Trip.com Group Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Trip.com Group Ltd files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,850	4,146	4,524	5,129	2,809	3,143	2,909	6,276	7,313	8,939
Cost of revenue	681	719	920	1,059	618	721	654	1,144	1,368	1,733
Gross profit	2,088	3,397	3,584	4,063	2,189	2,421	2,253	5,125	5,934	7,192
Research and development	1,107	1,269	1,399	1,533	1,175	1,411	1,209	1,707	1,800	2,164
Selling and marketing	844	1,275	1,396	1,335	675	772	616	1,296	1,631	2,131
General and administrative	363	403	410	472	557	459	413	527	560	640
Operating expenses	2,314	2,947	3,205	3,340	2,407	2,642	2,238	3,530	3,991	4,935
Operating income	-226	450	379	723	-218	-221	15	1,595	1,943	2,257
Interest expense	105	198	219	241	263	246	219	291	238	121
Interest income	81.7	152	276	301	335	335	297	294	321	372
Other non-operating income	-3.87	135	-156	521	-42	58	292	-94	304	3,049
Pre-tax income	-254	539	280	1,304	-188	-74	385	1,504	2,330	5,557
Income tax	68.8	197	115	250	54	42	99	246	357	832
Net income to minority interests	-29.6	2.9	-2
Net income	-206	329	162	1,006	-497	-86	206	1,397	2,338	4,762
EBITDA	-159	525	458	817	-97	-108	107	1,683	2,033	2,350
Shares, basic (weighted)	59.2	66.3	68.4	568	601	634	648	653	654	658
Shares, diluted (weighted)	59.2	71.8	70.9	642	601	634	657	671	689	698

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2,833	2,804	3,131	2,862	2,773	3,110	2,465	5,858	6,636	5,698
Short-term investments	2,033	4,323	5,346	3,312	3,804	4,640	3,703	2,500	3,900	4,577
Receivables	666	701	824	1,100	631	729	795	1,607	1,707	2,179
Other current assets	894	949	1,390	1,826	1,204	1,418	1,475	1,797	2,369	3,429
Total current assets	6,613	9,103	11,547	9,761	8,890	10,374	8,907	12,498	15,360	17,309
Property, plant and equipment	805	863	854	881	886	868	755	724	692	779
Lease right-of-use assets				173	151	122	119	90	103	126
Goodwill	8,068	8,645	8,439	8,375	9,096	9,314	8,603	8,362	8,345	8,904
Long-term investments	2,957	3,931	3,909	7,366	7,348	7,055	7,275	6,950	6,466	8,777
Total assets	20,800	24,906	27,028	28,752	28,698	30,107	27,793	30,865	33,233	38,236
Accounts payable	1,048	1,146	1,704	1,766	691	945	1,097	2,318	2,271	2,738
Accrued liabilities	361	533	537	694	542	611	568	753	732	851
Short-term debt	992	2,508	5,238	4,383	5,159	6,256	4,737	3,642	2,662	2,765
Total current liabilities	4,363	6,480	10,005	9,937	8,945	10,391	8,879	10,199	10,139	11,177
Long-term debt	4,991	4,491	3,512	2,806	3,482	1,741	1,911	2,690	2,758	1,634
Lease liabilities				108	95	63	77	67	77	84
Total liabilities	9,923	11,616	14,123	13,405	13,132	12,774	11,407	13,540	13,576	13,554
Total debt	4,991	4,491	3,512	2,806	3,482	1,741	1,911	2,690	2,758	1,634
Paid-in capital	9,480	10,965	10,745	12,010	12,867	14,724	13,802	13,722	13,863	14,865
Treasury stock	-322	-324	-307	-303	-323	-331	-306	-525	-808	-1,472
Other comprehensive income	146	980	-216	-216	-247	-252	-256	-338	-197	-381
Shareholders' equity	10,303	13,017	12,612	14,858	15,380	17,211	16,279	17,209	19,427	24,427
Minority interests	574	273	293	325	186	122	107	116	128	236
Total equity	10,877	13,291	12,905	15,183	15,566	17,333	16,386	17,325	19,555	24,663
Total liabilities and equity	20,800	24,906	27,028	28,752	28,698	30,107	27,793	30,865	33,233	38,236
Shares outstanding	64.2	67.6	69.1	74.1			646	644	653	650

