Detailed financial statements for Trip.com Group Limited (TCOM): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Trip.com Group Limited stands as a leading global travel service provider, operating extensively both within China and across international markets. Through its various subsidiaries, the company offers a comprehensive spectrum of travel-related solutions. As a booking intermediary, it facilitates hotel accommodations and air ticket purchases, complementing these with access to train, long-distance bus, and ferry tickets.
Analysis Summary
Trip.com Group Limited reported revenue of 60.71B CNY in the most recent fiscal year, growing at a 5-year CAGR of 27.1%.
Trailing-twelve-month margins: gross margin 80.1%, operating margin 16.1%, net margin 37.0%.
At $39.59 (closing price, October 30, 2026), TCOM trades at a P/E of 7.30 and an ROE of 14.59%. Market capitalisation stands at $25.7B, placing it among large-cap names.
Balance sheet quality for TCOM: current ratio of 1.5, net cash position of 47.14B CNY. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of 13.58B CNY represents 42% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 19.25B CNY | 26.80B CNY | 30.96B CNY | 35.67B CNY | 18.32B CNY | 20.02B CNY | 20.04B CNY | 44.51B CNY | 53.29B CNY | 60.71B CNY |
| Cost of Revenue | 4.73B CNY | 4.68B CNY | 6.32B CNY | 7.37B CNY | 4.03B CNY | 4.60B CNY | 4.51B CNY | 8.12B CNY | 9.99B CNY | 11.79B CNY |
| Gross Profit | 14.52B CNY | 22.12B CNY | 24.64B CNY | 28.29B CNY | 14.29B CNY | 15.43B CNY | 15.53B CNY | 36.39B CNY | 43.30B CNY | 48.92B CNY |
| Research & Development | 7.69B CNY | 8.26B CNY | 9.62B CNY | 10.67B CNY | 7.67B CNY | 8.99B CNY | 8.34B CNY | 12.12B CNY | 13.14B CNY | 14.72B CNY |
| Selling, General & Admin | 8.38B CNY | 10.92B CNY | 12.42B CNY | 12.58B CNY | 8.04B CNY | 7.84B CNY | 7.10B CNY | 12.95B CNY | 15.99B CNY | 18.85B CNY |
| Operating Expenses | 16.07B CNY | 19.18B CNY | 22.04B CNY | 23.25B CNY | 15.71B CNY | 16.84B CNY | 15.44B CNY | 25.07B CNY | 29.13B CNY | 33.57B CNY |
| Operating Income | -1.55B CNY | 2.94B CNY | 2.60B CNY | 5.04B CNY | -1.42B CNY | -1.41B CNY | 88.0M CNY | 11.32B CNY | 14.18B CNY | 15.34B CNY |
| EBITDA | -834.0M CNY | 3.83B CNY | 3.59B CNY | 6.49B CNY | 143.0M CNY | 2.60B CNY | 4.85B CNY | 14.87B CNY | 22.67B CNY | 40.05B CNY |
| Interest Expense | 731.9M CNY | 1.29B CNY | 1.51B CNY | 1.68B CNY | 1.72B CNY | 1.56B CNY | 1.51B CNY | 2.07B CNY | 1.74B CNY | 825.9M CNY |
| Pre-tax Income | -1.14B CNY | 3.46B CNY | 1.89B CNY | 8.74B CNY | -2.91B CNY | -375.0M CNY | 2.05B CNY | 11.75B CNY | 19.83B CNY | 38.13B CNY |
| Income Tax | 482.0M CNY | 1.28B CNY | 793.0M CNY | 1.74B CNY | 355.0M CNY | 270.0M CNY | 682.0M CNY | 1.75B CNY | 2.60B CNY | 5.66B CNY |
