olivLaw · US equity research
Trip.com Group Limited TCOM
Services-Business Services, NEC · SIC 7389 · Vertical: Services-Business Services, NEC (SIC 7389)
Trip.com Group Limited is a global one-stop travel service provider that combines accommodation reservations, transportation tickets, packaged tours and corporate travel management. For 2025 the company reported 26.1 billion RMB of accommodation reservation revenue, making it a central player in travel distribution across Asia and beyond.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Trip.com Group Limited (TCOM) stock was 42.69 USD (+3.17% on the day), with market capitalisation 27.7 bn USD, P/E 10.1 on diluted EPS of 4.23 USD over the last 12 months, dividend yield 0.74%, beta 0.69, 52-week range 37.96–78.96 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 67.2
- strong (55–70)
- Bollinger (20, 2)
- 37.51 – 41.79
- above the upper band · %B 1.21 · band width 10.8%
- SMA 50 / 200
- 40.22 / 47.59
- mixed trend
- MACD (12, 26, 9)
- 0.27 / -0.13
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +10.1% | −1.1% | +11.2 pp | — |
| 3 months | −7.1% | −0.5% | −6.7 pp | — |
| 6 months | −21.6% | +4.4% | −26.0 pp | — |
| Year to date | −40.6% | +12.3% | −53.0 pp | — |
| 1 year | −39.0% | +13.5% | −52.6 pp | −4.0% |
| 3 years | +27.1% | +76.4% | −49.3 pp | −6.4% |
| 5 years | +41.3% | +63.7% | −22.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.5 bn | 5.1 bn | 2.8 bn | 3.1 bn | 2.9 bn | 6.3 bn | 7.3 bn | 8.9 bn |
| Revenue YoY | +9.1% | +13.2% | −45.2% | +11.9% | −7.5% | +115.7% | +16.5% | +22.2% |
| Net income | 162.0 m | 1.0 bn | -497.0 m | -86.0 m | 206.0 m | 1.4 bn | 2.3 bn | 4.8 bn |
| Net income YoY | −50.8% | +521.0% | −149.4% | unavailable | unavailable | +578.2% | +67.4% | +103.7% |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 3.6% | 19.6% | -17.7% | -2.7% | 7.1% | 22.3% | 32.0% | 53.4% |
| Free cash flow | 938.0 m | 937.0 m | -669.0 m | 299.0 m | 308.0 m | 3.0 bn | 2.6 bn | 1.9 bn |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 5.7 bn USD
- Financial debt
- 4.4 bn USD
- Net debt
- -1.3 bn USD
- Equity
- 24.7 bn USD
- Total assets
- 38.2 bn USD
- Debt / equity
- 0.18x
- Current ratio
- 1.55x
- ROE
- 21.5%
- ROA
- 13.3%
- FCF margin
- 21.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.8 bn | 3.1 bn | 2.9 bn | 6.3 bn | 7.3 bn | 8.9 bn | SEC (XBRL)· 28 Apr 2026verified |
| Cost of revenue | 618.0 m | 721.0 m | 654.0 m | 1.1 bn | 1.4 bn | 1.7 bn | SEC (XBRL)· 28 Apr 2026verified |
| Gross profit | 2.2 bn | 2.4 bn | 2.3 bn | 5.1 bn | 5.9 bn | 7.2 bn | SEC (XBRL)· 28 Apr 2026verified |
| Research & development | 1.2 bn | 1.4 bn | 1.2 bn | 1.7 bn | 1.8 bn | 2.2 bn | SEC (XBRL)· 28 Apr 2026verified |
| Operating income | -218.0 m | -221.0 m | 15.0 m | 1.6 bn | 1.9 bn | 2.3 bn | SEC (XBRL)· 28 Apr 2026verified |
| Interest expense | 263.0 m | 246.0 m | 219.0 m | 291.0 m | 238.0 m | 121.0 m | SEC (XBRL)· 28 Apr 2026verified |
| Pre-tax income | -188.0 m | -74.0 m | 385.0 m | 1.5 bn | 2.3 bn | 5.6 bn | SEC (XBRL)· 28 Apr 2026verified |
| Income tax | 54.0 m | 42.0 m | 99.0 m | 246.0 m | 357.0 m | 832.0 m | SEC (XBRL)· 28 Apr 2026verified |
| Net income | -497.0 m | -86.0 m | 206.0 m | 1.4 bn | 2.3 bn | 4.8 bn | SEC (XBRL)· 28 Apr 2026verified |
| Weighted average diluted shares | 600.9 m | 634.1 m | 657.1 m | 671.1 m | 688.7 m | 698.4 m | SEC (XBRL)· 28 Apr 2026verified |
| Dividend per share | — | — | — | — | — | 0.31 | SEC (XBRL)· 28 Apr 2026derived |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 2.8 bn | 3.1 bn | 2.5 bn | 5.9 bn | 6.6 bn | 5.7 bn | SEC (XBRL)· 28 Apr 2026verified |
| Receivables | 631.0 m | 729.0 m | 795.0 m | 1.6 bn | 1.7 bn | 2.2 bn | SEC (XBRL)· 28 Apr 2026verified |
| Current assets | 8.9 bn | 10.4 bn | 8.9 bn | 12.5 bn | 15.4 bn | 17.3 bn | SEC (XBRL)· 28 Apr 2026verified |
