Trip.com Group Limited Reports Unaudited First Quarter of 2026 Financial Results

Rhea-AI Summary

Trip.com Group (Nasdaq: TCOM) reported Q1 2026 net revenue of RMB16.2 billion, up 17% year-over-year and 5% sequentially, driven by resilient travel demand.

International gross bookings rose about 65% and inbound travel bookings about 90% year-over-year. Net income was RMB2.5 billion, while adjusted EBITDA reached RMB4.8 billion. Cash and investments totaled RMB104.0 billion at March 31, 2026.

For Q2 2026, Trip.com Group guides net revenue growth of approximately 3%–8% year-over-year, with an expected impact on margins and bottom line. The company is cooperating with a SAMR anti-monopoly investigation, which it notes could lead to significant fines or business practice changes.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Positive

• Total net revenue Q1 2026 up 17% YoY to RMB16.2 billion
• International platform gross bookings up approximately 65% YoY
• Inbound travel bookings up approximately 90% year-over-year
• Adjusted EBITDA rose to RMB4.8 billion from RMB4.2 billion YoY
• Non-GAAP net income attributable to shareholders at RMB3.9 billion
• Strong liquidity with RMB104.0 billion in cash and investments

Negative

• Net income declined to RMB2.5 billion from RMB4.3 billion YoY
• Cost of revenue increased 23% YoY to RMB3.3 billion
• Sales and marketing expenses rose 25% YoY to RMB3.7 billion
• Corporate travel revenue fell 15% sequentially to RMB690 million
• Q2 2026 revenue growth guided to slower 3%–8% YoY
• SAMR anti-monopoly investigation may result in significant fines or changes

News Market Reaction – TCOM

-12.55%

19 alerts

-12.55% News Effect

-14.1% Trough in 14 hr 24 min

-$4.18B Valuation Impact

$29.16B Market Cap

0.8x Rel. Volume

On the day this news was published, TCOM declined 12.55%, reflecting a significant negative market reaction. Argus tracked a trough of -14.1% from its starting point during tracking. Our momentum scanner triggered 19 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $4.18B from the company's valuation, bringing the market cap to $29.16B at that time.

Data tracked by StockTitan Argus on the day of publication.

What This Means

The stock dropped -12.6% in the session following this news. A negative reaction despite positive re...

Analysis

The stock dropped -12.6% in the session following this news. A negative reaction despite positive revenue growth would fit prior earnings patterns, where strong travel metrics and RMB104.0 billion liquidity did not prevent selloffs. Regulatory uncertainty around the SAMR investigation could further pressure sentiment.

Key Figures

Total net revenues: RMB16.2 billion (US$2.4 billion) Q2 2026 revenue guidance: 3%–8% YoY growth Net income: RMB2.5 billion (US$367 million) +5 more

8 metrics

Total net revenues RMB16.2 billion (US$2.4 billion) Q1 2026 total net revenues, up 17% year-over-year and 5% quarter-over-quarter

Q2 2026 revenue guidance 3%–8% YoY growth Company outlook for Q2 2026 net revenue growth versus prior-year period

Net income RMB2.5 billion (US$367 million) Q1 2026 net income versus RMB4.3 billion in both Q1 2025 and prior quarter

Adjusted EBITDA RMB4.8 billion (US$701 million) Q1 2026 adjusted EBITDA, up from RMB4.2 billion a year ago and RMB3.4 billion prior quarter

Non-GAAP net income RMB3.9 billion (US$568 million) Q1 2026 non-GAAP net income attributable to shareholders, above RMB3.5 billion prior quarter

Cash and investments RMB104.0 billion (US$15.1 billion) Balance of cash, equivalents, restricted cash, short-term investments and time deposits as of March 31, 2026

International gross bookings growth approximately 65% YoY Year-over-year increase in gross bookings on international platform in Q1 2026

Inbound travel bookings growth approximately 90% YoY Year-over-year surge in inbound travel bookings during Q1 2026

