On May 20th, Trip.com Group released its financial report for the first quarter of 2025, showing robust growth across its international business segments.
Key Financial Highlights
Total International Bookings: Grew by over 60% year-over-year.
Inbound Tourism Bookings: Increased by over 100% year-over-year.
Outbound Hotel and Air Ticket Bookings: Surpassed pre-pandemic levels by 120% compared to the same period in 2019.
Trip.com Group’s Executive Chairman, James Liang, stated, “With a diversified market layout, we are well-positioned to navigate global economic fluctuations and seize emerging opportunities. We are pleased with the strong start in 2025.”
Detailed Financial Breakdown
Net Revenue: Reached 13.8 billion yuan, up 16% year-over-year, driven by strong travel demand. This represents a 9% increase from the previous quarter, primarily due to seasonal effects.
Accommodation Booking Revenue: Hit 5.5 billion yuan, up 23% year-over-year, driven by growth in accommodation bookings. This represents a 7% increase from the previous quarter, primarily due to seasonal effects.
Transportation Ticketing Revenue: Reached 5.4 billion yuan, up 8% year-over-year, driven by growth in transportation ticketing bookings. This represents a 13% increase from the previous quarter, primarily due to seasonal effects.
Vacation Tours Revenue: Reached 947 million yuan, up 7% year-over-year, driven by growth in vacation tour bookings. This represents a 9% increase from the previous quarter, primarily due to seasonal effects.
Business Travel Management Revenue: Reached 573 million yuan, up 12% year-over-year, driven by growth in business travel orders. This represents an 18% decrease from the previous quarter, primarily due to seasonal effects.
Cost and Expense Overview
Cost of Revenue: Reached 2.7 billion yuan, up 21% year-over-year and 2% from the previous quarter, in line with the trend of net revenue. Cost of revenue accounted for 20% of net revenue in Q1 2025.
Product and Development Expenses: Reached 3.5 billion yuan, up 13% year-over-year and 4% from the previous quarter, primarily due to changes in personnel-related costs. This accounted for 25% of net revenue in Q1 2025.
Sales and Marketing Expenses: Reached 3 billion yuan, up 30% year-over-year but down 11% from the previous quarter, primarily due to changes in sales and marketing activities. This accounted for 22% of net revenue in Q1 2025.
General and Administrative Expenses: Reached 1 billion yuan, up 11% year-over-year, primarily due to increased personnel-related costs. This remained flat from the previous quarter and accounted for 8% of net revenue in Q1 2025.
Profitability
Income Tax Expense: Reached 638 million yuan, compared to 664 million yuan in the same period in 2024 and 526 million yuan in the previous quarter.
Net Profit: Reached 4.3 billion yuan, compared to 4.3 billion yuan in the same period in 2024 and 2.2 billion yuan in the previous quarter. Adjusted EBITDA was 4.2 billion yuan, compared to 4 billion yuan in the same period in 2024 and 3 billion yuan in the previous quarter.
Non-GAAP Net Profit: Excluding equity-based compensation and fair value changes of investments and convertible bonds, non-GAAP net profit was 4.2 billion yuan, compared to 4.1 billion yuan in the same period in 2024 and 3 billion yuan in the previous quarter.
Diluted Earnings Per Share (EPS): Reached 6.09 yuan. Non-GAAP diluted EPS was 5.96 yuan.
Financial Position
As of March 31, 2025, the total balance of cash and cash equivalents, restricted cash, short-term investments, and held-to-maturity deposits and wealth management products was 92.9 billion yuan.
Conclusion
Trip.com Group’s Q1 2025 financial report demonstrates strong performance across key business segments, particularly in international bookings. The company’s diversified market strategy and robust growth in accommodation and transportation bookings highlight its ability to capitalize on emerging opportunities and navigate economic fluctuations.