| Property, plant & equipment, net | 886.0 m | 868.0 m | 755.0 m | 724.0 m | 692.0 m | 779.0 m | SEC (XBRL)· 28 Apr 2026verified |
| Goodwill | 9.1 bn | 9.3 bn | 8.6 bn | 8.4 bn | 8.3 bn | 8.9 bn | SEC (XBRL)· 28 Apr 2026verified |
| Total assets | 28.7 bn | 30.1 bn | 27.8 bn | 30.9 bn | 33.2 bn | 38.2 bn | SEC (XBRL)· 28 Apr 2026verified |
| Accounts payable | 691.0 m | 945.0 m | 1.1 bn | 2.3 bn | 2.3 bn | 2.7 bn | SEC (XBRL)· 28 Apr 2026verified |
| Short-term debt | 5.2 bn | 6.3 bn | 4.7 bn | 3.6 bn | 2.7 bn | 2.8 bn | SEC (XBRL)· 28 Apr 2026verified |
| Long-term debt | 3.5 bn | 1.7 bn | 1.9 bn | 2.7 bn | 2.8 bn | 1.6 bn | SEC (XBRL)· 28 Apr 2026verified |
| Current liabilities | 8.9 bn | 10.4 bn | 8.9 bn | 10.2 bn | 10.1 bn | 11.2 bn | SEC (XBRL)· 28 Apr 2026verified |
| Total liabilities | 13.1 bn | 12.8 bn | 11.4 bn | 13.5 bn | 13.6 bn | 13.6 bn | SEC (XBRL)· 28 Apr 2026verified |
| Equity | 15.6 bn | 17.3 bn | 16.4 bn | 17.3 bn | 19.6 bn | 24.7 bn | SEC (XBRL)· 28 Apr 2026verified |
| Shares outstanding at year end | 75.0 m | 641.3 m | 646.1 m | 644.1 m | 653.3 m | 649.6 m | SEC (XBRL)· 28 Apr 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -588.0 m | 388.0 m | 380.0 m | 3.1 bn | 2.7 bn | 2.1 bn | SEC (XBRL)· 28 Apr 2026verified |
| Capex | 81.0 m | 89.0 m | 72.0 m | 85.0 m | 81.0 m | 114.0 m | SEC (XBRL)· 28 Apr 2026verified |
| Free cash flow | -669.0 m ≈ | 299.0 m ≈ | 308.0 m ≈ | 3.0 bn ≈ | 2.6 bn ≈ | 1.9 bn ≈ | SEC (XBRL)· 28 Apr 2026derived |
| Investing cash flow | -584.0 m | -651.0 m | 164.0 m | 835.0 m | -828.0 m | -598.0 m | SEC (XBRL)· 28 Apr 2026verified |
| Financing cash flow | 923.0 m | 615.0 m | -975.0 m | -360.0 m | -921.0 m | -2.1 bn | SEC (XBRL)· 28 Apr 2026verified |
| Dividends paid | — | — | — | — | — | 204.0 m | SEC (XBRL)· 28 Apr 2026verified |
| Share repurchases | — | — | — | 228.0 m | 298.0 m | 629.0 m | SEC (XBRL)· 28 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 75 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 27.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet85
- Valuation88
- Quality54
- Growth100
- Returns66
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.13 – 264.00 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)57.87 – 90.90 (Mid 70.43)WACC 8.7% · starting FCFF 2.0 bn USD · terminal value share of EV 76%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -7.7%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E91.00 – 264.00 (Mid 186.53)23 companies used · median multiple 25.4x · quartiles 12.4x – 36.0xACN, AKAM, BR, CART, CASS, CPAY, EBAY, FICO, FIS, FLYW, GRAB, IMXI, LYFT, MA, MELI, MSCI, NUTX, PAYO, PRTH, PYPL, RBA, UBER, WSE
- Dividend discount (DDM)4.13 – 5.55 (Mid 4.73)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 75/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 9.2% | 50 (vs peers) | 15% |
| Net margin · Quality | 53.4% | 100 (vs peers) | 9% |
| FCF conversion · Quality | 40.8% | 15 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 45.3% | 100 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 18.7x | 100 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 1.5x | 62 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 5.8x | 88 (vs peers) | 15% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 7.0% | 88 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 3.0% | 43 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | 10.5% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet85/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality54/100 · 3/3 factors with a value
- Returns66/100 · 2/2 factors with a value
- Valuation88/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Trip.com Group Limited (TCOM). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 8.9 bn USD in 2025; YoY growth 22.2%; net margin 53.4%; ROE 21.7%.
