Trip.com Group (NASDAQ: TCOM) posts Q1 2026 growth but faces SAMR anti-monopoly probe

Rhea-AI Filing Summary

Trip.com Group reported strong top-line growth but mixed earnings for the first quarter of 2026. Total net revenues reached RMB16.2 billion (US$2.4 billion), up 17% year-over-year and 5% sequentially, with double-digit growth across accommodation, transportation, packaged tours, and corporate travel.

Net income fell to RMB2.5 billion (US$367 million) from RMB4.3 billion a year earlier, mainly due to lower other income and higher taxes, while adjusted EBITDA improved to RMB4.8 billion (US$701 million). Cash, cash equivalents, restricted cash, short-term investments and held-to-maturity deposits totaled RMB104.0 billion (US$15.1 billion) as of March 31, 2026.

The company disclosed a SAMR investigation into potential abuse of a dominant market position under the PRC Anti-Monopoly Law, which could lead to a significant fine, other penalties or business changes and may have a material adverse effect on its financial position. For the second quarter of 2026, net revenue is expected to grow by approximately 3%–8% year-over-year, with macro headwinds and compliance-related adjustments expected to weigh on margins and bottom-line results.

Positive

• Total net revenues grew 17% year-over-year in Q1 2026 to RMB16.2 billion (US$2.4 billion), with accommodation, transportation, packaged-tour and corporate travel revenues all showing double-digit annual growth.
• Adjusted EBITDA increased to RMB4.8 billion (US$701 million) in Q1 2026 from RMB4.2 billion a year earlier and RMB3.4 billion in the prior quarter, indicating stronger underlying operating profitability.
• Liquidity remained strong, with cash, cash equivalents, restricted cash, short-term investments and held-to-maturity deposits totaling RMB104.0 billion (US$15.1 billion) as of March 31, 2026.

Negative

• GAAP net income declined materially, falling to RMB2.5 billion (US$367 million) in Q1 2026 from RMB4.3 billion in both the comparable prior-year quarter and the previous quarter.
• SAMR opened an anti-monopoly investigation into whether the company abused a dominant market position, and the company warns the findings could lead to a significant fine, other penalties or business changes with a material adverse effect on its financials.
• Management guided to slower Q2 2026 revenue growth of approximately 3%–8% year-over-year and indicated that macro headwinds and compliance-related operational adjustments are expected to pressure margins and bottom-line results.

Insights

Equity analyst

Revenue growth is solid, but earnings quality and regulatory risk add caution.

Trip.com Group delivered Q1 2026 revenue of RMB16.2 billion, up 17% year-over-year, with all major segments growing double digits. Adjusted EBITDA rose to RMB4.8 billion and the company held a sizable liquidity pool of RMB104.0 billion in cash and investments as of March 31, 2026.

However, GAAP net income declined to RMB2.5 billion from RMB4.3 billion a year earlier, as other income dropped and tax expense rose. Non-GAAP net income was steadier at RMB3.9 billion, highlighting the importance of fair-value adjustments and share-based compensation in reported results.

The most material risk disclosure is the SAMR investigation under the PRC Anti-Monopoly Law, which the company states could result in a significant fine, other financial penalties or required business changes and may have a material adverse effect on consolidated financials. Management’s Q2 2026 outlook for net revenue growth of about 3%–8% year-over-year, with pressure on margins and bottom line from macro headwinds and compliance-related adjustments, underscores a more moderate near-term growth phase. Subsequent filings may provide more detail on the investigation’s outcome and any operational impacts.

Key Figures

Total net revenues: RMB16.2 billion (US$2.4 billion) Net income: RMB2.5 billion (US$367 million) Adjusted EBITDA: RMB4.8 billion (US$701 million) +5 more

8 metrics

Total net revenues RMB16.2 billion (US$2.4 billion) Q1 2026; 17% increase from same period in 2025 and 5% from previous quarter

Net income RMB2.5 billion (US$367 million) Q1 2026; compared to RMB4.3 billion in Q1 2025 and previous quarter

Adjusted EBITDA RMB4.8 billion (US$701 million) Q1 2026; compared to RMB4.2 billion a year earlier and RMB3.4 billion prior quarter

Q2 2026 revenue outlook 3%–8% year-over-year growth Company’s guidance for net revenue growth in second quarter of 2026

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

Adjusted EBITDA margin 30% Q1 2026 adjusted EBITDA margin based on reconciliation table

Diluted EPS (GAAP) RMB3.67 (US$0.53) per share/ADS Diluted earnings per ordinary share and per ADS for Q1 2026

Non-GAAP diluted EPS RMB5.73 (US$0.83) per share/ADS Non-GAAP diluted earnings per ordinary share and per ADS for Q1 2026

Key Terms

Adjusted EBITDA, non-GAAP net income, State Administration for Market Regulation, PRC Anti-Monopoly Law, +2 more

6 terms

Adjusted EBITDA financial

"Adjusted EBITDA for the first quarter of 2026 was RMB4.8 billion (US$701 million)"

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 net income financial

"non-GAAP net income attributable to Trip.com Group’s shareholders for the first quarter of 2026 was RMB3.9 billion"

Non-GAAP net income is a company's profit figure that excludes certain costs or income that are included in standard accounting methods. Companies often use it to show what their earnings might look like without one-time expenses or other unusual items, helping investors see the company's core performance more clearly.

