Singapore – September 18, 2026 -- Trip.com Group Limited swung to a net loss of RMB2.4 billion (US$361 million) in the second quarter of 2026, reversing from net income of RMB4.9 billion a year earlier, after China's State Administration for Market Regulation imposed a RMB5.2 billion (US$763 million) anti-monopoly penalty on the travel platform operator.
SAMR anti-monopoly penalty drives general and administrative costs up 477%
General and administrative expenses jumped to RMB6.3 billion (US$933 million) in the quarter, a 477% increase year-over-year, primarily due to the SAMR penalty. Stripping out the fine, general and administrative expenses would have risen a more modest 5% to RMB1.2 billion (US$170 million), and net income attributable to shareholders would have reached RMB2.7 billion (US$400 million) instead of the reported net loss. Adjusted EBITDA came in at RMB4.6 billion (US$673 million), down slightly from RMB4.9 billion in the prior-year quarter.
Total net revenue climbs 6% to RMB15.7 billion despite macro headwinds
Total net revenues reached RMB15.7 billion (US$2.3 billion), up 6% year-over-year but down 3% from the prior quarter, a decline the company attributed to elevated energy prices, geopolitical volatility, and operational adjustments tied to compliance requirements. Accommodation reservation revenue rose 6% to RMB6.6 billion (US$969 million), partially offset by a contra-revenue charge linked to the SAMR action. Transportation ticketing revenue fell 1% year-over-year to RMB5.4 billion (US$788 million), down 12% sequentially. Packaged-tour revenue grew 8% to RMB1.2 billion (US$171 million), while corporate travel revenue rose 11% to RMB771 million (US$114 million).
International platform revenue surges over 50% as inbound travel accelerates
Revenue on Trip.com Group's international platform grew more than 50% year-over-year, with inbound travel revenue increasing at a high double-digit rate. Executive Chairman James Liang said the company is advancing proprietary AI capabilities across the travel journey to support its globalization strategy, which he termed "G2."
Cash and investment balance totals RMB100.5 billion at quarter-end
As of June 30, 2026, Trip.com Group held combined cash, restricted cash, short-term investments, and time deposits of RMB100.5 billion (US$14.8 billion). Non-GAAP diluted earnings per ADS rose to RMB7.27 (US$1.07) from RMB7.20 a year earlier, even as diluted loss per ADS on a GAAP basis stood at RMB3.89 (US$0.57). Income tax expense for the quarter was RMB799 million (US$118 million), down from RMB998 million in the same period last year.