Trip.com Group

Trip.com Group is a large online travel company. It runs Ctrip in China and Trip.com outside China, and also Skyscanner and Qunar. Travelers book hotels, flights, train tickets, packaged tours and corporate travel on its apps and websites. Trip.com Group earns commissions and fees from hotels, airlines and other partners.

In Q2 2026, net revenue was RMB15.7 billion, of which accommodation reservation gave RMB6.6 billion and transportation ticketing gave RMB5.4 billion. Revenue on its international platform grew more than 50% from a year earlier. Its American Depositary Shares trade on the Nasdaq, and its shares also trade in Hong Kong. Each ADS is one ordinary share.

The market prices Trip.com for regulatory risk in China. On January 14, 2026, China's market regulator, the SAMR, opened an antitrust investigation, and the stock fell sharply. On July 25, 2026, the SAMR found that Trip.com had abused its dominant position in online hotel booking, with exclusive deals and lowest-price rules for hotels. It fined Trip.com and took its gains, RMB5.2 billion in total, and ordered it to end these practices.

Investors now fear that the new, more open hotel framework lowers Trip.com's commissions and growth in China. Regulators also opened probes into four other travel platforms in September 2026, so the rules for the whole industry can change. High fuel prices and conflict in the Middle East also cut long-haul flights. For the gap to close, three things must be true.

Domestic hotel revenue must keep growing under the new framework, after the 8% growth of Q2 2026 without the penalty item. International platform revenue must keep growing fast, above 30%, as it becomes a larger part of revenue. No new penalty or rule must cut its take rate in China. The first test is the Q3 2026 report, expected in about mid-November 2026, and the Q4 report in about February 2027 shows a full quarter under the new rules.

The gap can close slowly over 2027, but country risk in China can keep part of it open.

1. Nov 17, 2026 · est.Pending

   Q3 2026 results: China hotels under the new rulesAccommodation revenue that still grows from a year earlier and international revenue growth above 30% pass; a fall in accommodation revenue or a lower margin from lower commissions fails.
2. Q4 2026 · est.Due this quarter

   Outcome of the probes into other travel platformsProbes that end with no new industry rule that lowers commissions pass; new rules that cap commissions or rankings for all platforms fail.
3. Feb 2027 · est.Pending

   Q4 2026 results: a full quarter under the new frameworkDomestic revenue growth and a stable adjusted EBITDA margin pass; falling domestic revenue fails.

Every passed and failed checkpoint across all picks

• September 19, 2026Beijing regulators opened investigations into four other online travel and hotel booking platforms, including units of Tongcheng and Meituan, over practices that can hurt competition and merchants. The probes follow a broader review of the online travel sector.
• September 15, 2026Trip.com reported Q2 2026 results. Net revenue rose 6% to RMB15.7 billion, and international platform revenue rose more than 50%. The SAMR penalty of RMB5.2 billion led to a net loss of RMB2.4 billion, and adjusted EBITDA fell to RMB4.6 billion from RMB4.9 billion. Management expects short-term volatility in China as hotel partners move to the new framework.
• July 25, 2026The SAMR fined Trip.com RMB3,521 million, 7.5% of its 2025 China revenue, took RMB1,658 million of gains and ordered a refund of RMB122 million of hotel deposits. It found that Trip.com used exclusive arrangements and unreasonable terms against hotels. Trip.com accepted the decision.

Next earnings

Expected about November 17, 2026. The company has not confirmed the date.

• 20-FAnnual report for the period ended Dec 31, 2025Filed April 28, 2026 · Read it on sec.gov
• 20-FAnnual report for the period ended Dec 31, 2024Filed April 11, 2025 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1269238)

• Regulation in China can lower Trip.com's commissions. The SAMR ended its exclusive deals and lowest-price rules with hotels in July 2026, and regulators investigate other travel platforms. More rules can cut the take rate and domestic profit.
• Competition in China is strong. Platforms such as Meituan and Tongcheng also sell hotels and travel, and hotels now have more freedom to use other channels.
• Travel demand depends on the economy and on events. High fuel prices, conflict in the Middle East and storms cut long-haul flights in 2026, and transportation ticketing revenue fell 1% in Q2 2026.
• Trip.com is a Chinese company with US-listed ADSs. Tension between the US and China can affect the listing, and investors pay less for Chinese companies.
• US securities class actions allege that Trip.com did not disclose the antitrust risk. Sales and marketing costs also rise as Trip.com grows outside China, up 15% in Q2 2026.

Trip.com has more cash than debt. At June 30, 2026, cash, restricted cash, short-term investments, held-to-maturity time deposits and financial products were RMB100.5 billion. Read more

Paid per share

$0.00 in the last 12 months (0 payments)

Latest ex-dividend date

March 17, 2025, $0.30 per share

Dividends per share by year

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.