UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2025

Commission File Number: 001-33853

 

 

Trip.com Group Limited

(Registrant’s Name)

 

 

30 Raffles Place, #29-01

Singapore 048622

(Address of Principal Executive Offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒   Form 40-F ☐

 

 
 


EXHIBIT INDEX

 

Exhibit No.   

Description

99.1    Press Release—Trip.com Group Limited Reports Unaudited Third Quarter of 2025 Financial Results


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

TRIP.COM GROUP LIMITED
 By   :  

/s/ Cindy Xiaofan Wang

 Name   :   Cindy Xiaofan Wang
 Title   :   Chief Financial Officer

Date: November 18, 2025

Exhibit 99.1

Trip.com Group Limited Reports Unaudited Third Quarter of 2025 Financial Results

SINGAPORE, November 17, 2025 — Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) (“Trip.com Group” or the “Company”), a leading global one-stop travel service provider of accommodation reservation, transportation ticketing, packaged tours, and corporate travel management, today announced its unaudited financial results for the third quarter of 2025.

Key Highlights for the Third Quarter of 2025

 

   

International businesses delivered robust performance across all segments during the third quarter of 2025

 

   

Overall bookings on our international OTA platform increased by around 60% year-over-year.

 

   

Inbound travel bookings surged by over 100% year-over-year.

 

   

Outbound flight and hotel bookings have climbed to around 140% of the volume for the same period in 2019.

“Travel demand stayed strong this summer, driven by travelers’ enduring passion to explore the world,” said James Liang, the Executive Chairman. “We are enhancing every stage of the journey with AI, and our immersive “Taste of China” program is redefining inbound travel experiences. Moving forward, we will continue to push the boundaries of technology and service to shape a smarter, more sustainable future for travel.”

“We are pleased with our strong third-quarter performance, particularly in cross-border travel,” said Jane Sun, the Chief Executive Officer. “We are committed to empowering our partners to enhance service capabilities and capture new opportunities, creating a more vibrant and connected global travel ecosystem defined by exceptional services and memorable experiences.”

Third Quarter of 2025 Financial Results and Business Updates

For the third quarter of 2025, Trip.com Group reported net revenue of RMB18.3 billion (US$2.6 billion), representing a 16% increase from the same period in 2024, primarily driven by stronger travel demand. Net revenue for the third quarter of 2025 increased by 24% from the previous quarter, primarily due to seasonality.

Accommodation reservation revenue for the third quarter of 2025 was RMB8.0 billion (US$1.1 billion), representing an 18% increase from the same period in 2024, primarily driven by an increase in accommodation reservations. Accommodation reservation revenue for the third quarter of 2025 increased by 29% from the previous quarter, primarily due to seasonality.

Transportation ticketing revenue for the third quarter of 2025 was RMB6.3 billion (US$886 million), representing a 12% increase from the same period in 2024, primarily driven by an increase in transportation reservations. Transportation ticketing revenue for the third quarter of 2025 increased by 17% from the previous quarter, primarily due to seasonality.


Packaged-tour revenue for the third quarter of 2025 was RMB1.6 billion (US$226 million), representing a 3% increase from the same period in 2024, primarily driven by an increase in packaged-tour reservations. Packaged-tour revenue for the third quarter of 2025 increased by 49% from the previous quarter, primarily due to seasonality.

Corporate travel revenue for the third quarter of 2025 was RMB756 million (US$106 million), representing a 15% increase from the same period in 2024 and a 9% increase from the previous quarter, primarily driven by an increase in corporate travel reservations.

Cost of revenue for the third quarter of 2025 increased by 20% to RMB3.4 billion (US$472 million) from the same period in 2024 and increased by 19% from the previous quarter, which was generally in line with the increase in net revenue from the respective periods. Cost of revenue as a percentage of net revenue was 18% for the third quarter of 2025.

Product development expenses for the third quarter of 2025 increased by 12% to RMB4.1 billion (US$574 million) from the same period in 2024 and increased by 17% from the previous quarter, primarily due to the increase in product development personnel related expenses. Product development expenses as a percentage of net revenue were 22% for the third quarter of 2025.

Sales and marketing expenses for the third quarter of 2025 increased by 24% to RMB4.2 billion (US$587 million) from the same period in 2024 and increased by 26% from the previous quarter, primarily due to the increase in expenses relating to sales and marketing promotion activities. Sales and marketing expenses as a percentage of net revenue were 23% for the third quarter of 2025.

