NASDAQ : TCOM
Trip.com Group Limited — Financial statements
Consumer Discretionary · Travel Services · Singapore
Last price 39.59 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 24.93B
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Financial statements
Trip.com Group Limited (TCOM) reported revenue of 65.61B CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 58.37B | 56.01B | 48.67B | 41.04B | 17.51B | 17.50B |
| Other Revenue | 7.24B | 6.40B | 4.63B | 3.47B | 2.53B | 2.52B |
| Revenue | 65.61B | 62.41B | 53.29B | 44.51B | 20.04B | 20.02B |
| Cost of Revenue | 13.09B | 12.12B | 9.99B | 8.12B | 4.51B | 4.60B |
| Gross Profit | 52.52B | 50.29B | 43.30B | 36.39B | 15.53B | 15.43B |
| Selling, General & Admin | 25.96B | 19.38B | 15.99B | 12.95B | 7.10B | 7.84B |
| Research & Development | 15.96B | 15.14B | 13.14B | 12.12B | 8.34B | 8.99B |
| Operating Expenses | 41.93B | 34.51B | 29.13B | 25.07B | 15.44B | 16.84B |
| Operating Income | 10.59B | 15.77B | 14.18B | 11.32B | 88.00M | -1.41B |
| Interest Expense | -530.00M | -849.00M | -1.74B | -2.07B | -1.51B | -1.56B |
| Interest & Investment Income | 2.88B | 3.00B | 2.51B | 2.27B | 2.10B | 2.13B |
| Earnings From Equity Investments | -444.00M | 353.00M | 2.83B | 1.07B | -586.00M | 96.00M |
| Currency Exchange Gain (Loss) | 316.00M | 316.00M | -12.00M | 29.00M | -69.00M | 1.00M |
| Other Non Operating Income (Expenses) | -178.00M | -207.00M | 303.00M | 130.00M | -134.00M | 25.00M |
| EBT Excluding Unusual Items | 12.63B | 18.39B | 18.07B | 12.76B | -116.00M | -722.00M |
| Gain (Loss) on Sale of Investments | 16.17B | 19.47B | 968.00M | -1.61B | 1.55B | -203.00M |
| Other Unusual Items | 1.34B | 1.34B | 791.00M | 608.00M | 618.00M | 550.00M |
| Pretax Income | 30.14B | 39.20B | 19.83B | 11.75B | 2.05B | -375.00M |
| Income Tax Expense | 5.87B | 5.82B | 2.60B | 1.75B | 682.00M | 270.00M |
| Earnings From Continuing Operations | 24.27B | 33.39B | 17.23B | 10.00B | 1.37B | -645.00M |
| Minority Interest in Earnings | -60.00M | -92.00M | -160.00M | -84.00M | 36.00M | 95.00M |
| Net Income | 24.21B | 33.29B | 17.07B | 9.92B | 1.40B | -550.00M |
| Net Income to Common | 24.21B | 33.29B | 17.07B | 9.92B | 1.40B | -550.00M |
| Shares Outstanding (Basic) | 648.03M | 657.75M | 654.04M | 652.86M | 648.38M | 634.11M |
| Shares Outstanding (Diluted) | 669.22M | 698.38M | 688.70M | 671.06M | 657.09M | 634.11M |
| EPS (Basic) | 37.36 | 50.62 | 26.09 | 15.19 | 2.16 | -0.87 |
| EPS (Diluted) | 36.17 | 47.67 | 24.78 | 14.78 | 2.14 | -0.87 |
| Free Cash Flow | 13.58B | 19.03B | 21.40B | 2.14B | 1.91B | |
