$TCOM · Trip.com Group Ltd
Trip.com Group reported Q2 2026 results with total net revenue of RMB15.7B (US$2.3B), up 6% YoY. A one-time SAMR anti-monopoly penalty of RMB5.2B (US$763M) drove a GAAP net loss of RMB2.4B. Excluding the penalty, net income would have been RMB2.7B (US$402M). Non-GAAP diluted EPS was RMB7.27 (US$1.07), up from RMB7.20 a year ago. International platform revenue surged over 50% YoY.
- International platform revenue grew over 50% YoY in Q2 2026, with inbound travel revenue up at a high double-digit rate.
- Total net revenue was RMB15.7B (US$2.3B), up 6% YoY but down 3% QoQ due to macro headwinds and operational adjustments.
- SAMR anti-monopoly penalty of RMB5.2B (US$763M) caused a GAAP net loss of RMB2.4B; ex-penalty net income would have been RMB2.7B.
- Non-GAAP diluted EPS was RMB7.27 (US$1.07), up from RMB7.20 a year ago; non-GAAP net income was RMB4.8B.
- Cash and equivalents plus investments totaled RMB100.5B (US$14.8B) as of June 30, 2026.
Extended-hours trading shows TCOM up 4.59% to $41.05 vs the regular close of $39.24, suggesting the market is looking through the one-time SAMR penalty to the underlying non-GAAP beat and 50%+ international growth.
A $763M regulatory penalty at China's dominant online travel platform is a major event, but the market's after-hours bid suggests investors are treating it as a one-time clearing event against strong
Trip.com's 50%+ international revenue growth contrasts with domestic softness, mirroring the broader Chinese travel sector's pivot to outbound and global platforms amid uneven domestic macro conditions.
The SAMR anti-monopoly penalty signals ongoing regulatory scrutiny in China; macro headwinds including elevated energy prices and geopolitical volatility are pressuring transportation ticketing revenue, which fell 12% QoQ.
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