Trip.com Group Limited (TCOM): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and see exactly how Trip.com Group Limited is making its money right now, and honestly, the Q3 2025 numbers tell a clear story of a travel giant successfully pivoting toward AI-driven personalization while banking a massive RMB107.7 billion (USD 15.1 billion) in cash. As a former BlackRock head analyst, I can tell you this model isn't just about selling tickets anymore; it's about owning the entire, complex journey, from the RMB8.0 billion (US$1.1 billion) in accommodation commissions to integrating tools like TripGenie. Dive into the full Business Model Canvas below to see the nine core blocks driving this global powerhouse, especially how they are spending heavily on Product Development-a whopping RMB4.1 billion (USD 574 million) that quarter-to stay ahead.

Trip.com Group Limited (TCOM) - Canvas Business Model: Key Partnerships

The Key Partnerships block for Trip.com Group Limited as of late 2025 is built on deep integration across the global travel supply chain, moving beyond simple transaction processing to co-creating travel experiences.

The scale of the accommodation network is substantial, underpinning the core reservation revenue stream. As of 2025, Trip.com Group's ecosystem supports 1.7 million global accommodations partners. This massive inventory is crucial, especially as Q3 2025 net revenue reached RMB18.3 billion ($2.6 billion).

In the air travel segment, the company maintains a broad distribution platform, connecting carriers with users. Trip.com Group works with 600+ airlines globally as partners. This supports the transportation ticketing revenue, which was RMB6.3 billion ($886 million) in Q3 2025.

Strategic alliances with destination marketing organizations are a key focus for driving inbound and outbound traffic. These partnerships are designed to position specific regions as premier destinations.

The Live Nation Asia collaboration marks a strategic entry into event-driven travel, aiming to capture the rising trend of concert tourism. For example, the initial launch included bundled experiences for the TWICE world tour in Hong Kong.

To foster innovation within this ecosystem, Trip.com Group launched a significant financial commitment in May 2025. This initiative is designed to support new approaches across product development and sustainability.

• Tourism Innovation Fund size: $100 million (or RMB 1 billion).
• Global Award component funding: Around $1.4 million.
• Ecosystem support: The fund is designed to support destinations, organizations, and individuals.

To be fair, the scale of these partnerships is reflected in the company's ability to cater to niche segments; for instance, in Q1 2025, Trip.com Group offered over 2,000 partner hotels and 4,000 hotel packages specifically for the silver generation. Finance: draft 13-week cash view by Friday.

Trip.com Group Limited (TCOM) - Canvas Business Model: Key Activities

Operating a global, multi-brand online travel agency (OTA) platform

• Net revenue for the third quarter of 2025 reached RMB18.3 billion (US$2.6 billion).
• Net revenue for the third quarter of 2025 represented a 16% increase from the same period in 2024.
• Net revenue for the first quarter of 2025 was RMB13.8 billion (US$1.9 billion).
• The non-GAAP EBITDA margin for the first quarter of 2025 was 31%, up from 28% in Q1 2024.
• Sales and marketing expenses as a percentage of net revenue for Q1 2025 was 22%, down from 25% in Q1 2024.
• The gross profit margin for the last twelve months ending Q1 2025 was 81.06%.

Developing and integrating AI tools like Trip.Planner and TripGenie

• AI-driven initiatives in Q1 2025 resulted in a 50% increase in user session duration.
• The AI travel assistant TripGenie has seen user engagement increase.
• Trip.com Group is enhancing every stage of the journey with AI.
• Trip.Gourmet monetizes the global food tourism market, offering 50,000 restaurants across 300 cities.
• Of Trip.Gourmet users, 60% prioritize food-centric itineraries.

