Trip.com Group Q1 2026 Revenue Climbs 17% to RMB 16.21 Billion, Profit Falls on Higher Costs; Q2 Growth Seen Slowing

Trip.com Group released unaudited results for the three months ended 31 March 2026, showing resilient top-line momentum but softer profitability as expense growth outpaced revenue gains.

Revenue and Segment Performance • Total net revenue rose 17.22% year on year to RMB 16.21 billion (USD 2.35 billion) and 4.94% sequentially, supported by “resilient travel demand.” • Accommodation reservation revenue grew 17.47% to RMB 6.51 billion. • Transportation ticketing revenue increased 11.67% to RMB 6.05 billion. • Packaged-tour revenue advanced 19.32% to RMB 1.13 billion. • Corporate travel revenue expanded 20.42% to RMB 0.69 billion despite a seasonal 14.60% sequential decline. • International momentum remained strong: gross bookings on overseas platforms surged about 65% and inbound travel bookings jumped roughly 90% year on year.

Profitability and Expenses • Net income attributable to shareholders dropped 41.61% to RMB 2.50 billion (USD 0.36 billion), reflecting higher operating costs and a sharp reversal in other income. • Adjusted EBITDA improved 14.41% to RMB 4.83 billion, yielding a 29.81% margin versus 30.71% a year earlier and 22.17% in the prior quarter. • Cost of revenue grew 22.99% year on year to RMB 3.33 billion, keeping the cost ratio at 20.55% of revenue. • Product development expenses climbed 15.23% to RMB 4.06 billion (25.05% of revenue). • Sales and marketing outlays accelerated 25.03% to RMB 3.75 billion, lifting the spending ratio to 23.13%. • General and administrative expenses rose 8.29% to RMB 1.12 billion.

Balance-Sheet Highlights • Cash, cash equivalents, restricted cash, short-term investments and held-to-maturity products totaled RMB 104.00 billion (USD 15.08 billion) at quarter-end. • Total assets stood at RMB 263.21 billion, while total liabilities were RMB 96.49 billion.

Regulatory Update The State Administration for Market Regulation initiated an anti-monopoly investigation in January 2026 concerning alleged abuse of market dominance. Trip.com Group is cooperating fully. Potential outcomes—including fines or business practice changes—remain uncertain and could materially affect future financial results.

Outlook Management guides for second-quarter 2026 revenue growth of approximately 3%–8% year on year, citing macro headwinds such as elevated energy prices, geopolitical volatility and compliance-related adjustments. The expected slowdown is projected to weigh on margins and net profitability.

A management conference call will be held at 20:00 U.S. Eastern Time on 24 June 2026 (08:00 Hong Kong Time, 25 June 2026).