Trump Media's $409.7M Q3 profit leans on crypto gains; adjusted EBITDA negative
In brief
- Trump Media's Q3 2026 net income was $409.7 million, mostly non-cash items.
- Quarterly revenue was about $3 million, up 205% year over year, the company said.
- Adjusted EBITDA was a $12.3 million loss.
- Digital-asset and equity gains totaled $496.1 million; CryptoSlate attributes 76% to digital assets.
Where the profit came from
The company reported combined net realized and unrealized gains of $496.1 million on digital assets, pledged digital assets and equity securities. That's a separate number from net income. CryptoSlate notes it isn't a complete bridge to the $409.7 million, because other income and expenses also entered earnings.
The release's reconciliation and the 10-Q identified $378.1 million in gains on digital assets and pledged digital assets (namely Bitcoin and Cronos). The 10-Q split that 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. The equity side added roughly $98.3 million in unrealized gains and $19.7 million in realized gains, driven primarily by higher prices of bitcoin-related securities.
By CryptoSlate's calculation, digital assets made up about 76% of the gain pool and equities about 24%.
CryptoSlate also cautions that these gains shouldn't be read as cash generated during the quarter (derecognition means removing assets from the balance sheet).
The release said the gains were partially offset by $54 million in realized and unrealized derivative losses. It also highlighted $11.9 million in accreted interest expense, $9.4 million in stock-based compensation and $4 million in investment expenses.
The operating business
Trump Media said revenue rose 205% year over year. The 10-Q shows approximately $3 million, compared with $972,900 a year earlier. The filing attributed the increase to $1.3 million in subscription growth from Truth API and Truth+, about $523,300 in added Truth Social advertising revenue and $164,000 in Truth.Fi ETF management fees.
It's still a $3 million quarter.
Adjusted EBITDA was a $12.3 million loss. That figure strips out digital asset gains and losses, investment income and losses, and stock-based compensation.
The balance sheet
At Sept. 30, the company reported $2.5 billion in total assets and approximately $2.3 billion in what it calls financial assets. That second figure is a non-GAAP basket that includes cash, short-term investments, equity securities, notes receivable, digital assets and pledged digital assets. According to CryptoSlate, some of the investment gains outside the digital asset line also came from Bitcoin-linked exposure.
Frequently asked questions
How did Trump Media report a profit while adjusted EBITDA was negative?
Trump Media reported $496.1 million in combined realized and unrealized gains on digital assets, pledged digital assets and equity securities. Its operating business brought in about $3 million in revenue. Once those gains, investment income and stock-based compensation are adjusted out, EBITDA was a $12.3 million loss.
How much of Trump Media's Q3 gain came from crypto?
The filings identified $378.1 million in gains on digital assets and pledged digital assets, namely Bitcoin and Cronos. CryptoSlate calculated that this was about 76% of the $496.1 million gain pool. Equity securities, driven primarily by bitcoin-related securities, made up about 24%.
Did Trump Media's crypto gains generate cash in the quarter?
CryptoSlate cautioned that the reported gains should not be read as cash generated in the quarter. Much of the digital asset line was unrealized, and $69.9 million came from derecognition, which means removing assets from the balance sheet.
