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

Trip.com Group grew revenue and international business in Q2 2026 but booked a large SAMR anti-monopoly penalty that pushed results into a net loss.

Rhea-AI Summary

Trip.com Group (TCOM) reported second quarter 2026 net revenue of RMB15.7 billion, up 6% year-over-year but down 3% sequentially, with strong international growth offset by a regulatory penalty and macro headwinds.

Revenue on the international platform increased by over 50% year-over-year, and inbound travel revenue rose at a high double-digit rate. By segment, accommodation revenue was RMB6.6 billion, up 6% year-over-year, transportation ticketing RMB5.4 billion, down 1%, packaged tours RMB1.2 billion, up 8%, and corporate travel RMB771 million, up 11%.

The company recorded an anti-monopoly penalty from SAMR of RMB5.2 billion within general and administrative expenses, driving a net loss of RMB2.4 billion and diluted loss per share of RMB3.89. Excluding this penalty and other non-GAAP adjustments, net income attributable to shareholders was RMB4.8 billion and non-GAAP diluted EPS was RMB7.27. Adjusted EBITDA was RMB4.6 billion, and cash, cash equivalents, restricted cash, short-term investments, and held-to-maturity products totaled RMB100.5 billion as of June 30, 2026.

Positive

• Total net revenue RMB15.7 billion in Q2 2026, +6% YoY
• International platform revenue grew by over 50% year-over-year in Q2 2026
• Corporate travel revenue RMB771 million in Q2 2026, +11% YoY and +12% QoQ
• Non-GAAP net income attributable RMB4.8 billion in Q2 2026 vs. RMB5.0 billion a year ago
• Non-GAAP diluted EPS RMB7.27 in Q2 2026, up from RMB7.20 in Q2 2025
• Cash, cash equivalents, restricted cash, short-term investments and held-to-maturity products totaled RMB100.5 billion as of June 30, 2026

Negative

• SAMR anti-monopoly penalty of RMB5.2 billion recorded in Q2 2026 G&A expenses
• Net loss of RMB2.4 billion in Q2 2026 vs. net income of RMB4.9 billion in Q2 2025
• Net loss attributable to shareholders RMB2.5 billion in Q2 2026 vs. income of RMB4.8 billion a year ago
• Transportation ticketing revenue down 1% YoY and 12% QoQ to RMB5.4 billion in Q2 2026
• Sales and marketing expenses up 15% YoY to RMB3.8 billion, reaching 25% of net revenue in Q2 2026
• Total net revenue declined 3% QoQ in Q2 2026 amid macro headwinds

News Explained

First-half attributable income was RMB41 million, versus RMB9.123 billion a year earlier.

Trip.com Group has released unaudited second-quarter and first-half results; at June 30, 2026, total liabilities were RMB98.285 billion and total shareholders’ equity was RMB160.664 billion, defining the reported financial position after the quarter.

Compared with December 31, 2025, current liabilities rose from RMB78.169 billion to RMB92.336 billion, while long-term debt fell from RMB11.430 billion to RMB630 million.

For the first half, net income attributable to Trip.com Group was RMB41 million, versus RMB9.123 billion in the prior-year period, leaving the reported six-month result positive but sharply lower year over year.

Market Context

The RMB5.2 billion SAMR penalty was the primary stated driver of the quarterly loss, while the June ...

Analysis

The RMB5.2 billion SAMR penalty was the primary stated driver of the quarterly loss, while the June 24 earnings event coincided with a 12.55% decline amid investigation risk, linking this report to the earlier regulatory issue.

Key Figures

Total net revenue: RMB15.7 billion Diluted loss per ADS: RMB3.89 Non-GAAP diluted earnings per ADS: RMB7.27 +4 more

Total net revenue

RMB15.7 billion

Q2 2026, up 6% year over year

Diluted loss per ADS

RMB3.89

Q2 2026

Non-GAAP diluted earnings per ADS

RMB7.27

Q2 2026, versus RMB7.20 in Q2 2025

Anti-monopoly penalty

RMB5.2 billion

SAMR penalty recognized in Q2 2026 general and administrative expenses

Net loss

RMB2.4 billion

Q2 2026, versus RMB4.9 billion net income in Q2 2025

Adjusted EBITDA

RMB4.6 billion

Q2 2026, versus RMB4.9 billion in Q2 2025

Cash and investments

RMB100.5 billion

As of June 30, 2026

Previous Earnings Reports

4 past events · Latest: Jun 24

Same Type 4 events

1. Jun 24

   Q1 earnings results

   24h Move

   -12.6%

   Q1 results included SAMR investigation risk and guidance for second-quarter revenue growth.

