Trip.com (TCOM) Gross Margin (2009 - 2025)

Trip.com's Gross Margin history runs 17 years deep, the most recent figure standing at 78.84% for Q4 2025.

• In Q4 2025, Gross Margin fell 29.0% year-over-year to 78.84%; the TTM figure through Dec 2025 stood at 80.45% (down 71.0% YoY), while the FY2025 annual figure was 80.46%, down 81.0% from the prior year.
• Gross Margin was 78.84% for Q4 2025 at Trip.com, down from 81.55% in the prior quarter.
• In the past five years, Gross Margin ranged from a high of 82.21% in Q3 2024 to a low of 74.11% in Q1 2022.
• Historically, Gross Margin has averaged 79.34% across 5 years, with a median of 80.37% in 2025.
• The sharpest annual moves came in 2021 and 2023: Gross Margin sank 568 bps in 2021, then surged 799 bps in 2023.
• A 5-year view of Gross Margin shows it stood at 76.05% in 2021, then fell by 0 bps to 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.
• The last three Gross Margin figures came in at 78.84% (Q4 2025), 81.55% (Q3 2025), and 80.92% (Q2 2025), per Business Quant data.