| Free Cash Flow Per Share | 19.45 | 27.64 | 31.89 | 3.26 | 3.00 | |
| Dividend Per Share | 2.19 | |||||
| Gross Margin | 80.05% | 80.58% | 81.25% | 81.75% | 77.48% | 77.04% |
| Operating Margin | 16.14% | 25.27% | 26.60% | 25.44% | 0.44% | -7.05% |
| Profit Margin | 36.91% | 53.35% | 32.02% | 22.28% | 7.00% | -2.75% |
| Free Cash Flow Margin | 21.76% | 35.72% | 48.08% | 10.70% | 9.51% | |
| EBITDA | 11.43B | 16.61B | 15.03B | 12.14B | 960.00M | -393.00M |
| EBITDA Margin | 17.42% | 26.62% | 28.19% | 27.27% | 4.79% | -1.96% |
| D&A For EBITDA | 837.50M | 841.00M | 848.00M | 814.00M | 872.00M | 1.02B |
| EBIT | 10.59B | 15.77B | 14.18B | 11.32B | 88.00M | -1.41B |
| EBIT Margin | 16.14% | 25.27% | 26.60% | 25.44% | 0.44% | -7.05% |
| Effective Tax Rate | 19.48% | 14.83% | 13.13% | 14.89% | 33.28% | |
| Revenue as Reported | 65.61B | 62.41B | 53.29B | 44.51B | 20.04B | 20.02B |
| Advertising Expenses | 9.90B | 7.00B | 5.30B | 2.10B | 2.40B |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 56.02B | 39.85B | 48.44B | 41.59B | 17.00B | 19.82B |
| Short-Term Investments | 23.50B | 32.01B | 28.48B | 17.75B | 25.55B | 29.57B |
| Cash & Short-Term Investments | 79.52B | 71.86B | 76.91B | 59.34B | 42.55B | 49.38B |
| Accounts Receivable | 17.05B | 18.55B | 15.19B | 14.08B | 7.00B | 6.21B |
| Other Receivables | 7.64B | 6.65B | 4.88B | 4.39B | 4.40B | |
| Receivables | 17.05B | 26.20B | 21.84B | 18.96B | 11.40B | 10.61B |
| Prepaid Expenses | 25.95B | 232.00M | 170.00M | 168.00M | 240.00M | 224.00M |
| Restricted Cash | 6.60B | 2.65B | 2.39B | 1.49B | 1.38B | |
| Other Current Assets | 16.16B | 10.54B | 7.87B | 5.77B | 4.51B | |
| Total Current Assets | 122.51B | 121.05B | 112.12B | 88.73B | 61.44B | 66.11B |
| Property, Plant & Equipment | 6.62B | 6.33B | 5.81B | 5.78B | 6.02B | 6.31B |
| Long-Term Investments | 51.36B | 61.38B | 47.19B | 49.34B | 50.18B | 44.96B |
| Goodwill | 62.20B | 62.27B | 60.91B | 59.37B | 59.34B | 59.35B |
| Other Intangible Assets | 12.95B | 13.01B | 12.84B | 12.64B | 12.82B | 13.05B |
| Long-Term Deferred Tax Assets | 2.93B | 2.75B | 3.25B | 2.58B | 1.32B | 1.68B |
| Other Long-Term Assets | 517.00M | 600.00M | 454.00M | 688.00M | 570.00M | 396.00M |
| Total Assets | 259.09B | 267.39B | 242.58B | 219.14B | 191.69B | 191.86B |
| Accounts Payable | 19.96B | 19.49B | 16.98B | 16.76B | 7.72B | 6.16B |
| Accrued Expenses | 16.45B | 14.18B | 12.15B | 9.59B | 9.22B | |
| Short-Term Debt | 25.77B | 14.34B | 15.50B | 22.16B | 28.47B | 39.38B |
| Current Portion of Long-Term Debt | 4.99B | 3.94B | 3.70B | 4.20B | 483.00M | |
