Trip.com Group Limited reported third‑quarter 2025 results that surpassed expectations, with net revenue rising 16% year‑over‑year to RMB 18.3 billion (US$2.6 billion) and net income reaching RMB 19.9 billion (US$2.8 billion). Adjusted EBITDA for the quarter was RMB 6.3 billion (US$892 million). The diluted earnings per share of RMB 28.61 (US$4.02) beat consensus estimates of RMB 23.45 (US$3.28) by RMB 5.16 (US$0.74), a 22% surprise that reflects both operational strength and a significant one‑time gain.
Accommodation reservations grew 18% YoY to RMB 8.0 billion, transportation ticketing increased 12% YoY to RMB 6.3 billion, packaged‑tour revenue rose 3% YoY to RMB 1.6 billion, and corporate‑travel revenue climbed 15% YoY to RMB 756 million. The mix shift toward higher‑margin transportation and corporate bookings helped lift overall profitability, while the modest growth in packaged tours indicates steady demand for bundled travel experiences.
Net income was boosted by a one‑time gain of RMB 3.2 billion from the disposal of certain investments held since 2021. After excluding this gain, operating income still rose 9% YoY, underscoring disciplined cost management and the resilience of core travel services. The EPS beat is therefore largely attributable to the investment disposal, with underlying earnings growth driven by strong demand and efficient operations.
Cash, cash equivalents, and short‑term investments totaled RMB 107.7 billion (US$15.1 billion) as of September 30, 2025, giving the company ample liquidity to fund AI‑driven service enhancements and global expansion initiatives. The balance sheet strength supports continued investment in technology platforms such as TripGenie, which has expanded to over 200 countries.
Executive Chairman James Liang said the company’s “AI‑enhanced journey” has “redefined inbound travel experiences” and that the firm will keep pushing technology to shape a smarter, more sustainable future for travel. CEO Jane Sun highlighted the “vibrant and connected global travel ecosystem” created through partner empowerment and noted that cross‑border bookings were a key driver of the quarter’s performance.
Investors reacted with caution, noting that the earnings beat was largely supported by the one‑time investment gain. While revenue and core operating metrics were strong, the reliance on a non‑recurring item prompted a modest post‑earnings dip in market sentiment.
The results reinforce Trip.com’s strategy of leveraging AI to enhance customer experience and operational efficiency, while its focus on high‑potential markets such as the silver‑generation travel segment and entertainment‑plus‑travel offerings positions it well for sustained expansion in the post‑pandemic recovery.
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