Trump Media Posts $409.8292 Million in Third-Quarter Net Income, Supported by Digital-Asset Gains
Key Facts
Trump Media & Technology Group reported net income attributable to common shareholders of $409.8292 million for the quarter ended September 30, 2026, compared with a loss of $54.8081 million a year earlier, according to its quarterly filing with the U.S. Securities and Exchange Commission. The swing came as quarterly revenue stood at $2.9671 million, despite rising 205% from $972.9 thousand in the year-earlier period. The results reflect a widening gap between the company’s accounting income and the scale of its operating business, with net income many times higher than revenue. Gains on digital assets and investments were among the main factors supporting the quarterly result. Basic earnings per share were $1.47 and diluted earnings per share were $1.38, following a loss of $0.20 per share in the third quarter of 2025.
Gains on digital assets and staked digital assets totaled $378.1343 million during the quarter, compared with losses of $16.2046 million a year earlier. The company said the total included an unrealized gain of $200.7984 million on staked digital assets and an unrealized gain of $107.4502 million on digital assets. It also included $69.8857 million in gains related to the derecognition of digital assets. The unrealized component means some of the gains resulted from revaluing holdings, rather than selling them during the period. Digital-asset gains thus accounted for a substantial part of the shift from a loss to a profit in the quarterly accounts.
The company recorded investment income of $60.0097 million, up from $984.5 thousand in the third quarter of 2025. The income included unrealized gains of $98.2999 million on equity securities and realized gains of $19.6775 million from sales of equity securities. These were offset by $46.0449 million in realized losses on derivatives linked to bitcoin holdings. The figures show that the net investment result combined higher valuations of some securities and gains from sales on one hand, with derivative losses on the other. The picture was different over the first nine months of 2026: the company recorded a net loss of $234.2456 million despite net digital-asset gains of $17.4892 million, and posted an investment loss of $119.9583 million compared with investment income of $12.0695 million in the year-earlier period.
On the operating front, revenue rose to $2.9671 million from $972.9 thousand year over year. The company attributed media revenue growth to a $1.3033 million increase in Truth API and Truth+ subscriptions, and a $523.3 thousand increase in Truth Social advertising. It also recorded $164 thousand in management fees from Truth.Fi exchange-traded fund offerings during the quarter. These items show the sources of the increase cited by the company, while total revenue remained below $3 million. Meanwhile, general and administrative expenses fell to $13.4325 million from $31.0561 million a year earlier, with the company attributing the decline primarily to lower legal fees related to cases predating the DWAC merger; those fees fell by $17.9614 million.
Trump Media ended September 30 with a total of $2.3267 billion in cash, short-term investments, securities, bonds receivable and other assets, including digital assets, and debt of $977.3 million, excluding lease liabilities. In the first nine months, the company used $28.4292 million in cash for operating activities, after those activities provided $2.6388 million in the corresponding period of 2025. It said the cash use was mainly related to higher legal expenses for recently concluded matters, merger-related expenses, and a shift to receiving some option premiums in bitcoin instead of cash. It also sold $266.1713 million in bitcoin-related securities and used the proceeds to buy bitcoin and equity securities worth $280.3865 million, and sold $100 million in short-term investments. These moves put the composition of assets and liquidity in the context of the year’s volatile results.
The company expects to complete its merger with TAE Technologies in the fourth quarter of 2026, subject to the satisfaction or waiver of closing conditions. The Form S-4 registration statement became effective on November 5, 2026, according to the filing with the SEC. Under the deal, a Trump Media subsidiary will merge into TAE, while TAE will remain a wholly owned subsidiary of Trump Media after the merger. The parties said they had stopped pursuing the previously considered spin-off of Truth Social. DJT shares closed at $3.99 on November 6, according to EL7 data.