Trip.com (TCOM) Net Margin (2009 - 2025)
Trip.com (TCOM) recorded quarterly Net Margin of 12.06% in Q4 2025, down 77.35% quarter-over-quarter from 53.26% in Q3 2025, and down 516.0% on a YoY basis from 2.9% in Q4 2024.
Trip.com (TCOM) Net Margin (2009 - 2025) Analysis & Trends
Trip.com's Net Margin history runs 17 years deep, the most recent figure standing at 12.06% for Q4 2025.
- In Q4 2025, Net Margin fell 516.0% year-over-year to 12.06%; the TTM figure through Dec 2025 stood at 37.28% (down 23.0% YoY), while the FY2025 annual figure was 48.85%, up 2359.0% from the prior year.
- Net Margin was 12.06% for Q4 2025 at Trip.com, down from 53.26% in the prior quarter.
- In the past five years, Net Margin ranged from a high of 53.26% in Q3 2025 to a low of 10.45% in Q4 2021.
- Historically, Net Margin has averaged 28.22% across 5 years, with a median of 33.26% in 2021.
- Biggest YoY gain for Net Margin was 11851 bps in 2021; the steepest drop was 2646 bps in 2021.
- A 5-year view of Net Margin shows it stood at 10.45% in 2021, then surged by 144 bps to 4.62% in 2022, then surged by 497 bps to 27.61% in 2023, then plunged by 38 bps to 17.22% in 2024, then declined by 30 bps to 12.06% in 2025.
- The last three Net Margin figures came in at 12.06% (Q4 2025), 53.26% (Q3 2025), and 44.48% (Q2 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Booking Holdings | 131.01 Bn | 114.99 Bn | 3.46 Bn | 19.58% |
| 2 | Airbnb | 79.86 Bn | 67.85 Bn | 2.10 Bn | 5.97% |
| 3 | Royal Caribbean Cruises | 75.60 Bn | 75.08 Bn | 2.21 Bn | 21.34% |
| 4 | Carnival | 37.80 Bn | 36.39 Bn | - | 4.27% |
| 5 | Expedia | 27.88 Bn | 22.09 Bn | 3.05 Bn | -0.35% |
| 6 | Norwegian Cruise Line Holdings | 8.56 Bn | 8.38 Bn | 953.34 Mn | 4.49% |
| 7 | Global Business Travel | 4.79 Bn | 4.35 Bn | 714.00 Mn | 6.19% |
| 8 | Travel & Leisure | 4.51 Bn | 4.25 Bn | 926.00 Mn | 8.22% |
| 9 | Trip.com | 4.42 Bn | -788.25 Mn | 1.74 Bn | 12.06% |
| 10 | MakeMyTrip | 2.12 Bn | 1.35 Bn | - | 9.69% |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 12.06% |
| Sep 30, 2025 | 53.26% |
| Jun 30, 2025 | 44.48% |
| Mar 31, 2025 | 37.02% |
| Dec 31, 2024 | 17.22% |
| Sep 30, 2024 | 42.25% |
| Jun 30, 2024 | 46.84% |
| Mar 31, 2024 | 42.57% |
| Dec 31, 2023 | 27.61% |
| Sep 30, 2023 | 39.42% |
| Jun 30, 2023 | 44.85% |
| Mar 31, 2023 | 38.11% |
| Dec 31, 2022 | 4.62% |
| Sep 30, 2022 | 28.59% |
| Jun 30, 2022 | 37.06% |
| Mar 31, 2022 | 13.87% |
| Dec 31, 2021 | -10.45% |
| Sep 30, 2021 | 13.48% |
| Jun 30, 2021 | 29.50% |
| Mar 31, 2021 | 2.07% |