Trip.com Group Ltd (TCOM)

Price$40.01Cached quoteAs of 2026-10-17 03:15 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because reported profit makes them seem cheaper than the core business is.

At the observed market price, Trip.com's equity value is roughly $30 billion using the 2025 year-end share count. Operating cash flow minus capital spending, a simple measure of free cash flow or cash left after running and investing in the business, was RMB13.6 billion in 2025, implying roughly 15 times that cash generation. Reported net income of RMB33.3 billion was boosted materially by the MakeMyTrip disposal, so the much lower headline earnings valuation is misleading. Regulatory and growth uncertainty make the cash-based valuation look reasonable rather than clearly cheap.

Big pictureTrip.com has rebuilt profitability, but travel demand and cash generation can still swing sharply.

Revenue rose from RMB44.6 billion in 2023 to RMB53.4 billion in 2024 and RMB62.5 billion in 2025, while operating income climbed from RMB11.3 billion to RMB15.8 billion. The recovery is real, but operating cash flow fell from RMB22.0 billion in 2023 to RMB14.4 billion in 2025 as working capital absorbed cash. Capital spending stayed below RMB0.8 billion, preserving strong free cash flow. The losses in 2020 and 2021 and near-breakeven 2022 results also show that travel profitability remains economically sensitive.

Business strengthA strong balance sheet and fast international growth give Trip.com room to absorb setbacks.

Trip.com ended 2025 with RMB39.8 billion of cash against RMB30.8 billion of debt, leaving RMB9.1 billion of net cash, versus substantial net debt in 2022. First-quarter 2026 revenue still grew 17%, international-platform gross bookings rose about 65%, and inbound bookings increased about 90%. Capital returns are meaningful but partly offset employee equity awards: 2025 buybacks were RMB4.4 billion and dividends RMB1.4 billion, while stock compensation was RMB2.3 billion. Shares outstanding fell only about 0.6%, so repurchases have reduced dilution modestly rather than dramatically.

What could change the storyThe verdict improves if growth stays strong after regulatory changes, but weakens if profitability settles lower.

The antitrust decision creates the clearest test. Required refunds, confiscation and the fine total about RMB5.3 billion, roughly 39% of 2025 free cash flow, while Trip.com must change practices affecting hotel pricing and inventory. Management already guided second-quarter revenue growth down to 3%-8%. Reuters cited expectations for 2026 underlying net profit of RMB13.5 billion, down 15%. The bull case is that international and inbound growth offsets weaker domestic economics. The bear case is that reduced platform power permanently lowers profitability, making today's roughly mid-teens normalized earnings valuation less attractive.

AI: News

Growth warning hits sharesFirst-quarter sales grew well, but weaker profit and slower guidance triggered a sharp selloff.

On June 24, Trip.com reported first-quarter revenue of RMB16.2 billion, up 17%, but net income fell to RMB2.5 billion from RMB4.3 billion. Management then forecast only 3%-8% second-quarter revenue growth and warned that slower growth would hurt profitability. Forbes reported that the Nasdaq shares fell 12.6% in the following session. The reaction is consistent with investors resetting future growth and profit expectations, although price timing alone cannot establish that every part of the decline came from the results.

Antitrust penalty finalizedChina finalized a large penalty and forced business changes, removing uncertainty but weakening some domestic advantages.