Securing and managing a massive global travel inventory

Aggressive international expansion, especially in the Middle East

• Overall bookings on the international OTA platform increased by around 60% year-over-year in Q3 2025.
• Outbound flight and hotel bookings reached approximately 140% of the volume noted in the same period in 2019 for Q3 2025.
• In Q1 2025, international OTA platform reservations increased by over 60% year-over-year.
• Outbound travel bookings in Q1 2025 exceeded 2019 levels by 20%.
• The company opened offices in Dubai, Riyadh, and Jeddah, with an Egypt office planned for later in 2025.
• Point-of-sale operations are being prepared for expansion into Bahrain, Oman, Kuwait, and Qatar.
• Inbound travel bookings to the Middle East increased by 37.5% in Q1 2025 compared to Q4 2024.
• Cities in Saudi Arabia, particularly religious destinations for Umrah, are experiencing triple-digit growth.
• Millennials constitute close to 60% of inbound travelers to the Middle East.
• Partnerships include strategic alliances with Saudia, Flynas, and a three-year Memorandum of Understanding (MOU) with Visit Oman.

Providing 24/7 customer support and emergency services

• Upgrades to multilingual offline service centers contributed to the surge in inbound hotel bookings from key visa-free countries, which rose more than 240% in Q1 2025.
• The company is enhancing service capabilities to provide global travelers with seamless local experiences.

Trip.com Group Limited (TCOM) - Canvas Business Model: Key Resources

You're looking at the core assets Trip.com Group Limited relies on to run its global travel empire as of late 2025. These aren't just line items; they are the engines driving their market position.

Portfolio of global brands

Trip.com Group Limited operates a portfolio of distinct brands to capture different segments of the travel market globally. These include the flagship platforms and key regional players:

• Trip.com
• Ctrip
• Skyscanner
• Qunar

Proprietary AI and big data technology platform

The company's competitive edge is heavily tied to its technology investment, which is reflected in its spending. Product development expenses for the third quarter of 2025 reached RMB 4.1 billion (USD 574 million). This investment fuels innovations like Trip.Planner, an artificial intelligence-powered travel planning hub that integrates itinerary creation, dynamic recommendations, and real-time booking across flights, trains, hotels, and attractions in a single interface. This platform leverages proprietary user insights and verified inventories to deliver context-aware recommendations.

Financial Strength

A significant resource is the company's liquidity position, which allows for continued investment and weathering market shifts. 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 stood at RMB107.7 billion (USD 15.1 billion).

Extensive global network of hotel and airline contracts

The scale of Trip.com Group Limited's inventory is a critical resource, built on deep contractual relationships. The company operates websites in approximately 40 languages and serves 200 countries worldwide. The strength of this network is visible in booking performance metrics:

The company relies on these hotel partners for guaranteed availability at discounted prices, though contract renewal terms remain an ongoing consideration.

Workforce and Infrastructure

The human capital and service backbone support the global operations. The latest reported total employee count for Trip.com Group Limited was 41,073 as of December 31, 2024. This workforce is supported by a global service center infrastructure providing 24/7 customer service across its transaction platform.

Trip.com Group Limited (TCOM) - Canvas Business Model: Value Propositions

You're looking at the core reasons why travelers choose Trip.com Group Limited over competitors in late 2025. It boils down to scale, technology-driven personalization, and reliable support across borders. The numbers from the third quarter of 2025 definitely back this up.

One-stop shop for comprehensive travel products globally

Trip.com Group Limited acts as a leading global one-stop travel service provider, aggregating services like accommodation reservation, transportation ticketing, packaged tours, and corporate travel management under brands including Ctrip, Qunar, Trip.com, and Skyscanner. This breadth of offering is reflected in the financial breakdown for Q3 2025.

The sheer volume of transactions across these segments in the third quarter of 2025 shows the one-stop value in action:

Furthermore, the depth of inventory supports this one-stop claim. As of Q1 2025, the offerings included over 7,000 travel products, 2,000 partner hotels, and 4,000 hotel packages specifically tailored for the silver generation.

Hyper-personalized itineraries and recommendations via AI

Trip.com Group is heavily investing in technology to move beyond simple booking to true personalization. Product development expenses in Q3 2025 rose by 12%, reaching RMB4.1 billion (US$574 million), with significant focus on AI, big data, and machine learning. This investment is directly translating into user engagement and booking uplift.

The adoption of AI tools is a clear value driver:

• The proprietary AI tool, TripGenie, saw user growth of an impressive 200% year-over-year recently.
• AI tools like Trip.Planner were credited with driving 60% of booking growth during H1 2025.
• The platform's AI synthesizes real-time data against 20 million points of interest to build itineraries.
• As of the Momentum 2025 report, 58% of travelers already use AI for travel recommendations.

