Trip.com Group Limited (TCOM) Cash Flow Statement
Where TCOM’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- CN¥14.38B −26.7% vs 2024
- Capital expenditures
- CN¥797.0M 1.3% of revenue
- Free cash flow
- CN¥13.58B 22.4% margin
- Returned to shareholders
- CN¥5.82B 43% of free cash flow
- Change in cash
- −CN¥4.64B cash at year-end CN¥46.45B
Drawn to scale: where the cash came from and how it was used. Hover for values.
TCOM operating cash flow, capex and free cash flow
TCOM cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | CN¥5.27B2016 | CN¥14.38B2025 | +11.8%/yr | |
| Capital expenditures | CN¥689.0M2016 | CN¥797.0M2025 | +1.6%/yr | |
| Free cash flow | CN¥4.58B2016 | CN¥13.58B2025 | +12.8%/yr | |
| Free cash flow margin | 23.8%2016 | 22.4%2025 | −1.4 pts | |
| Operating cash flow / net income | 3.272017 | 0.432025 | −2.84 | |
| Stock-based compensation | CN¥3.56B2016 | CN¥2.27B2025 | −4.9%/yr | |
| Dividends paid | CN¥02016 | CN¥1.42B2025 | — | |
| Share buybacks (net) | CN¥02016 | CN¥4.40B2025 | — | |
| Capex / revenue | 3.6%2016 | 1.3%2025 | −2.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TCOM cash flow by activity
TCOM net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
TCOM cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | CN¥33.39B | CN¥17.23B | CN¥10.00B | CN¥1.37B | −CN¥645.0M | −CN¥3.27B | CN¥7.00B | CN¥1.10B | CN¥2.16B | −CN¥1.64B |
| Depreciation & amortization | CN¥1.09B | CN¥1.11B | CN¥1.05B | CN¥1.29B | CN¥1.41B | CN¥1.57B | CN¥1.45B | CN¥982.0M | CN¥883.0M | CN¥718.0M |
| Stock-based compensation | CN¥2.27B | CN¥2.04B | CN¥1.83B | CN¥1.19B | CN¥1.68B | CN¥1.87B | CN¥1.71B | CN¥1.71B | CN¥1.83B | CN¥3.56B |
| Change in working capital | −CN¥5.73B | CN¥3.32B | CN¥9.26B | −CN¥800.0M | CN¥177.0M | −CN¥6.93B | CN¥282.0M | CN¥2.12B | CN¥2.20B | CN¥3.41B |
| Other non-cash items | −CN¥16.64B | −CN¥4.07B | −CN¥140.0M | −CN¥405.0M | −CN¥151.0M | CN¥2.94B | −CN¥3.11B | CN¥1.21B | −CN¥6.2M | −CN¥778.3M |
| Cash from operating activities | CN¥14.38B | CN¥19.62B | CN¥22.00B | CN¥2.64B | CN¥2.48B | −CN¥3.82B | CN¥7.33B | CN¥7.12B | CN¥7.07B | CN¥5.27B |
| Investing activities | ||||||||||
| Capital expenditures | −CN¥797.0M | −CN¥591.0M | −CN¥606.0M | −CN¥498.0M | −CN¥571.0M | −CN¥532.0M | −CN¥834.0M | −CN¥708.0M | −CN¥494.2M | −CN¥689.0M |
| Investments (net) | −CN¥991.0M | −CN¥6.05B | CN¥5.92B | CN¥1.14B | −CN¥4.15B | −CN¥3.82B | −CN¥2.41B | −CN¥14.08B | −CN¥15.23B | −CN¥19.83B |
| Acquisitions & other investing | −CN¥2.39B | CN¥591.0M | CN¥606.0M | CN¥498.0M | CN¥571.0M | CN¥532.0M | CN¥834.0M | CN¥708.0M | CN¥494.2M | CN¥689.0M |
| Cash from investing activities | −CN¥4.18B | −CN¥6.05B | CN¥5.92B | CN¥1.14B | −CN¥4.15B | −CN¥3.82B | −CN¥2.41B | −CN¥14.08B | −CN¥15.23B | −CN¥19.83B |
| Financing activities | ||||||||||
| Dividends paid | −CN¥1.42B | CN¥0 | CN¥0 | — | — | — | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Share repurchases & issuance (net) | −CN¥4.40B | −CN¥2.17B | −CN¥1.62B | CN¥0 | CN¥0 | CN¥159.0M | CN¥467.0M | −CN¥1.20B | CN¥1.38B | CN¥10.86B |
| Net borrowing (repayment) | −CN¥9.12B | −CN¥6.07B | −CN¥1.06B | −CN¥6.78B | −CN¥4.05B | CN¥7.95B | −CN¥10.66B | CN¥12.05B | CN¥8.34B | CN¥7.22B |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥7.98B | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | CN¥275.0M | CN¥1.53B | CN¥135.0M | CN¥63.0M | −CN¥14.0M | −CN¥2.08B | CN¥939.0M | CN¥1.07B | −CN¥1.70B | −CN¥5.79B |
| Cash from financing activities | −CN¥14.66B | −CN¥6.71B | −CN¥2.55B | −CN¥6.72B | CN¥3.92B | CN¥6.03B | −CN¥9.26B | CN¥11.93B | CN¥8.02B | CN¥12.29B |
