Trip.com Group Limited American Depositary Shares
TCOM · Nasdaq
Next quarter
Reports Nov 16, 2026.
Consensus is $1.02 EPS for Sep 2026 across 2 estimates, ranging $1.00 to $1.04.
TCOM Jun 2026
- 9.52%
- -1.17%
- $0.84
- $0.92
- —
- —
Highlights
- EPS beat: Reported EPS was 0.92 versus consensus of 0.84, a 9.52% surprise; the supplied materials do not specify the EPS basis or provide comparable prior-period EPS.
- Six-month operating profit: U.S. GAAP income from operations was RMB2.483 billion for the six months ended June 30, 2026, down 67.6% from RMB7.665 billion a year earlier.
- Six-month net income: U.S. GAAP net income was RMB80 million, versus RMB9.194 billion in the prior-year half; under IFRS, net income was RMB2.575 billion versus RMB10.417 billion.
- Accounting bridge: IFRS results included RMB2.602 billion of fair-value gains on convertible notes and a RMB2.666 billion adjustment related to a business-combination purchase obligation; these materially widened the gap from U.S. GAAP results.
- Higher operating costs: In the first half, product development expense rose 11.8% year over year to RMB7.854 billion, sales and marketing rose 20.0% to RMB7.588 billion, and general and administrative expense rose to RMB7.456 billion from RMB2.135 billion.
- Balance-sheet movement: U.S. GAAP total assets were RMB259.089 billion at June 30, 2026, down from RMB267.387 billion at December 31, 2025; investments declined to RMB51.361 billion from RMB61.375 billion.
Analysis
Trip.com’s reported EPS of 0.92 exceeded consensus of 0.84 by 9.52%. The materials provided do not include revenue, standalone second-quarter income-statement results, or prior-quarter EPS, so the beat cannot be assessed against the company’s operating trends for the quarter. The financial detail available is for the six months ended June 30: U.S. GAAP operating income fell 67.6% year over year to RMB2.483 billion, while net income dropped to RMB80 million from RMB9.194 billion. IFRS net income was RMB2.575 billion, down from RMB10.417 billion a year earlier, illustrating how accounting treatment affected the reported earnings picture. In particular, IFRS included a RMB2.602 billion fair-value gain on convertible senior notes and a RMB2.666 billion adjustment for a business-combination purchase obligation. Operating expenses also increased: product development and sales and marketing rose by 11.8% and 20.0%, respectively, while general and administrative expense more than tripled. The release excerpt therefore establishes an EPS beat, but the six-month figures show sharply lower year-over-year profitability and significant accounting-related differences; it does not provide enough information to compare quarterly revenue or earnings with the prior quarter.
EPS result
- Consensus comparison: Reported EPS of 0.92 was 0.08 above consensus of 0.84, equivalent to the supplied 9.52% surprise.
- Period comparison unavailable: The supplied materials do not state the EPS basis or provide prior-quarter or year-ago EPS, so the direction of EPS growth cannot be established from this release excerpt.
Six-month profitability
- Operating income: U.S. GAAP income from operations was RMB2.483 billion for the six months ended June 30, 2026, compared with RMB7.665 billion in the first half of 2025, a decline of 67.6%.
- Net income: U.S. GAAP net income fell to RMB80 million from RMB9.194 billion. The IFRS reconciliation shows net income of RMB2.575 billion, versus RMB10.417 billion in the year-ago half.
- Below operating income: U.S. GAAP income before tax and equity in affiliate losses was RMB2.353 billion, alongside RMB1.692 billion of income tax expense and RMB581 million of equity in affiliate losses.
Accounting adjustments
- Convertible notes: IFRS added RMB2.602 billion of fair-value gains for the first half of 2026. Under the disclosed accounting policy, the notes are measured at fair value under IFRS but at amortized cost under U.S. GAAP.
- Acquisition obligation: IFRS added RMB2.666 billion in the six-month income reconciliation for the business-combination difference. The filing says subsequent changes in the purchase obligation are recorded in equity under IFRS, rather than earnings as under U.S. GAAP.
- Net effect: These and other reconciliation items lifted first-half IFRS net income to RMB2.575 billion from U.S. GAAP’s RMB80 million; the two headline profit measures are therefore not directly interchangeable.
Operating expenses
- Product development: First-half expense increased 11.8% year over year to RMB7.854 billion from RMB7.025 billion.
- Sales and marketing: Expense rose 20.0% to RMB7.588 billion from RMB6.325 billion.
- General and administrative: Expense increased to RMB7.456 billion from RMB2.135 billion. The supplied excerpt does not explain the reason for this increase.
Balance-sheet changes
- Total assets: U.S. GAAP assets were RMB259.089 billion at June 30, 2026, compared with RMB267.387 billion at December 31, 2025.
- Investments: The U.S. GAAP investments line declined to RMB51.361 billion from RMB61.375 billion over the same period. The excerpt does not provide a cash-flow explanation for the movement.
