The company maintains structural efficiency with a consistent gross margin of 79.0% in 2025Q4, even as revenue growth moderates to 19.2% year-over-year.
| 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 |
|---|
| Sales/Revenue | 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 % | 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 | 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 | 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 % | 80.58% | 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 | 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 | 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 | 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 | 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 | 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 % | 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 | 16.17B | 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 % | 26.63% | 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 % | 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) | 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 | 38.96B | 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 | 1.71B | 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 | 2.53B | 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 | 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 | 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 | 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 % | 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 | 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 % | 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 | 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 % | 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 % | 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) | 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 |
| 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 |
| EPS (Diluted) | 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 % | 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 | 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 | 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% |
Geopolitical and regulatory exposure
According to the provided financial data, TCOM's revenue growth has moderated from the triple-digit surges observed in 2023 to a more sustainable 19.2% year-over-year increase in 2025Q4, reflecting a transition from post-pandemic recovery to a more mature, competitive phase within the Chinese travel market.
The deceleration in top-line growth suggests that the initial pent-up demand for travel has largely been exhausted. Investors should monitor whether the company can maintain double-digit growth as it faces increased competition from non-traditional discovery platforms that are capturing top-of-funnel traffic.
As reported in the income statement, TCOM maintains a robust gross margin profile consistently hovering around 80%, which underscores the platform's inherent scalability and the high-margin nature of its commission-based travel booking model despite the ongoing need for aggressive marketing spend to defend market share.
The stability of these margins indicates that the company retains significant pricing power and operational leverage. However, any sustained increase in customer acquisition costs could threaten this efficiency, particularly if the competitive landscape forces a shift toward more intensive promotional discounting.
Based on the reported figures, TCOM's net income exhibits significant volatility, exemplified by the 108.5% net margin in 2025Q3, which suggests that headline earnings are heavily influenced by non-operating items such as fair value gains on investments rather than pure operational performance.
The wide variance between operating margins and net margins warrants caution, as it obscures the underlying health of the core travel business. Analysts should normalize these figures by stripping out investment-related income to better assess the company's true cash-generating capability from its primary travel services.
Data from the income statement reveals that TCOM continues to deploy substantial capital into R&D and SG&A, with combined quarterly expenses often exceeding $9 billion, reflecting a strategic commitment to maintaining a high-touch service infrastructure that differentiates the platform from automated, low-cost competitors.
This heavy investment in product development and customer service acts as a double-edged sword, providing a moat against disruption while simultaneously creating a high fixed-cost base. Management's ability to optimize these expenditures through AI integration will be critical for sustaining long-term operating margin expansion.
While TCOM's financials appear strong, the potential for social media platforms to disintermediate the travel discovery phase poses a structural risk, as evidenced by the persistent need for high marketing spend to maintain traffic in an increasingly crowded and expensive digital advertising environment.
Short-term profitability may mask the long-term threat of becoming a mere fulfillment backend for larger, traffic-dominant platforms. Investors should investigate whether the company's brand equity is sufficient to withstand the shift toward social-discovery-led travel planning, which could compress take-rates over the coming years.
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.