Previous Earnings Reports

5 past events · Latest: Feb 25 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Feb 25	Q4 & FY 2025 results	Positive	-2.6%	Reported Q4 and full-year 2025 results with continued travel recovery and growth.
Nov 17	Q3 2025 results	Positive	+2.2%	Strong Q3 2025 revenue growth and high adjusted EBITDA from travel demand.
Aug 27	Q2 & H1 2025 results	Positive	+14.9%	Robust Q2 2025 results with strong international growth and new buyback authorization.
May 19	Q1 2025 results	Positive	-5.5%	Solid Q1 2025 revenue and international recovery, plus ongoing share repurchases.
Feb 24	Q4 & FY 2024 results	Positive	-11.4%	Strong Q4 2024 revenue growth and improved profitability with rising international travel.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings releases have produced mixed reactions, with a slightly negative average next-day move and several instances of positive fundamentals followed by share price declines.

Historical Comparison

-0.5% avg move · Over the last five earnings announcements, TCOM’s average next-day move was about -0.48%, with gener...

earnings

-0.5%

Average Historical Move earnings

Over the last five earnings announcements, TCOM’s average next-day move was about -0.48%, with generally strong travel demand and revenue growth not always translating into positive share reactions.

Recent earnings show consistent revenue growth, expanding international and inbound travel bookings, and solid cash balances, but market reactions have been uneven despite the operational momentum.

Regulatory & Risk Context

Short Interest: 2.39%

Short Interest

2.39% of float

0% 15% 30%+

low as of 2026-05-29 Days to cover: 4.25

Short interest appears relatively low, suggesting limited short-squeeze risk and indicating that extreme volatility driven primarily by short covering has been less likely based on recent positioning.

Key Terms

adjusted ebitda, non-gaap, ads, anti-monopoly law, +2 more

6 terms

adjusted ebitda financial

"Adjusted EBITDA for the first quarter of 2026 was RMB4.8 billion"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-gaap financial

"non-GAAP net income attributable to Trip.com Group's shareholders for the first quarter"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

ads financial

"Diluted earnings per ordinary share and per ADS was RMB3.67 (US$0.53)"

Ads are paid promotional messages a company places across media — online, on TV, in print, or on social platforms — to attract customers, explain products, or shape public perception. For investors, ads matter because they drive sales growth, affect how much a company must spend to win customers, and influence brand strength and long-term value. Ads can also create regulatory or reputational risk if claims are misleading, which can affect profits and stock price.

anti-monopoly law regulatory

"monopolistic conduct pursuant to the PRC Anti-Monopoly Law"

Anti-monopoly law is a set of rules that stops companies from using unfair tactics to dominate a market, such as fixing prices, blocking rivals, or buying competitors to eliminate competition. Think of it as a referee keeping a game fair; for investors it matters because enforcement can change a company’s growth prospects, raise legal and compliance costs, affect the value of mergers and acquisitions, and influence long-term profitability and market risk.

withholding tax regulatory

"changes in deferred tax liabilities relating to withholding tax"

Withholding tax is a government-required portion of a payment—such as dividends, interest, or salary—that the payer keeps back and sends directly to tax authorities before the recipient receives the money. For investors it reduces the cash they actually get and changes the after-tax return on an investment; rates and refund or credit rules vary by country and can materially affect comparisons between similar investments, like a cashier holding part of a bill to cover taxes.

deferred tax liabilities financial

"changes in deferred tax liabilities relating to withholding tax"

An accounting entry that records taxes a company will likely have to pay in the future because the way profit is reported for investors (financial accounts) differs from how taxable income is calculated today. It matters to investors because it signals real future cash outflows that will reduce funds available for dividends, debt repayment or investment—think of it as a bill put on layaway that the company still must settle later, affecting valuation and financial strength.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SINGAPORE, June 24, 2026 /PRNewswire/ -- Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) ("Trip.com Group" or the "Company"), a leading global one-stop travel service provider of accommodation reservation, transportation ticketing, packaged tours, and corporate travel management, today announced its unaudited financial results for the first quarter of 2026.

Key Highlights for the First Quarter of 2026 and Preliminary Outlook for the Second Quarter of 2026

• Trip.com Group reported solid financial results in the first quarter of 2026
  - Total net revenues increased by 17% year-over-year to RMB16.2 billion (US$2.4 billion), primarily driven by resilient travel demand.