| Net Income | -1.42B CNY | 2.15B CNY | 1.11B CNY | 7.01B CNY | -3.25B CNY | -550.0M CNY | 1.40B CNY | 9.92B CNY | 17.07B CNY | 32.39B CNY |
| EPS | -3.02 CNY | 4.04 CNY | 2.03 CNY | 12.35 CNY | -5.40 CNY | -0.87 CNY | 2.17 CNY | 15.19 CNY | 26.10 CNY | 49.23 CNY |
| EPS (Diluted) | -3.02 CNY | 3.82 CNY | 1.96 CNY | 10.92 CNY | -5.40 CNY | -0.87 CNY | 2.14 CNY | 14.78 CNY | 24.78 CNY | 46.36 CNY |
| Shares Outstanding (Diluted) | 473.3 M | 574.2 M | 567.4 M | 642.0 M | 600.9 M | 634.1 M | 634.1 M | 671.1 M | 688.7 M | 698.4 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 18.34B CNY | 15.19B CNY | 16.11B CNY | 15.66B CNY |
| Gross Profit | 14.98B CNY | 11.99B CNY | 12.80B CNY | 12.50B CNY |
| Operating Income | 5.57B CNY | 2.50B CNY | 3.92B CNY | -1.46B CNY |
| EBITDA | 23.37B CNY | 5.37B CNY | 4.11B CNY | -2.10B CNY |
| Net Income | 19.89B CNY | 4.22B CNY | 2.48B CNY | -2.46B CNY |
| EPS | 30.36 CNY | 6.43 CNY | 3.85 CNY | -3.89 CNY |
| EPS (Diluted) | 28.61 CNY | 6.01 CNY | 3.65 CNY | -3.89 CNY |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 18.43B CNY | 18.24B CNY | 21.53B CNY | 19.92B CNY | 18.10B CNY | 19.82B CNY | 17.00B CNY | 41.59B CNY | 48.44B CNY | 46.48B CNY |
| Short-term Investments | 14.11B CNY | 28.13B CNY | 36.75B CNY | 23.06B CNY | 24.82B CNY | 29.57B CNY | 25.55B CNY | 17.75B CNY | 28.48B CNY | 32.03B CNY |
| Receivables | 5.80B CNY | 5.79B CNY | 8.87B CNY | 13.42B CNY | 8.88B CNY | 10.61B CNY | 11.40B CNY | 18.96B CNY | 21.84B CNY | 15.25B CNY |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 45.91B CNY | 59.42B CNY | 79.39B CNY | 67.95B CNY | 58.01B CNY | 66.11B CNY | 61.44B CNY | 88.73B CNY | 112.12B CNY | 121.13B CNY |
| Property, Plant & Equipment | 5.59B CNY | 5.62B CNY | 5.87B CNY | 7.34B CNY | 6.77B CNY | 6.32B CNY | 6.06B CNY | 5.86B CNY | 5.90B CNY | 6.33B CNY |
| Goodwill | 56.02B CNY | 56.25B CNY | 58.03B CNY | 58.31B CNY | 59.35B CNY | 59.35B CNY | 59.34B CNY | 59.37B CNY | 60.91B CNY | 62.31B CNY |
| Intangible Assets | 14.02B CNY | 13.85B CNY | 13.82B CNY | 13.26B CNY | 13.34B CNY | 13.05B CNY | 12.82B CNY | 12.64B CNY | 12.84B CNY | 13.02B CNY |
| Total Assets | 144.41B CNY | 162.24B CNY | 185.83B CNY | 200.17B CNY | 187.25B CNY | 191.86B CNY | 191.69B CNY | 219.14B CNY | 242.58B CNY | 267.56B CNY |
| Accounts Payable | 7.28B CNY | 7.46B CNY | 11.71B CNY | 12.29B CNY | 4.51B CNY | 6.02B CNY | 7.57B CNY | 16.46B CNY | 16.58B CNY | 19.16B CNY |
| Short-term Debt | 6.89B CNY | 16.32B CNY | 36.01B CNY | 30.52B CNY | 33.66B CNY | 39.87B CNY | 32.67B CNY | 25.86B CNY | 19.43B CNY | 19.35B CNY |
| Total Current Liabilities | 30.30B CNY | 42.16B CNY | 68.78B CNY | 69.18B CNY | 58.37B CNY | 66.22B CNY | 61.24B CNY | 72.41B CNY | 74.01B CNY | 78.22B CNY |
| Long-term Debt | 34.65B CNY | 29.22B CNY | 24.15B CNY | 19.54B CNY | 22.72B CNY | 11.09B CNY | 13.18B CNY | 19.10B CNY | 20.13B CNY | 11.44B CNY |
