Trip.com Group Ltd
Trip.com Group Ltd operates a global online travel platform that brings together accommodation booking, transportation ticketing, packaged tours, and corporate travel management. Its portfolio of brands includes Ctrip, Qunar, Trip.com, and Skyscanner, serving travelers and business customers across China, Asia, and international markets.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueHotel and lodging booking services across domestic and international markets.
Air, rail, and other travel ticket booking and distribution services.
Bundled travel products combining transport, lodging, and itinerary services.
Business travel booking, expense support, and related enterprise travel services.
Cross-border travel booking, content, and traveler support through its global brands.
Products
Reported · share of revenue- Accommodation Reservation Services41.7 %
- Transportation Ticketing Services36.0 %
- Other10.2 %
- Packaged Tour7.5 %
- Corporate Travel4.5 %
Source: 20-F FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The company sells to leisure travelers who book hotels, flights, rail, and vacation packages through its consumer platforms. It also serves corporate clients that need managed travel booking and support, and it reaches inbound and international travelers through Trip.com and Skyscanner. Customer demand is shaped by travel frequency, price sensitivity, itinerary complexity, and the need for convenient digital booking and service support.
Buy accommodation, tickets, and packaged trips for personal travel convenience and price comparison.
Use managed booking and travel support for employee travel coordination and policy compliance.
Book cross-border trips and rely on localized content, booking, and service support.
Use the company's global brands to search, compare, and book travel outside home markets.
Purchase bundled travel itineraries when convenience and coordinated planning matter.
Strategy
The company is focused on broadening its travel platform across accommodation, transport, packages, and corporate travel so users can complete more of the trip in one place. It is also building international reach and inbound travel capabilities through global brands and localized service, which helps diversify demand beyond a single market. Reported priorities include customer-centric service, AI-driven product improvements, and building a scalable travel ecosystem.
Diversifies demand and reduces dependence on any single domestic market.
More product categories increase customer retention and booking frequency.
Improves search relevance, personalization, and service efficiency.
Adds recurring business demand and broadens the platform beyond consumer leisure travel.
Geography
Trip.com Group has roots in China but operates through a multi-brand platform with significant exposure to Asia and expanding international markets. Singapore is a visible operating and corporate base in recent disclosures, while the company also sells globally through brands such as Trip.com and Skyscanner. Geography matters because travel demand, regulation, airline/hotel supply, and inbound tourism flows differ sharply by region.
Risks
Trip.com Group depends on travel demand, which is sensitive to economic cycles, public health disruptions, visa and border policy, and airline/hotel capacity. Its platform also faces intense competition from global online travel agencies, local super-apps, and direct supplier channels, while cross-border growth adds currency, regulatory, and service-delivery complexity. Accounting and reporting are affected by share-based compensation, lease accounting, and valuation changes on equity securities and notes.
- Travel demand volatilityImpact: HighLikelihood: High
Bookings depend on consumer confidence, mobility, and travel sentiment.
Exposure - Competitive pressure in online travelImpact: HighLikelihood: High
Consumers can compare prices quickly across multiple platforms and direct channels.
Exposure: OTA bookings and international platforms
- Cross-border regulatory and policy riskImpact: HighLikelihood: Medium
International travel depends on visa rules, border openness, and local regulation.
Exposure: Inbound and outbound travel
- Share-based compensation and valuation noiseImpact: MediumLikelihood: High
Equity awards and investment valuation changes affect reported earnings metrics.
Exposure: Non-GAAP reconciliation and GAAP profit
- Lease and investment accounting judgmentImpact: LowLikelihood: Medium
Lease timing and fair value measurements can move reported expenses and income.
Exposure
Accounting
Judgemental itemsA recurring expense excluded from non-GAAP measures but still reduces GAAP profit.
Impact: Affects comparability between GAAP and adjusted results
Right-of-use asset and lease liability treatment affects expense recognition timing.
Impact: Changes quarterly operating expense patterns
Investment valuation changes flow through earnings when marked to fair value.
Impact: Can increase earnings volatility
Fair value and other income effects can move below- and above-the-line results.
Impact: Affects reported net income and adjusted measures
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Last updated: 28/09/2026