Trip.com hit with RMB5.2b fine, posts Q2 loss

A large RMB5.2 billion anti-monopoly penalty turned Trip.com Group’s Q2 2026 into a GAAP loss despite solid revenue growth and strong non-GAAP profitability.

Rhea-AI Filing Summary

Trip.com Group Ltd (TCOM) reported Q2 2026 net revenues of RMB15.7 billion, up 6% year over year but down 3% sequentially, on resilient travel demand across accommodation, packaged tours, and corporate travel. Transportation ticketing revenue declined as elevated energy prices and geopolitical volatility weighed on volumes.

Profitability was heavily impacted by a RMB5.2 billion anti-monopoly penalty imposed by China’s State Administration for Market Regulation, which drove a Q2 net loss of RMB2.4 billion versus net income of RMB4.9 billion a year earlier. Without this penalty, net income would have been RMB2.7 billion and general and administrative expenses would have represented 7% of revenue instead of 40%.

Non-GAAP performance remained strong: non-GAAP net income attributable to shareholders was RMB4.8 billion, only modestly below last year’s RMB5.0 billion, and adjusted EBITDA was RMB4.6 billion with a 29% margin. Liquidity was substantial, with RMB100.5 billion in cash, equivalents, short-term investments, and held-to-maturity deposits and financial products as of June 30, 2026.

Positive

• Q2 2026 net revenues rose 6% year over year to RMB15.7 billion, with growth in accommodation, packaged tours, and corporate travel.
• Non-GAAP net income attributable to shareholders was RMB4.8 billion, only slightly below RMB5.0 billion a year earlier, showing underlying earnings resilience.
• Adjusted EBITDA reached RMB4.6 billion with a 29% margin in Q2 2026, indicating strong operating profitability excluding one-off items.
• Liquidity was robust at RMB100.5 billion in cash, cash equivalents, restricted cash, short-term investments, and held-to-maturity deposits and financial products as of June 30, 2026.

Negative

• A RMB5.2 billion anti-monopoly penalty from SAMR drove Q2 2026 general and administrative expenses up 477% year over year and 463% sequentially.
• Q2 2026 swung to a net loss of RMB2.4 billion, versus net income of RMB4.9 billion in Q2 2025 and RMB2.5 billion in Q1 2026, mainly due to the penalty.
• Transportation ticketing revenue declined 1% year over year and 12% quarter over quarter in Q2 2026, reflecting macro headwinds such as elevated energy prices and geopolitical volatility.
• Total Trip.com Group shareholders’ equity fell to RMB159.0 billion at June 30, 2026 from RMB170.8 billion at December 31, 2025.

Filing Explained

Through June 30, first-half GAAP profit was RMB80 million; equity was lower and current liabilities higher than at year-end.

Trip.com Group furnished unaudited second-quarter and first-half results in this Form 6-K, an interim report; first-half GAAP net income was RMB80 million, versus RMB9.194 billion in the first half of 2025.

For shareholders, the reported first-half net income attributable to the company was only RMB41 million, while the company’s non-GAAP measure was RMB8.703 billion.

The non-GAAP figure excludes share-based compensation, the anti-monopoly penalty, certain fair-value changes, and related tax effects, so it does not replace the GAAP result. At June 30, 2026, shareholders’ equity was RMB160.664 billion versus RMB172.469 billion at December 31, 2025, while current liabilities were RMB92.336 billion versus RMB78.169 billion.

Key Figures

Q2 2026 total net revenues: RMB15.7 billion (US$2.3 billion) Anti-monopoly penalty: RMB5.2 billion (US$763 million) Q2 2026 net income/(loss): RMB-2.4 billion (US$-361 million) +5 more

8 metrics

Q2 2026 total net revenues RMB15.7 billion (US$2.3 billion) Quarter ended June 30, 2026; up 6% year over year, down 3% quarter over quarter

Anti-monopoly penalty RMB5.2 billion (US$763 million) Recorded in Q2 2026 general and administrative expenses as penalty by SAMR

Q2 2026 net income/(loss) RMB-2.4 billion (US$-361 million) Quarter ended June 30, 2026; compared to RMB4.9 billion net income in Q2 2025

Q2 2026 non-GAAP net income attributable to shareholders RMB4.8 billion (US$706 million) Excludes share-based compensation, SAMR penalty, certain fair value changes and tax effects

Q2 2026 adjusted EBITDA RMB4.6 billion (US$673 million) Quarter ended June 30, 2026; adjusted EBITDA margin 29%

Cash and investments balance RMB100.5 billion (US$14.8 billion) Cash, equivalents, restricted cash, short-term investments and held-to-maturity products as of June 30, 2026

Transportation ticketing revenue RMB5.4 billion (US$788 million) Q2 2026; down 1% year over year and 12% quarter over quarter

Total assets RMB259.1 billion (US$38.2 billion) Consolidated balance sheet as of June 30, 2026

Key Terms

anti-monopoly penalty, Adjusted EBITDA, non-GAAP net income, diluted earnings per ordinary share, +2 more

6 terms

anti-monopoly penalty regulatory

"primarily due to the anti-monopoly penalty by the SAMR in the amount"

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.

non-GAAP net income financial

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

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.

diluted earnings per ordinary share financial

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

held to maturity time deposit and financial products financial

"held to maturity time deposit and financial products was RMB100.5 billion"

State Administration for Market Regulation regulatory

"anti-monopoly penalty by the State Administration for Market Regulation of the People’s Republic of China"

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.