General and administrative expenses for the third quarter of 2025 increased by 9% to RMB1.1 billion (US$160 million) from the same period in 2024 and increased by 4% from the previous quarter. General and administrative expenses as a percentage of net revenue were 6% for the third quarter of 2025.

Income tax expense for the third quarter of 2025 was RMB3.3 billion (US$470 million), compared to RMB721 million for the same period in 2024 and RMB998 million for the previous quarter, due to the increase in taxable income primarily attributable to the partial disposal of certain investment. The change in Trip.com Group’s effective tax rate was primarily due to the combined impacts of changes in respective profitability of its subsidiaries with different tax rates, changes in deferred tax liabilities relating to withholding tax, certain non-taxable income or loss resulting from the fair value changes in equity securities investments and exchangeable senior notes recorded in other income, changes in valuation allowance provided for deferred tax assets, and tax arising from the partial disposal of certain investment in accordance with the local indirect transfer tax rules.

Net income for the third quarter of 2025 was RMB19.9 billion (US$2.8 billion), compared to RMB6.8 billion for the same period in 2024 and RMB4.9 billion for the previous quarter. Adjusted EBITDA for the third quarter of 2025 was RMB6.3 billion (US$892 million), compared to RMB5.7 billion for the same period in 2024 and RMB4.9 billion for the previous quarter.


Net income attributable to Trip.com Group’s shareholders for the third quarter of 2025 was RMB19.9 billion (US$2.8 billion), compared to RMB6.8 billion for the same period in 2024 and RMB4.8 billion for the previous quarter, primarily due to the partial disposal of certain investment. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income, and their tax effects, non-GAAP net income attributable to Trip.com Group’s shareholders for the third quarter of 2025 was RMB19.2 billion (US$2.7 billion), compared to RMB6.0 billion for the same period in 2024 and RMB5.0 billion for the previous quarter.

Diluted earnings per ordinary share and per ADS was RMB28.61 (US$4.02) for the third quarter of 2025. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income, and their tax effects, non-GAAP diluted earnings per ordinary share and per ADS was RMB27.56 (US$3.87) for the third quarter of 2025. Each ADS currently represents one ordinary share of the Company.

As of September 30, 2025, the balance of cash and cash equivalents, restricted cash, short-term investment, and held to maturity time deposit and financial products was RMB107.7 billion (US$15.1 billion).

Conference Call

Trip.com Group’s management team will host a conference call at 7:00 PM on November 17, 2025, U.S. Eastern Time (or 8:00 AM on November 18, 2025, Hong Kong Time) following this announcement.

The conference call will be available live on Webcast and for replay at: https://investors.trip.com. The call will be archived for twelve months on our website.

All participants must pre-register to join this conference call using the Participant Registration link below:

https://register-conf.media-server.com/register/BI832bb6185b5042c6a2f663b42d9981b6.

Upon registration, each participant will receive details for this conference call, including dial-in numbers and a unique access PIN. To join the conference, please dial the number provided, enter your PIN, and you will join the conference instantly.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “future,” “intend,” “plan,” “believe,” “estimate,” “is/are likely to,” “confident,” or other similar statements. Among other things, quotations from management in this press release, as well as Trip.com Group’s strategic and operational plans, contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, severe or prolonged downturn in the global or Chinese economy, general declines or disruptions in the travel industry, volatility in the trading price of Trip.com Group’s ADSs or shares, Trip.com Group’s reliance on its relationships and contractual arrangements with travel suppliers and strategic alliances, failure to compete against new and existing competitors, failure to successfully manage current growth and


potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in the relevant jurisdictions where Trip.com Group operates, failure to successfully develop Trip.com Group’s existing or future business lines, damage to or failure of Trip.com Group’s infrastructure and technology, loss of services of Trip.com Group’s key executives, adverse changes in economic and business conditions in the relevant jurisdictions where Trip.com Group operates, any regulatory developments in laws, regulations, rules, policies or guidelines applicable to Trip.com Group and other risks outlined in Trip.com Group’s filings with the U.S. Securities and Exchange Commission or the Stock Exchange of Hong Kong Limited. All information provided in this press release and in the attachments is as of the date of the issuance, and Trip.com Group does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement Trip.com Group’s consolidated financial statements, which are prepared and presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), Trip.com Group uses non-GAAP financial information related to adjusted net income attributable to Trip.com Group Limited, adjusted EBITDA, adjusted EBITDA margin, and adjusted diluted earnings per ordinary share and per ADS, each of which is adjusted from the most comparable GAAP result to exclude the share-based compensation charges that are not tax deductible, fair value changes of equity securities investments and exchangeable senior notes recorded in other income, net of tax, and other applicable items. Trip.com Group’s management believes the non-GAAP financial measures facilitate better understanding of operating results from quarter to quarter and provide management with a better capability to plan and forecast future periods.

