Trip.com Group reported steady revenue growth in the fourth quarter and full year of 2025, supported by resilient global travel demand, while also announcing significant changes to its board of directors.
For the fourth quarter of 2025, Trip.com Group reported net revenue of RMB 15.4 billion (USD 2.2 billion), representing a 21% increase from the same period in 2024, primarily driven by resilient travel demand. Net revenue for the fourth quarter of 2025 decreased by 16% from the previous quarter, primarily due to seasonality.
For the full year of 2025, net revenue was RMB 62.4 billion (USD 8.9 billion), representing a 17% increase from 2024.
Net income for the fourth quarter of 2025 was RMB 4.3 billion (USD 613 million), compared to RMB 2.2 billion for the same period in 2024 and RMB 19.9 billion for the previous quarter.
For the full year of 2025, net income was RMB 33.4 billion (USD 4.8 billion), compared to RMB 17.2 billion in 2024. The increase was primarily due to the gain from investments recorded in other (expense)/income in the amount of RMB 19.9 billion (USD 2.8 billion) in 2025, compared to RMB 1.1 billion in 2024.
The Company announced a series of changes to its board of directors, effective February 25, 2026.
Mr. Min Fan, one of the four co-founders of Ctrip, has resigned from his positions as a director and the president of the Company, and Mr. Qi Ji, chairman of H World Group, has resigned from his position as a director. As co-founders of the Company, Mr. Fan and Mr. Ji have made foundational and immeasurable contributions to its inception, growth, and success. The board expresses its most sincere gratitude and deepest appreciation for their vision, extraordinary leadership, and years of dedicated service.
Concurrently, the Company announced the appointments of Ms. May Yihong Wu and Ms. Iris Yang Xiao as new independent directors. These appointments reflect the board's ongoing commitment to maintaining diverse expertise and fresh perspectives, positioning it to effectively guide the Company's evolving strategy and oversee future opportunities and risks.
Additionally, Mr. Gabriel Li has been appointed to serve on the compensation committee of the board of directors.
Ms. May Yihong Wu has been serving as an independent director, the chairwoman of the audit committee and a member of the compensation committee of MakeMyTrip Limited (Nasdaq: MMYT) since May 2024, an independent non-executive director and chairwoman of the audit committee of Alibaba Health Information Technology Limited (HKEX: 0241) since August 2023, an independent non-executive director and chairwoman of the audit committee of Swire Properties Limited (HKEX: 1972) since May 2017, and an independent director and a member of the corporate governance and nominating committee of Noah Holdings Limited (Nasdaq: NOAH; HKEX: 6686) since November 2010, where she was also a member of the compensation committee from November 2010 to May 2015 and has been the chairwoman of the compensation committee since May 2015. From July 2019 to May 2023, Ms. Wu also served as a board adviser of Homeinns Hotel Group, where she also served as the chief strategy officer from May 2010 to June 2019 and chief financial officer from July 2006 to April 2010. Ms. Wu holds an MBA degree from the Kellogg School of Management at Northwestern University, a master's degree in economics from Brooklyn College of the City University of New York, and a bachelor's degree in biochemistry from Fudan University.
Ms. Iris Yang Xiao served as an investment analyst of Capital International Investors, Hong Kong from June 2020 to June 2025. Prior to that, Ms. Xiao worked at Principal Global Investors from March 2013 to March 2020, including as a portfolio manager and as an equity analyst. Prior to that, Ms. Xiao served as a portfolio manager of Ping An of China Asset Management from March 2010 to February 2013. Ms. Xiao holds a bachelor's degree in international economics and trade from Shanghai Jiao Tong University and a master's degree in global finance from the New York University Stern Business School and the Hong Kong University of Science and Technology.
According to the Company's current articles of association, each of Ms. Wu and Ms. Xiao will hold office as a director of the Company until the first annual general meeting following her appointment, at which point she will be eligible for re-election.