2. Nov 17

   Q3 earnings results

   24h Move

   +2.2%

   Q3 revenue and adjusted EBITDA increased year over year amid strong travel demand.

3. Aug 27

   Q2 earnings results

   24h Move

   +14.9%

   Q2 revenue increased 16% year over year and a new share repurchase program was authorized.

4. May 19

   Q1 earnings results

   24h Move

   -5.5%

   Q1 revenue increased 16% year over year while international bookings posted strong growth.

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

Key Terms

non-gaap, adjusted ebitda, ads, contra-revenue

4 terms

non-gaap financial

"Non-GAAP diluted earnings per ordinary share and per ADS was RMB7.27"

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.

View in glossary

adjusted ebitda financial

"Adjusted EBITDA for the second quarter of 2026 was RMB4.6 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.

ads financial

"Diluted loss per ordinary share and per ADS was RMB3.89"

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.

contra-revenue financial

"and partially offset by a contra-revenue imposed by the State Administration"

Contra-revenue is an accounting line that reduces a company’s reported gross sales to arrive at net revenue; common items include sales returns, discounts, allowances and rebates. Think of it as the deductions on a receipt that lower the total price—investors watch contra-revenue because its size and trend affect the true sales a company keeps and can reveal pricing practices, customer returns or promotional activity.

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

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SINGAPORE, Sept. 15, 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 second quarter and first half of 2026.

Key Highlights for the Second Quarter of 2026

• International business delivered robust growth across all segments in the second quarter of 2026
  - Revenue on the Company's international platform increased by over 50% year-over-year.
  - Inbound travel revenue increased at a high double-digit rate year-over-year.
  
  
• The Company delivered solid results in the second quarter of 2026
  - Total net revenue for the second quarter of 2026 was RMB15.7 billion (US$2.3 billion), increased by 6% year-over-year.
  - Diluted loss per ordinary share and per ADS was RMB3.89 (US$0.57) for the second quarter of 2026. Non-GAAP diluted earnings per ordinary share and per ADS was RMB7.27 (US$1.07) for the second quarter of 2026, up from RMB7.20 in the same period last year.

"Travel remains a fundamental consumer need, and we see significant long-term opportunities as travelers seek more personalized and rewarding experiences. Our strategic priorities remain clear: Globalization and Great Quality, or G2," said James Liang, Executive Chairman. "Building on this foundation, we are advancing our proprietary AI capabilities across every stage of the travel journey to accelerate G2 and unlock new opportunities for growth. We are building a more differentiated and valuable global platform for travelers and partners, positioning us for the next phase of sustainable growth."

"Trip.com Group delivered resilient performance in the second quarter, with inbound and world-to-world travel continuing to gain momentum as structural growth drivers," said Jane Sun, Chief Executive Officer. "We see an opportunity to build a healthier ecosystem centered on value, experience, and service quality. We are expanding our offerings to include new travel and lifestyle experiences, while leveraging technology and international marketing to help partners differentiate and drive sustainable growth. We remain focused on disciplined execution and building the capabilities to capture these growth opportunities at scale."

Second Quarter of 2026 Financial Results and Business Updates

For the second quarter of 2026, Trip.com Group reported total net revenues of RMB15.7 billion (US$2.3 billion), representing a 6% increase from the same period in 2025, primarily driven by resilient travel demand. Total net revenues for the second quarter of 2026 decreased by 3% from the previous quarter, primarily due to macro headwinds such as elevated energy prices and geopolitical volatility, alongside operational adjustments the Company implemented to align with evolving industry standards and compliance frameworks.