The estimated value range is 57.87–90.90 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 70.43 USD, the price of 42.69 USD leaves a potential of 65.0% (value / price − 1) and a margin of safety of 39.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 75/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 53.4%
- Revenue CAGR 3Y: 45.3%
- Interest coverage: 18.7x
- P/E (TTM): 5.8x
- FCF yield: 7.0%
- Payout ratio (FCF): 10.5%
- The price is below the estimated value range
What contradicts it
- FCF conversion: 40.8%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Services-Business Services, NEC (SIC 7389) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| UBERUber Technologies, Inc. | 142.7 bn | 41.3 | 12.4% | 6.1% | +18.3% | −20% / +24% |
| MELIMercadoLibre, Inc. | 88.2 bn | 47.3 | 27.5% | 5.3% | +39.1% | −16% / +7% |
| EBAYeBay Inc. | 54.9 bn | 27.2 | 46.6% | 16.9% | +7.9% | +51% / +205% |
| PYPLPayPal Holdings, Inc. | 50.0 bn | 11.5 | 23.8% | 13.8% | +4.3% | −4% / +4% |
| MSCIMsci Inc. | 48.2 bn | 35.7 | — | 40.3% | +9.7% | +20% / +29% |
| FISVFiserv, Inc. | 33.0 bn | — | -17.0% | -18.9% | +3.6% | +1% / −52% |
| TCOMTrip.com Group Limited | 27.7 bn | 5.8 | 21.7% | 53.4% | +22.2% | −39% / +27% |
| CPAYCorpay, Inc | 27.5 bn | 25.4 | 30.5% | 22.7% | +13.9% | +42% / +74% |
| GPNGlobal Payments Inc. | 25.4 bn | — | -4.1% | -9.1% | −0.4% | +27% / −17% |
| BRBroadridge Financial Solutions, Inc. | 21.4 bn | 20.9 | 40.2% | 13.9% | +8.5% | −17% / −2% |
| RBARB Global, Inc | 17.6 bn | 39.9 | 8.8% | 10.0% | +7.2% | −3% / +49% |
| FISFidelity National Information Services, Inc. | 15.3 bn | 4.4 | 23.0% | 26.8% | +5.4% | −55% / −49% |
| FICOFair Isaac Corp | 15.1 bn | 20.3 | — | 34.1% | +15.9% | −61% / −36% |
| CARTMaplebear Inc. | 13.7 bn | 32.4 | 17.1% | 12.0% | +10.8% | +41% / +145% |
| CSGPCoStar Group, Inc. | 13.1 bn | 74.3 | 2.2% | 4.9% | +18.7% | −53% / −61% |
| AKAMAkamai Technologies, Inc | 12.3 bn | 30.9 | 8.9% | 9.5% | +5.4% | −4% / −26% |
| LYFTLyft, Inc. | 7.1 bn | 2.7 | 152.6% | 42.3% | +9.2% | −11% / +60% |
| ALITAlight, Inc. | 5.7 bn | — | -67.9% | -46.0% | −3.0% | −72% / −92% |
| FLYWFlywire Corporation | 2.7 bn | 36.3 | 9.1% | 10.3% | +26.6% | +56% / −6% |
| PAYOPayoneer Global Inc. | 2.4 bn | 49.1 | 7.1% | 4.6% | +7.7% | +24% / +38% |
| ACVACopart Inc | 1.8 bn | — | -15.1% | -7.9% | +19.2% | +16% / −21% |
| NUTXNutex Health Inc. | 1.4 bn | 8.1 | 57.2% | 21.2% | +82.4% | +78% / +620% |
| CASSCass Information Systems, Inc. | 704.1 m | 18.9 | 16.3% | 18.9% | +5.3% | +31% / +33% |
| PRTHPriority Technology Holdings, Inc. | 652.9 m | 11.6 | — | 5.6% | +8.3% | +35% / +164% |
| IMXIInternational Money Express, Inc. | 251.1 m | 13.3 | 11.9% | 3.4% | −7.7% | −45% / −60% |
1- and 3-year price returns: for TCOM from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 27.90 Total return -35% · Per year -35% | 49.09 Total return 15% · Per year 15% | 73.64 Total return 73% · Per year 73% |
| 3 years | 33.09 Total return -22% · Per year -8% | 64.93 Total return 52% · Per year 15% | 106.04 Total return 148% · Per year 35% |
| 5 years | 39.25 Total return -8% · Per year -2% | 85.86 Total return 101% · Per year 15% | 152.70 Total return 258% · Per year 29% |
- Exit P/E± 16.23
- Net margin± 11.36
- Annual revenue growth± 8.47
- Annual dilution± 0.95
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Apr 2026; since then the company filed 6-K (16 Sept 2026), 6-K (02 Sept 2026), 6-K (27 Jul 2026), 6-K (30 Jun 2026), 6-K (25 Jun 2026).
