Last Updated -
June 11, 2026
Explore the business model, global strategy, and market performance including insights into its position in China.
Trip.com Group Limited is a Singapore-headquartered, China-rooted online travel company founded in 1999. It operates a portfolio of travel brands including Ctrip, Qunar, Trip.com, and Skyscanner, serving travelers through accommodation reservations, transportation ticketing, packaged tours, corporate travel management, and related services. The company listed on Nasdaq in 2003 and on the Hong Kong Stock Exchange in 2021.
Trip.com’s business is mainly a platform model, earning commissions, service fees, and margins from travel products rather than owning hotels or airlines. Its brands serve different markets, with Ctrip and Qunar central to China and Chinese-speaking users, Trip.com focused on international online travel agency services, and Skyscanner providing global travel metasearch. The company describes its purpose as being a leading global one-stop travel platform, with Asia as its core market and a growing international footprint.
The company remains one of Asia’s largest online travel platforms, supported by approximately 1.7 million global accommodation listings, flights from more than 680 airlines, over 60,000 ecosystem partners, and 26 customer service centers globally as of year-end 2025. For 2025, net revenue rose 17% to RMB62.4 billion, with accommodation and transportation together accounting for about 78% of revenue. In the fourth quarter of 2025, net revenue was RMB15.4 billion, up 21% year over year, while adjusted EBITDA was RMB3.4 billion with a 22% margin. International OTA bookings rose around 60% in 2025, and the company served approximately 20 million inbound travelers, showing the growing importance of overseas and inbound China travel to its strategy.
Trip.com Group is an online travel agency and travel-services platform with a primarily intermediary business model. It connects travelers with hotels, airlines, rail operators, attractions, tour providers and corporate travel services, then earns revenue through commissions, service fees and margins on travel products. It does not rely on owning hotels or airlines, which makes supplier breadth, user traffic, conversion, customer service and brand trust central to its economics.
The latest published results are Q4 and full-year 2025, as no official Q1 2026 results were available as of May 30, 2026. In Q4 2025, Trip.com generated RMB15.4 billion in net revenue, up 21% year over year and down 16% sequentially due to seasonality. For full-year 2025, net revenue rose 17% to RMB62.4 billion, while adjusted EBITDA was RMB18.9 billion with a 30% margin.
Accommodation and transportation are the economic core of the company, together accounting for about 78% of FY2025 revenue. This mix gives Trip.com high exposure to travel volumes, hotel room supply, airline capacity, take rates and consumer discretionary spending.
The company operates through a multi-brand portfolio. Ctrip and Qunar are central to China and Chinese-speaking users, Trip.com is the main international OTA brand, and Skyscanner adds global metasearch reach. More than 90% of total transaction orders in 2025 were executed through mobile channels, making Trip.com a mobile-first travel platform.
Trip.com’s competitive advantages come from scale and operating depth. Its open platform offered approximately 1.7 million global accommodation listings, flights from more than 680 airlines and more than 60,000 ecosystem partners at the end of 2025. It also maintains 26 customer service centers globally and works with offline stores through business partners for customers who prefer in-person service.
The company is one of Asia’s largest online travel platforms and a leading China-based OTA. Greater China remains its core market, with RMB51.7 billion of 2025 revenue versus RMB10.8 billion from all other countries, meaning Greater China represented about 82.7% of total revenue by geography. This makes Trip.com more China-centered than global peers such as Booking Holdings or Expedia Group, even though its international business is becoming more relevant.
International expansion is an important part of the market position. International OTA bookings increased around 60% year over year in 2025, and Trip.com served approximately 20 million inbound travelers to China. No single country outside Greater China accounted for more than 10% of revenue in 2023, 2024 or 2025, so the international business is broad but still less concentrated than the China franchise.
Trip.com competes directly with global OTAs, local travel platforms, metasearch platforms, airline and hotel direct-booking channels, and super-app ecosystems. Key competitors include global platforms such as Booking Holdings and Expedia Group, metasearch competitors such as Google Travel and other travel search services, Chinese and regional OTAs, and direct sales from airlines and hotel chains. Compared with Booking Holdings, Trip.com has stronger strategic exposure to Chinese domestic, outbound and inbound travel, while Booking has a larger global lodging-led footprint outside China.
Trip.com’s market position is strong, but it depends on maintaining supplier relationships, mobile user engagement and service quality in a competitive category. Its scale, liquidity and brand portfolio support investment in product development, AI, customer service and international growth. At the same time, its China concentration, VIE structure and the January 2026 SAMR anti-monopoly investigation remain important context for investors assessing the durability of its market position.
China is Trip.com’s core market. Greater China revenue was RMB51.7 billion in 2025, about 82.7% of total revenue, compared with RMB10.8 billion from all other countries. The company serves Chinese travelers mainly through Ctrip and Qunar, while Trip.com and Skyscanner support international demand and inbound travel to China. Its platform model depends on hotel, airline, rail, attraction and local-service partnerships rather than owned travel assets. At year-end 2025, the broader platform offered about 1.7 million global accommodation listings, flights from more than 680 airlines and more than 60,000 ecosystem partners. Local strategy centers on mobile-first booking, customer service, packaged travel, corporate travel and inbound China travel, with more than 90% of orders placed through mobile channels. Main China competitors include Meituan, Fliggy, Tongcheng Travel, airline and hotel direct channels and super-app ecosystems. In January 2026, SAMR opened an anti-monopoly investigation, while Trip.com said operations remained normal.
Trip.com entered 2026 with solid operating momentum, although the latest published financial results are for Q4 and full-year 2025 rather than Q1 2026. Full-year 2025 net revenue rose 17% to RMB62.4 billion, while Q4 revenue increased 21% year over year to RMB15.4 billion. The sequential Q4 decline of 16% reflected normal travel seasonality. Profitability remained strong at the operating level, with full-year adjusted EBITDA of RMB18.9 billion and a 30% margin. Reported net income doubled to RMB33.4 billion, but that figure was materially lifted by RMB19.9 billion of investment gains, so investors should separate platform profitability from non-operating gains.
Trip.com’s outlook depends on whether it sustains international booking growth while defending its China base. Its large supplier network, mobile-first user behavior and RMB105.8 billion liquidity position provide flexibility for technology investment, marketing and partnerships. The main investor question is less about whether travel demand has recovered and more about whether the company converts that recovery into durable operating earnings while managing China-specific regulatory and macro risks.
This Company Profile was written by Dominik Diemer
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