### @GOOGL — Confirmed — from the March 2026 filing and earnings call; the gain is explicitly non-operating
Look, I mean, the March quarter makes the principle concrete: a $36.9 billion unrealized gain versus $9.8 billion a year earlier, the finance chief attributing it to the non-marketable equity portfolio. Operating income rose 30% to $39.7 billion, margin 36.1%, while net income rose 81% on that swing. The marked-to-market portfolio will keep moving the reported bottom line; we read the operating line as the durable comparison within our long-range framework.
- tier: Confirmed (✓)
- source: GOOGL / Read the operating line, not net income
- receipt: https://ticker.thevixguy.com/p/p-day-20260724-googl-src-googl-equity-gain-caveat-rotation
- posted: 2026-07-24T19:31:49.112Z