Trip.com (TCOM) EBITDA Margin (2009 - 2025)
Trip.com (TCOM) recorded quarterly EBITDA Margin of 22.2% in Q4 2025, down 35.78% quarter-over-quarter from 34.57% in Q3 2025, and down 113.0% on a YoY basis from 170.79% in Q4 2024.
Trip.com (TCOM) EBITDA Margin (2009 - 2025) Analysis & Trends
Trip.com's EBITDA Margin history runs 17 years deep, the most recent figure standing at 22.2% for Q4 2025.
- In Q4 2025, EBITDA Margin fell 113.0% year-over-year to 22.2%; the TTM figure through Dec 2025 stood at 30.13% (down 192.0% YoY), while the FY2025 annual figure was 51.3%, up 1716.0% from the prior year.
- EBITDA Margin was 22.2% for Q4 2025 at Trip.com, down from 34.57% in the prior quarter.
- In the past five years, EBITDA Margin ranged from a high of 35.67% in Q3 2024 to a low of 5.25% in Q1 2021.
- Historically, EBITDA Margin has averaged 21.57% across 5 years, with a median of 25.43% in 2023.
- The sharpest annual moves came in 2021 and 2023: EBITDA Margin slumped 1489 bps in 2021, then surged 2811 bps in 2023.
- A 5-year view of EBITDA Margin shows it stood at 0.95% in 2021, then soared by 490 bps to 5.62% in 2022, then soared by 390 bps to 27.54% in 2023, then fell by 15 bps to 23.33% in 2024, then retreated by 5 bps to 22.2% in 2025.
- The last three EBITDA Margin figures came in at 22.2% (Q4 2025), 34.57% (Q3 2025), and 32.51% (Q2 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBITDA Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Booking Holdings | 131.01 Bn | 114.99 Bn | 3.46 Bn | 22.98% |
| 2 | Airbnb | 79.86 Bn | 67.85 Bn | 2.10 Bn | 3.21% |
| 3 | Royal Caribbean Cruises | 75.60 Bn | 75.08 Bn | 2.21 Bn | 26.08% |
| 4 | Carnival | 37.80 Bn | 36.39 Bn | - | 9.85% |
| 5 | Expedia | 27.88 Bn | 22.09 Bn | 3.05 Bn | 13.78% |
| 6 | Norwegian Cruise Line Holdings | 8.56 Bn | 8.38 Bn | 953.34 Mn | 9.99% |
| 7 | Global Business Travel | 4.79 Bn | 4.35 Bn | 714.00 Mn | 0.36% |
| 8 | Travel & Leisure | 4.51 Bn | 4.25 Bn | 926.00 Mn | 16.55% |
| 9 | Trip.com | 4.42 Bn | -788.25 Mn | 1.74 Bn | 22.20% |
| 10 | MakeMyTrip | 2.12 Bn | 1.35 Bn | - | -4.59% |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 22.20% |
| Sep 30, 2025 | 34.57% |
| Jun 30, 2025 | 32.51% |
| Mar 31, 2025 | 30.68% |
| Dec 31, 2024 | 23.33% |
| Sep 30, 2024 | 35.67% |
| Jun 30, 2024 | 34.84% |
| Mar 31, 2024 | 33.35% |
| Dec 31, 2023 | 27.54% |
| Sep 30, 2023 | 33.63% |
| Jun 30, 2023 | 33.79% |
| Mar 31, 2023 | 30.57% |
| Dec 31, 2022 | 5.62% |
| Sep 30, 2022 | 20.43% |
| Jun 30, 2022 | 8.85% |
| Mar 31, 2022 | 2.47% |
| Dec 31, 2021 | 0.95% |
| Sep 30, 2021 | 9.99% |
| Jun 30, 2021 | 15.57% |
| Mar 31, 2021 | -5.25% |