Sep 15, 2026 earnings call — International growth and regulatory rectification
Group net revenue totaled RMB 15.7 billion in Q2, with international revenue and inbound travel driving momentum.
Revenue $2.3B (est $2.3B) · EPS $1.07 (est $0.88)
Key quotes
"We are committed to supporting the development of inbound travel with an ambition to serve 200 million inbound travelers over the next 5 years."
"As part of our rectification measures, we are discontinuing our Tier 1 distribution program and transitioning partners to a new multitiered framework, giving them more choices in how they work with us and creating opportunities for shared growth."
"AI-assisted orders through TripGenie on Trip.com increased by approximately 400% year-over-year and nearly 60% of TripGenie interactions are now booking related, spanning hotels, flights and attractions."
Analyst Q&A 7
Regulator decision and strategy
Q (Simon Cheung · Goldman Sachs): How does the antitrust investigation conclusion affect your strategic priorities?
A: They fully accepted the regulator's decision and view it as an opportunity to reinforce the G2 strategy: great quality and globalization. They will improve value for hotel partners and users, invest in technology and merchant tools including AI, and strengthen compliance and governance.
"We fully accepted the regulator's decision and review -- we view the conclusion as a good opportunity to reinforce our core strategic path." — Jane Sun (CEO)
New hotel partnership rules
Q (Brian Gong · Citi): Can you explain the new collaboration framework with local partners and how rectification affects competitiveness?
A: The framework aims to create a more open, transparent, and mutually beneficial partnership focused on value creation and sustainable growth. Recommendation and ranking will better match traveler demand to hotels by dynamically weighting factors like customer feedback, service quality, information level, product competitiveness, and historical conversion rate.
"Our updated collaboration framework is designed to foster a more open, transparent and mutually beneficial partnership model with greater emphasis on value creation and sustainable growth." — Jane Sun (CEO)
Penalty and financial impact
Q (Joyce Ju · BofA): Please size the financial impact of the penalty and explain near-term and longer-term effects on operations and financials.
A: From an accounting view they recognized expenses of RMB 5.18 billion and contra-revenue of RMB 122 million in the second quarter; these are one-time items and do not reflect underlying performance. Near term they expect some volatility as partners transition to the new model; longer term they expect growth driven by the business and G2 strategy, with international business contributing more revenue.
"From an accounting perspective, we recognized expenses of RMB 5.18 billion and contra-revenue of RMB 122 million in the second quarter." — Xiaofan Wang (CFO)
AI impact on travel
Q (Yang Liu · Morgan Stanley): How do you view the rise of AI agents for search and booking, and how will Trip.com adapt?
A: They think AI will reshape discovery, search, and booking but the need for high-quality supply, real-time availability, transactions, and fulfillment remains. They are partnering with leading AI platforms and building travel-specific AI using large models plus proprietary travel data; they rolled out fully AI-powered search in Q2 and see early signs of higher engagement.
"We believe AI will meaningfully reshape how travelers discover, search for and ultimately, book travel." — James Liang (CHAIR)
AI spending and CapEx
Q (Thomas Chong · Jefferies): What are the financial implications of AI investment and should we expect meaningful incremental CapEx?
A: Near term they expect some increase in AI-related CapEx to expand computing infrastructure and AI capabilities, but most work is application-oriented rather than building large foundational models, so incremental investment should stay disciplined and manageable. Over the longer term they expect automation, personalization, and better targeting to improve efficiency, conversion, and marketing returns to offset AI costs.
"In the near term, we expect some increase in AI-related CapEx as we expand computing infrastructure and AI capabilities." — Jane Sun (CEO)
Market trends and user behavior
Q (Wei Xiong · UBS): What are recent travel market trends and user behavior changes, and how is the company responding?
A: Short-term headwinds include the war in the Middle East affecting long-tail flights, higher energy prices, and summer storms that pressured travel volume. Long term they see resilience and a '3 Ps' trend: premium service with strong high-end demand, purposeful travel like education and cultural trips, and 'pro leisure' bleisure; they are reorganizing teams and elevating products to meet these trends.
"So with the new trend, we are organizing our team and make sure our product offerings and services is needing and exceed our customers' expectation." — Jane Sun (CEO)
Trip.com international highlights
Q (Wei Fang · Mizuho): Can you share operational highlights for Trip.com and what you will focus on in coming quarters?
A: In the second quarter Trip.com's revenue grew by more than 50% year-over-year, with growth across products and markets. Flights faced pressure from tighter capacity and higher prices while accommodation, attractions, and packaged products grew; mobile bookings reached over 70% and GEO and AI agent traffic grew from a small base. Going forward they will scale in APAC and other international markets by expanding local suppliers and brand while keeping ROI-driven marketing.
"In the second quarter, Trip.com's revenue continued to grow by more than 50% year-over-year, with growth order based across products and markets." — Xiaofan Wang (CFO)