Non-GAAP information is not prepared in accordance with GAAP, does not have a standardized meaning under GAAP, and may be different from non-GAAP methods of accounting and reporting used by other companies. The presentation of this additional information should not be considered a substitute for GAAP results. A limitation of using non-GAAP financial measures is that non-GAAP measures exclude share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income, and their tax effects that have been and will continue to be significant recurring expenses in Trip.com Group’s business for the foreseeable future.

Reconciliations of Trip.com Group’s non-GAAP financial data to the most comparable GAAP data included in the consolidated statement of operations are included at the end of this press release.

About Trip.com Group Limited

Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) is a leading global one-stop travel platform, integrating a comprehensive suite of travel products and services and differentiated travel content. It is the go-to destination for many travelers in Asia, and increasingly for travelers around the world, to explore travel, get inspired, make informed and cost-effective travel bookings, enjoy hassle-free on-the-go support, and share travel experience. Founded in 1999 and listed on Nasdaq in 2003 and HKEX in 2021, the Company currently operates under a portfolio of brands, including Ctrip, Qunar, Trip.com, and Skyscanner, with the mission “to pursue the perfect trip for a better world.”


For further information, please contact:

Investor Relations

Trip.com Group Limited

Tel: +86 (21) 3406-4880 X 12229

Email: iremail@trip.com


Trip.com Group Limited 

Unaudited Consolidated Balance Sheets 

(In millions, except share and per share data) 

 

     December 31, 2024
RMB (million)
     September 30, 2025
RMB (million)
     September 30, 2025
USD (million)
 

ASSETS

        

Current assets:

        

Cash, cash equivalents and restricted cash

     51,093        59,221        8,319  

Short-term investments

     28,475        21,234        2,983  

Accounts receivable, net

     12,459        16,344        2,296  

Prepayments and other current assets

     20,093        28,614        4,019  

Total current assets

     112,120        125,413        17,617  

Property, equipment and software

     5,053        5,505        773  

Intangible assets and land use rights

     12,840        13,071        1,836  

Right-of-use asset

     755        824        116  

Investments (Includes held to maturity time deposit and financial products of RMB10,453 million and RMB27,195 million as of December 31,2024 and September 30, 2025, respectively)

     47,194        59,752        8,393  

Goodwill

     60,911        62,288        8,750  

Other long-term assets

     454        485        68  

Deferred tax asset

     3,254        3,240        455  

Total assets

     242,581        270,578        38,008  

LIABILITIES

        

Current liabilities:

        

Short-term debt and current portion of long-term debt

     19,433        20,339        2,857  

Accounts payable

     16,578        20,149        2,830  

Advances from customers

     18,029        22,208        3,120  

Other current liabilities

     19,970        21,783        3,060  

Total current liabilities

     74,010        84,479        11,867  

Deferred tax liability

     4,098        3,846        540  

Long-term debt

     20,134        11,033        1,550  

Long-term lease liability

     561        563        79  

Other long-term liabilities

     296        678        95  

Total liabilities

     99,099        100,599        14,131  

MEZZANINE EQUITY

     743        132        19  

SHAREHOLDERS’ EQUITY

        

Total Trip.com Group Limited shareholders’ equity

     141,807        168,095        23,612  

Non-controlling interests

     932        1,752        246  

Total shareholders’ equity

     142,739        169,847        23,858  

Total liabilities, mezzanine equity and shareholders’ equity

     242,581        270,578        38,008  

 

Page 1


Trip.com Group Limited 

Unaudited Consolidated Statements of Income 

(In millions, except share and per share data) 

 

     Quarter ended
September 30, 2024
RMB (million)
    Quarter ended
June 30, 2025
RMB (million)
    Quarter ended
September 30, 2025
RMB (million)
    Quarter ended
September 30, 2025
USD (million)
 

