Trump Media & Technology Group
DJT Nasdaq Interactive Media & Services Financials FY2023–FY2025
Trump Media & Technology Group's revenue rose 1.8% to $4 million in fiscal 2025. Its operating margin was −15,560.9%, down from −5,140.9% a year earlier. Free cash flow was $14 million. It paid out $54 million in dividends and buybacks, 378% of free cash flow. The diluted share count rose 50.0%.
About these figures. Trump Media's figures start in 2023: it listed in March 2024 by merging with Digital World Acquisition Corp, a blank-check company whose filings it took over, and the earlier balance sheets in those filings are the blank-check company's, not Trump Media's.
What Trump Media & Technology Group does
Trump Media & Technology Group (TMTG) runs Truth Social, a social media platform it describes as a place for free expression, and Truth+, a TV streaming service with live channels and on-demand content. It has also started Truth.Fi, a financial services brand that includes investment products and a digital asset strategy with a bitcoin treasury. Truth Social went on general release in the first quarter of 2022, and the company says its apps run on iOS, Android and the web.
The company is early in its life and expects to keep losing money from operations for the foreseeable future. It is working on ways to earn revenue from advertising on both Truth Social and Truth+, and in 2025 it began testing a paid plan with premium features, called the Patriot Package. It ended 2025 with approximately $2,473.2 million of cash, investments, digital assets and similar items, and approximately $947.1 million of debt, not counting lease liabilities.
In December 2025 TMTG agreed to merge with TAE Technologies. If it closes, TMTG expects each side's shareholders to own about half of the combined company. As of the date of the filing, a trust of which Donald J. Trump is the sole beneficiary owned approximately 41.1% of the voting power of TMTG's common stock.
- Legal name
- Trump Media & Technology Group Corp.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 27, 2026
- Accession · CIK
- 0001140361-26-007174
0001849635
Revenue and margins
Trump Media & Technology Group had $3.7M of revenue in fiscal 2025, up 1.8% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $14.2M in fiscal 2025, 385.2% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Trump Media & Technology Group returned $53.6M to shareholders in fiscal 2025, 378% of free cash flow. The diluted share count rose 50.1%.
Value Trump Media & Technology Group yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$508M and divides by 254.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Balance sheet
Cash, debt and the ratios that show how comfortably Trump Media & Technology Group can carry it.
| Fiscal year end | FY23 | FY24 | FY25 |
|---|---|---|---|
| Cash and short-term investments | $2.6M | $777M | $440M |
| Debt incl. finance leases | $3.5M | $4.8M | $947M |
| Debt / equity | — | 0.0x | 0.6x |
| Interest coverage | −0.4x | −60.2x | −21.0x |
| Current ratio | 0.1x | 45.3x | 1.2x |
| Quick ratio | 0.1x | 45.3x | 1.2x |
| Total assets | $3.4M | $938M | $2.6B |
| Total liabilities | $70.1M | $24.7M | $983M |
| Shareholders' equity | −$66.8M | $914M | $1.6B |
| Net debt (− = net cash) | $0.9M | −$772M | $508M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
1 insider
Sold, 12 months
$0.1M
1 insider
Of sales under plans
0%
$0.0M
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY24 | FY25 |
|---|---|---|
| Net income is positive | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✓ |
| Return on assets rose | — | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ |
| Debt fell relative to assets | — | ✕ |
| Current ratio rose | ✓ | ✕ |
| Share count didn't rise | ✕ | ✕ |
| Gross margin rose | ✕ | ✕ |
| Revenue rose relative to assets | — | ✕ |
| F-score | — / 9 | 3 / 9 |
| Accruals ratio | −72.2% | −40.8% |
| Altman Z'' | 32.64 | −3.68 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Trump Media & Technology Group DJT | $1.8B | 1.8% | −15,560.9% | 385.2% | −39.4% | — | 3 | |
| Rumble RUM | $1.6B | 5.4% | −125.9% | −74.0% | — | — | — | Compare → |
| Grindr GRND | $2.4B | 27.6% | 28.7% | 32.0% | 44.3% | 27.4x | 6 | Compare → |
| CarGurus CARG | $2.9B | 13.7% | 27.0% | 31.9% | 90.3% | 17.1x | 7 | Compare → |
| ZoomInfo GTM | $1.3B | 2.9% | 18.1% | 31.2% | 5.3% | — | 7 | Compare → |
3 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY23 | FY24 | FY25 |
|---|---|---|---|
| Income statement | |||
| Revenue | $4.1M | $3.6M | $3.7M |
| Gross profit | $4.0M | $3.0M | $2.0M |
| Research and development | $9.7M | $49.1M | $42.8M |
| Operating income | −$16.0M | −$186M | −$573M |
| Interest expense | $39.4M | $3.1M | $27.3M |
| Pretax income | −$58.2M | −$401M | −$712M |
| Income tax | $0.0M | $0.0M | $0.6M |
| Net income | −$58.2M | −$401M | −$712M |
| Diluted EPS | −$0.67 | −$2.36 | −$2.80 |
| Diluted shares | 0.09B | 0.17B | 0.25B |
| Cash flow | |||
| Cash from operations | −$9.7M | −$61.0M | $14.8M |
| Capital expenditure | $0.0M | $5.0M | $0.6M |
| Free cash flow | −$9.7M | −$66.0M | $14.2M |
| Depreciation and amortization | $0.1M | $2.9M | $7.4M |
| Stock-based compensation | $0.0M | $107M | $59.2M |
| Acquisitions | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $2.9M | $53.6M |
| Dividends paid | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $2.9M | $53.6M |
| Balance sheet | |||
| Cash and short-term investments | $2.6M | $777M | $440M |
| Total debt | $3.5M | $4.8M | $947M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M |
| Current assets | $3.0M | $784M | $1.2B |
| Current liabilities | $65.3M | $17.3M | $980M |
| Inventory | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $0.0M | $4.4M | $3.1M |
| Total assets | $3.4M | $938M | $2.6B |
| Total liabilities | $70.1M | $24.7M | $983M |
| Shareholders' equity | −$66.8M | $914M | $1.6B |
| Margins | |||
| Gross margin | 96.0% | 82.9% | 54.5% |
| Operating margin | −386.5% | −5,140.9% | −15,560.9% |
| EBITDA margin | −385.1% | −5,059.8% | −15,359.3% |
| Net margin | −1,408.6% | −11,077.3% | −19,343.4% |
| FCF margin | −235.7% | −1,824.3% | 385.2% |
| Returns | |||
| Return on capital | — | — | −39.4% |
| Return on capital employed | — | −43.3% | −44.6% |
| Return on equity | — | −94.7% | −55.6% |
| Return on assets | — | −85.1% | −39.9% |
| Growth | |||
| Revenue growth | — | −12.4% | 1.8% |
| Share count change | — | 93.9% | 50.1% |
| Financial health | |||
| Debt / equity | — | 0.0x | 0.6x |
| Interest coverage | −0.4x | −60.2x | −21.0x |
| Current ratio | 0.1x | 45.3x | 1.2x |
| Quick ratio | 0.1x | 45.3x | 1.2x |
| Capital allocation | |||
| Capex / revenue | 0.1% | 139.1% | 15.6% |
| Stock comp / revenue | 0.0% | 2,967.5% | 1,607.3% |
| Payouts / FCF | — | — | 377.9% |
| Quality scores | |||
| Piotroski F-score | — | — | 3.0 |
| Altman Z'' | −219.1 | 32.6 | −3.7 |
| Accruals ratio | — | −72.2% | −40.8% |
Source: SEC EDGAR XBRL filings (CIK 0001849635). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.