| Total Liabilities | 68.89B CNY | 75.62B CNY | 97.10B CNY | 94.47B CNY | 85.68B CNY | 81.40B CNY | 78.67B CNY | 96.13B CNY | 99.10B CNY | 94.85B CNY |
| Retained Earnings | 6.70B CNY | 8.84B CNY | 15.94B CNY | 22.80B CNY | 19.47B CNY | 18.82B CNY | 20.14B CNY | 28.81B CNY | 45.25B CNY | 0 |
| Total Equity | 71.54B CNY | 84.84B CNY | 86.72B CNY | 103.44B CNY | 100.35B CNY | 109.68B CNY | 112.28B CNY | 122.18B CNY | 142.55B CNY | 171.06B CNY |
| Total Debt | 41.54B CNY | 45.54B CNY | 60.16B CNY | 51.24B CNY | 57.41B CNY | 51.72B CNY | 46.66B CNY | 45.57B CNY | 40.32B CNY | 31.37B CNY |
| Net Debt | 8.99B CNY | -837.0M CNY | 1.87B CNY | 8.26B CNY | 14.49B CNY | 2.34B CNY | 4.11B CNY | -13.77B CNY | -36.59B CNY | -47.14B CNY |
| Working Capital | 15.62B CNY | 17.26B CNY | 10.61B CNY | -1.23B CNY | -358.0M CNY | -110.0M CNY | 196.0M CNY | 16.32B CNY | 38.11B CNY | 42.91B CNY |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 59.22B CNY | 46.48B CNY | 56.91B CNY | 56.02B CNY |
| Total Assets | 270.58B CNY | 267.56B CNY | 262.23B CNY | 259.09B CNY |
| Total Liabilities | 100.60B CNY | 94.85B CNY | 96.13B CNY | 98.28B CNY |
| Total Equity | 168.23B CNY | 171.06B CNY | 164.52B CNY | 159.19B CNY |
| Total Debt | 31.93B CNY | 31.37B CNY | 31.25B CNY | 26.96B CNY |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -1.64B CNY | 2.16B CNY | 1.10B CNY | 7.00B CNY | -3.27B CNY | -645.0M CNY | 1.37B CNY | 10.00B CNY | 17.23B CNY | 33.39B CNY |
| Depreciation & Amortization | 718.0M CNY | 883.0M CNY | 982.0M CNY | 1.45B CNY | 1.57B CNY | 1.41B CNY | 1.29B CNY | 1.05B CNY | 1.11B CNY | 1.09B CNY |
| Stock-based Compensation | 3.56B CNY | 1.83B CNY | 1.71B CNY | 1.71B CNY | 1.87B CNY | 1.68B CNY | 1.19B CNY | 1.83B CNY | 2.04B CNY | 2.27B CNY |
| Change in Working Capital | 3.41B CNY | 2.20B CNY | 2.12B CNY | 282.0M CNY | -6.93B CNY | 177.0M CNY | -800.0M CNY | 9.26B CNY | 3.32B CNY | -5.73B CNY |
| Operating Cash Flow | 5.27B CNY | 7.07B CNY | 7.12B CNY | 7.33B CNY | -3.82B CNY | 2.48B CNY | 2.64B CNY | 22.00B CNY | 19.62B CNY | 14.38B CNY |
| Capital Expenditure | -689.0M CNY | -494.2M CNY | -708.0M CNY | -834.0M CNY | -532.0M CNY | -571.0M CNY | -498.0M CNY | -606.0M CNY | -591.0M CNY | -797.0M CNY |
| Acquisitions | -8.91B CNY | 1.13B CNY | -1.0M CNY | -196.0M CNY | -1.27B CNY | -44.0M CNY | -5.0M CNY | 0 | 1.22B CNY | -753.0M CNY |
| Stock Repurchased | 0 | 0 | -1.20B CNY | 0 | 0 | 0 | 0 | -1.62B CNY | -2.17B CNY | -4.40B CNY |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.42B CNY |
| Free Cash Flow | 4.58B CNY | 6.57B CNY | 6.41B CNY | 6.50B CNY | -4.36B CNY | 1.90B CNY | 2.14B CNY | 21.40B CNY | 19.03B CNY | 13.58B CNY |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 0 | 14.38B CNY | 0 | 0 |
| Capital Expenditure | 0 | -797.0M CNY | 0 | 0 |
