Trip.com Q1 2026 net revenue: 16.2 billion; Q2 expected to slow significantly.

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On June 25th, Trip.com Group released its unaudited financial results for the first quarter of 2026.

The financial report shows that Trip.com achieved net revenue of 16.2 billion yuan in the first quarter, an increase of 17% year-on-year; adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) was 4.8 billion yuan, a 14% year-on-year increase. While disclosing its first quarter results, Trip.com provided a relatively conservative outlook for the next quarter, expecting second quarter net revenue growth to slow to a range of 3%-8% year-on-year.

Breaking down the main business revenue, Trip.com's four core segments all maintained double-digit growth compared to the same period last year.

Specifically, accommodation booking revenue reached 6.5 billion yuan, up 17% year-on-year; transportation ticket revenue was 6.1 billion yuan, up 12%; travel and vacation business and corporate travel management business revenue were 1.1 billion yuan and 690 million yuan respectively, with year-on-year growth of 19% and 20% respectively.

Comparing various operational data, it can be seen that inbound and outbound travel business was the main engine driving overall revenue growth this quarter. In the first quarter, Trip.com's international OTA platform bookings increased by about 65% year-on-year, and inbound travel bookings increased by about 90% year-on-year.

However, while revenue continued to grow, Trip.com's profit performance this quarter did not match last year.

Net profit attributable to Trip.com Group shareholders was 2.5 billion yuan in the first quarter, showing a significant drop from 4.3 billion yuan in the same period last year.

Financial expenditure details show that the reduction in profit scale was mainly due to three factors: a significant increase in marketing expenses as a result of international market expansion, continued investment in product and technology R&D, and increased compliance operating costs to meet regulatory requirements.

Compared to the 17% revenue growth in the first quarter, Trip.com's guidance of 3%-8% for second quarter growth reflects a clear expectation of slowdown.

Combined with information disclosed in the earnings call and current industry conditions, this downward adjustment is mainly influenced by both macro variables and internal proactive adjustments.

Firstly, the transmission of external macro pressures: ongoing volatility in geopolitical situations and persistently high energy prices are affecting the recovery of routes and tourism demand in some regions globally, leading to delayed consumer decisions or budget reductions.

Secondly, internal proactive compliance operation adjustments: in response to recent changes in industry standards and data compliance frameworks, Trip.com has proactively adjusted platform operating rules. During the process of strengthening data security and algorithm transparency, some short-term traffic conversion efficiency and commercialization speed were inevitably sacrificed.

Overall, Trip.com’s first quarter financial performance reflects the initial realization of its globalization strategy on the revenue side. As the industry’s cyclical rebound bonus dissipates and compliance requirements become normalized, the company’s current business focus has shifted from pursuing high growth scale to finding a new balance point between international expansion, compliance costs, and profit margins.

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