Accommodation reservation revenue for the second quarter of 2026 was RMB6.6 billion (US$969 million), representing a 6% increase from the same period in 2025, primarily driven by an increase in accommodation reservations, and partially offset by a contra-revenue imposed by the State Administration for Market Regulation of the People's Republic of China (the "SAMR"). Accommodation reservation revenue for the second quarter of 2026 increased by 1% from the previous quarter.

Transportation ticketing revenue for the second quarter of 2026 was RMB5.4 billion (US$788 million), representing a 1% decrease from the same period in 2025 and a 12% decrease from the previous quarter, primarily due to macro headwinds such as elevated energy prices and geopolitical volatility.

Packaged-tour revenue for the second quarter of 2026 was RMB1.2 billion (US$171 million), representing an 8% increase from the same period in 2025, primarily driven by an increase in packaged-tour reservations. Packaged-tour revenue for the second quarter of 2026 increased by 3% from the previous quarter, primarily driven by resilient travel demand, particularly during the holiday periods.

Corporate travel revenue for the second quarter of 2026 was RMB771 million (US$114 million), representing an 11% increase from the same period in 2025 and a 12% increase from the previous quarter, primarily driven by an increase in corporate travel reservations.

Cost of revenue for the second quarter of 2026 increased by 12% to RMB3.2 billion (US$466 million) from the same period in 2025 and decreased by 5% 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 20% for the second quarter of 2026.

Product development expenses for the second quarter of 2026 increased by 8% to RMB3.8 billion (US$559 million) from the same period in 2025 and decreased by 7% from the previous quarter, primarily due to the fluctuations in product development personnel related expenses. Product development expenses as a percentage of total net revenues were 24% for the second quarter of 2026.

Sales and marketing expenses for the second quarter of 2026 increased by 15% to RMB3.8 billion (US$566 million) from the same period in 2025 and increased by 3% from the previous quarter, primarily due to the increase in expenses relating to sales and marketing promotion activities. Sales and marketing expenses as a percentage of total net revenues were 25% for the second quarter of 2026.

General and administrative expenses for the second quarter of 2026 increased by 477% to RMB6.3 billion (US$933 million) from the same period in 2025 and increased by 463% from the previous quarter, primarily due to the anti-monopoly penalty by the SAMR in the amount of RMB5.2 billion (US$763 million). Without the effect of the anti-monopoly penalty, general and administrative expenses for the second quarter of 2026 would have increased by 5% to RMB1.2 billion (US$170 million) from the same period in 2025 and would have increased by 2% from the previous quarter. General and administrative expenses as a percentage of total net revenues were 40% for the second quarter of 2026. Without the effect of the anti-monopoly penalty, general and administrative expenses as a percentage of total net revenues would have been 7% for the second quarter of 2026.

Income tax expense for the second quarter of 2026 was RMB799 million (US$118 million), compared to RMB998 million for the same period in 2025 and RMB893 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 anti-monopoly penalty in general and administrative expenses, and changes in valuation allowance provided for deferred tax assets.

Net loss for the second quarter of 2026 was RMB2.4 billion (US$361 million), compared to net income of RMB4.9 billion for the same period in 2025 and net income of RMB2.5 billion for the previous quarter, primarily due to the anti-monopoly penalty by the SAMR in the amount of RMB5.2 billion (US$763 million). Without the effect of the anti-monopoly penalty, net income for the second quarter of 2026 would have been RMB2.7 billion (US$402 million). Adjusted EBITDA for the second quarter of 2026 was RMB4.6 billion (US$673 million), compared to RMB4.9 billion for the same period in 2025 and RMB4.8 billion for the previous quarter.

Net loss attributable to Trip.com Group's shareholders for the second quarter of 2026 was RMB2.5 billion (US$363 million), compared to net income attributable to Trip.com Group's shareholders of RMB4.8 billion for the same period in 2025 and RMB2.5 billion for the previous quarter, primarily due to the anti-monopoly penalty by the SAMR in the amount of RMB5.2 billion (US$763 million). Without the effect of the anti-monopoly penalty, net income attributable to Trip.com Group's shareholders for the second quarter of 2026 would have been RMB2.7 billion (US$400 million). Excluding share-based compensation charges, the anti-monopoly penalty by the SAMR, 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 second quarter of 2026 was RMB4.8 billion (US$706 million), compared to RMB5.0 billion for the same period in 2025 and RMB3.9 billion for the previous quarter.

