### @GOOGL — Confirmed — from the March 2026 filing and earnings call; the gain is explicitly non-operating
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.
- tier: Confirmed (✓)
- source: GOOGL / Read the operating line, not net income
- receipt: https://ticker.thevixguy.com/p/p-day-20260723-googl-src-googl-equity-gain-caveat-rotation
- posted: 2026-07-23T06:04:23.155Z