Trump Media posts $410M profit, but crypto hides an operating loss

Trump Media & Technology Group reported $409.7 million in net income for the third quarter of 2026, saying most of it reflected non-cash items, as gains on digital assets and equity securities drove the result.

The company announced the results for the quarter ended Sept. 30 in its Nov. 9 earnings release, furnished with a Form 8-K. It reported combined net realized and unrealized gains on digital assets and pledged digital assets and equity securities of $496.1 million.

Trump Media reported $3 million in quarterly revenue and a $12.3 million loss in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA).

The release's reconciliation and accompanying quarterly filing separately identify $378.1 million in realized and unrealized gains on digital assets and digital assets pledged, namely Bitcoin and Cronos.

Explore the gain components

The $378.1M digital-asset line includes pledged-asset revaluation, other digital-asset revaluation and derecognition gains.

The $496.1M gain pool combines digital assets and securities. It is distinct from $409.7M in net income.

Realized, unrealized and derecognition gains are accounting categories, not equivalent cash proceeds. The gain pool is not a complete net-income bridge; other income and expenses also enter earnings.

Sources and evidence

Sources

1. Trump Media Q3 2026 results and reconciliation
2. Q3 2026 Form 10-Q, statements and MD&A

Supporting facts

• Trump Media reported $409.7 million in net income for the third quarter of 2026, and said the bulk reflected non-cash items. [1]
• Trump Media's release reports $496.1 million of net realized and unrealized gains on digital assets, digital assets pledged and equity securities for Q3 2026, combining those categories rather than identifying a crypto-only profit. [1]
• Trump Media's Q3 2026 reconciliation and 10-Q separately report $378,134.3 thousand, or approximately $378.1 million, of realized and unrealized gains on digital assets and digital assets pledged. [1] [2]
• Trump Media's Q3 2026 10-Q attributes the digital-asset gains to $200,798.4 thousand of unrealized gains on pledged digital assets, $107,450.2 thousand of unrealized gains on digital assets, and $69,885.7 thousand from derecognition of digital assets. [2]
• Trump Media's Q3 2026 10-Q identifies $98,299.9 thousand of unrealized equity-security gains and $19,677.5 thousand of realized equity-security gains, primarily driven by higher prices of bitcoin-related securities. [2]

Method

Q3 2026 USD millions. Equity = 98.2999 + 19.6775 = 117.9774 (display 118.0). Total components = 496.1117 (release rounds 496.1). Main shares = 378.1343 / 496.1117 and 117.9774 / 496.1117, rounded to 76% / 24%. All component tracks use the same 496.1117 denominator; amount labels round to one decimal.

Scope

Realized, unrealized and derecognition gains are accounting categories, not equivalent cash proceeds. The gain pool is not a complete net-income bridge; other income and expenses also enter earnings.

Infographic by CryptoSlate

The 10-Q breaks the digital asset line into about $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 10-Q 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 of the investment gains outside the digital asset line also came from Bitcoin-linked exposure.

The release said gains were partially offset by $54 million in realized and unrealized derivative losses. Other highlighted offsets included $11.9 million in accreted interest expense, $9.4 million in stock-based compensation, and $4 million in investment expenses.

Adjusted EBITDA remained negative

Trump Media said revenue rose 205% from a year earlier, reporting rounded figures of $3 million versus $1 million, and 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.

Those revenue gains sit alongside an adjusted EBITDA of 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. The latter is a non-GAAP basket spanning 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.