Sometimes, what you see (or don't see) is what you get -- as is the case with Kendall Jenner and Bad Bunny, who are in fact broken up ... at least according to a new report.

People Mag cites a source who claims the two mega stars have apparently called it quits ... although there's no context whatsoever, nor is there any real info or details. All they say is that they're "no longer a couple" ... which, if true, makes a lot of sense.

We called this out yesterday, and it was long overdue -- KJ and BB hadn't been seen or pictured together in a helluva long time ... and Kendall's Aspen trip only highlighted that.

She was spotted hitting the town there with friends over the past couple days ... and yes, she looked awfully single -- as there was no sign of Bunny anywhere, which there hasn't been for well over a month now. In fact, the dude's been MIA from L.A. for a minute as well.

The last time we saw Kendall and Bad Bunny together was way back in late October -- when they hit up a breakfast place in Beverly Hills after a big Halloween bash the night prior.

Before that, the 2 of 'em were practically inseparable ... popping up all over Los Angeles and elsewhere together -- albeit, always coordinating their entrances/exits so they were never really captured together in the same frame. Perhaps that was a warning sign to the split.

Fact is, Kendall didn't really claim the dude in a traditional sense -- namely, she never actually went IG official with him on her own page ... which is sort of a rule of modern dating.

Yes, they appeared in some Gucci campaign together ... but that was very corporate and work-related. Considering the two of them never posted each other, it spoke volumes.

Of course, we did see private moments between them that spoke to intimacy ... including a horseback riding date, where Bunny was holding on tight while Kendall took the reins.

They certainly seemed head over heels for a while ... but now, it's all over before 2024.

The dating rumors between them first started percolating back in February -- so who knows how much earlier they were seeing each other before then. All told, you could argue they were together for about a year ... maybe a little less.

It certainly felt like Bunny and Kendall might go the distance -- alas, it wasn't meant to be. We've reached out to both of their reps for comment ... so far, no word back.

Assuming this is the end -- happy trails, you two ... and better luck next time.