second quarter and first half of 2026
Filed Sep 16, 2026Trip.com Group Limited Reports Unaudited Second Quarter and First Half of 2026 Financial Results
Second-quarter total net revenue increased by 6% year-over-year, supported by international, inbound and corporate-travel momentum, but a RMB5.2 billion anti-monopoly penalty drove a GAAP net loss of RMB2.4 billion and an operating loss of RMB1.5 billion.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Second-quarter total net revenuesGAAP | RMB15.7 billion (US$2.3 billion) | decreased by 3% | increased by 6% |
| Second-quarter cost of revenueGAAP | RMB3.2 billion (US$466 million) | decreased by 5% | increased by 12% |
| Second-quarter cost of revenue as a percentage of total net revenuesGAAP | 20% | – | – |
| Second-quarter product development expensesGAAP | RMB3.8 billion (US$559 million) | decreased by 7% | increased by 8% |
| Second-quarter product development expenses as a percentage of total net revenuesGAAP | 24% | – | – |
| Second-quarter sales and marketing expensesGAAP | RMB3.8 billion (US$566 million) | increased by 3% | increased by 15% |
| Second-quarter sales and marketing expenses as a percentage of total net revenuesGAAP | 25% | – | – |
| Second-quarter general and administrative expensesGAAP | RMB6.3 billion (US$933 million) | increased by 463% | increased by 477% |
| Second-quarter general and administrative expenses excluding the anti-monopoly penaltyother | RMB1.2 billion (US$170 million) | would have increased by 2% | would have increased by 5% |
| Second-quarter general and administrative expenses as a percentage of total net revenuesGAAP | 40% | – | – |
| Second-quarter general and administrative expenses as a percentage of total net revenues excluding the anti-monopoly penaltyother | 7% | – | – |
| Second-quarter income/(loss) from operationsGAAP | RMB(1,462) million (US$(216) million) | – | – |
| Second-quarter interest incomeGAAP | RMB562 million (US$83 million) | – | – |
| Second-quarter interest expenseGAAP | RMB(117) million (US$(17) million) | – | – |
| Second-quarter other income/(loss)GAAP | RMB(1,199) million (US$(177) million) | – | – |
| Second-quarter income tax expenseGAAP | RMB799 million (US$118 million) | – | – |
| Second-quarter equity in income/(loss) of affiliatesGAAP | RMB570 million (US$84 million) | – | – |
| Second-quarter net income/(loss)GAAP | RMB(2,445) million (US$(361) million) | – | – |
| Second-quarter net income excluding the anti-monopoly penaltyother | RMB2.7 billion (US$402 million) | – | – |
| Second-quarter net income/(loss) attributable to Trip.com Group LimitedGAAP | RMB(2,458) million (US$(363) million) | – | – |
| Second-quarter net income attributable to Trip.com Group Limited excluding the anti-monopoly penaltyother | RMB2.7 billion (US$400 million) | – | – |
| Second-quarter adjusted EBITDAnon-GAAP | RMB4.6 billion (US$673 million) | – | – |
| Second-quarter adjusted EBITDA marginnon-GAAP | 29% | – | – |
| Second-quarter non-GAAP net income attributable to Trip.com Group Limitednon-GAAP | RMB4.8 billion (US$706 million) | – | – |
| Second-quarter diluted loss per ordinary share and per ADSGAAP | RMB3.89 (US$0.57) | – | – |
| Second-quarter non-GAAP diluted income per share and per ADSnon-GAAP | RMB7.27 (US$1.07) | – | up from RMB7.20 |
| First-half total net revenuesGAAP | RMB31,871 million (US$4,697 million) | – | – |
| First-half income/(loss) from operationsGAAP | RMB2,483 million (US$366 million) | – | – |
| First-half net income/(loss)GAAP | RMB80 million (US$12 million) | – | – |
| First-half net income/(loss) attributable to Trip.com Group LimitedGAAP | RMB41 million (US$6 million) | – | – |
| First-half adjusted EBITDAnon-GAAP | RMB9,395 million (US$1,384 million) | – | – |
| First-half adjusted EBITDA marginnon-GAAP | 29% | – | – |
| First-half non-GAAP net income attributable to Trip.com Group Limitednon-GAAP | RMB8,703 million (US$1,282 million) | – | – |
| First-half diluted earnings/(losses) per ordinary share and per ADSGAAP | RMB0.06 (US$0.01) | – | – |
| First-half non-GAAP diluted income per share and per ADSnon-GAAP | RMB12.98 (US$1.91) | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Accommodation reservationIncrease in accommodation reservations, partially offset by a contra-revenue imposed by the State Administration for Market Regulation of the People’s Republic of China. | RMB6.6 billion (US$969 million) | increased by 1% | increased by 6% |
| Transportation ticketingMacro headwinds such as elevated energy prices and geopolitical volatility. | RMB5.4 billion (US$788 million) | decreased by 12% | decreased by 1% |
| Packaged-tourIncrease in packaged-tour reservations; sequential growth was driven by resilient travel demand, particularly during the holiday periods. | RMB1.2 billion (US$171 million) | increased by 3% | increased by 8% |
| Corporate travelIncrease in corporate travel reservations. | RMB771 million (US$114 million) | increased by 12% | increased by 11% |
| OthersNot disclosed. | RMB1,805 million (US$266 million) | – | – |
What drove it
- 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.