Diluted loss per ordinary share and per ADS was RMB3.89 (US$0.57) for the second quarter of 2026. Excluding share-based compensation charges, the anti-monopoly penalty by the SAMR, 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 RMB7.27 (US$1.07) for the second quarter of 2026. Each ADS currently represents one ordinary share of the Company.

As of June 30, 2026, the balance of cash and cash equivalents, restricted cash, short-term investment, and held to maturity time deposit and financial products was RMB100.5 billion (US$14.8 billion).

Conference Call

Trip.com Group's management team will host a conference call at 8:00 PM on September 15, 2026, U.S. Eastern Time (or 8:00 AM on September 16, 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/BI2674f539340943acacf4a39cf6d51444.

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		June 30, 2026		June 30, 2026
			RMB (million)		RMB (million)		USD (million)
	ASSETS
	Current assets:
	Cash, cash equivalents and restricted cash		46,451		56,016		8,256
	Short-term investments		32,007		23,499		3,463
	Accounts receivable, net		15,241		17,053		2,513
	Prepayments and other current assets		27,351		25,945		3,824
	Total current assets		121,050		122,513		18,056
	Property, equipment and software		5,445		5,767		850
	Intangible assets and land use rights		13,013		12,947		1,908
	Right-of-use asset		881		854		126
	Investments (Includes held to maturity time deposit and financial products of RMB27,302 million and RMB21,001 million as of December 31, 2025 and June 30, 2026, respectively)		61,375		51,361		7,570
	Goodwill		62,268		62,196		9,167
	Other long-term assets		600		517		76
	Deferred tax asset		2,755		2,934		432
	Total assets		267,387		259,089		38,185
	LIABILITIES
	Current liabilities:
	Short-term debt and current portion of long-term debt		19,335		25,767		3,798
	Accounts payable		19,150		19,958		2,941
	Advances from customers		18,185		20,861		3,075
	Other current liabilities		21,499		25,750		3,794
	Total current liabilities		78,169		92,336		13,608
	Deferred tax liability		3,949		4,233		624
	Long-term debt		11,430		630		93
	Long-term lease liability		585		567		84
	Other long-term liabilities		654		519		76
	Total liabilities		94,787		98,285		14,485
	MEZZANINE EQUITY		131		140		21
	SHAREHOLDERS' EQUITY
	Total Trip.com Group Limited shareholders' equity		170,818		159,049		23,441
	Non-controlling interests		1,651		1,615		238
	Total shareholders' equity		172,469		160,664		23,679
	Total liabilities, mezzanine equity and shareholders' equity		267,387		259,089		38,185

 

