The roughly RMB5.2 billion charge includes a fine and confiscated gains. The regulator targeted hotel exclusivity and pricing requirements; adjusted earnings remove further items.
Trip.com Group reported a second-quarter shareholder-attributable loss of RMB2.5 billion, or $363 million, on September 15, 2026, despite a 6% year-over-year rise in revenue to RMB15.7 billion. The company said an antitrust charge of about RMB5.2 billion was the main reason for the loss.
The group grew out of China's Ctrip travel-booking business. Its brands include Ctrip and Qunar for Chinese travelers, the international booking service Trip.com, and travel search platform Skyscanner. The results cover the group, which reports its financial figures in renminbi.
Hotel exclusivity and pricing requirements prompted the penalty
China's State Administration for Market Regulation began its investigation in January and issued its decision on July 25, 2026. The regulator found that Trip.com had used its dominant position in China's online hotel-booking market to restrict hotels' dealings with rival platforms and their control over prices.
According to the regulator, some hotels received preferential customer traffic in exchange for exclusivity. Other hotels operating across platforms had to offer their lowest online price through Trip.com's platform. Traffic restrictions and deductions from hotel security deposits were among the measures used to enforce the requirements.
The decision imposed a RMB3.521 billion fine, equal to 7.5% of the company's 2025 revenue from operations in China, and confiscated RMB1.658 billion in gains from the violations. A separate order required the return of RMB122 million in deducted hotel deposits. Trip.com said it accepted the decision and would implement corrective measures.
Why reported and adjusted profit differ
The roughly RMB5.2 billion antitrust charge disclosed in the earnings release includes both the fine and confiscation. General and administrative expenses, which included the charge, totaled RMB6.3 billion. The company put those expenses at RMB1.2 billion excluding the charge, up 5% from a year earlier.
Trip.com provided three shareholder-attributable earnings measures:
| Accounting basis | Q2 2026 result |
|---|---|
| U.S. GAAP | RMB2.5 billion loss |
| Excluding only the antitrust charge's effect | RMB2.7 billion profit |
| Non-GAAP adjusted | RMB4.8 billion profit |
The RMB4.8 billion adjusted profit also removes share-based compensation, fair-value changes in equity investments and exchangeable notes, and related tax effects. Excluding the antitrust charge alone leaves the smaller RMB2.7 billion profit.
International growth alongside a sequential revenue decline
International platform revenue grew more than 50% year over year. Group revenue increased from a year earlier but fell 3% from the preceding quarter.
The diluted loss per American depositary share was $0.57, compared with non-GAAP adjusted diluted earnings of $1.07. Each ADS represents one ordinary share.