State Administration for Market Regulation regulatory

"received a notice of investigation from the State Administration for Market Regulation (“SAMR”)"

A state administration for market regulation is a government agency that enforces rules for how businesses operate, such as fair competition, product safety, licensing and company registrations. Think of it as a referee for the marketplace: its decisions, approvals, fines or investigations can change a company’s legal standing, costs and growth prospects, so investors watch it because its actions can directly affect profits, risk and valuation.

PRC Anti-Monopoly Law regulatory

"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"

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.

share-based compensation financial

"excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes"

Share-based compensation is when a company pays employees, executives or directors with its own stock or rights to buy stock instead of, or in addition to, cash. Think of it like receiving store gift cards instead of extra paycheck — it can motivate staff to boost the company’s value, but it also increases the number of shares outstanding and can shrink each existing owner’s slice of profits and voting power. Investors watch it because it affects reported earnings, share count and the alignment between management and shareholders.

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Form 6-K: How Foreign Companies Report to the SEC →

Available on EDGAR 06/25/2026 - 06:50 AM Accepted by SEC EDGAR 06/25/2026 - 06:49 AM Learn about SEC filing dates

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of June 2026

Commission File Number: 001-33853

Trip.com Group Limited

(Registrant’s Name)

30 Raffles Place, #29-01

Singapore 048622

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒   Form 40-F ☐

EXHIBIT INDEX

Exhibit No.		Description
99.1		Press Release — Trip.com Group Limited Reports Unaudited First Quarter of 2026 Financial Results

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TRIP.COM GROUP LIMITED
By		:		/s/ Cindy Xiaofan Wang
Name		:		Cindy Xiaofan Wang
Title		:		Chief Financial Officer

Date: June 25, 2026

Exhibit 99.1

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

SINGAPORE, June 24, 2026 — 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 RMB (million)				March 31, 2026 RMB (million)				March 31, 2026 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

Page 1

Trip.com Group Limited

Unaudited Consolidated Statements of Income

(In millions, except share and per share data)

		Quarter ended March 31, 2025 RMB (million)				Quarter ended December 31, 2025 RMB (million)				Quarter ended March 31, 2026 RMB (million)				Quarter ended March 31, 2026 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

Page 2

Trip.com Group Limited

Unaudited Reconciliation of GAAP and Non-GAAP Results

(In millions, except %, share and per share data)

		Quarter ended March 31, 2025 RMB (million)				Quarter ended December 31, 2025 RMB (million)				Quarter ended March 31, 2026 RMB (million)				Quarter ended March 31, 2026 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.

Page 3

FAQ

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

Trip.com Group’s Q1 2026 net revenues reached RMB16.2 billion (US$2.4 billion), up 17% year-over-year and 5% sequentially. Net income was RMB2.5 billion (US$367 million), while adjusted EBITDA increased to RMB4.8 billion (US$701 million).

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

For Q2 2026, Trip.com Group expects net revenue to grow about 3%–8% year-over-year. Management noted this slower growth pace is expected to weigh on margins and bottom-line results due to macro headwinds and compliance-related operational adjustments.

What regulatory investigation is Trip.com Group (TCOM) facing?

In January 2026, Trip.com Group received a notice that SAMR had begun investigating potential abuse of a dominant market position under the PRC Anti-Monopoly Law. The company states findings could trigger a significant fine, other penalties, business practice changes and a material adverse financial impact.

How strong is Trip.com Group’s (TCOM) balance sheet as of March 31, 2026?

As of March 31, 2026, Trip.com Group held RMB104.0 billion (US$15.1 billion) in cash, cash equivalents, restricted cash, short-term investments and held-to-maturity deposits. Total assets were RMB263.2 billion (US$38.2 billion), with total liabilities of RMB96.5 billion (US$14.0 billion).

How did Trip.com Group’s segment revenues trend in Q1 2026?

In Q1 2026, accommodation revenue was RMB6.5 billion, transportation ticketing RMB6.1 billion, packaged tours RMB1.1 billion, corporate travel RMB690 million, and others RMB1.8 billion. All major segments posted double-digit year-over-year growth, led by corporate travel at 20%.

What are Trip.com Group’s key non-GAAP earnings metrics for Q1 2026?

For Q1 2026, non-GAAP net income attributable to Trip.com Group’s shareholders was RMB3.9 billion (US$568 million). Non-GAAP diluted earnings per ordinary share and per ADS were RMB5.73 (US$0.83), excluding share-based compensation, certain fair-value changes and related tax effects.

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