Trump Media & Technology Group Corp.
- Growing?
- Yes: revenue up 205% on a year earlier (quarter ended Sep 2026).
- Expensive?
- Price-to-sales (P/S) 212×. Above the peer median of 6.4x. The market pays more per $1 of revenue than for peers.
- Risky?
- Much swingier than most large companies: its price swung 80% over the past year (the S&P 500's 14%), and it fell as much as 96% since Nov 2021.
Trump Media & Technology Group Corp. (DJT) is a media and technology company that operates Truth Social (social networking), Truth+ (TV streaming with live channels and on-demand content), and is launching Truth.Fi (financial services/FinTech brand).
More about Trump Media & Technology Group
Revenue has been primarily generated from advertising on Truth Social, with newer initiatives aimed at adding additional monetization avenues across streaming and financial products.
Market Position
TMTG positions its products as an alternative to large social and streaming platforms by emphasizing “free expression” and a differentiated audience/community; it operates at a much smaller scale than major social networks and streamers and competes primarily on brand affinity and audience engagement rather than breadth of content or ad-tech sophistication.
Key Segments
The company has disclosed two reportable segments: Media (Truth Social and Truth+) and Truth.Fi (financial services initiatives), with revenues historically concentrated in Media.
How has the stock done?
Over the past month DJT fell 37.6%; the communication services ETF (XLC) fell 3.5% and the S&P 500 fell 2.7%.
Over the past six months DJT fell 43.1%; the communication services ETF (XLC) fell 7.2% and the S&P 500 rose 2.6%.
Over the past year DJT fell 60.7%; the communication services ETF (XLC) fell 5.3% and the S&P 500 rose 10.8%.
Over five years DJT fell 91.6%; the communication services ETF (XLC) rose 32.4% and the S&P 500 rose 62.0%.
From Mar 4, 2022 to Nov 6, 2026, the deepest drop from a high since Nov 2021
How much the price swings in a year; the S&P 500's was 14%
When the S&P 500 moves 1%, the stock has moved about 2.1% the same way
Show the earnings releases
| Released | Quarter | Revenue | EPS vs estimate | Stock, day after | 5 days after |
|---|---|---|---|---|---|
| Nov 9, 2026 | ended Sep 2026 | $3.0M (+205% vs a year earlier) | — | +7.3% | — |
| Aug 10, 2026 | ended Jun 2026 | $1.7M (+89% vs a year earlier) | — | −12.7% | −20.7% |
| May 8, 2026 | ended Mar 2026 | $871K (+6% vs a year earlier) | — | −2.1% | −3.9% |
| Feb 27, 2026 | ended Dec 2025 | $1.0M (0% vs a year earlier) | — | +1.1% | −7.1% |
| Nov 7, 2025 | ended Sep 2025 | $973K (−4% vs a year earlier) | — | +0.8% | −17.0% |
| Aug 1, 2025 | ended Jun 2025 | $883K (+6% vs a year earlier) | — | −4.0% | −3.4% |
| May 9, 2025 | ended Mar 2025 | $821K (+7% vs a year earlier) | — | +2.0% | +2.0% |
| Feb 14, 2025 | ended Dec 2024 | $1.0M (+33% vs a year earlier) | — | −4.7% | −16.1% |
| Nov 5, 2024 | ended Sep 2024 | $1.0M (−6% vs a year earlier) | — | +4.7% | −11.3% |
| May 20, 2024 | ended Mar 2024 | $770K (−31% vs a year earlier) | — | −13.2% | −1.9% |
Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.
Is the business growing?
Revenue was $3.0M in the quarter ended Sep 2026, up 205% from a year earlier.
Show the data
| Quarter ended | Revenue | vs a year earlier |
|---|---|---|
| Mar 2023 | $1.1M | — |
| Jun 2023 | $1.2M | — |
| Sep 2023 | $1.1M | — |
| Dec 2023 | $752K | — |
| Mar 2024 | $770K | −31% |
| Jun 2024 | $837K | −30% |
| Sep 2024 | $1.0M | −6% |
| Dec 2024 | $1.0M | +33% |
| Mar 2025 | $821K | +7% |
| Jun 2025 | $883K | +6% |
| Sep 2025 | $973K | −4% |
| Dec 2025 | $1.0M | 0% |
| Mar 2026 | $871K | +6% |
| Jun 2026 | $1.7M | +89% |
| Sep 2026 | $3.0M | +205% |
Revenue went from $1M in FY22 to $4M in FY25; net income from $51M to −$712M.
