Trip.com Group Q4 Revenue Up 21% to RMB15.4 B, Full-Year Up 17%
Trip.com Group’s Q4 2025 net revenue rose 21% YoY to RMB15.4 billion, driving full-year revenue up 17% to RMB62.4 billion, with accommodation and transportation segments accounting for 42% and 36% of revenue, respectively. International OTA bookings surged 60% in 2025 and inbound travelers served hit 20 million, bolstering growth.
1. Financial Results Overview
Trip.com Group reported Q4 2025 net revenue of RMB15.4 billion, up 21% year-over-year, while Q4 net revenue fell 16% sequentially due to seasonality. Full-year net revenue reached RMB62.4 billion, marking a 17% increase over 2024.
2. Segment Performance
In Q4, accommodation reservation revenue was RMB6.3 billion (up 21% YoY), comprising 42% of total revenue; transportation ticketing generated RMB5.4 billion (up 12% YoY; 36% of total); packaged tours brought in RMB1.1 billion (up 21%; 7% share); and corporate travel revenue reached RMB808 million (up 15%; 5% share).
3. International Business Growth
The company’s international OTA platform bookings rose 60% year-over-year in 2025, and inbound travelers served reached approximately 20 million. Investment in inbound tourism and AI innovations underpinned this expansion.
4. Cost and Expense Trends
Q4 cost of revenue increased 23% YoY to RMB3.2 billion, representing 21% of net revenue; full-year cost of revenue rose 21% to RMB12.1 billion (19% of net revenue). Q4 product development expenses climbed 19% to RMB4.0 billion (26% of revenue), while sales and marketing costs jumped 30% to RMB4.4 billion.