PerpEquities

Trip.com Group Limited (TCOM) financials

NASDAQ · Consumer Cyclical · Travel Services · 43,574 employees · CEO Jie Sun

Price
$39.59 +2.67%
Market cap
$25.7B
Enterprise value
CN¥137B
Last report
Q2 '26 filed 2026-09-16
Next report
2026-11-16
Revenue (TTM)CN¥65.3B+14.0% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)16.1%-10.0 pp vs a year agoOperating income CN¥10.5B
Net income (TTM)CN¥24.1B+33.8% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)CN¥13.6B– vs a year agoCapex CN¥797M
Diluted EPS (TTM)CN¥34.38+31.8% vs a year agoSum of the last 4 quarters
Net cashCN¥52.6B+30.3% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap
$25.7B
EV CN¥137B
Revenue
CN¥65.3B
Trailing 12 months
Revenue growth
+11%
FY2026 consensus
Profit margin
37.0%
Net income / revenue, TTM
P/E
7.2×
P/S
2.5×
Price / sales, TTM
EV / EBITDA
4.9×
TTM
Free cash flow
CN¥13.6B
Trailing 12 months
Net income
CN¥24.1B
Trailing 12 months
Revenue estimate
CN¥67.1B
FY2026 consensus
Earnings
2026-11-16
Dividend
–
No dividend

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

  • Revenue growth slowing: 5.5% year on yearQ2 '26 revenue CN¥15.7B, against an average of 16.8% over the four quarters before.
  • Operating margin 16.1% (TTM), -10.0 pp on a year agoOperating income grew -29.7% while revenue grew 14.0%.
  • 65.0% of pre-tax profit is non-operatingPre-tax income CN¥30.1B vs operating income CN¥10.5B (TTM). Gains on equity stakes and other one-off items lift net income and EPS - operating income is the cleaner measure of the business.
  • Capex 1.2% of revenue (a year ago 0.0%)CN¥797M invested in the last 4 quarters (– on a year earlier). Free cash flow CN¥13.6B = 56.3% of net income.
  • Returned CN¥5.82B to shareholders = 42.8% of free cash flowBuybacks CN¥4.4B (a year earlier CN¥0), dividends CN¥1.42B, stock-based pay CN¥2.56B (TTM).
  • Diluted share count down 9.1% in a year632M diluted shares in Q2 '26, 696M a year earlier.
  • Net cash CN¥52.6BCash + short-term investments CN¥79.5B, debt incl. leases CN¥27B; a year ago net cash CN¥40.3B.

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

Q2 '26Year agoChange
RevenueCN¥15.7BCN¥14.8B+5.5%
Gross margin79.8%81.0%-1.2 pp
Operating income-CN¥1.46BCN¥4.1B-135.6%
Operating margin-9.3%27.6%-37.0 pp
Net income-CN¥2.46BCN¥4.85B-150.7%
Diluted EPS-CN¥3.89CN¥6.97-155.8%
Operating cash flowCN¥0CN¥0–
CapexCN¥0CN¥0–
Free cash flowCN¥0CN¥0–
R&DCN¥3.79BCN¥3.5B+8.3%
Stock-based compensationCN¥647MCN¥566M+14.3%

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement
Operating cash flow
CN¥14.4B
Capex
-CN¥797M
Buybacks
-CN¥4.4B
Dividends
-CN¥1.42B
Acquisitions
-CN¥753M
Net debt issued
-CN¥9.12B
Stock-based compensation
CN¥2.56B
Free cash flow
CN¥13.6B
Returned to shareholders / FCF
42.8%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years
Now5y averageWhere today sits in the 5-year range
P/E (TTM)7.2×38.9× 4 of 5 years10.2× – 109.3×
EV / EBITDA4.9×24.2×7.9× – 50.2×
EV / Sales2.1×6.1×3.9× – 9.0×
Price / FCF12.2×34.3×8.0× – 70.2×
Price / Book1.0×1.6×0.9× – 2.3×
FCF yield8.2%5.1%1.4% – 12.5%
Return on invested capital4.4%3.5%-0.9% – 6.5%
Return on equity14.6%8.0%-0.5% – 18.9%

Analysts

Consensus target $56.64 (+43.1%)
range $48.00 – $63.00 · rating Buy

Strong buy0
Buy31
Hold11
Sell2
Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal yearRevenueGrowthEPSGrowthP/E at today's priceAnalysts (EPS)
FY2026CN¥67.1B+10.6%CN¥23.88-48.5%–12
FY2027CN¥73B+8.7%CN¥27.11+13.5%–12
FY2028CN¥80.6B+10.5%CN¥30.45+12.4%–10
FY2029CN¥96B+19.1%CN¥23.99-21.2%–4

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpenBalance sheetCash, investments, assets, debt, liabilities and equityOpenCash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings.

Data as of 2026-11-02 · Amounts in CNY as reported; price and market cap in USD.