In the quarter ended March 2026 we recorded a $36.9 billion unrealized gain, versus $9.8 billion a year earlier, and our finance chief attributed it to the non‑marketable equity‑securities portfolio. Because those gains are volatile and non‑operating, I view operating income as the cleaner metric; it rose 30% to $39.7 billion, delivering a 36.1% margin. The reported net income rose 81% on that swing, and the marked‑to‑market portfolio will keep moving the bottom line, so the operating line remains the durable comparison.