | 149.58% | - |
| EBITDA | 16.93B | 16.17B | 15.03B | 12.14B | 960M | -393M | -209M | 6.13B | 3.58B | 3.82B | -837M | 695.26M | 28.32M | 956.28M | 753.61M | 1.16B | 1.06B | 695.5M | 463.83M | 66.81M | 269.2M | 228.43M | 142.44M | 63.61M | 26.86M |
| EBITDA Margin % | 26.25% | 26.63% | 28.19% | 27.27% | 4.79% | -1.96% | -1.14% | 17.2% | 11.57% | 14.27% | -4.35% | 6.38% | 0.39% | 17.75% | 18.12% | 33.04% | 36.92% | 34.98% | 31.3% | 5.18% | 32.3% | 43.81% | 42.67% | 36.73% | 26.84% |
| EBITDA Growth % | 10.91% | 7.59% | 23.78% | 1164.38% | 344.27% | -88.04% | -103.41% | 71.12% | -6.25% | 556.75% | -220.39% | 2354.67% | -97.04% | 26.89% | -34.8% | 8.65% | 52.96% | 49.95% | 594.29% | -75.18% | 17.85% | 60.36% | 123.94% | 136.81% | - |
| D&A (Non-Cash Add-back) | 829.72M | 821.98M | 848M | 814M | 872M | 1.02B | 1.21B | 1.09B | 979M | 880M | 715M | 314.21M | 179.12M | 117.84M | 99M | 89.88M | 9.74M | 8.14M | 2.63M | 26.32M | 14.2M | 8.84M | 6.77M | 5.52M | 3.59M |
| EBIT | 38.37B | 38.96B | 21.57B | 13.82B | 3.56B | 1.19B | -1.42B | 5.04B | 2.6B | 2.94B | -1.55B | 381.04M | -150.8M | 838.44M | 962.04M | 1.29B | 1.12B | 687.37M | 567.54M | 492.49M | 309.03M | 222.53M | 133.73M | 57.51M | 23.27M |
| Net Interest Income | 1.84B | 1.71B | 606M | 23M | 532M | 567M | 471M | 417M | 391M | -298M | -165M | 143.34M | 91.8M | 143.79M | 164.12M | 106M | 37.59M | 17.39M | 31.1M | 16.7M | 15.62M | 12.67M | 0 | 400.63K | 0 |
| Interest Income | 2.51B | 2.53B | 2.34B | 2.09B | 2.05B | 2.13B | 2.19B | 2.09B | 1.9B | 987.61M | 567.14M | 445.77M | 302.23M | 201.14M | 164.12M | 106M | 37.59M | 17.39M | 31.1M | 16.7M | 15.62M | 12.67M | 0 | 400.63K | 0 |
| Interest Expense | 675.72M | 825.87M | 1.74B | 2.07B | 1.51B | 1.56B | 1.72B | 1.68B | 1.51B | 1.29B | 731.92M | 302.43M | 210.43M | 57.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 21.48B | 22.79B | 5.65B | 428M | 1.96B | 1.04B | -1.49B | 3.7B | -716M | 516M | 410M | 2.49B | 373.24M | 361.7M | 296.09M | 223.63M | 136.71M | 78.19M | 86.04M | 52M | 26.82M | 32.64M | 11.95M | 5.49M | 966.13K |
| Pretax Income | 37.58B | 38.13B | 19.83B | 11.75B | 2.05B | -375M | -2.91B | 8.74B | 1.89B | 3.46B | -1.14B | 2.87B | 222.44M | 1.2B | 950.69M | 1.29B | 1.19B | 765.56M | 547.25M | 456.98M | 281.82M | 255.2M | 145.68M | 63.58M | 24.24M |
| Pretax Margin % | 58.28% | 62.81% | 37.21% | 26.4% | 10.23% | -1.87% | -15.91% | 24.51% | 6.1% | 12.91% | -5.93% | 26.33% | 3.03% | 22.28% | 22.86% | 36.87% | 41.33% | 38.51% | 36.93% | 35.45% | 33.82% | 48.94% | 43.64% | 36.71% | 24.22% |
| Income Tax | 6.05B | 5.66B | 2.6B | 1.75B | 682M | 270M | 355M | 1.74B | 793M | 1.28B | 482M | 470.19M | 130.82M | 293.74M | 294.53M | 262.19M | 205.02M | 131.66M | 102.91M | 58.09M | 41.24M | 30.59M | 12.52M | 10.25M | 10.04M |
