Trump Media & Technology Group reported $409.7 million in net income for the third quarter of 2026, with most of the profit stemming from non-cash items, according to its Nov. 9 earnings release furnished with a Form 8-K. The company said gains on digital assets and equity securities drove the result.
Gains Breakdown
The company reported combined net realized and unrealized gains on digital assets, pledged digital assets, and equity securities of $496.1 million. The release’s reconciliation and quarterly filing separately identify $378.1 million in realized and unrealized gains on digital assets and digital assets pledged, specifically Bitcoin and Cronos.
The $378.1 million digital-asset line includes pledged-asset revaluation, other digital-asset revaluation, and derecognition gains. The 10-Q breaks it down into approximately $200.8 million in unrealized gains on pledged digital assets, $107.5 million in unrealized gains on digital assets, and $69.9 million from derecognition of digital assets.
Derecognition means removing assets from the balance sheet, so the reported gains should not be read as cash generated during the quarter. The $496.1 million gain pool combines digital assets and securities and is distinct from the $409.7 million net income figure.
The 10-Q also identifies about $98.3 million of unrealized equity gains and $19.7 million of realized equity gains, driven primarily by higher prices of bitcoin-related securities. Some investment gains outside the digital asset line also came from Bitcoin-linked exposure.
Those gains were partially offset by $54 million in realized and unrealized derivative losses, $11.9 million in accreted interest expense, $9.4 million in stock-based compensation, and $4 million in investment expenses.
Operating Performance
Trump Media reported $3 million in quarterly revenue, up 205% from $1 million a year earlier. The 10-Q provides underlying amounts of approximately $3 million versus $972,900. The filing attributes the increase to $1.3 million in subscription growth driven by Truth API and Truth+, about $523,300 in additional Truth Social advertising revenue, and $164,000 in Truth.Fi ETF management fees.
Despite the revenue gain, adjusted EBITDA was a $12.3 million loss after adjustments for digital asset gains and losses, investment income and losses, net interest, taxes, depreciation and amortization, and stock-based compensation.
At Sept. 30, the company reported $2.5 billion in total assets and approximately $2.3 billion in what it calls financial assets. That non-GAAP basket spans cash, restricted cash, short-term investments, equity securities, notes receivable and accrued interest, digital assets, and pledged digital assets. The company says financial assets should not be treated as a liquidity measure, and the basket is broader than a Bitcoin treasury total.
For the first nine months of 2026, the profitable third quarter still left a consolidated net loss of approximately $234.2 million. Trump Media also said it used $28.4 million in operating activities over the nine months ended Sept. 30, primarily because of expenses tied to recently concluded legacy legal matters.