Show the data
| Fiscal year | Revenue | Net income |
|---|---|---|
| FY22 | $1M | $51M |
| FY23 | $4M | −$58M |
| FY24 | $4M | −$401M |
| FY25 | $4M | −$712M |
A year earlier −$0.20
Diluted, from SEC filings
Quarters: Trump Media & Technology Group Corp.'s SEC filings, named by the month they end. Fiscal years: Trump Media & Technology Group Corp.'s annual reports to the SEC.
How it makes money
The company loses $19335.8 for every $100 of revenue. Operating expenses exceed all of gross profit. It was profitable 3 years ago and is now loss-making.
−41.8 pts over 3 years
Loss exceeds revenue
Loss exceeds revenue
Each margin is that line of the income statement divided by revenue. Fiscal year: Trump Media & Technology Group Corp.'s annual reports to the SEC.
How much does it spend on building?
Trump Media & Technology Group spent $25K on property and equipment in the four quarters to Sep 2026, 0.4% of its revenue, against 15.6% a year earlier.
Down 95.7% on the four quarters before
15.6% a year earlier
Show the data
| Quarter ended | Capital spending | Revenue | Cash from operations | Share of revenue, four quarters |
|---|---|---|---|---|
| Dec 2023 | $0 | $752K | $734K | 0.1% |
| Mar 2024 | $0 | $770K | −$9.3M | 0.1% |
| Jun 2024 | $2.1M | $837K | −$21M | 62.4% |
| Sep 2024 | $2.9M | $1.0M | −$22M | 149.3% |
| Dec 2024 | $2,600 | $1.0M | −$8.3M | 139.1% |
| Mar 2025 | $3,200 | $821K | −$9.7M | 137.3% |
| Jun 2025 | $552K | $883K | $2.3M | 92.8% |
| Sep 2025 | $14K | $973K | $10M | 15.6% |
| Dec 2025 | $3,800 | $1.0M | $12M | 15.6% |
| Mar 2026 | $7,300 | $871K | $18M | 15.5% |
| Jun 2026 | $3,100 | $1.7M | −$32M | 0.6% |
| Sep 2026 | $11K | $3.0M | −$15M | 0.4% |
From Trump Media & Technology Group Corp.'s SEC filings: payments for property and equipment by quarter (networks, data centers, buildings; software built for its own use where the company counts it in), the fourth quarter being the year minus nine months; the share is the four quarters' spending over their revenue.
How much goes into research?
Trump Media & Technology Group spent $34M on research and development in the four quarters to Sep 2026, 525.9% of its revenue, against 1,117.4% a year earlier. Over the year its research spending fell 16.7% and its revenue rose 77.1%.
Down 16.7% on the four quarters before
1,117.4% a year earlier
Show the data
| Quarter ended | Research and development | Revenue | Share of revenue, four quarters |
|---|---|---|---|
| Dec 2023 | $2.5M | $752K | 235.2% |
| Mar 2024 | $33M | $770K | 1,058.3% |
| Jun 2024 | $4.9M | $837K | 1,245.6% |
| Sep 2024 | $3.9M | $1.0M | 1,318.1% |
| Dec 2024 | $7.2M | $1.0M | 1,356.9% |
| Mar 2025 | $13M | $821K | 777.0% |
| Jun 2025 | $13M | $883K | 987.4% |
| Sep 2025 | $8.3M | $973K | 1,117.4% |
| Dec 2025 | $8.9M | $1.0M | 1,161.5% |
| Mar 2026 | $8.4M | $871K | 1,034.4% |
| Jun 2026 | $8.2M | $1.7M | 747.4% |
| Sep 2026 | $8.8M | $3.0M | 525.9% |
From Trump Media & Technology Group Corp.'s SEC filings: research and development expense by quarter, the fourth being the year minus nine months; its share is the four quarters' expense over their revenue. Some companies count the research they buy, through licences and acquisitions, in this line, so it jumps in the quarter they pay; others report that on a line of its own, not shown here.
