Trip.com Group (NASDAQ:TCOM) executives highlighted resilient travel demand, expanding international operations and continued investment in inbound tourism, social responsibility and artificial intelligence during the company’s fourth quarter and full-year 2025 earnings call.
Results and key financial metrics
For the fourth quarter of 2025, Trip.com reported net revenue of RMB 15.4 billion, up 21% year-over-year, which CFO Cindy Wang said was primarily driven by “robust travel demand throughout the winter holiday.” Full-year 2025 net revenue was RMB 62.4 billion, representing 17% growth year-over-year.
By segment, the company reported the following revenue results:
- Accommodation reservation revenue: RMB 6.3 billion in Q4 (+21% YoY); RMB 26.1 billion in 2025 (+21% YoY).
- Transportation ticketing revenue: RMB 5.4 billion in Q4 (+12% YoY); RMB 22.5 billion in 2025 (+11% YoY). The company cited robust growth in international air bookings.
- Package tour revenue: RMB 1.1 billion in Q4 (+21% YoY); RMB 4.7 billion in 2025 (+8% YoY), which management attributed primarily to the expansion of international offerings.
- Corporate travel revenue: RMB 808 million in Q4 (+15% YoY); RMB 2.8 billion in 2025 (+13% YoY), driven by broader adoption of managed corporate travel services.
Trip.com ended 2025 with RMB 105.8 billion (about $15.1 billion) in cash and cash equivalents, restricted cash, short-term investments, held-to-maturity time deposits and financial products, according to Wang.
Inbound tourism positioned as a long-term growth driver
Executive Chairman James Liang said the company will focus investment priorities on inbound tourism, social responsibility initiatives and AI innovation. Liang described inbound travel as “structurally important,” adding that Trip.com served approximately 20 million inbound travelers in 2025 and built integrated inbound support capabilities across its online platform and offline service counters.
CEO Jane Sun provided additional details on inbound execution. She said the company connected inbound demand to roughly 150,000 hotels on its platform in 2025, and that over 63,000 of those hotels began serving inbound travelers for the first time through Trip.com during the year. Sun also said inbound demand benefited more than 6,000 attractions, with over 40% newly opened to inbound travelers.
Sun said Trip.com invested over RMB 1 billion in 2025 to support inbound sector growth, including strengthening platform tools, collaborating with global influencers and offering free layover tours. She also pointed to efforts such as one-stop inbound service counters at airports in cities including Beijing, Shanghai and Hong Kong, a “Taste of China” dining experience initiative, and multilingual self-service facilities at 241 attractions supporting 16 languages. The company’s global tax refund map now covers more than 3,400 tax refund-enabled local merchants, she added.
International expansion, domestic trends and corporate travel
Sun said gross bookings on Trip.com’s international OTA platform increased by approximately 60% year-over-year in 2025. During the Q&A, management said the international business contributed about 40% of total revenue and bookings in 2025, up from around 35% in 2024, and expects momentum to continue, “mainly fueled by the rapid growth of our Trip.com brand.”
On demand trends, management said the 2026 Chinese New Year holiday, extended by one additional day versus the prior year, “meaningfully stimulated travel demand.” The company reported robust double-digit growth in its domestic hotel business during the period, with ADR increasing modestly year-over-year. Management also said it saw double-digit outbound growth, with notable momentum in long-haul destinations, particularly in Europe.
In domestic offerings, Sun said travelers increasingly favored flexible private tours and reported that the Private Tours business grew by over 20% in 2025. She said about 3,500 small and medium-sized travel agencies used the platform to offer customized private tours, generating RMB 11 billion in incremental transaction value for the industry and supporting the creation of over 30,000 travel-related jobs.
Corporate travel remained a key pillar, with Sun stating Trip.com served over 28,000 Chinese enterprises for overseas travel needs in 2025 and supported over 440,000 Chinese professionals traveling to 206 countries and more than 13,000 cities through integrated booking, expense management and risk control tools.
AI strategy and competitive positioning
Management emphasized AI as a long-term technology pillar, including travel-focused large models and AI-powered systems for search, recommendations, supply operations and service fulfillment. Addressing a question about AI agents and potential disintermediation, the company said it views generative AI as validating and accelerating its strategy, and argued that a “true closed loop” requires integration with travel supply, live rates, secure payments and fulfillment.
The company highlighted several areas it believes are difficult for general AI models to replicate, including fine-tuning models using proprietary booking data and verified reviews, deep supply chain relationships with partners, and end-to-end service and trust supported by one-stop platform capabilities and 24/7 global support. Management also said it is working on “agent-to-agent transactional capabilities” with AI partners and investing in a native AI agent to handle complex travel planning and booking.
On competition, management said the domestic travel market remains dynamic, and reiterated its focus on service levels, comprehensive product breadth and global coverage, including customer support during unexpected events.
Regulatory update and shareholder returns
Sun said Trip.com received a notice in January from the State Administration for Market Regulation regarding the initiation of a regulatory investigation and that the company is cooperating fully with authorities. In response to an analyst question, management said it continues to engage “constructively and transparently” and will provide updates as appropriate under applicable laws and regulations.
Regarding shareholder returns, management said the company fully utilized the authorized share repurchase quota under its 2025 repurchase plan and completed additional repurchases in the fourth quarter, adding that it remains committed to long-term value creation through sustainable growth and disciplined capital returns.
About Trip.com Group (NASDAQ:TCOM)
Trip.com Group (NASDAQ: TCOM) is a China-based online travel services company that provides a broad range of consumer and business travel products. The company operates consumer-facing travel platforms and mobile apps that enable users to search, book and manage hotel reservations, airline tickets, packaged tours, rail travel, car rentals, airport transfers and local activities. It also offers corporate travel management and B2B solutions that support travel suppliers and downstream distribution partners.
Headquartered in Shanghai, Trip.com Group serves customers across China and increasingly in international markets through a portfolio of brands and global distribution channels.
