Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) reported its unaudited first‑quarter 2026 results on June 25, 2026, showing net revenues of RMB 16.2 billion (US$ 2.4 billion)—a 17 % year‑over‑year increase. The jump was fueled by a rebound in travel demand and a sharp rise in international bookings.

International activity proved to be the main engine of growth. Gross bookings on the company’s international platform surged about 65 % YoY, while inbound travel bookings jumped roughly 90 % YoY. Trip.com said it had worked closely with local partners and leveraged AI‑powered solutions to make travel more accessible and seamless.

Segment performance was broadly positive. Accommodation reservation revenue hit RMB 6.5 billion, up 17 % from the same period in 2025. Transportation ticketing revenue rose to RMB 6.1 billion, up 12 %. Packaged‑tour revenue reached RMB 1.1 billion, up 19 %, and corporate‑travel revenue climbed to RMB 690 million, up 20 %. Each of the four segments posted a 4–13 % increase over the prior quarter, reflecting seasonal effects.

Costs and profitability also expanded. Cost of revenue increased 23 % to RMB 3.3 billion, representing 21 % of total net revenues. Product‑development expenses grew 15 % to RMB 4.1 billion (25 % of revenue), sales‑and‑marketing expenses rose 25 % to RMB 3.7 billion (23 % of revenue), and general‑and‑administrative expenses climbed 8 % to RMB 1.1 billion (7 % of revenue). Net income for the quarter was RMB 2.5 billion (US$ 367 million), down from RMB 4.3 billion in the same period last year. Adjusted EBITDA stood at RMB 4.8 billion (US$ 701 million).

The company’s liquidity remained robust. As of March 31, 2026, cash, cash equivalents, restricted cash, short‑term investments, and held‑to‑maturity deposits totaled RMB 104.0 billion (US$ 15.1 billion).

Looking ahead, Trip.com Group expects net revenue growth in the second quarter of 2026 to slow to 3 %–8 % YoY, with a corresponding impact on margins and bottom‑line results. The company cited macro headwinds such as elevated energy prices and geopolitical volatility, as well as operational adjustments to align with evolving industry standards and compliance frameworks.

Regulatory developments remain a key risk factor. In January 2026, the State Administration for Market Regulation (SAMR) began an investigation into whether Trip.com Group has abused a dominant market position under China’s Anti‑Monopoly Law. The company is cooperating with the investigation and has stated that it will continue to engage constructively with SAMR. The investigation could result in fines, other financial penalties, or changes to business practices that may materially affect the company’s financial position.

Trip.com Group will host a conference call to discuss the results at 8:00 PM ET (8:00 AM HKT) on June 24, 2026. The call will be available live on the company’s investor website.

The company’s performance underscores a travel market that remains resilient, especially in international segments, while highlighting the regulatory environment in which it operates. Investors will watch the second‑quarter results, the outcome of the SAMR investigation, and any changes to the company’s partner ecosystem and technology strategy.