This focus on AI is about making travel planning smarter for you.

Seamless cross-border travel experience for Chinese and international users

The recovery and growth in international travel is a massive value proposition for Trip.com Group, showing they successfully facilitate movement across borders for both inbound and outbound customers. In Q3 2025, overall bookings on their international OTA platform increased by around 60% year-over-year. Inbound travel bookings, specifically, surged by over 100% year-over-year for the same period.

Outbound travel metrics also show strong performance, with outbound flight and hotel bookings climbing to approximately 140% of the volume seen in the same period in 2019. For inbound travelers, the data from Q2 2025 showed that national inbound arrivals grew by 30% year-over-year, with 71% of those arrivals coming from visa-free regions, indicating smooth entry processes.

The trend toward complex travel is also supported:

• Multi-destination stays saw a 60% increase in bookings compared to the prior year (Labour Day 2025 data).
• Top cross-border destinations for the May Labour Day holiday included Japan, China, South Korea, Thailand, and Malaysia.

Cost-effective bookings and price transparency across brands

The company's operational efficiency, partly driven by technology, helps translate into value for the customer, even if the primary financial benefit is margin expansion. Trip.com Group maintained a strong Gross Profit Margin of approximately 81.4% for Q3 2025. The cost of revenue represented only about 18% of the net revenue for that quarter.

This efficiency supports a strong bottom line, with the non-GAAP Operating Profit Margin reaching approximately 33.3% in Q3 2025. While the company invests heavily in customer acquisition-Sales and marketing expenses for Q3 2025 were RMB4.2 billion (US$587 million), or 23% of net revenue-the underlying margin structure suggests competitive pricing is a core part of the strategy to help you secure cost-effective bookings.

High-quality, reliable 24/7 customer service and Global Travel SOS

Reliability is cemented by industry recognition and round-the-clock availability. Trip.com Group offers 24/7 global support and service to international travelers at every stage of their journey. This commitment has resulted in external validation; the company was recognized as both Contact Center of the Year and Global Support Services of the Year at the Asia Pacific Customer Relations Excellence Awards. The workforce supporting this includes thousands of travel professionals across 28 countries, helping maintain a global customer satisfaction rate of nearly 90%.

Trip.com Group Limited (TCOM) - Canvas Business Model: Customer Relationships

You're looking at how Trip.com Group Limited keeps its global customer base engaged and satisfied; it's a mix of high-tech automation and dedicated human touchpoints.

The commitment to service is backed by tangible infrastructure, with 16 global call centers supporting thousands of travel professionals across 28 countries, all working to maintain a global customer satisfaction rate of nearly 90%.

For self-service, the AI-driven tools are seeing massive adoption. Trip.com Group's AI tool, TripGenie, saw its traffic surge by 200% in 2024, and the total number of conversations also rose by 200% that year. Furthermore, in the first quarter of 2025, AI-driven initiatives contributed to a 50% increase in user session duration. Users rely on TripGenie for seamless assistance via voice and text commands in multiple languages throughout their journey, also receiving intelligent updates for hotels, airport transfers, and activities based on their existing itinerary.

Dedicated, high-touch support is clearly segmented for the corporate sector through Trip.Biz. Corporate travel revenue for the first quarter of 2025 hit RMB 573 million (US$ 79 million), marking a 12% year-over-year increase. By the second quarter of 2025, this revenue grew to RMB 692 million (US$ 97 million), up 9% from the same period in 2024. This segment is driven by more companies adopting managed corporate travel services.

While direct data on user-generated content platforms like Trip Moments isn't explicitly quantified here, engagement with specific user segments shows strong community focus. For instance, users and gross merchandise value for Trip.com Group's Old Friends Club, which caters to the Silver Generation, increased by 100% year-over-year in Q1 2025. This specialized offering includes over 7,000 travel products and provides one-on-one customer support throughout the entire journey.