- Total net revenue growth was primarily driven by resilient travel demand.
- Corporate-travel revenue growth was driven by an increase in corporate travel reservations.
- The Company is advancing proprietary AI capabilities across every stage of the travel journey as part of its Globalization and Great Quality strategy.
Concerns
- Total net revenues decreased by 3% from the previous quarter, primarily due to macro headwinds such as elevated energy prices and geopolitical volatility, alongside operational adjustments to align with evolving industry standards and compliance frameworks.
- Transportation ticketing revenue decreased by 1% year-over-year and 12% from the previous quarter.
- The RMB5.2 billion (US$763 million) anti-monopoly penalty by the SAMR increased general and administrative expenses and drove the GAAP net loss.
- Sales and marketing expenses increased by 15% year-over-year to RMB3.8 billion (US$566 million).
- Adjusted EBITDA margin was 29%, compared to 33% in the same period in 2025 and 30% in the previous quarter.
What to watch
- The pace of international-platform growth, which increased by over 50% year-over-year in the second quarter.
- The trajectory of inbound travel revenue, which increased at a high double-digit rate year-over-year.
- Transportation ticketing demand following its 12% sequential revenue decrease.
- The impact of macro headwinds, elevated energy prices and geopolitical volatility on travel demand.
- Execution on the Company’s G2 strategy and deployment of proprietary AI capabilities.
Balance sheet and cash flow
- As of June 30, 2026, cash, cash equivalents and restricted cash were RMB56,016 million (US$8,256 million).
- As of June 30, 2026, short-term investments were RMB23,499 million (US$3,463 million).
- As of June 30, 2026, held to maturity time deposit and financial products were RMB21,001 million.
- 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).
- As of June 30, 2026, short-term debt and current portion of long-term debt were RMB25,767 million (US$3,798 million).
- As of June 30, 2026, long-term debt was RMB630 million (US$93 million).
- As of June 30, 2026, total assets were RMB259,089 million (US$38,185 million).
- As of June 30, 2026, total liabilities were RMB98,285 million (US$14,485 million).
- As of June 30, 2026, total shareholders’ equity was RMB160,664 million (US$23,679 million).
Analysis
Trip.com Group reported RMB15.7 billion (US$2.3 billion) of second-quarter total net revenue, up 6% year-over-year but down 3% from the previous quarter. Management attributed the year-over-year performance primarily to resilient travel demand, while citing elevated energy prices, geopolitical volatility, and operational adjustments related to industry standards and compliance frameworks for the sequential decline. International-platform revenue increased by over 50% year-over-year, and inbound travel revenue increased at a high double-digit rate.
Segment trends were uneven. Accommodation reservation revenue increased 6% year-over-year and 1% sequentially to RMB6.6 billion (US$969 million), with a contra-revenue imposed by SAMR partly offsetting reservation growth. Packaged-tour revenue increased 8% year-over-year and 3% sequentially, while corporate-travel revenue rose 11% year-over-year and 12% sequentially. Transportation ticketing was the principal weak point, declining 1% year-over-year and 12% sequentially to RMB5.4 billion (US$788 million).
Profitability was dominated by the RMB5.2 billion (US$763 million) SAMR anti-monopoly penalty. General and administrative expenses rose 477% year-over-year to RMB6.3 billion (US$933 million), producing an operating loss of RMB(1,462) million (US$(216) million) and net loss of RMB(2,445) million (US$(361) million). Excluding the penalty, the Company stated net income would have been RMB2.7 billion (US$402 million). Non-GAAP net income attributable to Trip.com Group Limited was RMB4.8 billion (US$706 million), and non-GAAP diluted income per share and per ADS was RMB7.27 (US$1.07), up from RMB7.20 in the same period last year.
Underlying expense and margin measures also warrant attention. Cost of revenue increased 12% year-over-year and represented 20% of total net revenues. Sales and marketing expense increased 15% year-over-year to RMB3.8 billion (US$566 million), and adjusted EBITDA was RMB4.6 billion (US$673 million), compared with RMB4.9 billion in the same period in 2025 and RMB4.8 billion in the previous quarter. Adjusted EBITDA margin was 29%, versus 33% and 30%, respectively. 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) as of June 30, 2026.
For the first half of 2026, total net revenues were RMB31,871 million (US$4,697 million), compared with RMB28,673 million in the first half of 2025. The SAMR penalty materially affected first-half GAAP earnings, with net income/(loss) of RMB80 million (US$12 million) and net income/(loss) attributable to Trip.com Group Limited of RMB41 million (US$6 million). First-half adjusted EBITDA was RMB9,395 million (US$1,384 million), while first-half non-GAAP net income attributable to Trip.com Group Limited was RMB8,703 million (US$1,282 million). The release provided no forward financial guidance.
Management, verbatim
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.
James Liang, Executive Chairman
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.
Jane Sun, Chief Executive Officer
Not in the filing
stated, not guessed- Forward financial guidance
- Prior-release outlook and comparison with prior guidance
- GAAP gross margin
- Operating cash flow
- Free cash flow
- Share repurchases
- Dividends
- Capital expenditure
- Second-quarter effective tax rate
- Detailed driver for Others revenue
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.