President Donald Trump repeatedly missed legal deadlines and omitted business deals required under federal ethics laws designed to expose conflicts of interest, his latest financial disclosure reveals—lapses that fall to his own appointees to police.
The 927-page annual report, filed with the US Office of Government Ethics (OGE) and released Tuesday, states that Trump paid late-filing fees for transactions that had not previously been disclosed. It also acknowledges that licensing agreements involving Trump-branded watches, sneakers and fragrances were “inadvertently omitted” from his prior report.
The periodic transaction reports, required under the Stop Trading on Congressional Knowledge Act of 2012 (STOCK Act), must be filed within 30 days of the filer receiving notification of a covered securities transaction exceeding $1,000, and no later than 45 days after the transaction itself, giving the public near-real-time visibility into a federal official’s financial dealings.
The 2025 filing discloses thousands of transactions, including large blocks of exchange-traded fund purchases executed in September 2025. Trump’s 2024 disclosure, by contrast, listed the transactions section as “N/A.”
The president has filed periodic transaction reports since returning to office, but the filings themselves document a pattern of lateness. One such form certified by OGE in May 2026, covering more than 3,600 trades executed in the first quarter of the year, carries its own notation that the filer paid late fees, and every transaction listed on the form is flagged as having been reported more than 30 days after notification was received. That episode is separate from the late fees noted in the annual disclosure.
When asked during a press gaggle Wednesday what message his 2025 disclosure will send to average Americans as prices continue to rise across the country, Trump said he has no role in managing the investments. “I don’t get involved… We have funds that run my money… I purposely never speak to any of the people that run the money,” he said.
Citing a source with knowledge of the president’s finances, the New York Times reported that much of the trading activity followed an August 2025 appellate ruling vacating the nearly $500 million penalty in the New York civil fraud case against Trump, which freed money he had set aside as bond collateral for reinvestment. The Trump Organization has said the president and his family cannot place or direct trades, which it says are controlled entirely by outside brokerage firms through discretionary accounts, a characterization consistent with broker notations such as “unsolicited” and “discretion exercised” appearing throughout the May filing.
The newly disclosed licensing agreements involve Trump Watches and Trump Sneakers & Fragrances, both of which launched publicly in 2024 and were widely marketed during the period covered by that filing. The Greenwood Bible, another Trump-licensed product sold throughout 2024, likewise appears for the first time in the 2025 report.
Under the Ethics in Government Act, filers must certify that their disclosures are “true, complete, and correct to the best of my knowledge.” An agency ethics official certified the 2025 report as compliant with applicable laws, subject to the noted comments.
The disclosures also differ sharply on gifts. Trump’s 2024 filing reported no gifts. The 2025 report lists 11, totaling more than $371,000, including a $250,000 sculpture from a business owner, $50,000 in Super Bowl tickets from an NFL team owner, and World Cup tickets from FIFA president Gianni Infantino. The reporting threshold for gifts is $480.
The OGE is not an enforcement body; it reviews and certifies disclosures but cannot compel corrections or prosecute violations. The Ethics in Government Act provides for civil penalties, and the federal false-statements statute can reach disclosure filings, but enforcement of either rests with the Justice Department, which is headed by the president’s appointees.
Senator Elizabeth Warren has called for a ban on presidential stock trading and urged Treasury Secretary Scott Bessent to support an investigation into the president’s trades. She said:
Let’s look at some individual trades. On January 6, Donald Trump purchased up to a million dollars’ worth of Nvidia stock. One week later, his administration changed US policy and loosened the rules on export controls so that Nvidia could sell its chips to China. Now the price of Nvidia stock is through the roof… Should the SEC be knocking on President Trump’s door to start an investigation over this trade?
Bessent has dismissed the concerns, saying Trump “had an outside manager” handling the activity.
Beyond the reporting issues, the disclosure shows that Trump’s business interests generated substantial revenue in 2025, led by nearly $1.4 billion from cryptocurrency ventures, including more than $500 million through World Liberty Financial and more than $600 million from sales of Trump-branded meme coins, according to Reuters and The New York Times. The filing also reports tens of millions of dollars from overseas real estate and licensing deals, $77 million in revenue from Mar-a-Lago, and millions more from Trump-branded merchandise. Because federal disclosure forms generally report income or revenue ranges rather than net profits and expenses, the filing does not establish how much Trump personally retained from those ventures.