The service model is heavily localized to ensure relevance across its global footprint. The company offers 24/7 global support for international travelers at every stage of their journey. This is supported by a workforce of thousands of travel professionals operating in 28 countries.

Here's a quick look at the revenue tied to some of these customer relationship segments:

The focus on AI tools like TripGenie shows a clear path to scaling support efficiently, as evidenced by the 200% surge in conversations in 2024. Finance: draft 13-week cash view by Friday.

Trip.com Group Limited (TCOM) - Canvas Business Model: Channels

You're looking at how Trip.com Group Limited moves its product to the customer as of late 2025. It's a multi-pronged approach, leaning heavily on digital storefronts but still maintaining human touchpoints.

The core of the distribution is through its suite of digital properties, which are showing strong growth, especially in the international sphere. For the third quarter of 2025, overall bookings on the international OTA platform increased by around 60% year-over-year. Outbound flight and hotel bookings specifically climbed to around 140% of the volume seen in the same period of 2019.

Here's a look at the financial contribution from the major booking segments in Q3 2025:

The primary mobile applications-Trip.com, Ctrip, and Skyscanner-are the main engines for this digital volume. Inbound travel bookings, which heavily utilize these apps, surged by over 100% year-over-year in the first quarter of 2025. Furthermore, the company's focus on specific demographics is yielding results; for the first quarter of 2025, both the number of users and gross merchandise volume for the Old Friends Club (targeting travelers aged 50 and above) doubled year-over-year.

The digital channel experience is being enhanced by technology, which impacts engagement:

• AI-powered Trip Planner unique visits saw a 180% surge in Q3 2025.
• In Q1 2025, AI-driven initiatives led to a 50% increase in user session duration.

The web-based OTA platforms (desktop and mobile web) are intrinsically linked to the international OTA booking figures mentioned above, representing the broader digital storefront access beyond the dedicated apps.

For the corporate segment, the Trip.Biz platform is a dedicated channel. Its revenue for Q3 2025 reached RMB756 million (US$106 million), marking a 15% increase from the third quarter of 2024. This platform pools services like airfare, accommodation, and ride-hailing under advanced policy controls.

Direct sales and customer service centers provide a necessary human layer. Trip.com Group maintains 16 customer service centers globally, offering support in 20 languages and operating 24-hours a day.

Social media and live-streaming platforms serve as inspiration and sales channels, particularly for younger travelers. The company is actively curating niche offerings, such as those related to concerts and sports events, to capture this demand, which is a key focus for Q1 2025 growth.

Finance: review Q4 2025 channel revenue contribution breakdown by Friday.

Trip.com Group Limited (TCOM) - Canvas Business Model: Customer Segments

You're looking at the distinct groups Trip.com Group Limited targets as of late 2025. It's not just one crowd; it's a carefully segmented approach to capture the entire travel lifecycle, from the budget-conscious domestic tourist to the high-spending international executive.

The mass-market leisure travelers, both in China and globally, form the bedrock of volume. For the first quarter of 2025, Trip.com Group reported net revenue of RMB13.8 billion (US$1.9 billion). Outbound hotel and air ticket bookings for the third quarter of 2025 have climbed to around 140% of the volume seen in the same period in 2019. Also, overall reservations on the international OTA platform increased by over 60% year-over-year in Q1 2025. Mobile devices account for over 70% of all bookings.

The rebound in inbound travel is significant for this segment. Inbound travel bookings surged by around 100% year-over-year in Q1 2025, and this segment surged by over 100% year-over-year in Q3 2025 as well.

For corporate clients, the demand for localized travel management solutions is clearly translating into revenue. Corporate travel revenue for the first quarter of 2025 hit RMB573 million (US$79 million), marking a 12% increase from the same period in 2024. By the third quarter of 2025, this segment grew further to RMB756 million (US$106 million), a 15% year-over-year increase.

The focus on senior travelers is a clear growth vector. For the first quarter of 2025, both the number of Old Friend Club users and their Gross Merchandise Value (GMV) grew by 100% year-over-year. To serve this group, Trip.com Group now offers over 7,000 travel products, 2,000 partner hotels, and 4,000 hotel packages tailored for the Silver Generation.

