2026-02-25 22:06Financial Performance - For Q4 2025, Trip.com Group reported net revenue of RMB15.4 billion (US$2.2 billion), a 21% increase year-over-year, driven by resilient travel demand [3]. - For the full year 2025, net revenue reached RMB62.4 billion (US$8.9 billion), representing a 17% increase from 2024 [4]. - Accommodation reservation revenue for Q4 2025 was RMB6.3 billion (US$899 million), a 21% increase from Q4 2024, accounting for 42% of total revenue in 2025 [5]. - Transportation ticketing revenue for Q4 2025 was RMB5.4 billion (US$768 million), a 12% increase year-over-year, contributing 36% to total revenue in 2025 [7]. - Packaged-tour revenue for Q4 2025 was RMB1.1 billion (US$151 million), a 21% increase from Q4 2024, while corporate travel revenue was RMB808 million (US$116 million), a 15% increase year-over-year [9]. - For the full year 2025, net income was RMB33.4 billion (US$4.8 billion), compared to RMB17.2 billion in 2024, primarily due to gains from investments [22]. - Total revenue for the year ended December 31, 2025, was RMB 62,510 million (USD 8,939 million), an increase from RMB 53,377 million in 2024 [44]. - Net income attributable to Trip.com Group Limited for the year ended December 31, 2025, was RMB 33,294 million (USD 4,762 million), compared to RMB 17,067 million in 2024 [45]. - Earnings per diluted ADS for the year ended December 31, 2025, was USD 6.82, up from USD 4.78 in 2024 [45]. - Gross profit for the year ended December 31, 2025, was RMB 50,287 million (USD 7,192 million), compared to RMB 43,304 million in 2024 [45]. - The company reported a diluted non-GAAP income per share of RMB 45.59 (USD 6.52) for the year ended December 31, 2025 [46]. - The company’s net income for the year ended December 31, 2025, increased to RMB 33,386 million (USD 4,775 million) from RMB 17,227 million in the previous year [46]. Cash and Assets - As of December 31, 2025, the balance of cash and cash equivalents was RMB105.8 billion (US$15.1 billion) [27]. - Total current assets increased to RMB 121,050 million (USD 17,309 million) as of December 31, 2025, from RMB 112,120 million in 2024 [43]. - Total liabilities decreased to RMB 94,787 million (USD 13,554 million) as of December 31, 2025, from RMB 99,099 million in 2024 [43]. Operational Efficiency - The Company reported an adjusted EBITDA margin improvement, reflecting better operational efficiency [39]. - Adjusted EBITDA for the year ended December 31, 2025, was RMB 18,888 million (USD 2,703 million), with an adjusted EBITDA margin of 30% [46]. - The adjusted EBITDA for the fourth quarter of 2025 was RMB 3,415 million (USD 490 million), reflecting a margin of 22% [46]. Market Presence and Strategy - Overall bookings on the Company's international OTA platform increased by around 60% year-over-year [37]. - The Company served approximately 20 million inbound travelers during the year [37]. - The Company continues to focus on expanding its market presence and enhancing its technology offerings to drive future growth [38]. Corporate Governance - The company announced board composition changes, including the resignation of co-founders and the appointment of new independent directors to enhance strategic oversight [28][30]. Regulatory Matters - In January 2026, the company received a notice of investigation from the State Administration for Market Regulation regarding compliance with the PRC Anti-monopoly Law [34]. Investment and Income - Interest income for the year ended December 31, 2025, was RMB 2,603 million (USD 372 million), while interest expense was RMB 849 million (USD 121 million) [46]. - The company experienced a significant loss from fair value changes of equity securities amounting to RMB 3,954 million (USD 565 million) for the year ended December 31, 2025 [46].