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 RMB 6.1 billion (+12% YoY), package tour revenue RMB 1.1 billion (+19% YoY), and corporate travel revenue RMB 690 million (+20% YoY). Adjusted EBITDA was RMB 4.8 billion versus RMB 4.2 billion last year. Diluted EPS was RMB 3.67 per ordinary share and per ADS, and non-GAAP diluted EPS was RMB 5.73 per ordinary share and per ADS. As of March 31, 2026, cash and equivalents, restricted cash, short-term investments, held-to-maturity time deposits, and financial products totaled RMB 104.0 billion. For Q2 2026, management expects net revenue growth of approximately 3% to 8% YoY.

James Liang emphasized Trip.com’s long-term positioning around inbound travel and AI. He said the company wants to serve 200 million inbound travelers over the next five years and described inbound as a major engine for local economies, highlighting partnerships, localized marketing, and service enablement for suppliers. On AI, he framed Trip.com as both a travel platform and infrastructure layer for AI agents, arguing that travel needs reliable fulfillment, inventory, and service capabilities rather than just recommendations.

Cindy Wang detailed the quarter’s financial performance and margin profile, citing RMB 16.2 billion in revenue, RMB 4.8 billion in adjusted EBITDA, and diluted EPS of RMB 3.67. She noted expense growth in adjusted product development (+12% YoY), adjusted G&A (+5%), and adjusted sales and marketing (+24%), with the marketing increase tied to business expansion. On liquidity, she said the company ended March with RMB 104.0 billion in cash-like resources. For Q2, she said growth should moderate to 3% to 8% YoY because of higher airfares, tighter airline capacity, geopolitical disruptions on some routes, and near-term impacts from upgraded operational and compliance practices.

Analysts pressed management on AI competition, inbound growth targets, the China OTA competitive backdrop, the regulatory review, train ticketing guidance, and the weaker Q2 outlook. Management said AI will change discovery but not replace OTAs because Trip.com’s advantage is execution: supply connectivity, real-time inventory, and after-sales service. On regulation, Cindy Wang said the company is cooperating with authorities and has already refined practices, acknowledging some near-term pressure but arguing the changes are constructive and partly embedded in Q2 guidance.