| Summary | ||||||||||
| Net change in cash | −CN¥4.64B | CN¥7.11B | CN¥25.50B | −CN¥2.71B | CN¥1.78B | −CN¥2.33B | −CN¥4.03B | CN¥5.78B | −CN¥191.7M | −CN¥781.0M |
| Cash at end of period | CN¥46.45B | CN¥51.09B | CN¥43.98B | CN¥18.49B | CN¥21.20B | CN¥19.41B | CN¥21.75B | CN¥25.77B | CN¥18.24B | CN¥18.43B |
| Free cash flow | CN¥13.58B | CN¥19.03B | CN¥21.40B | CN¥2.14B | CN¥1.90B | −CN¥4.36B | CN¥6.50B | CN¥6.41B | CN¥6.57B | CN¥4.58B |
| Free cash flow margin | 22.4% | 35.7% | 48.1% | 10.7% | 9.5% | −23.8% | 18.2% | 20.7% | 24.5% | 23.8% |
| Capex / revenue | 1.3% | 1.1% | 1.4% | 2.5% | 2.9% | 2.9% | 2.3% | 2.3% | 1.8% | 3.6% |
| Operating cash flow / net income | 0.43 | 1.14 | 2.20 | 1.93 | — | — | 1.05 | 6.49 | 3.27 | — |
| Mar '26 | Mar '24 | Sep '23 | |
|---|---|---|---|
| Operating activities | |||
| Net income | CN¥2.50B | CN¥599.9M | CN¥4.62B |
| Depreciation & amortization | CN¥193.4M | CN¥278.0M | CN¥205.1M |
| Stock-based compensation | CN¥691.0M | CN¥450.0M | CN¥509.0M |
| Change in working capital | −CN¥5.73B | −CN¥1.03B | — |
| Other non-cash items | CN¥16.73B | CN¥2.16B | −CN¥5.27B |
| Cash from operating activities | CN¥14.38B | CN¥2.45B | CN¥56.3M |
| Investing activities | |||
| Capital expenditures | −CN¥797.0M | −CN¥427.1M | CN¥0 |
| Investments (net) | — | −CN¥4.35B | — |
| Acquisitions & other investing | −CN¥3.38B | CN¥427.1M | — |
| Cash from investing activities | −CN¥4.18B | −CN¥4.35B | — |
| Financing activities | |||
| Dividends paid | −CN¥1.42B | — | — |
| Share repurchases & issuance (net) | −CN¥4.40B | — | — |
| Shares issued | CN¥0 | CN¥0 | CN¥0 |
| Other financing | −CN¥8.84B | CN¥2.37B | — |
| Cash from financing activities | −CN¥14.66B | CN¥2.37B | — |
| Summary | |||
| Net change in cash | CN¥46.45B | CN¥790.0M | CN¥97.9M |
| Cash at end of period | CN¥46.45B | CN¥44.77B | CN¥5.17B |
| Free cash flow | CN¥13.58B | CN¥2.03B | CN¥56.3M |
| Free cash flow margin | 84.3% | 17.0% | 0.4% |
| Capex / revenue | 4.9% | 3.6% | 0.0% |
| Operating cash flow / net income | 5.75 | 4.09 | 0.01 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.
TCOM cash generation
In fiscal 2025 (ended December 31, 2025), Trip.com generated CN¥14.4 billion of cash from operations (down 26.7%) and spent CN¥797.0 million on capital expenditures, leaving free cash flow of CN¥13.6 billion, 22.4% of revenue. It returned CN¥5.8 billion to shareholders through dividends (CN¥1.4 billion) and net share buybacks (CN¥4.4 billion). Cash and equivalents fell by CN¥4.6 billion over the year.
Related: TCOM income statement, TCOM balance sheet, TCOM dividend history. See the TCOM stock overview for the latest quote and news.
TCOM cash flow FAQ
What is Trip.com's free cash flow?
Trip.com's free cash flow was CN¥13.6 billion in fiscal 2025: CN¥14.4 billion of operating cash flow minus CN¥797.0 million of capital expenditures It was CN¥19.0 billion a year earlier..
How much cash does Trip.com generate from operations?
Trip.com generated CN¥14.4 billion of cash from operating activities in fiscal 2025, 0.43 times its net income of CN¥33.4 billion.
How much does Trip.com spend on capital expenditures?
Trip.com spent CN¥797.0 million on capital expenditures in fiscal 2025, 1.3% of revenue, compared with CN¥591.0 million the year before.
How much stock does Trip.com buy back?
Trip.com spent CN¥4.4 billion on net share repurchases in fiscal 2025.
How much does Trip.com pay in dividends?
Trip.com paid CN¥1.4 billion in dividends in fiscal 2025, 10.5% of free cash flow.