Trip.com Posts Q2 Loss on $763 Million SAMR Antitrust Fine

Trip.com swung to a second-quarter net loss after recording a large anti-monopoly penalty from Chinese regulators, even as international travel demand pushed core revenues higher year-over-year.

During the quarter, the company booked a penalty of RMB5.2 billion, equivalent to approximately $763 million, issued by China's State Administration for Market Regulation. The fine was absorbed directly into general and administrative expenses, shifting the travel platform's bottom line into negative territory despite steady operational growth.

Revenue Growth and Segment Performance

For the period ending in 2026, Trip.com Group reported net revenue of RMB15.7 billion, marking a 6% increase compared to the same period in the prior year. Growth was supported by demand across outbound and overseas travel segments.

The company's international platform revenue expanded by over 50% year-over-year, continuing a trend of accelerating overseas bookings. Meanwhile, corporate travel revenue rose 11% to RMB771 million, reflecting business travel recovery.

Earnings Impact and Adjusted Metrics

The SAMR penalty pushed Trip.com to a GAAP net loss of RMB2.4 billion for the quarter, reversing a net income of RMB4.9 billion recorded a year earlier.

However, underlying operations remained profitable when excluding regulatory charges and equity-based compensation. According to earnings disclosures, non-GAAP net income attributable to shareholders stood at RMB4.8 billion, with a non-GAAP diluted earnings per share of RMB7.27.

Regulatory Scrutiny in China's Tech Sector

The fine highlights ongoing regulatory enforcement by Chinese competition authorities targeting major internet platforms and online travel agencies. Antitrust penalties of this scale can materially disrupt quarterly financial results for large-cap firms, forcing markets to distinguish between core operating profitability and one-off regulatory liabilities.