Below 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%...

Below is the earnings call $Trip.com(TCOM.US) FY25 Q1 Minutes. For the earnings interpretation, please refer to "Ctrip: Another Revenue Growth Without Profit Growth, Even Top Students Face Challenges?" 1. Review of Key Earnings Information 1. Shareholder Returns and Cash Reserves: As of March 31, 2025, the total cash and cash equivalents, short-term investments, etc., amounted to RMB 92.9 billion (approximately USD 12.8 billion). As of May 16, based on the latest share repurchase plan (starting from 2024), USD 84 million has been repurchased, and further repurchase opportunities will be evaluated in 2025...

On May 20th, Beijing time, after the US stock market closed, $Trip.com(TCOM.US) announced its Q1 financial report for the fiscal year 2025, with the following key points: 1. Overall, the net revenue for this quarter was 13.8 billion yuan (excluding business tax), a year-on-year increase of 16%, which was almost completely in line with market expectations. In terms of profit, the adjusted operating profit after adding back stock incentive expenses was 4.04 billion yuan, a year-on-year increase of only 7%, slightly exceeding expectations by less than 300 million. 2. From a business perspective, bookings for inbound tourism increased by over 100% year-on-year, and bookings for outbound travel's flight and hotel exceeded 120% of the same period in 2019...