| Effective Tax Rate % | 16.11% | 14.83% | 13.13% | 14.89% | 33.28% | -72% | -12.18% | 19.93% | 41.98% | 37.15% | -42.21% | 16.39% | 58.81% | 24.48% | 30.98% | 20.33% | 17.22% | 17.2% | 18.81% | 12.71% | 14.63% | 11.99% | 8.59% | 16.12% | 41.44% |
| Net Income | 31.44B | 32.39B | 17.07B | 9.92B | 1.4B | -550M | -3.25B | 7.01B | 1.11B | 2.15B | -1.42B | 2.51B | 242.74M | 998.32M | 714.41M | 1.08B | 1.05B | 658.97M | 444.11M | 398.9M | 240.36M | 224.34M | 133.13M | 53.82M | 14.2M |
| Net Margin % | 48.76% | 53.35% | 32.02% | 22.28% | 7% | -2.75% | -17.73% | 19.66% | 3.59% | 8.04% | -7.37% | 23.01% | 3.3% | 18.53% | 17.18% | 30.77% | 36.38% | 33.15% | 29.97% | 30.94% | 28.84% | 43.02% | 39.88% | 31.08% | 14.19% |
| Net Income Growth % | 84.6% | 89.76% | 72.08% | 606.91% | 355.09% | 83.06% | -146.31% | 530.49% | -48.4% | 251.97% | -156.55% | 933.06% | -75.69% | 39.74% | -33.63% | 2.7% | 59.05% | 48.38% | 11.33% | 65.96% | 7.14% | 68.51% | 147.34% | 279.16% | - |
| Net Income (Continuing) | 31.52B | 32.48B | 17.23B | 10B | 1.37B | -645M | -3.27B | 7B | 1.1B | 2.17B | -1.62B | 2.4B | 91.62M | 906.4M | 690.51M | 1.08B | 1.05B | 666.77M | 444.34M | 398.32M | 240.36M | 224.31M | 133.13M | 53.81M | 14.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.58B | 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 |
| EPS (Diluted) | 46.12 | 46.36 | 24.78 | 14.78 | 2.14 | -0.87 | -5.40 | 10.92 | 1.96 | 3.82 | -3.02 | 7.11 | 0.79 | 3.33 | 2.49 | 3.54 | 3.49 | 2.34 | 1.61 | 1.46 | 0.90 | 0.86 | 0.53 | 0.01 | -0.12 |
| EPS Growth % | 83.31% | 87.09% | 67.66% | 590.65% | 345.98% | 83.89% | -149.45% | 457.14% | -48.69% | 226.49% | -142.48% | 800% | -76.28% | 33.73% | -29.66% | 1.43% | 49.15% | 45.34% | 10.27% | 62.22% | 4.65% | 62.26% | 3740.58% | 111.5% | - |
| EPS (Basic) | - | 49.23 | 26.10 | 15.19 | 2.17 | -0.87 | -5.40 | 12.35 | 2.03 | 4.04 | -3.02 | 8.29 | 0.89 | 3.79 | 2.61 | 3.74 | 3.70 | 2.45 | 1.67 | 1.51 | 0.93 | 0.88 | 0.54 | 0.02 | 0.18 |
| Diluted Shares Outstanding | 681.68M | 698.38M | 688.71M | 671.06M | 634.11M | 634.11M | 600.89M | 641.95M | 567.4M | 574.21M | 473.33M | 379M | 305.66M | 304.56M | 288.73M | 304.25M | 300.62M | 282M | 275.4M | 272.97M | 266.15M | 259.53M | 252.04M | 98.5M | 152.33M |
| Basic Shares Outstanding | 648.99M | 657.75M | 654.03M | 671M | 634.11M | 632.18M | 600.89M | 641.95M | 547.23M | 530.41M | 473.25M | 302.38M | 274.31M | 263.24M | 273.89M | 287.82M | 283.08M | 268.74M | 266.82M | 263.42M | 258.74M | 254.1M | 245.7M | 84.85M | 78.71M |
| Dividend Payout Ratio | - | 4.39% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 25.28% | 18.09% | 27.96% | 17.81% | - | - | 192.51% |
Quick answers to the most common questions about buying TCOM stock.