High-value, affluent travelers and experiential travelers are captured through premium and niche offerings. Packaged-tour revenue, which often caters to these groups, was RMB947 million (US$131 million) in Q1 2025, growing to RMB1.6 billion (US$226 million) in Q3 2025. For the culinary niche, Trip. Gourmet offers 50,000 restaurants across 300 cities, with 60% of its users prioritizing food-centric itineraries.

Here's a quick look at the revenue contribution from key segments in Q1 2025:

The company is definitely focusing on capturing demand from every demographic, which is reflected in these varied revenue streams.

The platform also supports niche experiential travelers through curated offerings:

• Curating niche offerings across themes like concerts, anime, and sports events.
• Trip. Gourmet coverage: 50,000 restaurants in 300 cities.
• Food-centric itinerary priority: 60% of Trip. Gourmet users.

Finance: draft 13-week cash view by Friday.

Trip.com Group Limited (TCOM) - Canvas Business Model: Cost Structure

You're looking at the expense side of Trip.com Group Limited's operations as of late 2025. Honestly, for a high-volume transaction business like this, the costs scale right up with revenue, which is what we see in the Q3 2025 numbers.

The Cost of Revenue is definitely a major variable component. For the third quarter of 2025, this hit RMB3.4 billion (US$472 million). This cost scales directly with bookings-think about payment processing fees and what they pay out to suppliers like hotels and airlines for inventory. For context, this represented 18% of the quarter's net revenue.

Next up, the push for growth means heavy spending on getting customers. Sales and Marketing expenses were significant, coming in at 23% of net revenue for Q3 2025. This spend, which totaled RMB4.2 billion (US$587 million), is tied to promotion activities, especially as Trip.com Group pushes harder into international markets. That's a clear choice: spend now to capture market share.

The commitment to staying ahead technologically shows up clearly in Product Development. Trip.com Group invested RMB4.1 billion (USD 574 million) in R&D during Q3 2025. This expense, which was 22% of net revenue, is largely driven by personnel costs related to building out AI tools like Trip Genie and enhancing the mobile experience. Here's the quick math: they are pouring nearly as much into future tech as they are into immediate sales and marketing.

We also need to account for the overhead that keeps the lights on and the systems running. General and administrative expenses were RMB1.1 billion (US$160 million) in the quarter, making up 6% of net revenue. This category covers a lot of ground, including the core personnel costs not directly tied to product development.

The structure of these costs can be broken down like this:

The global customer service infrastructure costs are embedded within these larger buckets, particularly in G&A and R&D due to personnel. You see the focus on scaling operations through technology, which means personnel-related expenses are a key driver across the board.

The main cost drivers for Trip.com Group in Q3 2025 were:

• Supplier costs and payment processing fees within Cost of Revenue.
• Aggressive marketing spend for international expansion.
• Personnel expenses driving substantial Product Development investment.
• Costs for maintaining the global operational and customer service footprint.

What this estimate hides is the exact split between technology personnel in R&D versus customer service personnel in G&A, but the total investment in both areas is substantial.

Trip.com Group Limited (TCOM) - Canvas Business Model: Revenue Streams

You're looking at how Trip.com Group Limited actually brings in the money, and the Q3 2025 numbers show a strong reliance on core travel bookings, especially with international travel roaring back.

The bulk of the revenue comes from commissions and fees generated across their primary booking channels. Here's the quick math on the major components for the third quarter of 2025, which totaled RMB18.3 billion (US$2.6 billion) in net revenue.

The growth rates tell a story, too. Accommodation reservations were up 18% year-over-year, and transportation ticketing grew 12% year-over-year, showing the fundamental strength in their core offerings. To be defintely clear, the packaged-tour segment saw only a 3% increase year-over-year, though it jumped 49% from the previous quarter due to seasonality.

Beyond the direct booking commissions, Trip.com Group Limited monetizes its massive user base and platform traffic through other avenues. These streams are becoming increasingly important as they integrate AI tools across the user journey.

• Advertising and other value-added services revenue.
• Revenue from AI-powered tools like Trip Planners, which saw unique visits surge by 180% year-over-year in Q3 2025.

Finance: draft 13-week cash view by Friday.