Tuniu (TOUR) Gross Margin (2013 - 2025)
Tuniu (TOUR) recorded quarterly Gross Margin of 56.69% in Q4 2025, up 4.51% quarter-over-quarter from 54.25% in Q3 2025, and down 1125.0% on a YoY basis from 5.53% in Q4 2024.
Tuniu (TOUR) Gross Margin (2013 - 2025) Analysis & Trends
Tuniu's Gross Margin history runs 13 years deep, the most recent figure standing at 56.69% for Q4 2025.
- In Q4 2025, Gross Margin fell 1125.0% year-over-year to 56.69%; the TTM figure through Dec 2025 stood at 57.94% (down 1172.0% YoY), while the FY2025 annual figure was 57.96%, down 1175.0% from the prior year.
- Gross Margin was 56.69% for Q4 2025 at Tuniu, up from 54.25% in the prior quarter.
- In the past five years, Gross Margin ranged from a high of 76.0% in Q1 2024 to a low of 34.67% in Q3 2021.
- Historically, Gross Margin has averaged 56.39% across 5 years, with a median of 58.42% in 2022.
- The sharpest annual moves came in 2021 and 2023: Gross Margin slumped 1800 bps in 2021, then jumped 3003 bps in 2023.
- A 5-year view of Gross Margin shows it stood at 46.53% in 2021, then decreased by 4 bps to 44.65% in 2022, then surged by 67 bps to 74.68% in 2023, then declined by 9 bps to 67.94% in 2024, then decreased by 17 bps to 56.69% in 2025.
- The last three Gross Margin figures came in at 56.69% (Q4 2025), 54.25% (Q3 2025), and 63.77% (Q2 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Booking Holdings | 131.01 Bn | 114.99 Bn | 3.46 Bn | 62.62% |
| 2 | Airbnb | 79.86 Bn | 67.85 Bn | 2.10 Bn | 78.30% |
| 3 | Royal Caribbean Cruises | 75.60 Bn | 75.08 Bn | 2.21 Bn | 49.53% |
| 4 | Carnival | 37.80 Bn | 36.39 Bn | - | - |
| 5 | Expedia | 27.88 Bn | 22.09 Bn | 3.05 Bn | 89.00% |
| 6 | Norwegian Cruise Line Holdings | 8.56 Bn | 8.38 Bn | 953.34 Mn | 40.89% |
| 7 | Global Business Travel | 4.79 Bn | 4.35 Bn | 714.00 Mn | 85.00% |
| 8 | Travel & Leisure | 4.51 Bn | 4.25 Bn | 926.00 Mn | 96.36% |
| 9 | Trip.com | 4.42 Bn | -788.25 Mn | 1.74 Bn | 78.84% |
| 10 | Tuniu | 254.63 Mn | 94.87 Mn | 10.02 Mn | 56.69% |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 56.69% |
| Sep 30, 2025 | 54.25% |
| Jun 30, 2025 | 63.77% |
| Mar 31, 2025 | 59.01% |
| Dec 31, 2024 | 67.94% |
| Sep 30, 2024 | 65.48% |
| Jun 30, 2024 | 72.18% |
| Mar 31, 2024 | 76.00% |
| Dec 31, 2023 | 74.68% |
| Sep 30, 2023 | 64.41% |
| Jun 30, 2023 | 65.44% |
| Mar 31, 2023 | 61.54% |
| Dec 31, 2022 | 44.65% |
| Sep 30, 2022 | 57.83% |
| Jun 30, 2022 | 44.69% |
| Mar 31, 2022 | 38.13% |
| Dec 31, 2021 | 46.53% |
| Sep 30, 2021 | 34.67% |
| Jun 30, 2021 | 42.86% |
| Mar 31, 2021 | 37.04% |