Trip.com (TCOM) Operating Margin (2009 - 2026)
Trip.com's Operating Margin was -9.36% in Q2 2026, down 36.97 percentage points from 27.61% a year earlier and down 33.70 percentage points from the prior quarter.
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Analysis
Trip.com (TCOM) Operating Margin (2009 - 2026) Analysis & Trends
On a trailing twelve-month basis, Trip.com's Operating Margin was 15.91% through Jun 30, 2026, down 10.24 percentage points year-over-year; for FY2025, it came in at 25.25%, down 1.32 percentage points from FY2024.
- Operating Margin shows a five-year change of +33.01 percentage points (FY2020 to FY2025).
- In earlier years, Operating Margin was 26.57% in FY2024 (+1.15 pp), 25.41% in FY2023 and -0.22% in FY2021 (+7.54 pp).
- The Q2 2026 figure marks the lowest quarterly Operating Margin since Q4 2021.
- Compared with a year earlier, Operating Margin has declined for seven straight quarters, with an average year-over-year change of -41.40 percentage points over the last eight quarters.
- The best year-over-year quarter for Operating Margin over five years was Q4 2023 (a gain of 313.66 percentage points); the worst was Q4 2024 (a drop of 290.99 percentage points).
- Per Business Quant data, TCOM's Operating Margin in the three quarters before Q2 2026 was 24.34% (Q1 2026), 16.49% (Q4 2025) and 30.35% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Marriott International | 93.50 Bn | 91.55 Bn | 1.55 Bn | 17.38% |
| 2 | Hilton Worldwide Holdings | 72.30 Bn | 68.78 Bn | 3.08 Bn | 25.68% |
| 3 | Royal Caribbean Cruises | 64.91 Bn | 62.49 Bn | 2.29 Bn | 27.05% |
| 4 | Viking Holdings | 35.75 Bn | 20.87 Bn | 996.62 Mn | 29.40% |
| 5 | Carnival | 30.35 Bn | 23.01 Bn | - | 12.77% |
| 6 | Intercontinental Hotels | 26.52 Bn | 22.08 Bn | - | - |
| 7 | Trip.com | 25.92 Bn | -19.63 Bn | 1.84 Bn | -9.36% |
| 8 | Hyatt Hotels | 15.20 Bn | 12.68 Bn | 388.00 Mn | -71.84% |
| 9 | H World | 13.30 Bn | 4.22 Bn | - | 31.05% |
| 10 | Atour Lifestyle Holdings | 8.20 Bn | 4.90 Bn | 493.22 Mn | 22.15% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -9.36% |
| 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 | 309.00% |
| Sep 30, 2023 | 28.44% |
| Jun 30, 2023 | 26.45% |
| Mar 31, 2023 | 1.79% |
| 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% |
API Access
Trip.com Operating Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-margin&ticker=TCOM&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "ticker": "TCOM", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-margin&ticker=TCOM&period=max&api_key=YOUR_API_KEY");
const data = await res.json();