TCOMNasdaqServices-Business Services, NECFiscal year ends December 31Also trades as TRPCF
Trip.com Group Ltd
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 28, 2026
$39.59−0.42 (-1.05%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
80.6%+2.6 pts over 5 years
Operating margin
25.3%+33.0 pts over 5 years
Net margin
53.3%+71.1 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +17.1% | +46.0% | +27.8% | +18.4% | |
| Gross profit | +16.1% | +48.0% | +28.6% | +20.4% | |
| Operating income | +11.3% | +463.8% | – | +45.1% | |
| Net income | +95.1% | +187.4% | – | +29.5% | |
| Free cash flow | -28.6% | +85.0% | – | +18.9% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -2.4% | -3.2% | 21.3% | |
| Return on assets | -1.1% | -1.7% | 13.1% | |
| Current ratio | 1.52 | 0.99 | 1.55 | |
| Debt to equity | 0.58 | 0.56 | 0.18 | |
| Interest coverage | -2.1× | -0.8× | 18.6× | |
| Capex to revenue | 3.4% | 2.9% | 1.3% | |
| Diluted shares | 473M | 601M | 698M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Trip.com generated CN¥61.12B from operations and spent CN¥12.67B on capital expenditure, dividends and share buybacks. 24% of that went back into the business.
Generated
CN¥61.12B
Used
CN¥12.67B
Capital expenditureCN¥3.06B24%DividendsCN¥1.42B11%Share buybacksCN¥8.19B65%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin53.3%
×Asset turnover0.24×
×Equity multiplier1.63×
=Return on equity, FY202521.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 53.3% | 0.24× | 1.63× | 21.3% |
| FY2024 | 32.0% | 0.23× | 1.75× | 12.9% |
| FY2023 | 22.3% | 0.22× | 1.75× | 8.5% |
| FY2022 | 7.0% | 0.10× | 1.73× | 1.3% |
| FY2021 | -2.7% | 0.11× | 1.81× | -0.5% |
| FY2020 | -17.7% | 0.09× | 1.90× | -3.2% |
| FY2019 | 19.7% | 0.18× | 2.03× | 7.4% |
| FY2018 | 3.6% | 0.18× | 2.03× | 1.3% |
| FY2017 | 8.0% | 0.17× | 1.96× | 2.8% |
| FY2016 | -7.2% | 0.15× | 2.27× | -2.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zeroCN¥33.29B
- Cash generatingOperating cash flow above zeroCN¥14.38B
- Return on assets improvedROA up on the prior year7.8% → 13.7%
- Earnings backed by cashOperating cash flow above net incomeCN¥14.38B vs CN¥33.29B
- Less leverageLong-term debt to assets fell8.3% → 4.3%
- Better liquidityCurrent ratio rose1.51 → 1.55
- No dilutionShare count did not rise689M → 698M
- Gross margin improvedGross margin up on the prior year81.25% → 80.58%
- More efficientAsset turnover rose0.24 → 0.26