Trip.com Group Stock Earnings Reports

Key points for investors: Trip.com reported strong Q1 2026 results with group net revenue of RMB 16.2 billion and OTA gross bookings of ~RMB 300 billion. Adjusted EBITDA was RMB 4.8 billion; non-GAAP diluted EPS was RMB 5.73 (RMB) or $0.83 (ADS). Cash and liquid investments totaled RMB 104.0 billion (~$15.1 billion). Inbound travel accelerated (Q1 inbound gross bookings +~90% YoY; average stay 5.1 days, +11% YoY) and international OTA gross bookings grew ~65% YoY. Management highlighted strategic priorities: aggressively expanding inbound travel (targeting 200 million inbound travelers over five years), broadening international and mobility offerings, and embedding AI across discovery, content, customer service and by exposing travel capabilities to third-party AI agents. Operational highlights include engaging 110,000+ local partners (14,000 received first-ever overseas orders), ~450,000 hotels and 180,000 attraction products on the platform, growth in entertainment-driven travel (+74% YoY) and senior-traveler segments (Old Friends Club hotel bookings +100% YoY). Costs: adjusted product development +12% YoY and sales & marketing +24% YoY. Q2 2026 guidance is for net revenue growth of ~3%–8% YoY, reflecting moderation from Q1 driven by higher airfares, tighter airline capacity, geopolitical tensions, and near-term effects of compliance and operational upgrades. Management says it is cooperating with regulators and has proactively strengthened governance; they view some near-term headwinds as necessary for longer-term sustainable growth. Key risks: higher energy/airfare costs, geopolitical route disruptions, and evolving regulatory requirements that may affect certain product monetization (e.g., rail ticketing). Overall stance: balancing near-term operational discipline and compliance with multi-year investments in inbound travel, international expansion, AI capabilities, and service infrastructure to sustain growth and margins.