Trip.com (TCOM) Gross Margin (2009 - 2026)
Trip.com's (TCOM) quarterly Gross Margin came in at 79.12% in Q1 2026, down 120.0% year-on-year from 395.58% in Q1 2025, and little changed quarter-over-quarter from 78.84% in Q4 2025.
Trip.com (TCOM) Gross Margin (2009 - 2026) Analysis & Trends
Trip.com's Gross Margin history runs 18 years deep, the most recent figure standing at 79.12% for Q1 2026.
- On a quarterly basis, Gross Margin fell 120.0% year-over-year to 79.12% in Q1 2026; TTM through Mar 2026 was 80.14%, a 81.0% decrease from a year earlier, with the FY2025 full-year figure at 80.46%, down 69.0% from the prior year.
- Gross Margin was little changed at 79.12% in Q1 2026 per TCOM's latest filing, from 78.84% in the prior quarter.
- Across five years, Gross Margin topped out at 82.21% in Q3 2024 and bottomed at 74.11% in Q1 2022.
- The 5-year median for Gross Margin is 80.92% (2025), against an average of 79.91%.
- Across the five-year window, Gross Margin slumped 382 bps in 2022 and jumped 799 bps in 2023, its largest moves.
- Year by year, Gross Margin stood at 76.03% in 2022, then climbed by 6 bps to 80.43% in 2023, then dropped by 2 bps to 79.13% in 2024, then decreased by 0 bps to 78.84% in 2025, then increased by 0 bps to 79.12% in 2026.
- Per Business Quant, the three latest TCOM Gross Margin figures stand at 79.12% (Q1 2026), 78.84% (Q4 2025), and 81.55% (Q3 2025).
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Booking Holdings | 136.54 Bn | 120.51 Bn | 3.46 Bn | 62.62% |
| 2 | Royal Caribbean Cruises | 86.11 Bn | 85.59 Bn | 2.21 Bn | 49.53% |
| 3 | Airbnb | 82.27 Bn | 70.26 Bn | 2.10 Bn | 78.30% |
| 4 | Yatra Online | 55.46 Bn | 55.47 Bn | 10.44 Mn | 55.39% |
| 5 | Viking Holdings | 44.18 Bn | 40.37 Bn | 713.43 Mn | 41.37% |
| 6 | Carnival | 34.61 Bn | 32.38 Bn | - | - |
| 7 | Expedia | 31.38 Bn | 28.88 Bn | 3.05 Bn | 89.00% |
| 8 | Norwegian Cruise Line Holdings | 8.54 Bn | 8.35 Bn | 953.34 Mn | 40.89% |
| 9 | MakeMyTrip | 5.02 Bn | 4.60 Bn | 199.14 Mn | 79.62% |
| 10 | Trip.com | 498.70 Mn | -10.97 Bn | 1.86 Bn | 79.12% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 79.12% |
| Dec 31, 2025 | 78.84% |
| Sep 30, 2025 | 81.55% |
| Jun 30, 2025 | 80.92% |
| Mar 31, 2025 | 80.31% |
| Dec 31, 2024 | 79.13% |
| Sep 30, 2024 | 82.21% |
| Jun 30, 2024 | 81.81% |
| Mar 31, 2024 | 81.10% |
| Dec 31, 2023 | 80.43% |
| Sep 30, 2023 | 81.96% |
| Jun 30, 2023 | 82.05% |
| Mar 31, 2023 | 82.10% |
| Dec 31, 2022 | 76.03% |
| Sep 30, 2022 | 81.42% |
| Jun 30, 2022 | 75.46% |
| Mar 31, 2022 | 74.11% |
| Dec 31, 2021 | 76.05% |
| Sep 30, 2021 | 77.14% |
| Jun 30, 2021 | 79.28% |