Trip.com Group Limited

Trip.com Group reported second-quarter 2026 net revenue of RMB 15.7 billion, up 6% year over year. Accommodation revenue was RMB 6.6 billion, up 6%; transportation ticketing revenue was RMB 5.4 billion, down 1%; packaged tours revenue was RMB 1.2 billion, up 8%; and corporate travel revenue was RMB 771 million, up 11%. Excluding share-based compensation and the SAMR penalty, adjusted EBITDA was RMB 4.6 billion versus RMB 4.9 billion a year ago. Non-GAAP diluted earnings per ordinary share and per ADS were RMB 7.27, compared with RMB 7.0 in the prior-year period. The company said it recognized RMB 5.18 billion of expenses and RMB 122 million of contra-revenue related to the penalty. Cash and cash equivalents, restricted cash, short-term investments, held-to-maturity time deposits and financial products totaled RMB 100.5 billion as of June 30, 2026. The company did not provide specific third-quarter or full-year revenue/EPS guidance on the call, but said it expects some near-term volatility in domestic performance as partners move to the new framework and that international business should contribute an increasing share of group revenue over time.

Jane Sun framed the quarter as proof of resilience in a tougher operating environment and kept the emphasis on the company’s G2 strategy: globalization and great quality. She highlighted inbound travel as a major long-term opportunity, said the company aims to serve 200 million inbound travelers over the next 5 years, and repeatedly pointed to higher-quality demand, personalization, and cross-border growth as the main strategic themes. Her tone was constructive and confident, especially around AI, where she described it as a new interface for travel discovery rather than a substitute for Trip.com’s supply, transaction, and fulfillment strengths.

Cindy Wang walked through the quarter’s core financials and the one-time regulatory impact. She said the company recognized RMB 5.18 billion of expenses and RMB 122 million of contra-revenue related to the SAMR penalty, while excluding those items, adjusted EBITDA was RMB 4.6 billion versus RMB 4.9 billion last year. She also noted adjusted product development expense rose 7%, adjusted G&A rose 8% excluding the penalty, and adjusted sales and marketing rose 15% year over year due to global expansion efforts. Cash and investments were RMB 100.5 billion at quarter-end, and she said AI-related CapEx should increase in the near term but remain disciplined and manageable.

Analysts focused heavily on the SAMR antitrust decision, asking how it changes strategy and financials. Management said the rectification measures fit its long-standing G2 strategy, that the hotel collaboration framework is becoming more open and transparent, and that it will compete more on value, service quality, and product differentiation rather than price. Questions also covered AI and future capital spending; management said AI will reshape discovery and search, but Trip.com’s differentiators remain supply, data, transactions, and fulfillment, and it expects some near-term increase in AI-related CapEx without building large foundational models from scratch. On international growth, management said Trip.com revenue continued to grow more than 50% year over year, with mobile bookings above 70% of bookings and stronger traffic from GEO and AI-agent channels, though those channels are still small.