Customers and suppliers
In its latest annual report Trump Media & Technology Group buys from Foris, DTTM Operations, Perception Group and 3 more; one customer it does not name accounts for 79.6% of its revenue.
Suppliers
Customers
Trump Media & Technology Group's 10-Q for the quarter to Mar 2026 gives one customer's share of its revenue: Customer One (66.5%).
Show the filings' numbers
| Period | Customer | Share of revenue | Filing |
|---|---|---|---|
| Year ended Dec 2023 | Customer One | 88.5% | 10-K filed Feb 27, 2026 |
| Year ended Dec 2024 | Customer One | 94% | 10-K filed Feb 27, 2026 |
| Quarter ended Mar 2025 | Customer One | 93% | 10-Q filed May 8, 2026 |
| Year ended Dec 2025 | Customer One | 79.6% | 10-K filed Feb 27, 2026 |
| Quarter ended Mar 2026 | Customer One | 66.5% | 10-Q filed May 8, 2026 |
From Trump Media & Technology Group Corp.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. Rings are fiscal years: a 10-K gives the year, not its fourth quarter.
Partners
Forisinvested in Trump Media & Technology Group · Receives shares in exchange for Cronos2,797,985 shares of common stock, August 2025
Yorkville Acquisition MCGATrump Media & Technology Group invested in it · Equity stake through digital treasury business combination10,000,000 Class A shares upon closingYAinvested in Trump Media & Technology Group · Standby equity purchases
RumbleSells advertising space on Truth SocialChanges since the previous annual report (10-K filed Feb 14, 2025)
ForisNamed for the first time, as a supplier and a partner684,427,004 Cronos, August 2025Yorkville SecuritiesNamed for the first time, as a supplierContingent fee of 6,000,000 common shares, December 2025 agreementYorkville Acquisition MCGANamed for the first time, as a partner10,000,000 Class A shares upon closingShow the filing's words
| Company | Role | In the filing's words |
|---|---|---|
| Foris | partner · invested in Trump Media & Technology Group | “On August 26, 2025, we entered into a privately negotiated purchase agreement (the “Purchase Agreement”) with Foris Holdings US, Inc. (“Foris”) the parent company of Crypto.com. Pursuant to the Purchase Agreement, we transferred to Foris 2,797,985 shares of our common stock, par value $0.0001 per share, and $50,000.0 of cash, in exchange for 684,427,004 Cronos, which is the native cryptocurrency of the Cronos blockchain.” |
| Foris | supplier | “On August 26, 2025, we entered into a privately negotiated purchase agreement (the “Purchase Agreement”) with Foris Holdings US, Inc. (“Foris”) the parent company of Crypto.com. Pursuant to the Purchase Agreement, we transferred to Foris 2,797,985 shares of our common stock, par value $0.0001 per share, and $50,000.0 of cash, in exchange for 684,427,004 Cronos, which is the native cryptocurrency of the Cronos blockchain.” |
| Yorkville Acquisition | partner · Trump Media & Technology Group invested in it | “Pursuant to and concurrently with the execution and delivery of the Business Combination Agreement, TMTG entered into an asset contribution agreement with Yorkville Acquisition Corp. (the “TMTG Contribution Agreement” and, together with the Crypto.com Contribution Agreements (as defined in the Business Combination Agreement) and the TMTG License Agreement (defined below), the “Contribution Agreements”) pursuant to which, at the closing of the Business Combination (the “Closing” and such date, the “Closing Date”), TMTG will contribute 100% of the issued and outstanding membership interests of Trump Media Group, LLC, a Florida limited liability company, to Yorkville Acquisition Corp. in consideration of 10,000,000 shares of Yorkville Acquisition Corp.’s Class A common stock, par value $0.0001, of the SPAC (the “SPAC Class A Common Stock”), three tranches of Earnout Warrants exercisable for a total of up to 21% of the SPAC’s outstanding capital stock at the time of the Closing, and a Forced Exercise Warrant, exercisable for 10,000,000 shares of Yorkville Acquisition Corp.’s Class A Common Stock.” |
| YA | partner · invested in Trump Media & Technology Group | “Standby Equity Purchase Agreement between Trump Media & Technology Group Corp. and YA II PN, LTD., dated July 3, 2024.” |
