Trip.com Group Limited Reports Unaudited Third Quarter of 2025 Financial Results

Core Insights - Trip.com Group reported strong financial performance in Q3 2025, with net revenue reaching RMB 18.3 billion (US$2.6 billion), a 16% increase year-over-year and a 24% increase from the previous quarter [3][13][14] Business Performance - International businesses showed robust growth, with overall bookings on the international OTA platform increasing by approximately 60% year-over-year [2] - Inbound travel bookings surged over 100% year-over-year, while outbound flight and hotel bookings reached around 140% of the volume for the same period in 2019 [2] Revenue Breakdown - Accommodation reservation revenue was RMB 8.0 billion (US$1.1 billion), an 18% increase from Q3 2024, and a 29% increase from the previous quarter [4] - Transportation ticketing revenue was RMB 6.3 billion (US$886 million), a 12% increase year-over-year, and a 17% increase from the previous quarter [5] - Packaged-tour revenue was RMB 1.6 billion (US$226 million), a 3% increase year-over-year, and a 49% increase from the previous quarter [6] - Corporate travel revenue was RMB 756 million (US$106 million), a 15% increase year-over-year, and a 9% increase from the previous quarter [7] Cost and Expenses - Cost of revenue increased by 20% to RMB 3.4 billion (US$472 million) year-over-year, aligning with the increase in net revenue [8] - Product development expenses rose by 12% to RMB 4.1 billion (US$574 million) year-over-year [9] - Sales and marketing expenses increased by 24% to RMB 4.2 billion (US$587 million) year-over-year [10] - General and administrative expenses increased by 9% to RMB 1.1 billion (US$160 million) year-over-year [11] Tax and Net Income - Income tax expense for Q3 2025 was RMB 3.3 billion (US$470 million), significantly higher than RMB 721 million in Q3 2024 [12] - Net income for Q3 2025 was RMB 19.9 billion (US$2.8 billion), compared to RMB 6.8 billion in Q3 2024 [13][14] - Non-GAAP net income attributable to shareholders was RMB 19.2 billion (US$2.7 billion) for Q3 2025, compared to RMB 6.0 billion in Q3 2024 [14] Earnings Per Share - Diluted earnings per ordinary share for Q3 2025 was RMB 28.61 (US$4.02) [15] - Non-GAAP diluted earnings per ordinary share was RMB 27.56 (US$3.87) for Q3 2025 [15] Cash Position - As of September 30, 2025, the company had cash and cash equivalents totaling RMB 107.7 billion (US$15.1 billion) [16]