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Dec 31, 2025
Trip.com Q4 2025 Earnings Report
Trip.com reported strong fourth quarter 2025 results with double-digit revenue growth and solid profitability, supported by resilient global travel demand.
Key Takeaways
Trip.com generated net revenue of 2203000000 and net income of 613000000 in Q4 2025. Growth was driven by accommodation and transportation bookings, while adjusted EBITDA reached 490000000 despite seasonal sequential softness.
Net revenue increased 21% year over year to 2203000000.
Net income reached 613000000 compared to 314000000 in the prior year quarter.
Gross profit was 1740000000 reflecting strong operating leverage.
Adjusted EBITDA was 490000000 with a 22% margin.
Forward Guidance
The company did not provide specific quantitative forward guidance but emphasized continued focus on international expansion, inbound travel growth and AI-driven innovation, while acknowledging regulatory uncertainty.
Positive Outlook
- International OTA bookings increased around 60% year over year.
- Approximately 20000000 inbound travelers served during 2025.
- Resilient global travel demand.
- Strong profitability in the quarter.
- Solid liquidity position.
Challenges Ahead
- Revenue declined 16% sequentially due to seasonality.
- Sales and marketing expenses increased year over year.
- Ongoing regulatory investigation by SAMR.
- Adjusted EBITDA declined sequentially from prior quarter.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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