Trip.com Group’s second quarter was hit by the $763 million fine from Chinese regulators which made headlines in July.
Accommodation revenue for Q2 was $969 million, up 6% year over year but offset by a “contra-revenue imposed by the State Administration for Market Regulation (SAMR),” the company said.
Net loss for Q2 was $361 million versus net income of approximately $730 million for the same period in 2025. The company attributed the loss to the SAMR anti-monopoly penalty.
The antitrust probe kicked off in January and required Trip.com Group to end violating acts and refunding $18 million in hotel order security deposits that had been compulsorily deducted from operators.
The regulator also confiscated $244.4 million in gains from violating acts and fined the company $518.9 million—7.5% of the company’s sales from its 2025 operations in China.
Speaking during the Q2 earnings call CEO Jane Sun shared measures including a new multi-tiered distribution framework for partners “giving them more choices in how they work with us.”
She also said the company was refining its pricing ecosystem and giving partners “greater autonomy in their commercial decisions.”
“These changes allow competition to focus more on service quality, product differentiation, customer experience, and overall performance,” Sun said.
Hotel ranking algorithms have also been updated placing more weight on service and lasting guest satisfaction, she added.
Overall Trip.com Group delivered net revenue of $2.3 billion, up 6% year over year and attributed to travel demand.
Transportation ticketing revenue in Q2 dipped 1% to $788 million while packaged tour revenue rose 8% to $171 million year over year.
Corporate travel revenue in Q2 increased 11% to $114 million. Sales and marketing expenses for the quarter increased 15% to $566 million, driven by increased expenses related to promotional activities. Sales and marketing expenses were 25% of total net revenue.
“Trip.com Group delivered resilient performance in the second quarter, with inbound and world-to-world travel continuing to gain momentum as structural growth drivers,” Sun said. “We see an opportunity to build a healthier ecosystem centered on value, experience, and service quality.”