Trip.com Group Limited
Unaudited Consolidated Statements of Income/(Loss)
(In millions, except share and per share data)
			Three Months Ended								Six Months Ended
			June 30, 2025		March 31, 2026		June 30, 2026		June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2026
			RMB (million)		RMB (million)		RMB (million)		USD (million)		RMB (million)		RMB (million)		USD (million)
	Net Revenues:
	Accommodation reservation		6,225		6,510		6,576		969		11,766		13,086		1,929
	Transportation ticketing		5,397		6,050		5,350		788		10,815		11,400		1,680
	Packaged-tour		1,079		1,130		1,161		171		2,026		2,291		338
	Corporate travel		692		690		771		114		1,265		1,461		215
	Others		1,450		1,828		1,805		266		2,801		3,633		535
	Total net revenues		14,843		16,208		15,663		2,308		28,673		31,871		4,697
	Cost of revenue		(2,818)		(3,330)		(3,160)		(466)		(5,523)		(6,490)		(956)
	Product development *		(3,500)		(4,062)		(3,792)		(559)		(7,025)		(7,854)		(1,158)
	Sales and marketing *		(3,326)		(3,747)		(3,841)		(566)		(6,325)		(7,588)		(1,118)
	General and administrative *		(1,097)		(1,124)		(6,332)		(933)		(2,135)		(7,456)		(1,099)
	Income/(loss) from operations		4,102		3,945		(1,462)		(216)		7,665		2,483		366
	Interest income		609		563		562		83		1,249		1,125		166
	Interest expense		(265)		(115)		(117)		(17)		(551)		(232)		(34)
	Other income/(loss)		1,114		176		(1,199)		(177)		2,251		(1,023)		(151)
	Income/(loss) before income tax expense and equity in income/(loss) of affiliates		5,560		4,569		(2,216)		(327)		10,614		2,353		347
	Income tax expense		(998)		(893)		(799)		(118)		(1,636)		(1,692)		(249)
	Equity in income/(loss) of affiliates		318		(1,151)		570		84		216		(581)		(86)
	Net income/(loss)		4,880		2,525		(2,445)		(361)		9,194		80		12
	Net income attributable to non- controlling interests and mezzanine classified non-controlling interests		(28)		(19)		(2)		(0)		(65)		(21)		(3)
	Accretion to redemption value of redeemable non-controlling interests		(6)		(7)		(11)		(2)		(6)		(18)		(3)
	Net income/(loss) attributable to Trip.com Group Limited		4,846		2,499		(2,458)		(363)		9,123		41		6
	Earnings/(losses) per ordinary share
	- Basic		7.34		3.85		(3.89)		(0.57)		13.82		0.06		0.01
	- Diluted		6.97		3.67		(3.89)		(0.57)		13.05		0.06		0.01
	Earnings/(losses) per ADS
	- Basic		7.34		3.85		(3.89)		(0.57)		13.82		0.06		0.01
	- Diluted		6.97		3.67		(3.89)		(0.57)		13.05		0.06		0.01
	Weighted average ordinary shares outstanding
	- Basic		659,916,799		648,991,284		632,330,255		632,330,255		660,060,247		640,617,168		640,617,168
	- Diluted		695,705,348		681,679,206		632,330,255		632,330,255		698,925,198		640,617,168		640,617,168
	* Share-based compensation included in expenses above is as follows:
	Product development		258		363		337		50		478		700		103
	Sales and marketing		53		66		68		10		94		134		20
	General and administrative		255		262		242		36		474		504		74

 

Trip.com Group Limited
Unaudited Reconciliation of  GAAP and Non-GAAP Results
(In millions, except %, share and per share data)
			Three Months Ended								Six Months Ended
			June 30, 2025		March 31, 2026		June 30, 2026		June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2026
			RMB (million)		RMB (million)		RMB (million)		USD (million)		RMB (million)		RMB (million)		USD (million)
	Net income/(loss)		4,880		2,525		(2,445)		(361)		9,194		80		12
	Less: Interest income		(609)		(563)		(562)		(83)		(1,249)		(1,125)		(166)
	Add: Interest expense		265		115		117		17		551		232		34
	Less: Other (income)/loss		(1,114)		(176)		1,199		177		(2,251)		1,023		151
	Add: Income tax expense		998		893		799		118		1,636		1,692		249
	Less: Equity in (income)/loss of affiliates		(318)		1,151		(570)		(84)		(216)		581		86
	Income/(loss) from operations		4,102		3,945		(1,462)		(216)		7,665		2,483		366
	Add: Share-based compensation		566		691		647		96		1,046		1,338		197
	Add: Depreciation and amortization		212		194		200		30		416		394		58
	Add: Anti-monopoly penalty by the State Administration for Market Regulation of the People's Republic of China		-		-		5,180		763		-		5,180		763
	Adjusted EBITDA		4,880		4,830		4,565		673		9,127		9,395		1,384
	Adjusted EBITDA margin		33 %		30 %		29 %		29 %		32 %		29 %		29 %
	Net income/(loss) attributable to Trip.com Group Limited		4,846		2,499		(2,458)		(363)		9,123		41		6
	Add: Share-based compensation		566		691		647		96		1,046		1,338		197
	Add: Anti-monopoly penalty by the State Administration for Market Regulation of the People's Republic of China		-		-		5,180		763		-		5,180		763
	Less: (Gain)/loss from fair value changes of equity securities investments and exchangeable senior notes		(447)		876		1,454		214		(973)		2,330		343
	Add: Tax effects on fair value changes of equity securities investments and exchangeable senior notes		46		(161)		(25)		(4)		3		(186)		(27)
	Non-GAAP net income attributable to Trip.com Group Limited		5,011		3,905		4,798		706		9,199		8,703		1,282
	Weighted average ordinary shares outstanding-  Diluted-non GAAP		695,705,348		681,679,206		659,356,092		659,356,092		698,925,198		670,474,048		670,474,048
	Non-GAAP Diluted income per share		7.20		5.73		7.27		1.07		13.16		12.98		1.91
	Non-GAAP Diluted income per ADS		7.20		5.73		7.27		1.07		13.16		12.98		1.91
	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=RMB6.7851 on June 30, 2026 published by the Federal Reserve Board.