| Free Cash Flow | 0 | 13.58B CNY | 0 | 0 |
| Dividends Paid | 0 | -1.42B CNY | 0 | 0 |
| Stock-based Compensation | 560.0M CNY | 664.0M CNY | 691.0M CNY | 647.0M CNY |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +39.2% | +15.6% | +15.2% | -48.6% | +9.3% | +0.1% | +122.1% | +19.7% | +13.9% | |
| Net Income Growth (YoY) | +252.0% | -48.4% | +530.5% | -146.3% | +83.1% | +355.1% | +606.9% | +72.1% | +89.8% | |
| EPS Growth (YoY) | +233.8% | -49.8% | +508.4% | -143.7% | +83.9% | +349.4% | +600.0% | +71.8% | +88.6% | |
| Shares Change (YoY) | +21.3% | -1.2% | +13.1% | -6.4% | +5.5% | +0.0% | +5.8% | +2.6% | +1.4% | |
| FCF Growth (YoY) | +43.4% | -2.6% | +1.4% | -167.0% | +143.7% | +12.6% | +898.5% | -11.0% | -28.6% | |
| Gross Margin | 75.4% | 82.5% | 79.6% | 79.3% | 78.0% | 77.0% | 77.5% | 81.8% | 81.3% | 80.6% |
| Operating Margin | -8.1% | 11.0% | 8.4% | 14.1% | -7.8% | -7.0% | 0.4% | 25.4% | 26.6% | 25.3% |
| EBITDA Margin | -4.3% | 14.3% | 11.6% | 18.2% | 0.8% | 13.0% | 24.2% | 33.4% | 42.5% | 66.0% |
| Net Margin | -7.4% | 8.0% | 3.6% | 19.7% | -17.7% | -2.7% | 7.0% | 22.3% | 32.0% | 53.3% |
| FCF Margin | 23.8% | 24.5% | 20.7% | 18.2% | -23.8% | 9.5% | 10.7% | 48.1% | 35.7% | 22.4% |
| Effective Tax Rate | -42.2% | 37.1% | 42.0% | 19.9% | -12.2% | -72.0% | 33.3% | 14.9% | 13.1% | 14.8% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | 9.68 CNY | 11.45 CNY | 11.29 CNY | 10.12 CNY | -7.25 CNY | 3.00 CNY | 3.38 CNY | 31.89 CNY | 27.64 CNY | 19.45 CNY |
| Dividends Per Share | 0.00 CNY | 0.00 CNY | 0.00 CNY | 0.00 CNY | 0.00 CNY | 0.00 CNY | 0.00 CNY | 0.00 CNY | 0.00 CNY | 2.04 CNY |
| Shares Outstanding (Basic) | 473.3 M | 530.4 M | 547.2 M | 642.0 M | 600.9 M | 632.2 M | 634.1 M | 671.0 M | 654.0 M | 657.8 M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 14.59% |
| Return on Invested Capital | 4.42% |
| Return on Assets | 9.34% |
| Gross Margin | 80.05% |
| Operating Margin | 16.12% |
| Net Margin | 36.95% |
Financial Health
| Debt / Equity | 0.17 |
| Current Ratio | 1.33 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 2.70 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -91.96 | 74.19 | 91.65 | 18.91 | -40.76 | -179.76 | 109.34 | 16.83 | 19.20 | 10.21 |
| P/B | 1.84 | 1.87 | 1.17 | 1.45 | 1.32 | 0.90 | 1.34 | 1.40 | 2.30 | 1.93 |
| P/S | 6.83 | 5.93 | 3.29 | 4.20 | 7.22 | 4.94 | 7.51 | 3.85 | 6.15 | 5.45 |
| Gross Margin | 75.4% | 82.5% | 79.6% | 79.3% | 78.0% | 77.0% | 77.5% | 81.8% | 81.3% | 80.6% |
| Operating Margin | -8.1% | 11.0% | 8.4% | 14.1% | -7.8% | -7.0% | 0.4% | 25.4% | 26.6% | 25.3% |
| Net Margin | -7.4% | 8.0% | 3.6% | 19.7% | -17.7% | -2.7% | 7.0% | 22.3% | 32.0% | 53.3% |
Related companies: BKNG · ABNB · EXPE · MMYT
Explore sector: Consumer Cyclical · Travel Services
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