Trip.com Group Limited

Trip.com Group reported Q1 2026 net revenue of RMB 16.2 billion, up 17% year over year. Accommodation reservation revenue was RMB 6.5 billion (+17% YoY), transportation ticketing revenue was RMB 6.1 billion (+12% YoY), package tour revenue was RMB 1.1 billion (+19% YoY), and corporate travel revenue was RMB 690 million (+20% YoY). Adjusted EBITDA was RMB 4.8 billion versus RMB 4.2 billion in the same quarter last year. Diluted EPS was RMB 3.67 per ordinary share, or $0.53 per ADS; non-GAAP diluted EPS was RMB 5.73, or $0.83. Cash and liquid investments totaled RMB 104.0 billion as of March 31, 2026. For Q2, management expects net revenue growth of approximately 3% to 8% year over year, citing slower growth versus Q1 due to higher airfares, tighter airline capacity, geopolitical tensions, and near-term impacts from updated compliance and operational practices.

James Liang emphasized Trip.com’s long-term push to make inbound travel a larger engine of growth for local economies, with a stated goal of serving 200 million inbound travelers over five years. He said the company is using marketing, partner enablement, and service upgrades to convert international demand into real on-the-ground opportunities, and pointed to AI as an increasingly important enabler across discovery, booking, and service fulfillment. His tone was confident and strategic, with a clear message that Trip.com wants to be both a travel platform and the infrastructure layer for AI-driven travel demand.

Cindy Wang detailed the quarter’s financial performance and said growth was broad-based across key businesses. She highlighted the 17% revenue increase, adjusted EBITDA of RMB 4.8 billion, and a strong cash position of RMB 104.0 billion. She also noted cost trends: adjusted product development expenses rose 12% year over year, adjusted G&A rose 5%, and adjusted sales and marketing rose 24% as the company invested in expansion. On guidance, she said Q2 growth should moderate to 3% to 8% due to higher airfares, geopolitical pressure on long-haul demand, and the near-term impact of compliance and product adjustments.

Analysts focused on AI competition, inbound travel growth, the China OTA competitive backdrop, and regulatory impacts. Management said AI will reshape travel discovery but not replace specialized OTAs because travel requires real-time inventory, fulfillment, and after-sales service; Trip.com is integrating AI into search and connecting to third-party AI ecosystems through APIs and MCPs. On regulation, executives said they are fully cooperating, have proactively refined business practices, and expect some near-term pressure, including on train-ticketing-related monetization, but believe the changes are constructive for long-term healthy development. They also reiterated that inbound travel remains one of the strongest segments and that Q2 and second-half visibility is limited due to short booking windows and ongoing market fluctuations.