| DTTM Operations | supplier | “Further, as noted above, TMTG Sub has entered into the License Agreement with President Donald J. Trump, and DTTM Operations, LLC, for the right to use the likeness of President Donald J. Trump.” |
| Perception Group | supplier | “February 5, 2024, by and between WCT, Perception Group, Inc., Perception TVCDN Ltd., and FORA, FOrum RAčunalništva, d.o.o., as amended (each of the parties thereto other than WCT, collectively, “Perception”), as well as ancillary agreements related to the source code purchase (the “Source Code Purchase Agreement”) and support and maintenance (the “Support and Maintenance Agreement”, together with the Source Code Purchase Agreement, the “CDN Agreements”).” |
| Perception TVCDN | supplier | “February 5, 2024, by and between WCT, Perception Group, Inc., Perception TVCDN Ltd., and FORA, FOrum RAčunalništva, d.o.o., as amended (each of the parties thereto other than WCT, collectively, “Perception”), as well as ancillary agreements related to the source code purchase (the “Source Code Purchase Agreement”) and support and maintenance (the “Support and Maintenance Agreement”, together with the Source Code Purchase Agreement, the “CDN Agreements”).” |
| FORA | supplier | “February 5, 2024, by and between WCT, Perception Group, Inc., Perception TVCDN Ltd., and FORA, FOrum RAčunalništva, d.o.o., as amended (each of the parties thereto other than WCT, collectively, “Perception”), as well as ancillary agreements related to the source code purchase (the “Source Code Purchase Agreement”) and support and maintenance (the “Support and Maintenance Agreement”, together with the Source Code Purchase Agreement, the “CDN Agreements”).” |
| Rumble | partner · distribution deal with it | “On August 19, 2022, TMTG entered into an Advertising Publisher Agreement (“Rumble Agreement”) with Rumble USA, Inc. (“Rumble”), pursuant to which Rumble was engaged to sell advertising space for the placement of advertisements on Truth Social by making Truth Social Ad units (“Ad Unit” or “Ad Units”) available for advertisers on an advertising manager service maintained by Rumble. TMTG and Rumble executed a minimum guarantee advertising publisher agreement on October 30, 2023 (the “Minimum Guarantee Rumble Agreement”), which replaced the Rumble Agreement.” |
| Yorkville Securities | supplier | “We entered into an Agreement with Yorkville Securities to serve as M&A Advisor in connection with the pending merger with TAE Technologies, Inc. in December 2025. In exchange for the M&A advisory services provided by Yorkville Securities we agreed to pay Yorkville Securities a fee equal to 6,000,000 shares of our common stock in the event (a) a Transaction is consummated prior to the termination of the Engagement Period or within twelve (12) months following the termination of the Engagement Period or (b) the Company, prior to the termination of the Engagement Period or within twelve (12) months following the termination of the Engagement Period, enters into an agreement with respect to a potential Transaction and such Transaction is subsequently consummated.” |
| One advertising platform (unnamed) | customer | “One advertising platform accounted for 79.6%, 94.0% and 88.5% of our total revenue for the years ended December 31, 2025, 2024 and 2023, respectively.” |
Only the companies Trump Media & Technology Group names in its 10-K filed Feb 27, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.
Is it expensive?
Currently unprofitable, so P/E does not apply, so we look at price-to-sales instead: 212x, above the peer median of 6.4x. Revenue is up 205% from a year ago.
Above the peer median of 6.4x. The market pays more per $1 of revenue than for peers.
Show the data
| Company | Price-to-sales (P/S) |
|---|---|
| DJT · Trump Media & Technology Group Corp. | 212× |
| GOOG · Alphabet Inc. | 7.7× |
| META · Meta Platforms, Inc. | 6.6× |
| RDDT · Reddit, Inc. | 6.2× |
| PINS · Pinterest, Inc. | 2.3× |
| SPOT · Spotify Technology S.A. | — |
Trump Media & Technology Group Corp. is currently unprofitable, so P/E does not apply. We use price-to-sales instead: market cap as a multiple of revenue.
