Trip.com Group (TCOM) investor relations material

Executive summary

• Net revenue for Q2 2026 reached RMB 15.7 billion ($2.3 billion), up 6% year-over-year, driven by resilient global travel demand and strong international platform growth, despite macroeconomic and geopolitical headwinds and a sequential decline of 3%.

• International OTA/platform revenue grew over 50% year-over-year, with inbound travel revenue up at a high double-digit rate.

• The company accelerated inbound travel development, invested in AI, and refined partnership and pricing models following regulatory changes.

• Entertainment and family travel segments saw significant growth, with entertainment-related bookings up over 80% year-over-year.

• Net loss for Q2 2026 was RMB 2.4 billion ($361 million), primarily due to a RMB 5.2 billion ($763 million) anti-monopoly penalty; excluding this, net income would have been RMB 2.7 billion ($402 million).

Financial highlights

• Accommodation reservation revenue was RMB 6.6 billion ($969 million), up 6% year-over-year; excluding a contra-revenue item from a regulatory penalty, growth was 8%.

• Transportation ticketing revenue was RMB 5.4 billion ($788 million), down 1% year-over-year due to softer demand and elevated costs.

• Package tour revenue rose 8% to RMB 1.2 billion ($171 million); corporate travel revenue increased 11% to RMB 771 million ($114 million).

• Adjusted EBITDA was RMB 4.6 billion ($673 million), down from RMB 4.9 billion year-over-year and RMB 4.8 billion sequentially.

• Cost of revenue increased 12% year-over-year to RMB 3.2 billion ($466 million), representing 20% of total net revenues.

Outlook and guidance

• The company expects near-term volatility in domestic performance as partners transition to new models, but anticipates long-term growth driven by international expansion and the G2 strategy.

• AI investments are expected to remain disciplined, with long-term benefits in efficiency and conversion offsetting incremental costs.

• Management remains focused on globalization, quality, and leveraging AI to drive growth and differentiation.