| Current Portion of Leases | 264.00M | 194.00M | 140.00M | 274.00M | 363.00M | |
| Current Income Taxes Payable | 2.05B | 2.12B | 2.04B | 835.00M | 1.06B | |
| Other Current Liabilities | 46.61B | 20.58B | 21.11B | 15.46B | 10.14B | 9.55B |
| Total Current Liabilities | 92.34B | 78.17B | 74.01B | 72.41B | 61.24B | 66.22B |
| Long-Term Debt | 630.00M | 11.43B | 20.13B | 19.10B | 13.18B | 11.09B |
| Long-Term Leases | 567.00M | 585.00M | 561.00M | 477.00M | 534.00M | 400.00M |
| Long-Term Deferred Tax Liabilities | 4.23B | 3.95B | 4.10B | 3.83B | 3.49B | 3.53B |
| Other Long-Term Liabilities | 519.00M | 654.00M | 296.00M | 319.00M | 235.00M | 165.00M |
| Total Liabilities | 98.28B | 94.79B | 99.10B | 96.13B | 78.67B | 81.40B |
| Common Stock | 159.05B | 6.00M | 6.00M | 6.00M | 6.00M | 6.00M |
| Additional Paid-In Capital | 103.95B | 101.19B | 97.43B | 95.20B | 93.83B | |
| Retained Earnings | 79.82B | 47.95B | 30.88B | 20.96B | 19.56B | |
| Treasury Stock | -10.30B | -5.90B | -3.73B | -2.11B | -2.11B | |
| Comprehensive Income & Other | 140.00M | -2.53B | -688.00M | -2.40B | -1.77B | -1.60B |
| Total Common Equity | 159.19B | 170.95B | 142.55B | 122.18B | 112.28B | 109.68B |
| Minority Interest | 1.61B | 1.65B | 932.00M | 822.00M | 736.00M | 779.00M |
| Shareholders' Equity | 160.80B | 172.60B | 143.48B | 123.01B | 113.02B | 110.46B |
| Total Liabilities & Equity | 259.09B | 267.39B | 242.58B | 219.14B | 191.69B | 191.86B |
| Total Debt | 26.96B | 31.61B | 40.32B | 45.57B | 46.66B | 51.72B |
| Net Cash (Debt) | 52.55B | 40.24B | 36.59B | 13.77B | -4.11B | -2.34B |
| Net Cash Per Share | 78.53 | 57.62 | 53.13 | 20.52 | -6.26 | -3.69 |
| Filing Date Shares Outstanding | 632.33M | 629.71M | 653.60M | 646.69M | 646.15M | 641.75M |
| Total Common Shares Outstanding | 632.33M | 649.58M | 653.27M | 644.09M | 646.07M | 641.33M |
| Working Capital | 30.18B | 42.88B | 38.11B | 16.32B | 196.00M | -110.00M |
| Book Value Per Share | 251.75 | 263.17 | 218.21 | 189.70 | 173.79 | 171.02 |
| Tangible Book Value | 84.05B | 95.67B | 68.80B | 50.17B | 40.12B | 37.28B |
| Tangible Book Value Per Share | 132.91 | 147.28 | 105.31 | 77.89 | 62.10 | 58.13 |
| Buildings | 5.55B | 5.41B | 5.41B | 5.41B | 5.41B | |
| Machinery | 3.83B | 3.38B | 3.17B | 2.83B | 2.89B | |
| Leasehold Improvements | 492.00M | 258.00M | 253.00M | 248.00M | 222.00M |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 33.29B | 17.07B | 9.92B | 1.40B | -550.00M | |
| Depreciation & Amortization | 1.09B | 1.10B | 1.05B | 1.29B | 1.41B | |
| Other Amortization | 100.00M | 112.00M | 3.00M | 3.00M | 3.00M | |
