Trip.com Group (TCOM) Q2 2024 earnings summary

Executive summary

• Net revenue for Q2 2024 grew 14% year-over-year to CNY 12.8 billion, with robust growth across all segments, especially cross-border and outbound travel.

• Outbound hotel and air ticket bookings recovered to or exceeded 2019 levels, outperforming industry averages by 20–30%.

• International OTA brand revenue surged 70% year-over-year, outpacing industry recovery rates.

• Inbound travel to China surged nearly 200% in bookings in H1 2024, now contributing over 25% to international OTA revenue.

• AI-driven innovations, including digital humans and tools like Trip.Best, Trip Trends, and Trip.Genie, are enhancing user experience and operational efficiency.

Financial highlights

• Net revenue: CNY 12.8 billion, up 14% year-over-year and 7% sequentially.

• Net income for Q2 2024 reached RMB3.9 billion ($535 million), up from RMB648 million a year ago.

• Adjusted EBITDA: CNY 4.4 billion, margin 35% (vs. 33% last year and last quarter).

• Diluted EPS: CNY 5.57 ($0.77); non-GAAP diluted EPS: CNY 7.25 ($1).

• Cash and equivalents: CNY 99.0 billion ($13.6 billion) as of June 30, 2024.

Segment performance

• Accommodation reservation revenue: CNY 5.1 billion, up 20% year-over-year and 14% quarter-over-quarter.

• Transportation ticketing revenue: CNY 4.9 billion, up 1% year-over-year, down 3% sequentially.

• Package tour revenue: CNY 1 billion, up 42% year-over-year and 16% sequentially.

• Corporate travel revenue: CNY 633 million, up 8% year-over-year and 24% sequentially.

• International OTA: Revenue up ~70% year-over-year, with APAC up 76%; mobile transactions >65% globally, >75% in Asia.