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Trip.com Group Limited

Q1 FY26Hotels, Restaurants and Leisure

Trip.com Group Limited Q1 FY26 Results — Earnings Call Analysis

Q1 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹47

Market cap₹29.6K Cr

P/E6.7

Updated29 May 2026

Read4 min read

What the Q1 FY26 call signalled

3 of 4 strong

RevenueGood growth

MarginMargins steady

CapexCapex planned

Order bookOrder book rising

The short version

- International business increased to ~40% of total revenue/bookings in 2025, up from ~35% in 2024, with momentum expected to continue driven by the Trip.com brand. - The company expects continued momentum in international business, especially in the APAC region, which is a priority for ongoing expansion and profitability improvement.

From Trip.com Group Limited's Q1 FY26 earnings-call transcript · updated 29 May 2026.

Revenue & Sales Performance

Good growth

International business increased to ~40% of total revenue/bookings in 2025, up from ~35% in 2024, with momentum expected to continue driven by the Trip.com brand.
Gross bookings on international OTA platform grew ~60% year-over-year in 2025; APAC is the primary focus for international expansion.
Inbound tourism contributed significantly, serving ~20 million inbound travelers in 2025, with expectations of 5 to 10x growth over the long term as inbound travel is currently a small % of China's GDP.
Domestic hotel business and outbound travel showed robust growth in Q1 2026, with double-digit growth in hotel bookings and outbound trips, especially long-haul.
Overall travel demand remains strong with leisure travel as primary growth driver.

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Profitability & Margins

The company expects continued momentum in international business, especially in the APAC region, which is a priority for ongoing expansion and profitability improvement.
A disciplined approach to investment and execution is expected to drive sustainable value creation and improve profitability trajectory, particularly for the international OTA business.
For full year 2025, adjusted EBITDA grew 11% year-over-year to RMB 18.9 billion, reflecting improving operational efficiency.
Diluted earnings per share for 2025 were RMB 47.67 (USD 6.82) with non-GAAP EPS at RMB 45.59 (USD 6.52), indicating strong profitability.
Ongoing share repurchase programs emphasize commitment to long-term shareholder value.

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Capital Expenditure Plans

Capex planned

Continued heavy investment in technology to build a robust multilingual infrastructure supporting international partners with integration and training.
Approximately RMB 2.9 billion invested in 2025 to enhance overall travel experience focused on customer protection and service quality improvements.
USD 100 million Tourism Innovation Fund launched for commercial innovation across the travel ecosystem and to recognize outstanding service, efficiency, and sustainability projects.
Ongoing investments in AI innovations to build scalable AI infrastructure enhancing partner efficiency, visibility, and breaking down industry barriers.
Broader marketing investments with incremental spend allocated to international expansion, especially in the APAC region.

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Fundraising & Capital Structure

In 2025, Trip.com Group fully utilized the authorized share repurchase quota under the 2025 repurchase plan and completed additional repurchase in Q4, showing active capital return to shareholders rather than raising new equity.
The company remains committed to long-term shareholder value through sustainable business growth and disciplined execution of its capital return program, with no mention of new equity fundraising plans.
There is no explicit indication of plans for new debt fundraising in the disclosed remarks.

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Order Book & Pipeline

Order book rising

The PDF document does not provide specific information regarding current or expected orderbook or pending orders related to the company’s business. The focus is primarily on financial performance, international expansion (especially in APAC), AI strategy, inbound tourism growth, and market competition. Key highlights related to bookings include: - Full year 2025 gross bookings for core OTA business: approximately RMB 1.1 trillion. - International OTA platform gross bookings increased by around 60% year-over-year in 2025. - Served approximately 20 million inbound travelers in 2025.

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Frequently Asked Questions

What were Trip.com Group Limited Q1 FY26 results?

- International business increased to ~40% of total revenue/bookings in 2025, up from ~35% in 2024, with momentum expected to continue driven by the Trip.com brand. - The company expects continued momentum in international business, especially in the APAC region, which is a priority for ongoing expansion and profitability improvement.

What is Trip.com Group Limited share price analysis?

Trip.com Group Limited currently shows a moderate growth signal based on ranking data. The stock trades at a P/E of 6.7 with a market cap of $29,647. Investors should review the full earnings analysis for detailed insights.

Is Trip.com Group Limited planning capital expenditure?

- Continued heavy investment in technology to build a robust multilingual infrastructure supporting international partners with integration and training.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.