Trip.com Group Q1 Revenue Rises 17% as International Bookings Surge 65%, Antitrust Probe Looms
Trip.com Group reported first-quarter fiscal 2026 results that showcase both the resilience of global travel demand and mounting headwinds from regulatory and macroeconomic pressure. Net revenue for the quarter reached ¥16.21 billion, a 17% year-over-year increase that matched market expectations, while net income attributable to shareholders fell 41.6% to ¥2.50 billion. The divergence between top-line momentum and bottom-line contraction reflects the complex landscape facing China’s largest online travel platform — robust international expansion offset by rising operating costs, heightened compliance burdens, and the shadow of an ongoing antitrust investigation.
The revenue growth was broad-based across all business segments. Accommodation reservation revenue climbed 17% to ¥6.5 billion, transportation ticketing rose 12% to ¥6.1 billion, packaged tours grew 19% to ¥1.1 billion, and corporate travel management posted the strongest relative gain at 20%, reaching ¥690 million. Gross profit totaled ¥12.88 billion, up 15.8% year-over-year, though gross margin slipped 0.99 percentage points to 79.45%, reflecting increasing cost pressures in a competitive environment.
The standout story of the quarter was the performance of Trip.com Group’s international operations. International platform bookings surged approximately 65% year-over-year, while inbound travel bookings to China jumped roughly 90%, highlighting the company’s successful push beyond its domestic market. These figures suggest that Trip.com’s strategy of building a truly global travel ecosystem — spanning its Ctrip, Qunar, Trip.com, and Skyscanner brands — is delivering tangible results, particularly as cross-border travel continues its post-pandemic normalization.
On the bottom line, the picture was more sobering. Net profit attributable to shareholders declined to ¥2.50 billion from ¥4.27 billion a year earlier, while non-GAAP adjusted net profit fell 6.8% to ¥3.91 billion. Basic earnings per share dropped 40.6% to ¥3.85. The company’s debt-to-asset ratio stood at 36.66%, reflecting a manageable but notable leverage position.
Looking ahead, Trip.com Group issued cautious guidance for the second quarter, projecting net revenue growth of just 3% to 8% year-over-year — a sharp deceleration from the first quarter’s 17% pace. Management cited high energy prices, geopolitical volatility, and evolving industry compliance frameworks as factors likely to pressure both revenue growth and margins in the near term. The company indicated it has proactively adjusted operations to navigate these challenges.
Perhaps the most consequential uncertainty confronting Trip.com is the antitrust investigation launched in January 2026 by China’s State Administration for Market Regulation (SAMR) under the Anti-Monopoly Law. The probe centers on allegations that the company abused its dominant market position through monopolistic practices. Trip.com stated it is fully cooperating with the investigation and continues to monitor developments closely, while acknowledging that the outcome could result in significant fines, financial penalties, or mandated changes to business practices that would materially and adversely affect operations.
Despite these headwinds, the company’s strong international momentum and diversified business portfolio provide meaningful buffers. The first-quarter results confirm that global travel demand remains fundamentally healthy, and Trip.com’s multi-brand, multi-region strategy positions it to capture a disproportionate share of that demand — provided it can successfully navigate the regulatory crosscurrents at home.