Trip.com Group (TCOM) Q1 2026 earnings summary

Executive summary

• Q1 2026 net revenues rose 17% year-over-year to RMB 16.2 billion (US$2.4 billion), driven by robust travel demand, strong international growth, and strategic focus on inbound travel, technology, and ecosystem connectivity.

• Inbound travel surged, with 7 million travelers served in Q1 and a five-year goal to reach 200 million inbound visitors; international platform gross bookings surged 65% YoY, inbound travel bookings jumped 90% YoY.

• AI and digital infrastructure upgrades are central to enhancing user experience, operational efficiency, and partner engagement.

• Net income attributable to shareholders was RMB 2.5 billion (US$363 million), down from RMB 4.3 billion a year ago.

• The company is committed to sustainable, inclusive growth, supporting local partners and cultural initiatives.

Financial highlights

• Q1 2026 net revenue was RMB 16.2 billion, up 17% year-over-year; accommodation revenue reached RMB 6.5 billion (+17% YoY); transportation ticketing RMB 6.1 billion (+12% YoY); package tour revenue RMB 1.1 billion (+19% YoY); corporate travel revenue RMB 690 million (+20% YoY).

• Adjusted EBITDA was RMB 4.8 billion (US$701 million), up from RMB 4.2 billion YoY.

• Non-GAAP diluted EPS was RMB 5.73 (US$0.83); cash and equivalents stood at RMB 104.0 billion (US$15.1 billion) as of March 31, 2026.

• Cost of revenue increased 23% YoY to RMB 3.3 billion (US$483 million), representing 21% of total net revenues.

Outlook and guidance

• Q2 2026 net revenue growth expected at 3%-8% YoY, reflecting moderation from Q1's strong growth and margin pressure.

• Guidance factors in higher energy prices, geopolitical tensions, macro headwinds, and operational upgrades for compliance.

• Visibility for H2 2026 remains limited; company maintains a prudent outlook and focuses on disciplined execution and investment in growth drivers.