• International business sustained robust growth across all segments in the first quarter of 2026
  - Gross bookings on the Company's international platform increased by approximately 65% year-over-year.
  - Inbound travel bookings surged by approximately 90% year-over-year.

• For the second quarter of 2026, the Company expects year-over-year total net revenue growth to decelerate to approximately 3%–8%, with a corresponding impact on margins and bottom-line results

"Inbound travel continues to gain momentum, creating meaningful opportunities across the travel value chain and contributing to local economic development," said James Liang, Executive Chairman. "Through continued investment in technology, product innovation, and destination enablement, we help improve connectivity between global travelers and local services. We remain committed to strengthening destination readiness and ecosystem connectivity, helping unlock the full potential of inbound travel and create long-term value for all stakeholders. As travel continues to evolve, we remain optimistic about the industry's future and committed to serving as a trusted partner for its long-term development."

"The travel market remained resilient in the first quarter of 2026, supported by continued growth in international travel demand and rising interest in more personalized travel experiences," said Jane Sun, Chief Executive Officer. "To meet these evolving needs, we have worked closely with local partners to make travel more accessible and seamless. Through technology, AI-powered solutions, and targeted destination initiatives, we help travelers overcome language and information barriers while enabling more suppliers to connect with global demand, including many participating in international travel for the first time. Looking ahead, we will continue to strengthen our partner ecosystem and help more destinations and suppliers benefit from the growth of international travel."

First Quarter of 2026 Financial Results and Business Updates

For the first quarter of 2026, Trip.com Group reported total net revenues of RMB16.2 billion (US$2.4 billion), representing a 17% increase from the same period in 2025, primarily driven by resilient travel demand. Total net revenues for the first quarter of 2026 increased by 5% from the previous quarter, primarily due to seasonality.

Accommodation reservation revenue for the first quarter of 2026 was RMB6.5 billion (US$944 million), representing a 17% increase from the same period in 2025, primarily driven by an increase in accommodation reservations. Accommodation reservation revenue for the first quarter of 2026 increased by 4% from the previous quarter, primarily due to seasonality.

Transportation ticketing revenue for the first quarter of 2026 was RMB6.1 billion (US$877 million), representing a 12% increase from the same period in 2025, primarily driven by an increase in transportation reservations. Transportation ticketing revenue for the first quarter of 2026 increased by 13% from the previous quarter, primarily due to seasonality.

Packaged-tour revenue for the first quarter of 2026 was RMB1.1 billion (US$164 million), representing a 19% increase from the same period in 2025, primarily driven by an increase in packaged-tour reservations. Packaged-tour revenue for the first quarter of 2026 increased by 7% from the previous quarter, primarily due to seasonality.

Corporate travel revenue for the first quarter of 2026 was RMB690 million (US$100 million), representing a 20% increase from the same period in 2025, primarily driven by an increase in corporate travel reservations. Corporate travel revenue for the first quarter of 2026 decreased by 15% from the previous quarter, primarily due to seasonality.

Cost of revenue for the first quarter of 2026 increased by 23% to RMB3.3 billion (US$483 million) from the same period in 2025 and increased by 3% from the previous quarter, which was generally in line with the fluctuations in total net revenues from the respective periods. Cost of revenue as a percentage of total net revenues was 21% for the first quarter of 2026.

Product development expenses for the first quarter of 2026 increased by 15% to RMB4.1 billion (US$589 million) from the same period in 2025 and increased by 1% from the previous quarter, primarily due to the increase in product development personnel related expenses. Product development expenses as a percentage of total net revenues were 25% for the first quarter of 2026.

Sales and marketing expenses for the first quarter of 2026 increased by 25% to RMB3.7 billion (US$543 million) from the same period in 2025 and decreased by 15% from the previous quarter, primarily due to the fluctuations in expenses relating to sales and marketing promotion activities. Sales and marketing expenses as a percentage of total net revenues were 23% for the first quarter of 2026.