In brief
Trip.com Group Limited is a global one-stop travel service provider that combines accommodation reservations, transportation tickets, packaged tours and corporate travel management. For 2025 the company reported 26.1 billion RMB of accommodation reservation revenue, making it a central player in travel distribution across Asia and beyond.
SWOT
Strengths
- A portfolio of recognised brands in Asia and globally, backed by a very broad ecosystem of partners.
- A high share of mobile channels and sustained investment in technology and AI support operating efficiency.
- An agent model in most transactions, which limits loss exposure from cancellations.
Weaknesses
- Heavy dependence on the Chinese market, where most of the company's activity is based.
- The transportation segment has low take rates and its share of revenue is declining.
- Seasonal activity makes quarterly revenue variable.
Opportunities
- Expanding global travel offerings and strategic partnerships could raise revenue in new markets.
- Growth in business travel services and live streaming content could deepen user engagement.
- Higher cross-selling driven by AI could generate extra revenue from the existing user base.
Threats
- An economic slowdown or lower spending could reduce demand for travel.
- Pressure from local and global competitors could erode market share.
- Regulatory and audit restrictions in China could affect access for foreign investors.
Risks
- Managing development and strategymedium
If new business initiatives do not perform as expected, financial condition and results could be adversely affected.
- Downturns in the travel industryhigh
Geopolitical events, epidemics or natural disasters could abruptly reduce travel volumes and revenue.
- Relationships with ecosystem partnersmedium
Losing partners or renewing agreements on weaker terms could affect market share.
- Regulation and the VIE structurehigh
Foreign investment restrictions and the contractual risks of the VIE structure could disrupt operations in China.
- Audit and US listingmedium
If audit inspections are not possible, the ADSs could be prohibited from trading in the United States, affecting investors.
Investment thesis
What would need to be true (bull case)
- A leading position in accommodation reservations and a growing digital share could support revenue over the medium term if middle-class demand keeps rising.
- A broad ecosystem of partners and AI investment could lift cross-selling and cost efficiency.
- Expansion into international markets and corporate travel could diversify revenue sources.
What would break the thesis
- Dependence on the Chinese market and local regulation could limit growth and raise operating risk.
- Intense competition and thin margins in ticketing could pressure profitability.
- The industry's sensitivity to the economy and to external events could produce high revenue volatility.
What to watch
- Change in accommodation and transportation revenue versus the prior year2026
- Growth rate of investment in products and technology2026
- Status of audit inspections and US listing requirementsnext 10-K
- Evolution of market share relative to competitors in ChinaQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Apr 2026; since then the company filed 6-K (16 Sept 2026), 6-K (02 Sept 2026), 6-K (27 Jul 2026), 6-K (30 Jun 2026), 6-K (25 Jun 2026).
The business
Trip.com Group Limited runs an integrated travel platform that combines its own products with offerings from ecosystem partners, including hotels, airlines, transport operators and travel agencies. Its main brands are Ctrip, Qunar, Trip.com and Skyscanner, each covering different segments or markets. Commissions are the main revenue source, because the company acts as an agent in most transactions rather than owning the product 1.
