Trip.com Group has reported a net loss of RMB 2.4 billion (USD 361 million) for the second quarter of 2026, a sharp swing from net income of RMB 4.9 billion in the same period last year. The loss is primarily attributed to a RMB 5.2 billion (USD 763 million) anti-monopoly penalty imposed by China's State Administration for Market Regulation (SAMR).
Despite the penalty, the Shanghai-based travel giant saw total net revenue reach RMB 15.7 billion (USD 2.3 billion), up 6% year-over-year. The company's international platform continued its strong momentum, with revenue increasing by over 50% compared to the same period in 2025. Inbound travel revenue also grew at a high double-digit rate, reflecting the ongoing recovery of China's tourism market.
Segment performance: accommodation and transport
Accommodation reservation revenue for Q2 2026 was RMB 6.6 billion (USD 969 million), a 6% increase from the prior year, driven by higher booking volumes. However, this growth was partially offset by a contra-revenue adjustment related to the SAMR penalty. Sequentially, accommodation revenue rose 1% from the first quarter.
Transportation ticketing revenue, on the other hand, declined 1% year-over-year to RMB 5.4 billion (USD 788 million) and fell 12% from the previous quarter. The company cited macro headwinds such as elevated energy prices and geopolitical volatility as key factors dampening demand in this segment.
Corporate travel and packaged tours show resilience
Corporate travel revenue reached RMB 771 million (USD 114 million), up 11% year-over-year and 12% sequentially, driven by increased business travel bookings. Packaged-tour revenue grew 8% year-over-year to RMB 1.2 billion (USD 171 million), with a 3% sequential increase, supported by resilient travel demand during holiday periods.
James Liang, Executive Chairman of Trip.com Group, emphasized the company's strategic focus: "Travel remains a fundamental consumer need, and we see significant long-term opportunities as travelers seek more personalized and rewarding experiences. Our strategic priorities remain clear: Globalization and Great Quality, or G2."
Liang also highlighted the role of artificial intelligence in the company's growth strategy. "Building on this foundation, we are advancing our proprietary AI capabilities across every stage of the travel journey to accelerate G2 and unlock new opportunities for growth," he said. "We are building a more differentiated and valuable global platform for travelers and partners, positioning us for the next phase of sustainable growth."
The SAMR penalty, announced earlier this year, stems from alleged anti-competitive practices in the online travel market. The fine is one of the largest ever levied on a Chinese travel company and has raised questions about regulatory oversight in the sector.
Despite the loss, Trip.com Group's international expansion continues to gain traction. The company has been investing heavily in overseas markets, including Europe and Southeast Asia, and has seen strong growth in cross-border travel. This aligns with broader industry trends, as seen in Japan's surging Australian visitor numbers and the expansion of regional carriers like Air Astana's summer schedule.
Looking ahead, Trip.com Group remains optimistic about the long-term prospects of the travel industry. The company's focus on AI-driven personalization and its G2 strategy are expected to drive future growth, even as it navigates regulatory challenges and macroeconomic uncertainties.
For travel professionals, the results underscore the importance of adapting to regulatory environments while capitalizing on the rebound in international travel. As UAE winter bookings surge and new airport lounges open in Thailand, the industry's resilience remains evident.