General and administrative expenses for the first quarter of 2026 increased by 8% to RMB1.1 billion (US$163 million) from the same period in 2025 and decreased by 6% from the previous quarter. General and administrative expenses as a percentage of total net revenues were 7% for the first quarter of 2026.

Income tax expense for the first quarter of 2026 was RMB893 million (US$129 million), compared to RMB638 million for the same period in 2025 and RMB835 million for the previous quarter. The change in Trip.com Group's effective tax rate was primarily due to the combined impacts of changes in respective profitability of its subsidiaries with different tax rates, changes in deferred tax liabilities relating to withholding tax, certain non-taxable income or loss resulting from the fair value changes in equity securities investments and exchangeable senior notes recorded in other income, and changes in valuation allowance provided for deferred tax assets.

Net income for the first quarter of 2026 was RMB2.5 billion (US$367 million), compared to RMB4.3 billion for the same period in 2025 and RMB4.3 billion for the previous quarter. Adjusted EBITDA for the first quarter of 2026 was RMB4.8 billion (US$701 million), compared to RMB4.2 billion for the same period in 2025 and RMB3.4 billion for the previous quarter.

Net income attributable to Trip.com Group's shareholders for the first quarter of 2026 was RMB2.5 billion (US$363 million), compared to RMB4.3 billion for the same period in 2025 and RMB4.3 billion for the previous quarter. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income, and their tax effects, non-GAAP net income attributable to Trip.com Group's shareholders for the first quarter of 2026 was RMB3.9 billion (US$568 million), compared to RMB4.2 billion for the same period in 2025 and RMB3.5 billion for the previous quarter.

Diluted earnings per ordinary share and per ADS was RMB3.67 (US$0.53) for the first quarter of 2026. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income, and their tax effects, non-GAAP diluted earnings per ordinary share and per ADS was RMB5.73 (US$0.83) for the first quarter of 2026. Each ADS currently represents one ordinary share of the Company.

As of March 31, 2026, the balance of cash and cash equivalents, restricted cash, short-term investment, and held to maturity time deposit and financial products was RMB104.0 billion (US$15.1 billion).

Recent Development

The Company is and has been the subject of investigations or inquiries by national authorities regarding competition law matters, consumer protection issues, and other areas. While the Company is unable to predict the outcome of any current or future investigations, litigation or inquiries, it remains focused on maintaining robust compliance and governance standards.

In January 2026, the Company received a notice of investigation from the State Administration for Market Regulation ("SAMR") that it had commenced an investigation into whether the Company has abused or is abusing a dominant market position to engage in monopolistic conduct pursuant to the PRC Anti-Monopoly Law. As of the date of this press release, the Company is fully cooperating with the SAMR in its ongoing investigation, including by actively providing supplementary information and documentation, and will continue to engage constructively with the SAMR on compliance with regulatory requirements. Although the Company is currently unable to predict the timing, outcome or consequences of the investigation, or estimate the possible loss, that may be associated with it, the Company will continue to monitor developments closely. The SAMR's investigation findings could directly result in a significant fine, other financial penalties and/or changes to the Company's business practices and may have a material adverse effect on the Company's consolidated financial position, results of operations, or cash flows. The Company remains committed to continuously reviewing its business practices while providing high-quality products and services to users and partners worldwide.

Business Outlook

For the second quarter of 2026, the Company expects net revenue to grow by approximately 3%–8% year -over-year. Compared with the first quarter, the slower pace of growth is expected to have a corresponding impact on margins and bottom-line results. This reflects direct and indirect impacts from macro headwinds such as elevated energy pricing and geopolitical volatility, alongside operational adjustments the Company implemented to align with evolving industry standards and compliance frameworks. This forecast represents Trip.com Group's current and preliminary view based on the information available to it as of the date of this press release, and is subject to change and may be different from the second quarter financial results to be published in-due-course.

Conference Call

Trip.com Group's management team will host a conference call at 8:00 PM on June 24, 2026, U.S. Eastern Time (or 8:00 AM on June 25, 2026, Hong Kong Time) following this announcement.

