Last Updated -
August 5, 2026
Explore the business model, global strategy, and market performance including insights into its position in China.
Trip.com Group Limited is a China-rooted global online travel services company founded in 1999 and headquartered in Shanghai. It operates a portfolio of travel brands that includes Ctrip and Qunar in China, Trip.com for global travelers, and Skyscanner as an international travel search platform. The company connects travelers with hotels, airlines, rail operators, car rental firms, tour providers, corporate travel services, and other travel-related partners through an online marketplace model.
Trip.com has developed from a domestic travel booking platform into one of China’s most important online travel companies with growing international reach. Its services include accommodation reservations, transportation ticketing, packaged tours, in-destination activities, corporate travel management, car services, visa services, travel-related insurance, and ancillary products. As of the end of 2025, its open platform covered about 1.7 million accommodation listings, flights from more than 680 airlines, and over 60,000 other ecosystem partners, while its China footprint included around 6,000 offline stores across about 300 cities.
The company’s strategic purpose is to make travel easier across markets through broad supply, localized services, technology, and stronger connectivity between travelers and suppliers. In Q1 2026, Trip.com reported total net revenue of RMB16.2 billion, up 17% year over year, with accommodation reservation revenue of RMB6.5 billion and transportation ticketing revenue of RMB6.1 billion. Adjusted EBITDA was RMB4.8 billion with a 30% margin, and cash, restricted cash, short-term investments, and related deposits and financial products totaled RMB104.0 billion as of March 31, 2026.
Trip.com Group is a China-rooted online travel agency and travel marketplace. It connects travelers with hotels, airlines, rail and bus operators, ferry operators, car rental providers, travel agencies, in-destination activity providers, insurance and financing partners, and other travel-service suppliers. The company earns revenue mainly from commissions, agency fees, service fees, and travel-related products sold through its digital platforms, supported by customer-service centers and offline stores in China.
The group operates four main brands. Ctrip and Qunar anchor its China business, while Trip.com and Skyscanner support its international reach. As of Dec. 31, 2025, Trip.com products and services were available in 27 languages, 44 local currencies, and 48 local sites, while Skyscanner was available in 43 languages and more than 50 countries and regions. The company also had around 6,000 offline stores across approximately 300 Chinese cities, reinforcing its domestic distribution footprint.
In Q1 2026, Trip.com reported total net revenue of RMB16.2 billion, up 17% year over year and 5% sequentially. Adjusted EBITDA was RMB4.8 billion, with a 30% adjusted EBITDA margin. Net income attributable to shareholders was RMB2.5 billion, while non-GAAP net income attributable to shareholders was RMB3.9 billion. The company ended March 2026 with RMB104.0 billion in cash and cash equivalents, restricted cash, short-term investments, and held-to-maturity time deposits and financial products.
Trip.com’s main operating advantage is scale across demand, supply, and service coverage. As of Dec. 31, 2025, its open platform provided about 1.7 million global accommodation listings, flights from more than 680 airlines, and a network of more than 60,000 other ecosystem partners. The open-platform model lets partners post offerings directly alongside products negotiated and offered by Trip.com Group, which broadens inventory without requiring the company to own the underlying travel assets.
The company holds one of the strongest positions in China’s online travel market. China remains its core revenue base: in FY2025, online-channel revenue by geographic location was RMB51.7 billion from Greater China and RMB10.8 billion from all other countries, meaning Greater China represented about 82.7% of reported revenue on that basis. Ctrip and Qunar are leading domestic travel brands, and the company’s offline store network adds reach in lower-tier and local markets where a purely online model has less coverage.
International expansion is the main differentiator versus many China-focused travel peers. Q1 2026 gross bookings on Trip.com’s international platform rose about 65% year over year, while inbound travel bookings increased about 90% year over year. Management is focusing marketing resources on Asia-Pacific, where it sees faster growth opportunities within global travel.
Trip.com’s direct competitors include Booking Holdings, Expedia Group, Airbnb, Tongcheng Travel, and MakeMyTrip, along with supplier-direct channels, metasearch platforms, super-apps, search engines, and emerging AI assistants. Booking Holdings is the most relevant global comparison peer because both companies operate large online travel marketplaces with broad hotel and travel-supplier relationships. Trip.com differs through its deeper China travel exposure, its Ctrip and Qunar domestic brands, and its hybrid online-offline service footprint in China.
The market position is strong, but it carries China-specific regulatory risk. In January 2026, Trip.com received notice that China’s State Administration for Market Regulation had begun an investigation into whether the company abused or is abusing a dominant market position under the PRC Anti-Monopoly Law. The company is cooperating, and the outcome was unresolved in the latest public disclosures. For investors, Trip.com combines a leading China OTA franchise, growing international scale, and high liquidity, with regulatory exposure and travel-cycle sensitivity that remain central to the investment case.
China is Trip.com Group’s core market. In FY2025, Greater China generated RMB51.7 billion of online-channel revenue, about 82.7% of total revenue, while international markets generated RMB10.8 billion. The China business is anchored by Ctrip and Qunar, supported by around 6,000 offline stores across about 300 Chinese cities as of Dec. 31, 2025. In Q1 2026, group revenue rose 17% year over year to RMB16.2 billion, led by accommodation reservations at RMB6.5 billion and transportation ticketing at RMB6.1 billion. Local strategy centers on broad hotel and transport supply, corporate travel, packaged tours, service coverage through stores and customer centers, and AI-driven search, recommendations and customer service. Main China competitors include Tongcheng Travel, supplier-direct airline and hotel channels, super-apps and search platforms. A key latest development is the January 2026 SAMR anti-monopoly investigation, which creates a material regulatory overhang.
Trip.com entered 2026 with continued revenue growth, strong international momentum, and a more complicated regulatory backdrop. In Q1 2026, total net revenue rose 17% year over year to RMB16.2 billion, with accommodation revenue up 17%, transportation ticketing up 12%, packaged-tour revenue up 19%, and corporate travel revenue up 20%. Adjusted EBITDA increased to RMB4.8 billion, and the adjusted EBITDA margin was 30%. GAAP net income fell to RMB2.5 billion from RMB4.3 billion a year earlier, partly reflecting the volatility of reported earnings relative to non-GAAP results.
Trip.com’s outlook is strongest where international and inbound travel growth offset moderation in the mature China business. Its large liquidity position of RMB104.0 billion at the end of Q1 2026 gives it flexibility to invest in technology, marketing, partnerships, and strategic initiatives. The main question for investors is whether global expansion and product depth sustain growth while regulatory and competitive pressures remain manageable.
Next Earnings Planned for:
June 24, 2026
This Company Profile was written by Dominik Diemer
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