Trip.com (TCOM) Gross Margin (2009 - 2026)
Trip.com (TCOM) posted quarterly Gross Margin of 79.12% for Q1 2026, down 120.0% year-over-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.
- In Q1 2026, Gross Margin fell 120.0% year-over-year to 79.12%; the TTM figure through Mar 2026 stood at 80.14% (down 81.0% YoY), while the FY2025 annual figure was 80.46%, down 69.0% from the prior year.
- Gross Margin for Q1 2026 stood at 79.12%, roughly flat from 78.84% in the prior quarter.
- The five-year high for Gross Margin was 82.21% in Q3 2024, with the low at 74.11% in Q1 2022.
- The 5-year median for Gross Margin is 80.92% (2025), against an average of 79.91%.
- The sharpest annual moves came in 2022 and 2023: Gross Margin sank 382 bps in 2022, then jumped 799 bps in 2023.
- Trip.com's Gross Margin stood at 76.03% in 2022, then advanced by 6 bps to 80.43% in 2023, then slipped by 2 bps to 79.13% in 2024, then retreated by 0 bps to 78.84% in 2025, then grew by 0 bps to 79.12% in 2026.
- Business Quant data shows TCOM's Gross Margin at 79.12% in Q1 2026, 78.84% in Q4 2025, and 81.55% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Booking Holdings | 159.34 Bn | 142.12 Bn | 4.98 Bn | 67.75% |
| 2 | Airbnb | 108.60 Bn | 96.53 Bn | 2.98 Bn | 82.46% |
| 3 | Royal Caribbean Cruises | 81.57 Bn | 80.88 Bn | 2.29 Bn | 47.29% |
| 4 | Viking Holdings | 44.18 Bn | 40.38 Bn | 713.43 Mn | 41.37% |
| 5 | Carnival | 38.51 Bn | 36.29 Bn | - | - |
| 6 | Expedia | 38.08 Bn | 30.96 Bn | 3.91 Bn | 90.66% |
| 7 | Trip.com | 29.19 Bn | 17.73 Bn | 1.86 Bn | 79.12% |
| 8 | Norwegian Cruise Line Holdings | 8.73 Bn | 8.51 Bn | 1.05 Bn | 39.91% |
| 9 | MakeMyTrip | 5.85 Bn | 5.09 Bn | 212.91 Mn | 74.55% |
| 10 | Global Business Travel | 4.94 Bn | 4.47 Bn | 514.00 Mn | 59.08% |
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% |