Traders should weigh the sharp deceleration in Q2 guidance against the strong Q1 revenue beat — the 3-8% growth guide signals a significant slowdown. The ongoing SAMR antitrust probe adds regulatory overhang that could cap upside. Look for initial stock reaction on June 25; a break below recent support levels would confirm bearish momentum. Monitor the Q2 earnings call for more color on margin trajectory and antitrust developments.
Price Chart
Executive Summary
Trip.com Group reported Q1 2026 results with net revenues of RMB16.2B (+17% YoY) and GAAP EPS of RMB3.67 (US$0.53), but net income dropped 42% YoY to RMB2.5B from RMB4.3B. The company guided Q2 2026 revenue growth of only 3-8% YoY, a sharp deceleration from Q1's 17%, citing macro headwinds and operational adjustments. An ongoing SAMR antitrust investigation (disclosed in January 2026) poses material financial and regulatory risk with uncertain outcome.
Key Facts
- Q1 2026 total net revenues: RMB16.2B (US$2.4B), +17% YoY, +5% QoQ
- Net income: RMB2.5B (US$367M), down 42% from RMB4.3B in Q1 2025
- GAAP diluted EPS: RMB3.67 (US$0.53), vs RMB6.09 in Q1 2025
- Adjusted EBITDA: RMB4.8B (US$701M), +14% YoY
- Q2 2026 revenue guidance: +3% to +8% YoY, with margin and bottom-line pressure
- SAMR antitrust investigation ongoing since January 2026; could result in significant fines, penalties, or business practice changes
- Equity in loss of affiliates jumped to RMB1.15B from RMB102M YoY
- Cash and equivalents: RMB104.0B (US$15.1B) as of March 31, 2026
Financial Impact
Q1 net income fell ~42% YoY (RMB2.5B vs RMB4.3B). Q2 revenue growth guided to 3-8% vs 17% in Q1. Antitrust fine could be material but not estimable.
Risk Factors
- SAMR antitrust investigation could lead to material fines or forced business model changes
- Q2 revenue growth deceleration to 3-8% may pressure margins and EPS
- Equity in loss of affiliates increased 11x YoY, signaling investment impairments or joint venture losses
- Macro headwinds (energy pricing, geopolitical volatility) cited in guidance
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-281805 |
| Document: d163607d6k.htm | 0001193125-26-281805 |
| Document: 0001193125-26-281805-index-headers.html | 0001193125-26-281805 |
| Document: 0001193125-26-281805-index.html | 0001193125-26-281805 |
| Document: 0001193125-26-281805.txt | 0001193125-26-281805 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 16, 2026 16d ago | 6-K | $40.43 $40.63 | ▲ +0.49% | ▼ −2.07% | $38.14 (−5.66%) |
Sep 16, 2026 16d ago | 6-K | $40.43 $40.63 | ▲ +0.49% | ▼ −2.07% | $38.14 (−5.66%) |
Sep 2, 2026 4w ago | 6-K | $43.63 $38.70 | ▼ −11.30% | ▼ −10.34% | $38.14 (−12.58%) |
Jul 27, 2026 9w ago | 6-K | $44.77 $47.01 | ▼ −5.00% | ▼ −3.93% | $38.14 (+14.81%) |
Jun 30, 2026 13w ago | 6-K | $39.84 $40.98 | ▲ +2.86% | ▲ +2.26% | $38.14 (−4.27%) |
Jun 25, 2026 14w ago | 6-K | $40.49 $41.08 | ▼ −1.46% | ▲ +0.10% | $38.14 (+5.80%) |
Jun 11, 2026 16w ago | 6-K | $46.47 $45.10 | ▼ −2.95% | ▼ −3.62% | $38.14 (−17.93%) |
US Market Status
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