Trip.com (TCOM) Operating Margin (2009 - 2026)
Trip.com's (TCOM) quarterly Operating Margin came in at 24.34% in Q1 2026, down 142.0% year-on-year from 57.95% in Q1 2025, and up 47.58% quarter-over-quarter from 16.49% in Q4 2025.
Trip.com (TCOM) Operating Margin (2009 - 2026) Analysis & Trends
Trip.com's Operating Margin history runs 18 years deep, the most recent figure standing at 24.34% for Q1 2026.
- On a quarterly basis, Operating Margin fell 142.0% year-over-year to 24.34% in Q1 2026; TTM through Mar 2026 was 24.88%, a 126.0% decrease from a year earlier, with the FY2025 full-year figure at 25.25%, down 132.0% from the prior year.
- Operating Margin grew to 24.34% in Q1 2026 per TCOM's latest filing, from 16.49% in the prior quarter.
- Across five years, Operating Margin topped out at 31.43% in Q3 2024 and bottomed at 8.47% in Q1 2022.
- The 5-year median for Operating Margin is 24.34% (2026), against an average of 19.12%.
- Across the five-year window, Operating Margin plunged 977 bps in 2022 and surged 3278 bps in 2023, its largest moves.
- Year by year, Operating Margin stood at 4.66% in 2022, then soared by 556 bps to 21.22% in 2023, then retreated by 15 bps to 18.01% in 2024, then fell by 8 bps to 16.49% in 2025, then soared by 48 bps to 24.34% in 2026.
- Per Business Quant, the three latest TCOM Operating Margin figures stand at 24.34% (Q1 2026), 16.49% (Q4 2025), and 30.35% (Q3 2025).
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Booking Holdings | 136.54 Bn | 120.51 Bn | 3.46 Bn | 22.98% |
| 2 | Royal Caribbean Cruises | 86.11 Bn | 85.59 Bn | 2.21 Bn | 26.10% |
| 3 | Airbnb | 82.27 Bn | 70.26 Bn | 2.10 Bn | 3.21% |
| 4 | Yatra Online | 55.46 Bn | 55.47 Bn | 10.44 Mn | -12.11% |
| 5 | Viking Holdings | 44.18 Bn | 40.37 Bn | 713.43 Mn | 61.84% |
| 6 | Carnival | 34.61 Bn | 32.38 Bn | - | 12.77% |
| 7 | Expedia | 31.38 Bn | 28.88 Bn | 3.05 Bn | 7.33% |
| 8 | Norwegian Cruise Line Holdings | 8.54 Bn | 8.35 Bn | 953.34 Mn | 9.99% |
| 9 | MakeMyTrip | 5.02 Bn | 4.60 Bn | 199.14 Mn | 16.11% |
| 10 | Trip.com | 498.70 Mn | -10.97 Bn | 1.86 Bn | 24.34% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 24.34% |
| Dec 31, 2025 | 16.49% |
| Sep 30, 2025 | 30.35% |
| Jun 30, 2025 | 27.61% |
| Mar 31, 2025 | 25.76% |
| Dec 31, 2024 | 18.01% |
| Sep 30, 2024 | 31.43% |
| Jun 30, 2024 | 27.80% |
| Mar 31, 2024 | 27.80% |
| Dec 31, 2023 | 21.22% |
| Sep 30, 2023 | 28.44% |
| Jun 30, 2023 | 26.45% |
| Mar 31, 2023 | 24.31% |
| Dec 31, 2022 | -4.66% |
| Sep 30, 2022 | 12.28% |
| Jun 30, 2022 | -4.17% |
| Mar 31, 2022 | -8.47% |
| Dec 31, 2021 | -15.10% |
| Sep 30, 2021 | -4.45% |
| Jun 30, 2021 | 5.59% |