| Loss (Gain) From Sale of Assets | -5.00M | 12.00M | 25.00M | 24.00M | 93.00M | |
| Loss (Gain) From Sale of Investments | -4.06B | -960.00M | 1.62B | -1.52B | 203.00M | |
| Loss (Gain) on Equity Investments | -353.00M | -2.83B | -1.07B | 586.00M | -96.00M | |
| Stock-Based Compensation | 2.27B | 2.04B | 1.83B | 1.19B | 1.68B | |
| Provision & Write-off of Bad Debts | 477.00M | 330.00M | 79.00M | 296.00M | 141.00M | |
| Other Operating Activities | -12.70B | -575.00M | -710.00M | 177.00M | -587.00M | |
| Change in Accounts Receivable | -2.41B | -1.15B | -6.03B | -701.00M | -468.00M | |
| Change in Accounts Payable | 2.14B | -203.00M | 8.98B | 1.31B | 1.51B | |
| Change in Income Taxes | -91.00M | 160.00M | 1.20B | -228.00M | -149.00M | |
| Change in Other Net Operating Assets | -5.37B | 4.51B | 5.10B | -1.18B | -719.00M | |
| Operating Cash Flow | 14.38B | 19.62B | 22.00B | 2.64B | 2.48B | |
| Capital Expenditures | -797.00M | -591.00M | -606.00M | -497.00M | -570.00M | |
| Sale of Property, Plant & Equipment | 7.00M | |||||
| Cash Acquisitions | -753.00M | 1.22B | -5.00M | -42.00M | ||
| Divestitures | -2.00M | |||||
| Sale (Purchase) of Intangibles | -1.00M | -1.00M | ||||
| Investment in Securities | -991.00M | -5.02B | 7.45B | 1.20B | -2.32B | |
| Investing Cash Flow | -4.18B | -6.05B | 5.92B | 1.14B | -4.15B | |
| Short-Term Debt Issued | 34.41B | 31.77B | 34.56B | 23.29B | 28.65B | |
| Long-Term Debt Issued | 3.16B | 13.33B | 12.88B | 9.81B | 767.00M | |
| Total Debt Issued | 37.57B | 45.10B | 47.45B | 33.10B | 29.42B | |
| Short-Term Debt Repaid | -36.28B | -35.05B | -40.76B | -28.16B | -23.05B | |
| Long-Term Debt Repaid | -10.41B | -16.12B | -7.75B | -11.72B | -10.42B | |
| Total Debt Repaid | -46.69B | -51.17B | -48.51B | -39.88B | -33.47B | |
| Net Debt Issued (Repaid) | -9.12B | -6.07B | -1.06B | -6.78B | -4.05B | |
| Issuance of Common Stock | 493.00M | 1.73B | 399.00M | 179.00M | 8.29B | |
| Repurchase of Common Stock | -4.40B | -2.17B | -1.62B | |||
| Common Dividends Paid | -1.42B | |||||
| Other Financing Activities | -218.00M | -198.00M | -264.00M | -116.00M | -321.00M | |
| Financing Cash Flow | -14.66B | -6.71B | -2.55B | -6.72B | 3.92B | |
| Foreign Exchange Rate Adjustments | -177.00M | 247.00M | 120.00M | 231.00M | -465.00M | |
| Net Cash Flow | -4.64B | 7.11B | 25.50B | -2.71B | 1.78B | |
| Free Cash Flow | 13.58B | 19.03B | 21.40B | 2.14B | 1.91B | |
| Free Cash Flow Margin | 21.76% | 35.72% | 48.08% | 10.70% | 9.51% | |
| Free Cash Flow Per Share | 19.45 | 27.64 | 31.89 | 3.26 | 3.00 | |