Revenue:

        

Accommodation reservation

     6,802       6,225       8,047       1,130  

Transportation ticketing

     5,650       5,397       6,306       886  

Packaged-tour

     1,558       1,079       1,606       226  

Corporate travel

     656       692       756       106  

Others

     1,234       1,471       1,652       232  

Total revenue

     15,900       14,864       18,367       2,580  

Less: Sales tax and surcharges

     (27     (21     (29     (4

Net revenue

     15,873       14,843       18,338       2,576  

Cost of revenue

     (2,800     (2,818     (3,359     (472

Gross profit

     13,073       12,025       14,979       2,104  

Operating expenses:

        

Product development *

     (3,640     (3,500     (4,083     (574

Sales and marketing *

     (3,382     (3,326     (4,181     (587

General and administrative *

     (1,045     (1,097     (1,141     (160

Total operating expenses

     (8,067     (7,923     (9,405     (1,321

Income from operations

     5,006       4,102       5,574       783  

Interest income

     598       609       675       95  

Interest expense

     (399     (265     (183     (26

Other income

     1,781       1,114       17,032       2,392  

Income before income tax expense and equity in income of affiliates

     6,986       5,560       23,098       3,244  

Income tax expense

     (721     (998     (3,344     (470

Equity in income of affiliates

     558       318       165       23  

Net income

     6,823       4,880       19,919       2,797  

Net income attributable to non-controlling interests and mezzanine classified non-controlling interests

     (58     (34     (29     (4

Net income attributable to Trip.com Group Limited

     6,765       4,846       19,890       2,793  

Earnings per ordinary share

        

- Basic

     10.37       7.34       30.36       4.26  

- Diluted

     9.93       6.97       28.61       4.02  

Earnings per ADS

        

- Basic

     10.37       7.34       30.36       4.26  

- Diluted

     9.93       6.97       28.61       4.02  

Weighted average ordinary shares outstanding

        

- Basic

     652,719,801       659,916,799       655,036,191       655,036,191  

- Diluted

     681,411,847       695,705,348       695,035,857       695,035,857  

* Share-based compensation included in Operating expenses above is as follows:

 

   

Product development

     221       258       257       36  

Sales and marketing

     38       53       55       8  

General and administrative

     200       255       248       35  

 

Page 2


Trip.com Group Limited 

Unaudited Reconciliation of GAAP and Non-GAAP Results 

(In millions, except %, share and per share data) 

 

     Quarter ended
September 30, 2024
RMB (million)
    Quarter ended
June 30, 2025
RMB (million)
    Quarter ended
September 30, 2025
RMB (million)
    Quarter ended
September 30, 2025
USD (million)
 

Net income

     6,823       4,880       19,919       2,797  

Less: Interest income

     (598     (609     (675     (95

Add: Interest expense

     399       265       183       26  

Less: Other income

     (1,781     (1,114     (17,032     (2,392

Add: Income tax expense

     721       998       3,344       470  

Less: Equity in income of affiliates

     (558     (318     (165     (23

Income from operations

     5,006       4,102       5,574       783  

Add: Share-based compensation

     459       566       560       79  

Add: Depreciation and amortization

     215       212       212       30  

Adjusted EBITDA

     5,680       4,880       6,346       892  

Adjusted EBITDA margin

     36     33     35     35

Net income attributable to Trip.com Group Limited

     6,765       4,846       19,890       2,793  

Add: Share-based compensation

     459       566       560       79  

Less: Gain from fair value changes of equity securities investments and exchangeable senior notes

     (1,276     (447     (1,308     (184

Add: Tax effects on fair value changes of equity securities investments and exchangeable senior notes

     15       46       14       2  

Non-GAAP net income attributable to Trip.com Group Limited

     5,963       5,011       19,156       2,690  

Weighted average ordinary shares outstanding-
Diluted-non GAAP

     681,411,847       695,705,348       695,035,857       695,035,857  

Non-GAAP Diluted income per share

     8.75       7.20       27.56       3.87  

Non-GAAP Diluted income per ADS

     8.75       7.20       27.56       3.87  

Notes for all the condensed consolidated financial schedules presented: 

Note 1: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00=RMB7.1190 on September 30, 2025 published by the Federal Reserve Board. 

 

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