On July 25, regulators ordered Trip.com to refund RMB122 million of hotel deposits, confiscated RMB1.658 billion of gains and imposed a RMB3.521 billion fine. The findings concerned exclusive arrangements and unreasonable transaction terms. Hong Kong shares finished 3.6% higher on July 27 after rising as much as 7.7%, which reporting linked to relief that the investigation had ended and the outcome was less severe than feared. That relief does not make the economic impact positive: required practice changes could reduce Trip.com's influence over hotel pricing and inventory.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue	¥62.51B	¥53.38B	¥44.56B	¥20.05B	¥20.03B	¥18.33B	¥35.72B	¥31.10B	¥26.99B	¥19.80B	¥11.50B	¥7.77B	¥5.72B	¥4.41B	¥3.73B	¥3.07B	¥2.12B	¥1.59B
Gross profit	¥50.29B	¥43.30B	¥36.39B	¥15.53B	¥15.43B	¥14.29B	¥28.29B	¥24.64B	¥22.12B	¥14.52B	¥7.85B	¥5.25B	¥4.00B	¥3.12B	¥2.69B	¥2.26B	¥1.54B	¥1.16B
Gross margin	80.45%	81.13%	81.66%	77.42%	77.01%	77.95%	79.22%	79.22%	81.94%	73.29%	68.31%	67.50%	69.97%	70.78%	72.27%	73.56%	72.43%	72.74%
Research & development	¥15.14B	¥13.14B	¥12.12B	¥8.34B	¥8.99B	¥7.67B	¥10.67B	¥9.62B	¥8.26B	¥7.69B	¥3.30B	¥2.32B	¥1.25B	¥911.9M	¥601.5M	¥453.9M	¥308.5M	N/A
Operating expenses	¥34.51B	¥29.13B	¥25.07B	¥15.44B	¥16.84B	¥15.71B	¥23.25B	¥22.04B	¥19.18B	¥16.07B	¥7.47B	¥5.40B	¥3.16B	¥2.47B	¥1.63B	¥1.20B	¥850.0M	¥694.2M
Operating income	¥15.77B	¥14.18B	¥11.32B	¥88.0M	−¥1.41B	−¥1.42B	¥5.04B	¥2.60B	¥2.94B	−¥1.55B	¥381.0M	−¥150.8M	¥838.4M	¥654.6M	¥1.07B	¥1.05B	¥687.4M	¥461.2M
Operating margin	25.23%	26.56%	25.41%	0.44%	−7.04%	−7.76%	14.11%	8.38%	10.90%	−7.84%	3.31%	−1.94%	14.67%	14.85%	28.61%	34.37%	32.38%	29.04%
EBITDA	¥16.42B	¥14.83B	¥11.95B	¥720.0M	−¥688.0M	−¥633.0M	¥5.70B	¥3.58B	¥3.82B	−¥836.0M	¥695.0M	¥28.0M	¥955.9M	¥750.8M	¥1.15B	¥1.12B	¥738.1M	N/A
EBITDA margin	26.27%	27.79%	26.82%	3.59%	−3.44%	−3.45%	15.95%	11.52%	14.17%	−4.22%	6.05%	0.36%	16.72%	17.03%	30.95%	36.66%	34.77%	N/A
Net income	¥33.29B	¥17.07B	¥9.92B	¥1.40B	−¥550.0M	−¥3.25B	¥7.01B	¥1.11B	¥2.15B	−¥1.42B	¥2.51B	¥242.7M	¥998.3M	¥714.4M	¥1.08B	¥1.05B	¥659.0M	¥444.1M
Net profit margin	53.26%	31.97%	22.26%	7.00%	−2.75%	−17.72%	19.63%	3.58%	7.98%	−7.16%	21.81%	3.12%	17.46%	16.20%	28.89%	34.18%	31.05%	27.96%
Basic EPSper basic share	CN¥50.62	CN¥26.10	CN¥15.19	CN¥2.17	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	CN¥3.70	CN¥2.45	CN¥1.67
Diluted EPSper diluted share	CN¥47.67	CN¥24.78	CN¥14.78	CN¥2.14	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	CN¥3.49	CN¥2.34	CN¥1.61

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

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Top 20 reported holders of TCOM
Holder	Shares held
Capital World Investors	36.25M
MORGAN STANLEY	12.88M
Sanders Capital, LLC	10.56M
Davis Selected Advisers	8.76M
ARGA Investment Management, LP	6.53M
Capital International Investors	6.08M
JPMORGAN CHASE & CO	3.57M
Robeco Institutional Asset Management B.V.	2.76M
Legal & General Group Plc	2.62M
D. E. Shaw & Co., Inc.	2.56M
Aspex Management (HK) Ltd	2.33M
DIMENSIONAL FUND ADVISORS LP	2.26M
Temasek Holdings (Private) Ltd	2.24M
UBS Group AG	2.22M
Russell Investments Group, Ltd.	1.99M
TWO SIGMA INVESTMENTS, LP	1.95M
FMR LLC	1.89M
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC	1.82M
FEDERATED HERMES, INC.	1.78M
BlackRock, Inc.	1.68M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Oct 21, 2026 · Quarterly data

Insider buys & sells

Oct 1, 2024–Sep 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

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Community posts

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@tickerstat1 month ago
Trip.com reports quarterly loss after antitrust penalty
Trip.com ($TCOM) reported second-quarter revenue of RMB15.7 billion, up 6% from a year earlier but down 3% sequentially. The group recorded a net loss of RMB2.4 billion, compared with a RMB4.9 billion profit a year earlier, after recognizin ...
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Trip.com Group Ltd (TCOM)

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Trip.com reports quarterly loss after antitrust penalty