 

View original content:https://www.prnewswire.com/news-releases/tripcom-group-limited-reports-unaudited-second-quarter-and-first-half-of-2026-financial-results-302878938.html

SOURCE Trip.com Group Limited

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did the SAMR anti-monopoly penalty impact Trip.com Group’s Q2 2026 results?

The State Administration for Market Regulation imposed an anti-monopoly penalty of RMB5.2 billion, which was recorded in general and administrative expenses in the second quarter of 2026. This charge drove general and administrative expenses up 477% year-over-year to RMB6.3 billion and was the primary reason the company reported a net loss of RMB2.4 billion instead of income. The company stated that without this penalty, net income for the quarter would have been RMB2.7 billion, and general and administrative expenses would have been RMB1.2 billion, or 7% of total net revenues.

What were Trip.com Group’s Q2 2026 profitability metrics on a non-GAAP basis?

Excluding share-based compensation, the SAMR anti-monopoly penalty, fair value changes of equity securities investments and exchangeable senior notes, and related tax effects, non-GAAP net income attributable to shareholders was RMB4.8 billion in the second quarter of 2026, compared with RMB5.0 billion a year earlier and RMB3.9 billion in the previous quarter. Non-GAAP diluted earnings per ordinary share and per ADS were RMB7.27, up from RMB7.20 in the same period of 2025. Adjusted EBITDA was RMB4.6 billion, versus RMB4.9 billion in Q2 2025 and RMB4.8 billion in Q1 2026.

How did Trip.com Group’s operating expenses change in Q2 2026?

In the second quarter of 2026, cost of revenue increased 12% year-over-year to RMB3.2 billion, or 20% of net revenues. Product development expenses rose 8% to RMB3.8 billion, representing 24% of net revenues. Sales and marketing expenses increased 15% to RMB3.8 billion, 25% of net revenues, mainly due to higher promotion spending. General and administrative expenses surged to RMB6.3 billion because of the RMB5.2 billion penalty; excluding that, G&A would have been RMB1.2 billion, up 5% year-over-year.

How strong is Trip.com Group’s balance sheet as of June 30, 2026?

As of June 30, 2026, Trip.com Group reported RMB56.0 billion in cash, cash equivalents and restricted cash, and RMB23.5 billion in short-term investments. Investments, including held-to-maturity time deposits and financial products, totaled RMB51.4 billion. Total assets were RMB259.1 billion, while total liabilities were RMB98.3 billion, including RMB25.8 billion of short-term debt and current portion of long-term debt and RMB0.6 billion of long-term debt. Total shareholders’ equity was RMB160.7 billion.

When is Trip.com Group’s Q2 2026 earnings conference call and how can investors join?

The management team will host a conference call at 8:00 PM U.S. Eastern Time on September 15, 2026 (8:00 AM Hong Kong Time on September 16, 2026). The live webcast and replay are available at https://investors.trip.com. Participants must pre-register via the provided registration link, after which they receive dial-in numbers and a unique access PIN. To join, investors should dial the supplied number, enter their PIN, and they will be connected to the conference.