Trip.com Group (TCOM) Q1 2025 earnings summary

Executive summary

• Net revenue rose 16% year-over-year in Q1 2025, with strong growth across all business segments and geographies.

• International OTA reservations increased over 60% year-over-year, and inbound travel bookings surged by approximately 100% year-over-year, driven by favorable visa policies and increased global visibility.

• Outbound and international hotel and air bookings exceeded 120% of 2019 levels, outperforming the market by 30%-40%.

• APAC remains a key growth engine, with international OTA bookings up over 60% year-over-year.

• AI-driven tools, such as TripGenie, increased user engagement and operational efficiency, with AI handling over 80% of post-sales inquiries.

Financial highlights

• Q1 2025 net revenue: RMB 13.8 billion (US$1.9 billion), up 16% year-over-year and 9% quarter-over-quarter.

• Net income for Q1 2025 was RMB 4.3 billion (US$596 million), flat year-over-year but up from RMB 2.2 billion in Q4 2024.

• Accommodation reservation revenue: RMB 5.5 billion (US$764 million), up 23% year-over-year and 7% sequentially.

• Transportation ticketing revenue: RMB 5.4 billion (US$747 million), up 8% year-over-year and 13% sequentially.

• Adjusted EBITDA: RMB 4.2 billion (US$586 million), up from RMB 4 billion last year and RMB 3 billion sequentially.

• Diluted EPS: RMB 6.09 (US$0.84); non-GAAP diluted EPS: RMB 5.96 (US$0.82).

• Cash and equivalents, restricted cash, short-term investments, and time deposits totaled RMB 92.9 billion (US$12.8 billion) as of March 31, 2025.

Outlook and guidance

• Management expects continued strong travel demand, with cross-border flights from China forecast to exceed 90% of 2019 levels by end of 2025.

• Hotel prices are stabilizing, with demand and supply growth expected to support price normalization.

• Management expressed confidence in sustaining growth momentum, citing resilient demand and innovative, localized solutions.

• Marketing investments will remain ROI-focused, with ongoing global expansion and efficiency improvements.

• Forward-looking statements note risks from global economic conditions, travel industry volatility, and regulatory changes.