Trump Media & Technology Group Corp. financial statements
Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data Trump Media & Technology Group Corp. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
1.47
4.13
3.62
3.68
Cost of revenue
0.05
0.16
0.62
1.68
Gross profit
1.42
3.97
3
2.01
Research and development
13.6
9.72
49.1
42.8
Selling, general and administrative
10.3
8.88
131
119
Selling and marketing
0.63
1.28
6.38
2.5
Operating income
-1.96
-23.2
-16
-186
-573
Interest expense
2.04
39.4
3.09
27.3
Interest income
0.01
0
0
14.7
46.6
Other non-operating income
4.26
14.9
Pre-tax income
-1.95
50.5
-58.2
-401
-712
Income tax
0
0
0
0
0.56
Net income to minority interests
0
0
-0.28
Net income
-1.95
50.5
-58.2
-401
-712
EBITDA
-23.2
-15.9
-183
-566
EPS, basic
0.58
-0.67
-2.36
-2.80
EPS, diluted
0.58
-0.67
-2.36
-2.80
Shares, basic (weighted)
87.5
87.5
170
255
Shares, diluted (weighted)
87.5
87.5
170
255
Balance sheet
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
0.33
0
2.57
170
135
Short-term investments
0
607
305
Receivables
0.08
0.02
0.24
Other current assets
0.24
0.17
0.33
7.46
9.99
Total current assets
0.57
0.17
2.98
784
1,203
Property, plant and equipment
0.03
4.37
3.05
Lease right-of-use assets
0.35
3.42
2.51
Goodwill
0
121
121
Intangible assets
0
25.4
19.8
Total assets
294
300
3.36
938
2,630
Accounts payable
0.87
1.48
3.85
Accrued liabilities
1.03
18.1
47.1
3.29
Deferred revenue
4.41
1.01
0.03
Short-term debt
0
4.78
947
Total current liabilities
1.25
23.5
65.3
17.3
980
Long-term debt
0.44
Lease liabilities
0.2
2.56
1.72
Total liabilities
11.3
33.5
70.1
24.7
983
Total debt
0
4.78
947
Paid-in capital
0
0
0
3,862
5,360
Retained earnings
-10.6
-32
-66.8
-2,945
-3,657
Treasury stock
0
-2.91
-56.5
Shareholders' equity
-59.1
-8.57
-66.8
914
1,647
Minority interests
0
0.15
Total equity
-59.1
-8.57
-66.8
914
1,647
Total liabilities and equity
294
300
3.36
938
2,630
Shares outstanding
87.5
221
277
Cash flow statement
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-1.95
-15.6
-58.2
-401
-712
Depreciation and amortization
0.06
0.06
2.93
7.42
Stock-based compensation
0
0
107
59.2
Change in receivables
-0.51
0.43
0.06
-0.23
Change in payables
-0.54
1.33
5.54
26.8
Cash from operations
-1.14
-24.2
-9.73
-61
14.8
Capital expenditures
-0.08
-0
-5.03
-0.57
Purchases of investments
0
0
0
-932
Sales and maturities of investments
0
0
0.09
Cash from investing
-293
-0.08
-0
-619
-2,267
Stock issued
0.03
0
0
450
0
Share buybacks
0
0
-2.91
-53.6
Cash from financing
295
15.4
2.5
847
2,248
Net change in cash
0.33
-0.33
0.39
168
-4.35
Free cash flow
-24.3
-9.74
-66
14.2
Interest paid
0
0
0.13
0.37
Income taxes paid
0
0
1.9
0.98
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $9.14 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
33.7%
Gross profit / revenue.
Operating margin
-20,956.0%
Operating income / revenue.
EBITDA margin
-20,789.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-28,859.0%
Pre-tax income / revenue.
Net margin
-28,860.0%
Net income / revenue.
FCF margin
187.8%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
188.4%
Cash from operations / revenue.
Return on equity (ROE)
-127.5%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-64.6%
Net income / average total assets.
Return on invested capital (ROIC)
-42.1%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
747.4%
Research and development expense / revenue.
Stock-based pay / revenue
962.7%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.6%
Capital expenditures / revenue.
D&A / revenue
166.9%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
1.8%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
35.8%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
-33.1%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
12.3%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y
80.2%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
180.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
106.1%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
50.1%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
42.8%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.96x
Current assets / current liabilities.
Quick ratio
0.22x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.22x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.95x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
48.1%
Total debt / total assets.
Liabilities / assets
49.3%
Total liabilities / total assets.
Net debt
$754.9M
Total debt - cash - short-term investments. Negative means more cash than debt.
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$4.70
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.02
Revenue / diluted weighted shares.
FCF per share
$0.03
Free cash flow / diluted weighted shares.
Operating cash flow per share
$0.03
Cash from operations / diluted weighted shares.
Book value per share
$3.68
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Share buybacks / free cash flow, when free cash flow is positive.
Valuation
Metric
Value
How it is calculated
Market cap
$2.54B
Share price x shares outstanding.
Enterprise value
$3.30B
Market cap + total debt - cash - short-term investments.
P/S
562x
Market cap / revenue.
P/B
2.48x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
2.87x
Market cap / tangible book value, when positive.
P/FCF
299x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
298x
Market cap / cash from operations, when positive.
EV/Sales
729x
Enterprise value / revenue.
EV/FCF
388x
Enterprise value / free cash flow, when both are positive.
FCF yield
0.3%
Free cash flow / market cap.
Earnings yield
-51.3%
Net income / market cap (the inverse of P/E).
Shareholder yield
1.8%
(Dividends paid + share buybacks) / market cap.
What was Trump Media & Technology Group Corp.'s revenue in fiscal 2025?
Trump Media & Technology Group Corp. reported revenue of $3.7M for fiscal 2025, 1.8% higher than the year before.
Was Trump Media & Technology Group Corp. profitable in fiscal 2025?
No. It reported a net loss of $712.1M.
How much free cash flow did Trump Media & Technology Group Corp. generate in fiscal 2025?
Cash from operations of $14.8M minus capital expenditures of $573.5K left free cash flow of $14.2M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.