The conference call will be available live on Webcast and for replay at: https://investors.trip.com. The call will be archived for twelve months on our website.

All participants must pre-register to join this conference call using the Participant Registration link below:
https://register-conf.media-server.com/register/BI474cf1d2cafe4883828d22dcfc4b7d15.

Upon registration, each participant will receive details for this conference call, including dial-in numbers and a unique access PIN. To join the conference, please dial the number provided, enter your PIN, and you will join the conference instantly.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate," "future," "intend," "plan," "believe," "estimate," "is/are likely to," "confident," or other similar statements. Among other things, quotations from management in this press release, as well as Trip.com Group's strategic and operational plans, contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, severe or prolonged downturn in the global or Chinese economy, general declines or disruptions in the travel industry, volatility in the trading price of Trip.com Group's ADSs or shares, Trip.com Group's reliance on its relationships and contractual arrangements with travel suppliers and strategic alliances, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in the relevant jurisdictions where Trip.com Group operates, failure to successfully develop Trip.com Group's existing or future business lines, damage to or failure of Trip.com Group's infrastructure and technology, loss of services of Trip.com Group's key executives, adverse changes in economic and business conditions in the relevant jurisdictions where Trip.com Group operates, any regulatory developments in laws, regulations, rules, policies or guidelines applicable to Trip.com Group, any investigation, enforcement or legal/administrative proceeding against Trip.com Group in connection with its business operation and other risks outlined in Trip.com Group's filings with the U.S. Securities and Exchange Commission or the Stock Exchange of Hong Kong Limited. All information provided in this press release and in the attachments is as of the date of the issuance, and Trip.com Group does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement Trip.com Group's consolidated financial statements, which are prepared and presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), Trip.com Group uses non-GAAP financial information related to adjusted net income attributable to Trip.com Group Limited, adjusted EBITDA, adjusted EBITDA margin, and adjusted diluted earnings per ordinary share and per ADS, each of which is adjusted from the most comparable GAAP result to exclude the share-based compensation charges that are not tax deductible, fair value changes of equity securities investments and exchangeable senior notes recorded in other income, net of tax, and other applicable items. Trip.com Group's management believes the non-GAAP financial measures facilitate better understanding of operating results from quarter to quarter and provide management with a better capability to plan and forecast future periods.

Non-GAAP information is not prepared in accordance with GAAP, does not have a standardized meaning under GAAP, and may be different from non-GAAP methods of accounting and reporting used by other companies. The presentation of this additional information should not be considered a substitute for GAAP results. A limitation of using non-GAAP financial measures is that non-GAAP measures exclude share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income, and their tax effects that have been and will continue to be significant recurring expenses in Trip.com Group's business for the foreseeable future.

Reconciliations of Trip.com Group's non-GAAP financial data to the most comparable GAAP data included in the consolidated statement of operations are included at the end of this press release.

About Trip.com Group Limited

Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) is a leading global one-stop travel platform, integrating a comprehensive suite of travel products and services and differentiated travel content. It is the go-to destination for many travelers in Asia, and increasingly for travelers around the world, to explore travel, get inspired, make informed and cost-effective travel bookings, enjoy hassle-free on-the-go support, and share travel experience. Founded in 1999 and listed on Nasdaq in 2003 and HKEX in 2021, the Company currently operates under a portfolio of brands, including Ctrip, Qunar, Trip.com, and Skyscanner, with the mission "to pursue the perfect trip for a better world."

For further information, please contact:

Investor Relations
Trip.com Group Limited
Email: iremail@trip.com

 