Earnings Snapshot

Net revenues: RMB15.7 billion in Q2 2026; RMB31.9 billion in first half 2026

Quarter and six months ended June 30, 2026

Net revenues RMB15.7 billion in Q2 2026; RMB31.9 billion in first half 2026 Q2 up 6% year over year and down 3% quarter over quarter; first half up from RMB28.7 billion in 2025

Net income/(loss) RMB-2.4 billion in Q2 2026; RMB80 million in first half 2026 Down from RMB4.9 billion in Q2 2025 and RMB2.5 billion in Q1 2026; first half down from RMB9.2 billion in 2025

Non-GAAP net income attributable to shareholders RMB4.8 billion in Q2 2026; RMB8.7 billion in first half 2026 Q2 slightly below RMB5.0 billion in Q2 2025 and above RMB3.9 billion in Q1 2026

Adjusted EBITDA RMB4.6 billion in Q2 2026; RMB9.4 billion in first half 2026 Q2 down from RMB4.9 billion in Q2 2025 and RMB4.8 billion in Q1 2026

Diluted EPS (GAAP) RMB-3.89 per ordinary share and per ADS in Q2 2026 Down from RMB6.97 in Q2 2025 and RMB3.67 in Q1 2026

Non-GAAP diluted EPS RMB7.27 per ordinary share and per ADS in Q2 2026 Up from RMB5.73 in Q1 2026 and slightly below RMB7.20 in Q2 2025

FAQ

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

How did Trip.com Group (TCOM) perform financially in Q2 2026?

Trip.com Group generated Q2 2026 net revenues of RMB15.7 billion, up 6% year over year but down 3% from Q1 2026. It reported a net loss of RMB2.4 billion, primarily due to a RMB5.2 billion anti-monopoly penalty from SAMR.

What was Trip.com Group’s non-GAAP profitability in Q2 2026?

Non-GAAP net income attributable to Trip.com Group’s shareholders was RMB4.8 billion in Q2 2026, compared with RMB5.0 billion a year earlier and RMB3.9 billion in Q1 2026. Adjusted EBITDA was RMB4.6 billion, with a 29% adjusted EBITDA margin.

How large was the anti-monopoly penalty Trip.com Group (TCOM) recorded in Q2 2026?

Trip.com Group recorded an anti-monopoly penalty of RMB5.2 billion (US$763 million) in Q2 2026, imposed by China’s State Administration for Market Regulation. This was the main driver of the sharp increase in general and administrative expenses and the quarter’s GAAP net loss.

What were Trip.com Group’s key Q2 2026 revenue drivers by segment?

In Q2 2026, accommodation reservation revenue was RMB6.6 billion (up 6% year over year), packaged-tour revenue RMB1.2 billion (up 8%), and corporate travel revenue RMB771 million (up 11%). Transportation ticketing revenue was RMB5.4 billion, down 1% year over year.

What is Trip.com Group’s cash and investment position as of June 30, 2026?

As of June 30, 2026, Trip.com Group held RMB100.5 billion (US$14.8 billion) in cash and cash equivalents, restricted cash, short-term investments, and held-to-maturity time deposits and financial products, providing substantial liquidity.

How did Trip.com Group’s first-half 2026 revenue compare to 2025?

For the first half of 2026, Trip.com Group reported total net revenues of RMB31.9 billion, compared with RMB28.7 billion for the first half of 2025, indicating solid year-over-year growth in overall business activity.

What were Trip.com Group’s Q2 2026 earnings per share (EPS)?

In Q2 2026, diluted GAAP loss per ordinary share and per ADS was RMB3.89 (US$0.57). On a non-GAAP basis, diluted earnings per ordinary share and per ADS were RMB7.27 (US$1.07), excluding share-based compensation, the SAMR penalty, certain fair value changes, and related tax effects.

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

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Available on EDGAR 09/16/2026 - 06:03 AM Accepted by SEC EDGAR 09/16/2026 - 06:02 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 September 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 Second Quarter and First Half 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: September 16, 2026

Exhibit 99.1

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

SINGAPORE, September 15, 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 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 RMB (million)				June 30, 2026 RMB (million)				June 30, 2026 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

Page 1

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 RMB (million)				March 31, 2026 RMB (million)				June 30, 2026 RMB (million)				June 30, 2026 USD (million)				June 30, 2025 RMB (million)				June 30, 2026 RMB (million)				June 30, 2026 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

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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 RMB (million)				March 31, 2026 RMB (million)				June 30, 2026 RMB (million)				June 30, 2026 USD (million)				June 30, 2025 RMB (million)				June 30, 2026 RMB (million)				June 30, 2026 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.

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