Trip.com Group Limited (TCOM)

Trip.com Group reported second-quarter 2026 revenue of RMB15.7 billion, up 6% from a year earlier 1. It posted a net loss of RMB2.4 billion for the quarter, against net income of RMB4.9 billion a year before 1.

The loss came from an anti-monopoly penalty of RMB5.2 billion from China's market regulator, the State Administration for Market Regulation (SAMR) 1. Without the penalty, the company said, net income for the quarter would have been RMB2.7 billion 1.

The regulator decided on 25 July 2026 that the company had restricted hotels through exclusive arrangements and unreasonable terms 2. The company said it sincerely accepts the decision and will adopt rectification measures 2.

Revenue fell 3% from the first quarter, which the company linked to macro headwinds such as elevated energy prices and geopolitical volatility 1. Revenue on its international platform rose by over 50% from a year earlier 1.

A putative securities class action filed in March 2026 in a New York federal court names the company and some officers, citing the regulator's investigation 3.

The company began business in June 1999 and set up a Cayman Islands holding company, Ctrip.com International, in March 2000 3. It began offering hotel reservations and transportation ticketing in October 1999 3. It listed on Nasdaq in 2003 3.

It then grew by adding other brands 3. It started to consolidate Qunar, a Chinese travel site, in December 2015 and Skyscanner, a global travel search company, in December 2016 3. Consolidating means counting their results as its own 3.

In October 2019 it changed its name to Trip.com Group Limited 3. In March 2021 it split each share into eight, and each ADS (the U.S. certificate for a share) came to represent one ordinary share 3. Its shares began trading in Hong Kong in April 2021 under stock code 9961 3.

The COVID-19 pandemic hit the business hard 3. The company said it saw a significant decline in travel demand, many cancelations and refund requests, and significant cash outflows 3. It cut costs, and said that since the beginning of 2023 the situation has significantly improved and normalized 3.

Revenue then recovered 3. It rose 20% from RMB44.6 billion in 2023 to RMB53.4 billion in 2024, then 17% to RMB62.5 billion in 2025 3. The company credited resilient travel demand, with solid outbound travel and international hotel bookings behind the 2025 hotel growth 3.

Net income rose from RMB10.0 billion in 2023 to RMB17.2 billion in 2024 and RMB33.4 billion in 2025 3. Other income of RMB21.3 billion in 2025 included a RMB15.4 billion gain from acquirement of business or disposal of long-term investments 3.

Much of that gain came from one deal 3. In June 2025 the company agreed to sell 34,372,221 Class B shares of MakeMyTrip, an Indian travel company, back to it for about US$3.0 billion 3. The sale closed in July 2025 and brought a gain of RMB15.2 billion 3.

The board adopted a regular capital return policy in November 2023, with discretionary annual share repurchases, dividends or both from 2024 3. In August 2025 it authorized a new share repurchase program of up to US$5 billion 3.

What it does

Trip.com Group describes itself as a leading global one-stop travel service provider 3. It sells hotel rooms, plane and train tickets, packaged tours and business travel, mostly for a commission 3. Over 90% of 2025 orders came through mobile channels 3.

As of 31 December 2025 its open platform had about 1.7 million global accommodation listings, flights from over 680 airlines and over 60,000 other partners 3.

Hotels

Accommodation reservation is the largest line, at RMB26.1 billion in 2025 or 42% of revenue, mostly commissions from hotel partners 3. It grew 21% from RMB21.6 billion in 2024 3.

In the second quarter of 2026 it was RMB6.6 billion, up 6%, partly offset by a contra-revenue (a deduction from revenue) imposed by the SAMR 1.

Flights and trains

Transportation ticketing brought RMB22.5 billion in 2025, 36% of revenue, up 11% 3. The company tied the growth to international air bookings 3. In the second quarter of 2026 it was RMB5.4 billion, down 1% 1.

Tours, business travel and other

Packaged tours earned RMB4.7 billion in 2025, up 8%, and corporate travel RMB2.8 billion, up 13% 3. Other revenue, mainly online advertising and financial services, was RMB6.4 billion against RMB4.6 billion in 2024 3.

International growth

In the first quarter of 2026 gross bookings on the international platform rose by approximately 65%, and inbound travel bookings by approximately 90% 4. In the second quarter international revenue rose by over 50% 1.

People

Jane Sun is chief executive and James Liang, a co-founder, is executive chairman 3. Cindy Wang is chief financial officer 3. The group and its entities had 43,574 employees at the end of 2025 3.

Rivals

Skift reported that Trip.com had about 56% of China's hotel and travel gross bookings in 2024, far ahead of Tongcheng at about 15% 6. The annual report also names hotels and airlines selling direct, and content platforms, as competitors 3.

Current problems

The SAMR ordered a refund of RMB122 million in hotel deposits, confiscated gains of RMB1,658 million and fined RMB3,521 million, or 7.5% of 2025 sales in China 2. Travolution reported that the company listed 19 measures to avoid a repeat 5.

The umbrella, in words

The brands are Ctrip, a leading provider of travel services in China, Qunar, a Chinese online travel agency, Trip.com for global travelers, and Skyscanner, a global travel search company 3.

Its list of significant subsidiaries includes Skyscanner Holdings Limited, a UK company, and Qunar Cayman Islands Limited 7. It also lists three variable interest entities, companies in China it controls by contract rather than by share ownership, including Shanghai Ctrip Commerce 7.

It is an investor in MakeMyTrip and, after the 2025 sale of shares back to that company, said it remained the largest minority shareholder 3.

Large holders named in the annual report include Capital World Investors with 55,777,883 shares as of 30 September 2025 and Baidu with 45,953,524 shares as of 25 September 2024 3.

Executive Chairman James Liang said the strategic priorities remain Globalization and Great Quality, which the company calls G2, with proprietary artificial intelligence applied at every stage of the travel journey 1.

Chief executive Jane Sun said the company is expanding its offerings to include new travel and lifestyle experiences 1.

On the penalty, the company said it will adopt rectification measures and strengthen its long-term governance mechanisms 2. The decision also ordered it to cease violating acts 2.

In August 2025 the board authorized repurchases of up to US$5 billion of shares and ADSs, and it keeps the form, timing and amount of any capital return to its discretion 3.

For the second quarter of 2026 the company had expected year-over-year revenue growth to slow to approximately 3%-8% 4. The class action filed in March 2026 is pending in federal court in New York 3.