Trip.com Group Limited
Unaudited Consolidated Balance Sheets
(In millions, except share and per share data)
			December 31, 2025		March 31, 2026		March 31, 2026
			RMB (million)		RMB (million)		USD (million)
	ASSETS
	Current assets:
	Cash, cash equivalents and restricted cash		46,451		57,124		8,281
	Short-term investments		32,007		23,892		3,464
	Accounts receivable, net		15,241		16,294		2,362
	Prepayments and other current assets		27,351		25,990		3,768
	Total current assets		121,050		123,300		17,875
	Property, equipment and software		5,445		5,660		820
	Intangible assets and land use rights		13,013		12,979		1,882
	Right-of-use asset		881		835		121
	Investments (Includes held to maturity time deposit  and financial products of RMB27,302 million and RMB22,951 million as of December 31,2025 and March 31, 2026, respectively)		61,375		54,791		7,943
	Goodwill		62,268		62,222		9,020
	Other long-term assets		600		492		71
	Deferred tax asset		2,755		2,934		425
	Total assets		267,387		263,213		38,157
	LIABILITIES
	Current liabilities:
	Short-term debt and current portion of long-term debt		19,335		20,087		2,912
	Accounts payable		19,150		19,987		2,897
	Advances from customers		18,185		18,917		2,742
	Other current liabilities		21,499		21,605		3,132
	Total current liabilities		78,169		80,596		11,683
	Deferred tax liability		3,949		4,091		593
	Long-term debt		11,430		10,742		1,557
	Long-term lease liability		585		542		79
	Other long-term liabilities		654		519		75
	Total liabilities		94,787		96,490		13,987
	MEZZANINE EQUITY		131		136		20
	SHAREHOLDERS' EQUITY
	Total Trip.com Group Limited shareholders' equity		170,818		165,000		23,920
	Non-controlling interests		1,651		1,587		230
	Total shareholders' equity		172,469		166,587		24,150
	Total liabilities, mezzanine equity and shareholders' equity		267,387		263,213		38,157

 

Trip.com Group Limited
Unaudited Consolidated Statements of Income
(In millions, except share and per share data)
			Quarter ended		Quarter ended		Quarter ended		Quarter ended
			March 31, 2025		December 31, 2025		March 31, 2026		March 31, 2026
			RMB (million)		RMB (million)		RMB (million)		USD (million)
	Net Revenues:
	Accommodation reservation		5,541		6,287		6,510		944
	Transportation ticketing		5,418		5,368		6,050		877
	Packaged-tour		947		1,056		1,130		164
	Corporate travel		573		808		690		100
	Others		1,351		1,879		1,828		265
	Total net revenues		13,830		15,398		16,208		2,350
	Cost of revenue		(2,705)		(3,240)		(3,330)		(483)
	Product development *		(3,525)		(4,028)		(4,062)		(589)
	Sales and marketing *		(2,999)		(4,398)		(3,747)		(543)
	General and administrative *		(1,038)		(1,198)		(1,124)		(163)
	Income from operations		3,563		2,534		3,945		572
	Interest income		640		679		563		82
	Interest expense		(286)		(115)		(115)		(17)
	Other income		1,137		2,038		176		26
	Income before income tax expense and equity in loss of affiliates		5,054		5,136		4,569		663
	Income tax expense		(638)		(835)		(893)		(129)
	Equity in loss of affiliates		(102)		(28)		(1,151)		(167)
	Net income		4,314		4,273		2,525		367
	Net (income)/loss attributable to non-controlling interests and mezzanine classified non- controlling interests		(37)		18		(19)		(3)
	Accretion to redemption value of redeemable non-controlling interests		-		(10)		(7)		(1)
	Net income attributable to Trip.com Group Limited		4,277		4,281		2,499		363
	Earnings per ordinary share
	- Basic		6.48		6.53		3.85		0.56
	- Diluted		6.09		6.11		3.67		0.53
	Earnings per ADS
	- Basic		6.48		6.53		3.85		0.56
	- Diluted		6.09		6.11		3.67		0.53
	Weighted average ordinary shares outstanding
	- Basic		660,203,576		655,910,664		648,991,284		648,991,284
	- Diluted		702,144,923		700,452,261		681,679,206		681,679,206
	* Share-based compensation included in expenses above is as follows:
	Product development		220		304		363		53
	Sales and marketing		41		67		66		10
	General and administrative		219		293		262		38

 

