Trump Media & Technology Group Corp.DJT
Trump Media & Technology Group Corp. Segments Disclosure
NOTE 17 – SEGMENT INFORMATION
In the second quarter of 2025, our internal reporting and segments changed. We added the Truth.Fi operating segment to our social media and streaming segment. We report our operating results through two reportable segments: Media and Truth.Fi:
| • |
Media, previously social media & streaming, includes products and services such as advertisement through our Truth Social platform, including Truth Predict. Truth+ began paid streaming subscriptions of our
Patriot Package in July 2025.
|
| • |
Truth.Fi, will provide separately managed accounts (“SMAs”); customized exchange-traded funds and/or exchange-traded products (collectively, “ETFs”) invested in America First principles, and bitcoin and similar
cryptocurrencies or crypto-related securities.
|
The “Corporate & Other” category presented in the following tables is not considered an operating segment. It consists primarily of costs and expenses related to executing our digital asset treasury
strategy and includes the realized and unrealized gains and losses from our digital asset treasury strategy, third-party costs associated with our digital asset holding strategy, net interest expense primarily related to long-term debt obligations
(used to fund our digital asset treasury strategy), and income tax effects generated from our digital asset treasury strategy and related debt issuance. We have not dedicated certain corporate resources to our digital asset treasury strategy.
Our Chief Operating Decision Maker (CODM), as of December 31, 2025, is our Chief Executive Officer. Our CODM evaluates the performance of and allocates resources to our segment’s based on each segment’s
earnings before interest, taxes, depreciation and amortization (Segment EBITDA). Segment EBITDA is defined as segment revenue less operating costs and expenses, excluding depreciation and amortization, interest income or expense (net), provision or
benefit for income taxes, change in fair value of derivative liabilities, loss on extinguishment of debt and stock-based compensation expense. We believe Segment EBITDA serves as a measure that assists our CODM and our investors in comparing our
segment performance on a consistent basis.
Our CODM uses cash, cash equivalents, restricted cash, short-term investments, and equity securities as part of the evaluation of performance and allocation of resources within our corporate & other category. Total assets are not used to evaluate the performance of our segments. For the years ended December 31, 2024 and 2023, all revenues were earned from our Media segment from advertising. For the year ended December 31, 2025, our Media segment earned revenue of $3,425.3 and $257.3 from advertising and subscriptions, respectively.
Review of cash forecast models is used to assess the segment’s results and performance, and inform investment decisions by our CODM. Consolidated net loss and Segment EBITDA are used to monitor
budgeted versus actual results. Additionally, review of budgeted versus actual results is used in assessing performance of the segment.
As part of the segment reorganization, we reallocated our Segment EBITDA to each reporting unit and corporate & other. We have reflected this reallocation in all historical periods presented.
The following table presents our segment information for the periods indicated:
|
(in thousands)
|
Year Ended December 31,
|
|||||||||||
|
2025
|
2024
|
2023
|
||||||||||
|
Media
|
||||||||||||
|
Revenue
|
$
|
3,682.6 |
$
|
3,618.8 |
$
|
4,131.1 |
||||||
|
Other segment items(1)
|
(25,720.1 |
)
|
(25,964.4 |
)
|
(11,161.3 |
)
|
||||||
|
Segment EBITDA
|
(22,037.5 |
)
|
(22,345.6 |
)
|
(7,030.2 |
)
|
||||||
|
Truth.Fi
|
||||||||||||
|
Revenue
|
- |
- |
- |
|||||||||
|
Other segment items(2)
|
(2,842.2 |
)
|
- |
- |
||||||||
|
Segment EBITDA
|
(2,842.2 |
)
|
- |
- |
||||||||
|
Total revenue
|
3,682.6 |
3,618.8 |
4,131.1 |
|||||||||
|
Total other segment items
|
(28,562.3 |
)
|
(25,964.4 |
)
|
(11,161.3 |
)
|
||||||
|
Total Segment EBITDA
|
(24,879.7 |
)
|
(22,345.6 |
)
|
(7,030.2 |
)
|
||||||
|
Net loss
|
$
|
(712,340.2 |
)
|
$
|
(400,864.8 |
)
|
$
|
(58,189.2 |
)
|
|||
|
Interest (income)/expense, net
|
(19,212.9 |
)
|
(11,632.5 |
)
|
39,429.1 |
|||||||
|
Depreciation & amortization
|
7,421.3 |
2,933.9 |
59.6 |
|||||||||
|
Stock-based compensation
|
59,191.1 |
107,387.1 |
- |
|||||||||
|
Income taxes
|
560.1 |
- |
1.1 |
|||||||||
|
Change in fair value of derivative liabilities
|
- |
225,916.0 |
2,791.6 |
|||||||||
|
Loss on extinguishment of debt
|
- |
542.3 |
- |
|||||||||
|
$
|
(664,380.6 |
)
|
$
|
(75,718.0 |
)
|
$
|
(15,907.8 |
)
|
||||
|
Corporate & other
|
639,500.9 |
53,372.4 |
8,877.6 |
|||||||||
|
Segment EBITDA
|
(24,879.7 |
)
|
(22,345.6 |
)
|
(7,030.2 |
)
|
||||||
The following table provides information related to our cash, cash equivalents, restricted cash, short-term investments, and equity securities:
|
December 31, 2025
|
December 31, 2024
|
|||||||||||||||||||||||
|
Media
|
Truth.Fi
|
Corporate
& Other
|
Media
|
Truth.Fi
|
Corporate
& other
|
|||||||||||||||||||
|
Cash, cash equivalents, and restricted cash
|
$
|
4,106.3 |
$
|
1,791.3 |
$
|
159,990.5 |
$
|
10,152.1 |
$
|
- |
$
|
160,084.0 |
||||||||||||
|
Short-term investments
|
- |
- |
305,053.3 |
- |
- |
606,547.3 |
||||||||||||||||||
|
Equity securities
|
- |
- |
722,069.1 |
- |
- |
- |
||||||||||||||||||
|
$
|
4,106.3 |
$
|
1,791.3 |
$
|
1,187,112.9 |
$
|
10,152.1 |
$
|
- |
$
|
766,631.3 |
|||||||||||||
| (1) | Other segment items in Media are primarily composed of cost of sales, personnel costs-excluding stock-based compensation, data center and system infrastructure costs excluding depreciation, and sales and marketing. |
| (2) | Other segment items in Truth.Fi are primarily composed of professional fees, licensing fee, personnel costs, and marketing cost associated with the launch of ETFs and SMAs. |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.