Intl OTA platform revenue grew over 50% YoY, and inbound travel posted high double-digit growth.
However, a one-off antitrust penalty was booked, with RMB 5.18 bn expensed and RMB 122 mn offset against revenue. Adj. EBITDA fell from RMB 4.9 bn to RMB 4.6 bn.Domestic biz will remain volatile during the rectification period. The company is betting incremental growth on globalization and AI.
On Sept 16, with $Trip.com(TCOM.US) releasing its Q2 results, the regulatory overhang finally cleared. The market's key uncertainty has been addressed.
Overall, the print was broadly in line with prior guidance. Absolute performance was soft, but there were no surprises vs. expectations.As Dolphin Research noted last quarter, regardless of the print, with the largest uncertainty — regulation — resolved, Trip.com should have finished its final leg down. It can now shed the overhang and reset higher.1) Regulatory and macro headwinds slowed revenue growth markedly. Group net revenue was approx. RMB 15.7bn this quarter...
+4Below is Dolphin Research's Trans of the FY26 Q1 earnings call for $Trip.com(TCOM.US). For the earnings analysis, please see 'Before the regulatory crackdown hits, does Trip.com have one last leg down?'
I. Core info recap 1) Core financials: Q1 FY26 total net revenue was RMB 16.2bn (+17% YoY), slightly above market expectations (RMB 15.8bn; ~2% beat). Non-GAAP diluted EPS per ADS was RMB 5.73 (~$0.83). As of Mar 31, 2026...
Under a regulatory overhang, $Trip.com(TCOM.US) finally released its long-delayed Q1 results on Jun 25. Overall, the quarter was solid, with revenue growth and profitability slightly ahead of expectations.
The regulatory situation remains unresolved, with no official response to date. The bigger issue is that the release directly guides Q2 revenue growth of 3%–8%, with profit to be affected, indicating regulation is starting to bite.
Key details: 1) Revenue growth slowed. Group net revenue for Q1 was approx. RMB 16.2bn...
Below is Dolphin Research's transcript summary of $Trip.com(TCOM.US) FY25 Q4 earnings call. For our earnings take, please see 'Trip.com: After the regulatory crackdown, can it stay lean and premium?'
I. Review of core financial metrics. II. Detailed call notes.
2.1 Management's key messages. 1) Three priority areas for investment.
Inbound travel is viewed as a structural growth engine for the platform and destination economies. CSR initiatives: long-term value creation requires ongoing reinvestment in the ecosystem...
In the early hours on Feb 26 in U.S. after-hours, under a regulatory overhang, $Trip.com(TCOM.US) released FY2025 Q4 results. Overall, the print was decent, with revenue growth beating prior guidance and re-accelerating.
However, opex increased across the board, rising faster than revenue and dragging GAAP OP below expectations. Details follow:
1) Strong, accelerating revenue growth. On revenue, total net revenue rose 21% YoY, marking a YTD high and a clear acceleration vs. last quarter. Growth across business lines was broadly ahead of prior guidance...
The following are the minutes of the FY25Q3 earnings call for $Trip.com(TCOM.US) organized by Dolphin Research. For an interpretation of the earnings report, please refer to "Trip.com: Awaiting the Release of Overseas Profits." I. Review of Core Financial Information II. Detailed Content of the Earnings Call 2.1 Key Information from Executive Statements 1. Strong Market Demand: The global tourism industry is booming, with travel enthusiasm surging. Travel demand is skyrocketing, primarily driven by the robust vitality of domestic tourism in China and the steady recovery of outbound travel. Travelers are actively exploring new destinations, seeking authentic and in-depth cultural experiences...
After the US stock market closed on November 18, $Trip.com(TCOM.US) announced its financial results for the third quarter of fiscal year 2025. The performance remained stable, with both revenue and profit slightly better than expected. Specifically: 1. Overall performance remained stable: In general, Trip.com Group's net revenue for this quarter was approximately RMB 18.3 billion (excluding business tax), representing a year-on-year increase of 15.4%. The growth rate slightly slowed down compared to the previous quarter but was still slightly higher than the market expectation of 14.5%, indicating stable growth. In terms of profit, the adjusted operating profit, after adding back stock-based compensation, was RMB 6.2 billion, a year-on-year increase of 13%, slightly higher than the company's guidance of RMB 5.8-5.9 billion...
The following are the minutes of the FY25 Q2 earnings call for $Trip.com(TCOM.US). For an interpretation of the earnings report, please refer to "Unafraid of JD.com's Entry, Ctrip Remains a Top Performer." 1. Review of Key Financial Information: Capital Expenditure: The company is committed to continuous investment in innovation, particularly in technology fields such as artificial intelligence (AI), and provides digital tools and marketing support for small and medium-sized enterprises. A $100 million tourism innovation fund has been launched to support business innovation. Sales and marketing expenses have increased, primarily to support international business expansion plans...
On August 28th, after the U.S. stock market closed, $Trip.com(TCOM.US) released its financial report for the second quarter of fiscal year 2025. This quarter again demonstrated a solid and stable performance, with revenue maintaining a stable high growth rate, slightly exceeding expectations, and profit performance being even more impressive. Specifically: 1. In terms of large numbers, Trip.com Group achieved a net revenue of 14.8 billion yuan (excluding business tax) this quarter, representing a year-on-year increase of 16%. The quarter-on-quarter growth rate did not slow down compared to the previous quarter and was slightly above market expectations. In terms of profit, the adjusted operating profit, after adding back stock-based compensation, was 4.67 billion yuan, a year-on-year increase of 10.4%...
