Abstract

Trip.com Group Limited will release its quarterly results on June 24, 2026 Pre-Market. This preview consolidates recent operating trends, last quarter’s actuals, and current-quarter forecasts on revenue, margins, and EPS, alongside a review of segment momentum and institutional commentaries since January 1, 2026 through June 17, 2026.

Market Forecast

Consensus for the current quarter indicates revenue of 15.86 billion RMB, up 14.95% year over year, with an estimated EBIT of 4.43 billion RMB, and estimated EPS of 6.13 RMB. Based on the company’s last report, the implied setup suggests stable-to-supportive margins given its high gross profit base and operating leverage; year-over-year growth for EBIT is projected at 19.85% and for EPS at 9.17%. Main business highlights point to continued travel demand and steady recovery in accommodation bookings and air ticketing, with platform scale and high attach rates helping profitability outlook this quarter. The area with the largest upside potential remains accommodation booking, supported by sustained consumer travel activity; accommodation revenue last quarter was 6.29 billion RMB and continues to show healthy year-over-year expansion.

Last Quarter Review

Trip.com Group Limited reported last quarter revenue of 15.40 billion RMB, a gross profit margin of 78.96%, net profit attributable to shareholders of 4.28 billion RMB, a net profit margin of 27.80%, and adjusted EPS of 4.97 RMB, with year-over-year growth of 20.83% for revenue and 14.25% for adjusted EPS. Quarter-on-quarter change in net profit was -78.48%, reflecting normalization after a high base and seasonal factors. A key highlight was robust profitability with a near-79% gross margin, pointing to strong take-rates and cost discipline. By segment, accommodation booking contributed 6.29 billion RMB, transportation ticketing 5.37 billion RMB, packaged tours 1.06 billion RMB, corporate travel 0.81 billion RMB, and others 1.91 billion RMB, underscoring balanced momentum across core travel categories.

Current Quarter Outlook

Core platform revenue drivers

Trip.com Group Limited’s core platform is positioned to benefit from sustained travel demand across domestic China and outbound corridors, with accommodation and transportation categories expected to anchor growth. Management’s current-quarter forecasts and market estimates reflect top-line expansion near the mid-teens, with operating leverage aided by stable fulfillment costs and continued product mix optimization. The high-70s gross margin base creates room for operating margin resilience even if marketing intensity steps up to capture peak-season demand. The balance of leisure and business travel, plus higher cross-sell rates into value-added services, should support both revenue density per user and take rates.

Accommodation booking momentum

Accommodation booked revenue remains a key profit engine given its stronger margin profile and attach opportunities. The last quarter’s 6.29 billion RMB in accommodation revenue sets a solid baseline heading into peak travel season, while the year-on-year growth pace implied by consensus suggests continued normalization of outbound and long-haul itineraries. The mix shift toward higher-value properties and international destinations typically supports monetization, and the platform’s global supply expansion should bolster conversion during major holiday travel windows. With improving inventory breadth and loyalty engagement, accommodation is well placed to outgrow the consolidated top line this quarter.

Transportation ticketing and ecosystem synergies

Transportation ticketing offers volume scale and user acquisition benefits, reinforcing the overall ecosystem. While per-ticket margins are thinner than accommodation, cross-selling of hotels and in-trip services can lift blended economics. Expected sustained air capacity and routes reopening outside Mainland China should help international air segments, while resilient high-speed rail and domestic air travel underpin baseline growth. The interplay of traffic from ticketing into higher-margin hotel bookings can support sequential margin steadiness even as marketing spend remains active.

Factors likely to drive the stock near-term

Three elements are likely to shape the market reaction this quarter: the cadence of outbound travel recovery, the efficiency of marketing spend relative to user growth and booking value, and the durability of gross margins near the high-70% range. Investors will also parse commentary around summer peak-season visibility and international market contribution, which could influence revisions to revenue and EPS trajectories for the second half. Any updates on product innovation, loyalty monetization, and AI-enabled customer service could further inform expectations for operating leverage.

Analyst Opinions

Across recent institutional commentary, the majority view skews bullish, citing sustained demand recovery, robust margin structure, and constructive summer travel dynamics. Well-followed analysts emphasize the resilience of accommodation take rates and improving international travel flows, framing mid-teens revenue growth and high-70s gross margins as achievable this quarter. Price-target updates and reiterations generally highlight upside risks into the peak season, with supportive stance on the company’s ability to balance growth with profitability.