Last Updated -
February 16, 2026
Explore the business model, global strategy, and market performance including insights into its position in China.
Trip.com Group began operations in June 1999 and set up its Cayman Islands holding company in March 2000. It listed on Nasdaq in 2003, added a Hong Kong Stock Exchange listing in 2021, and changed its name to Trip.com Group Limited in October 2019. The company’s principal executive offices are in Singapore, while most operations are conducted in China.
Trip.com Group is an online travel platform that earns revenue from accommodation reservations, transportation ticketing, packaged tours, and corporate travel, with additional revenue from advertising and other services. It operates a portfolio of brands that includes Ctrip, Qunar, Trip.com, and Skyscanner, and states its mission as “to pursue the perfect trip for a better world.”
Scale reflects a strong post-pandemic recovery. In 2024, total revenue reached RMB 53.4 billion and net income reached RMB 17.2 billion, and the group reported 41,073 employees as of December 31, 2024. In the third quarter of 2025, it reported net revenue of RMB 18.3 billion, up 16% year over year.
Trip.com Group runs a one-stop travel platform built around four consumer brands: Ctrip and Qunar for China, Trip.com for international travelers, and Skyscanner for global travel search. The group earns most revenue from accommodation reservations and transportation ticketing, with smaller contributions from packaged tours, corporate travel, advertising, and other services.
The model is largely agency-led. Trip.com acts as an agent in substantially all hotel transactions and earns commissions from hotel partners, with revenue typically recognized when a booking becomes non-cancelable. In transportation ticketing, it earns commissions from suppliers and recognizes revenue when tickets are issued. The company also runs limited merchant arrangements during peak seasons, where it buys rooms or tickets before reselling them, which introduces inventory risk.
Trip.com describes itself as a “one-stop” platform that blends booking with content, service, and support. In 2024, over 90% of transaction orders were executed through mobile channels, which matters in China’s app-first travel funnel. Internationally, Trip.com offered services in 24 languages and Skyscanner in 35 languages across 50+ countries and regions as of year-end 2024.
The competitive set spans OTAs, suppliers selling direct, and large internet platforms that redirect existing traffic into travel. Trip.com flags higher marketing intensity during promotional cycles as a margin pressure point.
Regulation is a defining factor for market position in China. In January 2026, China’s market regulator opened an antitrust investigation into Trip.com over alleged monopolistic practices, with potential fines tied to a percentage of prior-year sales under China’s anti-monopoly law. Trip.com is also a Cayman Islands holding company with key China operations conducted through VIE structures, which shapes governance and regulatory exposure for equity investors.
Operational momentum stayed strong into late 2025, with Q3 2025 net revenue of RMB 18.3 billion, up 16% year over year, and the company scheduled its Q4 and full-year 2025 report for February 25, 2026 (US time).
China is Trip.com Group’s operating core, led by Ctrip and Qunar. In 2024, the company reported RMB 53.4 billion in total revenue and RMB 17.2 billion in net income, with growth linked to demand across domestic, outbound, and international travel flows. In the same year, over 90% of transaction orders were executed through mobile channels, reflecting an app-led booking funnel that fits China’s travel habits.
Operational momentum stayed solid through the 2025 peak season. For Q3 2025, Trip.com reported RMB 18.3 billion net revenue, up 16% year on year, supported by strong summer travel and Golden Week demand.
Trip.com’s next near-term catalyst is its Q4 and full-year 2025 results release on February 25, 2026 (U.S. time), followed by an earnings call at 7:00 PM U.S. Eastern Time, which falls on February 26, 2026 in Europe.
The latest disclosed quarter underlines where growth is coming from. In Q3 2025, Trip.com reported RMB 18.3 billion in net revenue, up 16% year on year. Accommodation revenue rose 18% to RMB 8.0 billion, and transportation ticketing rose 12% to RMB 6.3 billion. International momentum stood out, with around 60% year-on-year growth in bookings on its international OTA platform, over 100% growth in inbound travel bookings, and outbound flight and hotel bookings reaching around 140% of the same period in 2019.
This Company Profile was written by Dominik Diemer
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