Trip.com Group Limited
Unaudited Reconciliation of  GAAP and Non-GAAP Results
(In millions, except %, share and per share data)
			Quarter ended		Quarter ended		Quarter ended		Quarter ended
			March 31, 2025		December 31, 2025		March 31, 2026		March 31, 2026
			RMB (million)		RMB (million)		RMB (million)		USD (million)
	Net income		4,314		4,273		2,525		367
	Less: Interest income		(640)		(679)		(563)		(82)
	Add: Interest expense		286		115		115		17
	Less: Other income		(1,137)		(2,038)		(176)		(26)
	Add: Income tax expense		638		835		893		129
	Add: Equity in loss of affiliates		102		28		1,151		167
	Income from operations		3,563		2,534		3,945		572
	Add: Share-based compensation		480		664		691		101
	Add: Depreciation and amortization		204		217		194		28
	Adjusted EBITDA		4,247		3,415		4,830		701
	Adjusted EBITDA margin		31 %		22 %		30 %		30 %
	Net income attributable to Trip.com Group Limited		4,277		4,281		2,499		363
	Add: Share-based compensation		480		664		691		101
	Add: (Gain)/loss from fair value changes of equity securities investments and exchangeable senior notes		(526)		(1,673)		876		127
	Add: Tax effects on fair value changes of equity securities investments and exchangeable senior notes		(43)		212		(161)		(23)
	Non-GAAP net income attributable to Trip.com Group Limited		4,188		3,484		3,905		568
	Weighted average ordinary shares outstanding-  Diluted-non GAAP		702,144,923		700,452,261		681,679,206		681,679,206
	Non-GAAP Diluted income per share		5.96		4.97		5.73		0.83
	Non-GAAP Diluted income per ADS		5.96		4.97		5.73		0.83
	Notes for all the condensed consolidated financial schedules presented:
	Note 1: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00=RMB6.8980 on March 31, 2026 published by the Federal Reserve Board.

 

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SOURCE Trip.com Group Limited

FAQ

How did Trip.com Group (TCOM) perform financially in Q1 2026?

Trip.com Group reported net revenue of RMB16.2 billion in Q1 2026, a 17% year-over-year increase. According to Trip.com Group, net income was RMB2.5 billion, and adjusted EBITDA reached RMB4.8 billion, supported by resilient travel demand across key segments.

What were Trip.com Group (TCOM) Q1 2026 segment revenues?

In Q1 2026, accommodation revenue was RMB6.5 billion and transportation ticketing revenue RMB6.1 billion. According to Trip.com Group, packaged-tour revenue reached RMB1.1 billion and corporate travel revenue RMB690 million, all showing year-over-year growth despite seasonal fluctuations.

What guidance did Trip.com Group (TCOM) give for Q2 2026 revenue growth?

Trip.com Group expects Q2 2026 net revenue to grow about 3%–8% year-over-year. According to Trip.com Group, this slower growth versus Q1 should have a corresponding impact on margins and bottom-line results, reflecting macro headwinds and operational compliance adjustments.

How strong is Trip.com Group’s (TCOM) balance sheet after Q1 2026?

Trip.com Group ended Q1 2026 with RMB104.0 billion in cash, cash equivalents, restricted cash, short-term investments and time deposits. According to Trip.com Group, this liquidity base supports ongoing investment in technology, product development, and compliance while navigating macroeconomic and regulatory challenges.

What are the key trends in Trip.com Group’s international and inbound travel business?

Trip.com Group’s international platform gross bookings grew about 65% year-over-year in Q1 2026. According to Trip.com Group, inbound travel bookings surged approximately 90% year-over-year, highlighting strong cross-border travel demand and opportunities across its global travel ecosystem.

What is the SAMR investigation mentioned by Trip.com Group (TCOM)?

In January 2026, SAMR began investigating whether Trip.com Group abused a dominant market position under PRC Anti-Monopoly Law. According to Trip.com Group, it is fully cooperating, and potential outcomes could include significant fines, other penalties, or business practice changes affecting financial results.

What were Trip.com Group’s (TCOM) earnings per share in Q1 2026?

Diluted earnings per ordinary share and ADS were RMB3.67 in Q1 2026. According to Trip.com Group, non-GAAP diluted earnings per share and ADS, excluding share-based compensation and fair value changes, were RMB5.73, with each ADS currently representing one ordinary share.