Trip.com Group Limited announced its unaudited financial results for the fourth quarter and full year of 2025 on February 26. According to the report, the company's net operating revenue for 2025 reached 62.409 billion yuan, an increase of 17.10% year-on-year. Net profit attributable to shareholders was 33.294 billion yuan, surging 95.08% compared to the previous year. On the same day, the company also announced that co-founders Fan Min and Ji Qi have resigned from their positions as directors and executives.

Following the earnings release, the company's Hong Kong-listed shares declined, falling more than 4% during the trading session. By market close, the stock was down 3.24%, with its market capitalization standing at 285.7 billion Hong Kong dollars.

Over 60% of the company's revenue came from other income categories. In 2025, other income amounted to 21.321 billion yuan, accounting for more than 60% of total revenue. This represents a nearly tenfold increase from the 2.22 billion yuan recorded in the same period last year. The significant growth in net profit was primarily driven by investment gains of 19.9 billion yuan included in other income, compared to 1.1 billion yuan in 2024.

These investment gains largely resulted from the sale of shares. On June 17, 2025, the company announced the divestment of its Class B ordinary shares in Indian online travel giant MakeMyTrip Limited, with proceeds estimated between 2.5 billion and 3 billion U.S. dollars. In the third quarter alone, this transaction contributed 17 billion yuan in gains.

Excluding investment-related income, the core business performance showed that operating profit for the fourth quarter of 2025 was approximately 2.534 billion yuan, up 10.13% year-on-year. Full-year operating profit reached 15.773 billion yuan, an increase of 11.26% compared to the prior year.

By business segment, accommodation reservation revenue was 26.1 billion yuan, transportation ticketing revenue was 22.489 billion yuan, tour vacation revenue was 4.688 billion yuan, and corporate travel management revenue was 2.829 billion yuan. These segments grew by 20.77%, 10.78%, 8.12%, and 13.07% year-on-year, respectively.

The company also announced a series of board changes effective February 25, 2026. Fan Min has resigned as director and president, while Ji Qi has stepped down as a director. Both were deeply involved in the company's development from its founding and were core members of the founding team. Meanwhile, Wu Yihong and Xiao Yang have been appointed as new independent directors. Li Jipei has been named a member of the board's compensation committee.

Notably, regarding the investigation notice received from the State Administration for Market Regulation in January, the company stated in its financial report that the investigation is still ongoing and the company is fully cooperating with authorities. It emphasized that it will maintain active communication with regulators on compliance matters and that business operations remain normal. The company is unable to predict the investigation's status or outcome at this time and will provide further updates upon its conclusion.