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-236	332	160	1,004	-501	-101	201	1,409	2,360	4,775
Depreciation and amortization	66.5	75.3	79	94	121	113	92	88	90	93
Stock-based compensation	513	282	249	247	287	264	172	258	281	325
Deferred income tax	3.38	-26.4	-92	-25	-75	-53	40	-107	-69	41
Change in receivables	-192	-5.34	-102	-293	489	-73	-103	-849	-157	-344
Cash from operations	759	1,086	1,036	1,055	-588	388	380	3,098	2,692	2,059
Capital expenditures	-98.3	-72.4	-98	-118	-81	-89	-72	-85	-81	-114
Acquisitions	-1,319	-47.4		-31	-147	-7	-1	0	167	-108
Purchases of investments									-8,663	-25,125
Sales and maturities of investments	45.7	223
Cash from investing	-2,855	-2,341	-2,048	-347	-584	-651	164	835	-828	-598
Debt issued	367	953	432	739	2,175	2	1,422	1,678	6	3
Stock issued	1,534	112	98	67	24	48	26	56	236	70
Share buybacks								-228	-298	-629
Dividends paid										-204
Cash from financing	1,770	1,233	1,733	-1,330	923	615	-975	-360	-921	-2,098
Exchange rate effect			119	44	-109	-73	39	18	31	-27
Net change in cash	-112	-29.5	840	-578	-358	279	-392	3,591	974	-664
Free cash flow	661	1,014	938	937	-669	299	308	3,013	2,611	1,945
Interest paid	85.5	187	210	235	252	235	209	266	226	122
Income taxes paid	59.3	242	191	215	190	118	68	182	370	821

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $39.90 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	80.5%	Gross profit / revenue.
Operating margin	25.2%	Operating income / revenue.
EBITDA margin	26.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	62.2%	Pre-tax income / revenue.
Net margin	53.3%	Net income / revenue.
FCF margin	21.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	23.0%	Cash from operations / revenue.
Effective tax rate	15.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	21.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	13.3%	Net income / average total assets.
Return on invested capital (ROIC)	10.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	24.2%	Research and development expense / revenue.
Stock-based pay / revenue	3.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.3%	Capital expenditures / revenue.
D&A / revenue	1.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	22.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	45.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	26.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	21.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	47.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	26.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	16.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	431.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	15.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	180.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	103.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	184.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-23.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	75.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-25.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	84.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	25.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	14.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	9.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	15.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.55x	Current assets / current liabilities.
Quick ratio	1.11x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.92x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.07x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	4.3%	Total debt / total assets.
Liabilities / assets	35.4%	Total liabilities / total assets.
Net debt	-$8.64B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-3.68x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	18.7x	Operating income / interest expense.
Working capital	$6.13B	Current assets - current liabilities.
Goodwill and intangibles / assets	23.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$15.52B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.25x	Revenue / average total assets.
Fixed asset turnover	12.2x	Revenue / average property, plant and equipment.
Receivables turnover	4.60x	Revenue / average receivables.
Days sales outstanding	79 days	365 x average receivables / revenue.
Days payables	527 days	365 x average accounts payable / cost of revenue.
FCF conversion	40.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	5.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Revenue per share	$12.80	Revenue / diluted weighted shares.
FCF per share	$2.79	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.95	Cash from operations / diluted weighted shares.
Book value per share	$37.60	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$23.90	Tangible book value / shares outstanding.
Cash per share	$15.82	(Cash + short-term investments) / shares outstanding.
Payout ratio	4.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	10.5%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	32.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$25.13B	Share price x shares outstanding.
Enterprise value	$16.48B	Market cap + total debt - cash - short-term investments.
P/E	5.28x	Market cap / net income. Only when net income is positive.
P/S	2.81x	Market cap / revenue.
P/B	1.03x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.62x	Market cap / tangible book value, when positive.
P/FCF	12.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.2x	Market cap / cash from operations, when positive.
EV/Sales	1.84x	Enterprise value / revenue.
EV/EBIT	7.30x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.01x	Enterprise value / EBITDA, when both are positive.
EV/FCF	8.48x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.7%	Free cash flow / market cap.
Earnings yield	19.0%	Net income / market cap (the inverse of P/E).
Dividend yield	0.8%	Dividends paid over the period / market cap.
Shareholder yield	3.3%	(Dividends paid + share buybacks) / market cap.

What was Trip.com Group Ltd's revenue in fiscal 2025?

Trip.com Group Ltd reported revenue of $8.94B for fiscal 2025, 22.2% higher than the year before.

Was Trip.com Group Ltd profitable in fiscal 2025?

Yes. Net income was $4.76B, a net margin of 53.3%.

How much free cash flow did Trip.com Group Ltd generate in fiscal 2025?

Cash from operations of $2.06B minus capital expenditures of $114.0M left free cash flow of $1.95B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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