Trip.com Group Limited (NASDAQ: TCOM; HKEX: 9961) released its financial results for the first half and second quarter ended 2025 today. The financial report shows that Trip.com Group's first half 2025 revenue reached 28.7 billion yuan (approximately $4 billion), with operating profit of 7.67 billion yuan (approximately $1.07 billion) and net profit of 9.19 billion yuan (approximately $1.28 billion).

Trip.com Group's second quarter 2025 revenue was 14.86 billion yuan (approximately $2.075 billion), with net profit of 4.88 billion yuan (approximately $681 million).

**Co-founder Fan Min Cashes Out Over 30 Million Yuan**

As of August 27, 2025 Eastern Time, Trip.com Group has repurchased approximately 7 million American Depositary Receipts under its stock buyback program authorized in February 2025, with a total consideration of approximately $400 million.

Trip.com Group's board of directors approved a new share repurchase program in August 2025, authorizing the company to repurchase issued ordinary shares and/or American Depositary Shares (ADS) with a total value not exceeding $5 billion.

According to documents filed by Trip.com Group with the U.S. SEC, co-founder and president Fan Min reduced his holdings by 70,000 shares on May 27, 2025, cashing out $4.27 million (approximately 30.57 million yuan).

**Q2 Revenue 14.8 Billion Yuan, Up 16% YoY**

Trip.com Group's second quarter 2025 net revenue was 14.8 billion yuan ($2.1 billion), representing a 16% increase from 12.79 billion yuan in the same period last year and a 7% increase from 13.85 billion yuan in the previous quarter, primarily driven by increasingly strong travel demand, particularly during holiday periods.

**Q2 Accommodation Booking Revenue 6.2 Billion Yuan, Up 21% YoY**

Trip.com Group's second quarter 2025 accommodation booking revenue was 6.2 billion yuan ($869 million), representing a 21% increase from 5.14 billion yuan in the same period last year, primarily due to growth in accommodation bookings.

**Q2 Transportation Ticketing Revenue 5.4 Billion Yuan, Up 11% YoY**

Trip.com Group's second quarter 2025 transportation ticketing revenue was 5.4 billion yuan ($753 million), representing an 11% increase from 4.87 billion yuan in the same period last year, primarily due to growth in transportation ticketing bookings. Transportation ticketing revenue remained stable quarter-over-quarter.

Trip.com Group's second quarter 2025 packaged tour revenue was 1.1 billion yuan ($151 million), up 5% year-over-year, primarily due to growth in packaged tour bookings.

Trip.com Group's second quarter 2025 corporate travel management revenue was 692 million yuan ($97 million), up 9% year-over-year and 21% quarter-over-quarter, primarily due to growth in corporate travel orders.

Trip.com Group's second quarter 2025 operating costs were 2.8 billion yuan ($393 million), up 22% year-over-year and 4% quarter-over-quarter, generally consistent with the trend in net revenue. Operating costs accounted for 19% of net revenue in the second quarter 2025.

Trip.com Group's second quarter 2025 product development expenses were 3.5 billion yuan ($489 million), up 17% year-over-year, primarily due to increased expenses related to product development personnel. Product development expenses decreased 1% quarter-over-quarter and accounted for 24% of net revenue in the second quarter 2025.

Trip.com Group's second quarter 2025 sales and marketing expenses were 3.3 billion yuan ($464 million), up 17% year-over-year and 11% quarter-over-quarter, primarily due to increased expenses related to sales and marketing activities. Sales and marketing expenses accounted for 22% of net revenue in the second quarter 2025.

Trip.com Group's second quarter 2025 general and administrative expenses were 1.1 billion yuan ($153 million), up 2% year-over-year and 6% quarter-over-quarter. General and administrative expenses accounted for 7% of net revenue in the second quarter 2025.

Trip.com Group's second quarter 2025 income tax expense was 998 million yuan ($139 million), compared to 693 million yuan in the same period of 2024 and 638 million yuan in the previous quarter.

**Q2 Operating Profit 4.1 Billion Yuan with 28% Operating Margin**

Trip.com Group's second quarter 2025 operating profit was 4.1 billion yuan, with an operating margin of 28%.

**Q2 Net Profit 4.9 Billion Yuan, Up 26% YoY**

Trip.com Group's second quarter 2025 net profit was 4.9 billion yuan ($681 million), compared to 3.9 billion yuan in the same period of 2024 and 4.3 billion yuan in the previous quarter.

Trip.com Group's second quarter 2025 adjusted EBITDA was 4.9 billion yuan ($680 million), compared to 4.4 billion yuan in the same period of 2024 and 4.2 billion yuan in the previous quarter.

Non-GAAP net income attributable to Trip.com Group shareholders for the second quarter 2025 was 5.0 billion yuan ($700 million), compared to 5.0 billion yuan in the same period of 2024 and 4.2 billion yuan in the previous quarter.

As of June 30, 2025, Trip.com Group held cash and cash equivalents, restricted cash, short-term investments, and time deposits and wealth management products held to maturity totaling 94.1 billion yuan ($13.1 billion).