For fiscal year 2025, Trip.com Group Limited (TCOM) reported total revenue of $60.71B. This represents a 60572.0% increase compared to $100.1M in 2002.
Trip.com Group Limited (TCOM) is profitable, generating $32.39B in net income for the fiscal year ending 2025 with a net profit margin of 53.3%.
Trip.com Group Limited (TCOM) reported an operating income of $15.34B, resulting in an operating profit margin of 25.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Trip.com Group Limited (TCOM) generated $48.92B in gross profit for the year, representing a gross profit margin of 80.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin volatility from non-operating items
Resilient Growth Amid Seasonal Swings
Trip.com's revenue growth has remained robust, accelerating to 16.5% year-over-year in 2026Q1, following a strong 19.2% in 2025Q4, indicating sustained demand recovery in its core travel services market.
The company's revenue trajectory shows consistent double-digit growth, with the most recent quarter accelerating from the prior period. This suggests the post-pandemic travel rebound is translating into durable top-line expansion, though the sequential decline from 2025Q3's $18.3B to 2025Q4's $15.2B highlights significant seasonal volatility inherent to the travel industry. The growth appears organic, driven by volume recovery rather than pricing, as gross margins have remained stable.
Structural Margin Strength vs. Peers
Trip.com's gross margin consistently hovers around 80%, a structural advantage that positions it favorably against peers like Expedia (90.1%) and significantly above industry laggards like Tripadvisor (62.0%).
The company's gross margin profile is a key differentiator, consistently in the 79-82% range across all quarters. This indicates a highly scalable, asset-light business model with strong pricing power and efficient cost of revenue management. While slightly below Booking Holdings' 100% margin, it is substantially higher than most peers, suggesting a durable competitive moat in its operational structure.
Operating Leverage Unlocked by SG&A Control
Operating income scaled to $3.9B in 2026Q1 on $16.1B revenue, demonstrating effective operating leverage as SG&A expenses grew at a slower pace than gross profit over the trailing periods.
The data shows operating leverage is being realized. While gross profit grew from $8.3B in 2023Q4 to $12.8B in 2026Q1, SG&A expenses increased more modestly from $3.2B to $4.8B. This discipline has allowed operating margins to expand from the low-20% range to the mid-20% range, indicating that incremental revenue is flowing more efficiently to the bottom line.
Net Income Distorted by Non-Operating Items
Reported net income and EPS are highly volatile, exemplified by 2025Q3's $19.9B net income and $28.61 EPS, which appears driven by significant non-operating gains rather than core operational performance.
The extreme volatility in net income and EPS, such as the 188.1% EPS growth in 2025Q3 followed by a -40.1% decline in 2026Q1, suggests that non-operating items, likely investment gains or fair value adjustments, are heavily influencing the bottom line. Investors should focus on operating income as a cleaner measure of core profitability, as the reported net margin of 108.5% in 2025Q3 is clearly unsustainable and not reflective of the underlying business.
R&D as Primary Cost Growth Driver
Research & Development expenses have become the largest cost line item, reaching $4.0B in 2026Q1 and surpassing SG&A, signaling a strategic shift towards technology investment over general overhead.
The cost structure has evolved, with R&D consistently representing the largest expense after COGS. This sustained investment, growing from $2.9B in 2023Q4 to $4.0B, indicates management is prioritizing platform development and innovation. The discipline in SG&A, which has grown more slowly, suggests a focus on controlling discretionary spending while investing in long-term capabilities.
Margin Sustainability Under Scrutiny
The strongest challenge to the narrative is the sustainability of the high operating margin, as 2026Q1's 24.3% operating margin represents a significant compression from the 30.4% peak in 2025Q3, warranting investigation into cost pressures.
A short-seller would focus on the sequential decline in operating margin from 30.4% in 2025Q3 to 24.3% in 2026Q1, despite revenue growth. This compression suggests that cost growth, particularly in R&D and SG&A, may be outpacing revenue gains in certain periods. The durability of the 80%+ gross margin is not in question, but the ability to maintain operating margins in the mid-to-high 20% range amid rising investment costs is a key risk.