Where the cash goes
Capex of $0 exceeds operating cash flow of −$16M, leaving free cash flow of −$16M. It still paid $39M to shareholders (dividends plus buybacks), so $55M had to come from cash on hand or borrowing.
Show the data
| Line | Amount |
|---|---|
| Op. cash flow | −$16M |
| Capex | $0 |
| Free cash flow | −$16M |
| Dividends | — |
| Buybacks | −$39M |
| Cash retained | −$55M |
Free cash flow is negative, so the company is burning cash.
No dividend today; cash goes to growth and share buybacks.
Dividends plus buybacks over the last four quarters: for every $100 of market cap, about $2.8 went back to shareholders.
Show the data
| Quarter ended | Free cash flow | Dividends | Buybacks |
|---|---|---|---|
| Dec 2023 | $734K | — | $0 |
| Mar 2024 | −$9.3M | — | $0 |
| Jun 2024 | −$24M | — | $0 |
| Sep 2024 | −$25M | — | $2.9M |
| Dec 2024 | −$8.3M | — | $0 |
| Mar 2025 | −$9.7M | — | $8.3M |
| Jun 2025 | $1.8M | — | $0 |
| Sep 2025 | $10M | — | $6.4M |
| Dec 2025 | $12M | — | $39M |
| Mar 2026 | $18M | — | $0 |
| Jun 2026 | −$32M | — | $0 |
| Sep 2026 | −$15M | — | $0 |
Trump Media & Technology Group had 306M diluted shares in the quarter ended Sep 2026, 10.3% more than a year earlier, and 43.0% more each year on average since Mar 2023. It spent $39M on buybacks over the last four quarters.
Show the data
| Quarter ended | Diluted shares |
|---|---|
| Mar 2023 | 88M |
| Jun 2023 | 88M |
| Sep 2023 | 88M |
| Mar 2024 | 91M |
| Jun 2024 | 167M |
| Sep 2024 | 201M |
| Mar 2025 | 221M |
| Jun 2025 | 241M |
| Sep 2025 | 278M |
| Mar 2026 | 277M |
| Jun 2026 | 277M |
| Sep 2026 | 306M |
Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.
Financial health
Current ratio 1.2, short-term debt is manageable; debt-to-equity 0.6, debt is moderate.
Assets that can be turned into cash soon are 1.2x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.
For every $1 of shareholder funds, there is $0.6 of debt (leases not counted). The higher the number, the more pressure when the economy weakens.
Cash and short-term investments of $1.2B against debt of $947M. Lease obligations of $3M are not counted: they are rent owed, not money borrowed.
Latest fiscal year balance sheet. Source: Yahoo Finance.
What did the funds Hunch tracks do?
Of the 83 funds whose 13F filings Hunch reads, 1 held DJT at the end of their latest quarter, Q3 2026. Over that quarter 1 added shares. The largest of them is Swiss National Bank, 322,000 shares worth $2.9M at Sep 30, 2026, 0.8% more than a quarter earlier.
Over their latest quarter
Over their latest quarter
Show every fund
| Fund | Quarter | Shares | Value | Change in shares | Change | Filed |
|---|---|---|---|---|---|---|
| Swiss National Bank | Q3 2026 | 322,000 | $2.9M | +2,700 | +0.8% | Nov 12, 2026 |
From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of DJT at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end.
Are insiders buying or selling?
Officers and directors bought $10K and sold $55K of DJT on the open market in the 12 months to Nov 11, 2026. The largest was Eric Swider (Director), who sold $55K in 1 sale.
1 sale
1 purchase
Share of the sales' value
Show every trade
| Date | Insider | Role | Trade | Shares | Price | Value | Filed |
|---|---|---|---|---|---|---|---|
| Nov 18, 2025 | Scott Glabe | General Counsel and Secretary | Buy | 1,000 | $10.46 | $10K | Nov 19, 2025 |
| Nov 17, 2025 | Eric Swider | Director | Sale | 5,200 | $10.59 | $55K | Nov 17, 2025 |
From the Form 4s filed with the SEC about Trump Media & Technology Group Corp. (29 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 30 other transactions (grants and shares withheld for tax).