| Levered Free Cash Flow | 2.19B | 12.60B | 15.69B | 1.23B | 728.00M | |
| Unlevered Free Cash Flow | 2.62B | 13.57B | 16.98B | 2.17B | 1.71B | |
| Cash Interest Paid | 854.00M | 1.65B | 1.89B | 1.44B | 1.50B | |
| Cash Income Tax Paid | 5.74B | 2.70B | 1.29B | 471.00M | 753.00M | |
| Change in Working Capital | -5.73B | 3.32B | 9.26B | -800.00M | 177.00M |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 24.93B | 47.43B | 45.26B | 23.14B | 22.08B | 15.69B |
| Enterprise Value | 17.19B | 40.86B | 41.12B | 21.75B | 22.77B | 15.90B |
| Last Close Price | 39.59 | 71.91 | 68.35 | 35.85 | 34.24 | 24.51 |
| PE Ratio | 7.44 | 9.96 | 19.36 | 16.54 | 108.53 | |
| Forward PE | 10.10 | 17.56 | 19.51 | 15.06 | 51.83 | 89.56 |
| PS Ratio | 2.58 | 5.32 | 6.20 | 3.69 | 7.60 | 4.98 |
| PB Ratio | 1.07 | 1.92 | 2.30 | 1.33 | 1.35 | 0.90 |
| P/TBV Ratio | 2.01 | 3.47 | 4.80 | 3.27 | 3.79 | 2.67 |
| P/FCF Ratio | 12.21 | 24.43 | 17.36 | 7.67 | 71.02 | 52.34 |
| P/OCF Ratio | 23.07 | 16.84 | 7.46 | 57.65 | 40.28 | |
| PEG Ratio | 1.57 | 0.86 | 0.20 | 0.88 | 1.28 | |
| EV/Sales Ratio | 1.78 | 4.58 | 5.63 | 3.47 | 7.84 | 5.05 |
| EV/EBITDA Ratio | 10.22 | 17.20 | 19.98 | 12.71 | 163.63 | |
| EV/EBIT Ratio | 11.03 | 18.12 | 21.17 | 13.62 | 1,785.03 | |
| EV/FCF Ratio | 8.42 | 21.04 | 15.77 | 7.21 | 73.27 | 53.04 |
| Debt / Equity Ratio | 0.17 | 0.18 | 0.28 | 0.37 | 0.41 | 0.47 |
| Debt / EBITDA Ratio | 2.31 | 1.87 | 2.64 | 3.68 | 33.84 | 1,055.55 |
| Debt / FCF Ratio | 2.33 | 2.12 | 2.13 | 21.76 | 27.15 | |
| Net Debt / Equity Ratio | -0.33 | -0.23 | -0.26 | -0.11 | 0.04 | 0.02 |
| Net Debt / EBITDA Ratio | -4.60 | -2.42 | -2.44 | -1.13 | 4.29 | -5.95 |
| Net Debt / FCF Ratio | -2.96 | -1.92 | -0.64 | 1.92 | 1.23 | |
| Asset Turnover | 0.26 | 0.24 | 0.23 | 0.22 | 0.10 | 0.11 |
| Quick Ratio | 1.05 | 1.25 | 1.33 | 1.08 | 0.88 | 0.91 |
| Current Ratio | 1.33 | 1.55 | 1.51 | 1.23 | 1.00 | 1.00 |
| Return on Equity (ROE) | 15.65% | 21.12% | 12.93% | 8.48% | 1.22% | -0.61% |
| Return on Assets (ROA) | 2.59% | 3.87% | 3.84% | 3.45% | 0.03% | -0.46% |
| Return on Invested Capital (ROIC) | 7.57% | 11.23% | 11.40% | 8.52% | 0.05% | -1.23% |
| Return on Capital Employed (ROCE) | 6.40% | 8.30% | 8.40% | 7.70% | 0.10% | -1.10% |
| Earnings Yield | 13.44% | 10.04% | 5.17% | 6.04% | 0.92% | -0.55% |
| FCF Yield | 8.19% | 4.09% | 5.76% | 13.04% | 1.41% | 1.91% |
| Dividend Yield | 0.76% | 0.43% | ||||
| Payout Ratio | 4.27% | |||||
| Buyback Yield / Dilution | 3.96% | -1.41% | -2.63% | -2.13% | -3.62% | -5.53% |
| Total Shareholder Return | 4.71% | -1.41% | -2.20% | -2.13% | -3.62% | -5.53% |