Segments
Accommodation reservation
This is the largest segment, representing 42% of total revenues in 2025, with revenue of 26.1 billion RMB. Revenue comes mainly from commissions paid by hotel partners, recognized when the reservation becomes non-cancelable 1.
Transportation ticketing
Its share fell from 41% in 2023 to 36% in 2025, although revenue rose to 22.5 billion RMB. Air, train, bus and ferry tickets are sold as an agent, with lower take rates than accommodation 1.
Packaged tours, corporate travel and other
Packaged tours generated 4.7 billion RMB, corporate travel 2.8 billion RMB, and other revenue, including online advertising and financial services, 6.4 billion RMB in 2025 1.
Market context
Demand for travel services depends mainly on economic growth, a growing middle class and the shift from offline to online and mobile booking, which is especially strong in Asia-Pacific. The company reports that over 90% of its transaction orders in 2025 were executed through mobile channels, underlining how digital the market has become 1.
The travel industry is sensitive to discretionary spending and to events such as conflict, pandemics or natural disasters, which can reduce travel volumes. The company also notes seasonality, with the third quarter contributing the largest share of annual revenue in China 1.
Trends
- Growing middle-class consumptiontailwind
Rising demand for high-quality and diverse travel options is cited as a favourable factor for booking volumes in the annual report.
- Digitalisation and artificial intelligencetailwind
The shift from offline to online channels and the use of AI for recommendations and marketing could reduce costs and improve cross-selling, if the investments deliver the expected results.
- Sensitivity to discretionary spendingheadwind
An economic slowdown or lower travel budgets could reduce booking volumes, particularly in higher take-rate segments.
- Regulation and geopolitical tensionsmixed
Policy changes in China and cross-border audit requirements could affect operations and investor access, so the effect is mixed.
Competitive position
The company competes with other online travel platforms and flight search engines in China, Asia and globally. The report highlights that competitive pressure could lead to a loss of market share if the company does not sustain its brand and ecosystem advantages.
Its main advantage is a broad partner network, including more than 60,000 other ecosystem partners and flights from over 680 airlines, together with well-known regional brands 1.
- Booking HoldingsBKNG
Global accommodation and travel booking platform competing directly in the lodging segment.
- Expedia GroupEXPE
International travel aggregator active in lodging, flights and packages, with a strong presence in North America.
- Meituan
Chinese platform offering local services and travel bookings, competing for users in China.
- Alibaba Group (Fliggy)
Chinese e-commerce ecosystem with travel services that can influence users' purchasing behaviour.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Trip.com Group Builds a Bigger Travel Business Around ConcertsSkift · 05 Nov 2026 · EN
- Suborbital space tour listed on Trip.com for $973,000The Straits Times — Asia · 03 Oct 2026 · EN
- Trip.com (TCOM) Books RMB5.2 Billion Penalty. Can Overseas Growth Offset Domestic Pressure?Yahoo Finance — News · 20 Sept 2026 · EN
- Lyft downgraded, Trip.com upgraded: Wall Street's top analyst callsYahoo Finance — News · 17 Sept 2026 · EN
- Trip.com Group’s Antitrust Reset Could Change How Hotels Compete on Its PlatformSkift · 16 Sept 2026 · EN
- Trip.com Promo Codes: 60% Off September 2026 | Condé Nast TravelerConde Nast Traveler · 03 Sept 2026 · EN
- Trip.com (TCOM): China’s Largest Travel Platform Set for Long Term GainsYahoo Finance — News · 24 Aug 2026 · EN
- Общественники добиваются локализации Trip.com в РоссииKommersant (RU) · 18 Aug 2026 · RU
- Trip.com Shares Jump in Hong Kong as Regulatory Overhang ClearsBloomberg Markets · 27 Jul 2026 · EN
- Watchdog slaps fines on Trip.com for e-commerce law violationsKorea Times — Business · 01 Jun 2026 · RO
- Watchdog slaps fines on Trip.com on e-commerce law violationsKorea Times — Business · 01 Jun 2026 · RO
SEC filings
- Current report (foreign issuer)16 Sept 2026
- Current report (foreign issuer)16 Sept 2026
- Current report (foreign issuer)02 Sept 2026
- Current report (foreign issuer)27 Jul 2026
- Current report (foreign issuer)30 Jun 2026
- Current report (foreign issuer)25 Jun 2026
- Current report (foreign issuer)11 Jun 2026
- Current report (foreign issuer)27 May 2026
- Current report (foreign issuer)28 Apr 2026
- Annual report (foreign issuer)28 Apr 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Trip.com Group Limited · 28 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.