Nancy Pelosi's Stock Portfolio in 2026: Every Trade, the Holdings and the Returns

22 of the 39 transactions Nancy Pelosi disclosed from December 2024 to July 2026 involved call options. Most Pelosi headlines describe one move repeated: her husband, Paul Pelosi, buys deep in-the-money calls that expire a year or more out, then exercises them into shares when they come due.

That pattern changes how the trades should be read. Some "purchases" are new bets and some just settle bets placed a year earlier. Several of the largest "sales" were donations to charity. Below: every trade from the six source filings, the household's full holdings from its latest annual report, how each bet has done against the S&P 500, and what a copier could and couldn't have captured.

The short version

• Every trade is Paul Pelosi's. All 39 transactions are marked SP, for spouse. Her office says she owns no stocks and has no involvement in the trades.
• Mostly options. 14 transactions bought call options and 8 exercised calls into shares. Only 4 were outright stock purchases.
• Big, slow, and on time. Disclosed purchases total $12.7 million to $43.5 million. Every filing came in 2 to 30 days after the trade, well inside the 45-day limit.
• The returns are mixed. Of 14 new bets, 7 beat the S&P 500 from the day after filing to October 2, 2026. The median beat it by 4 points. Bloom Energy and Intel, bought in July 2026, did most of the work.
• Holdings dwarf the trades. At the end of 2025 the household reported 23 listed stock positions worth $47 million to $229 million, led by eight $5 million-plus stakes in big tech and payments companies.

Where this data comes from

Members of the House file two kinds of report. A Periodic Transaction Report (PTR) discloses individual trades within 45 days. An annual Financial Disclosure Report lists what the household owns at year-end, in value bands. Our guide to reading disclosures covers both.

We used all six PTRs Pelosi filed in 2025 and 2026 and her annual report for 2025, filed May 15, 2026. All are on the House Clerk's disclosure site. The Pelosi trade page links each trade to its filing.

Pelosi announced on November 6, 2025 that she won't seek reelection. Her term ends January 3, 2027, so she must keep filing until then.

How the Pelosi option trades work

A call option gives the right to buy 100 shares at a set price, the strike, before a set date. The Pelosi calls are usually deep in the money: the strike sits far below the share price, so most of what's paid is the option's built-in value rather than a bet on a sudden jump.

Take the Alphabet calls bought on January 14, 2025:

This works like owning the stock with borrowed money, without a margin loan. A smaller outlay controls the same number of shares, so gains and losses are both amplified. The filing shows only a price band, so the precise return can't be calculated.

Every trade, December 2024 to July 2026

New bets

Options exercised into shares

An exercise turns an existing option into stock. It's the end of an old bet, not a new one.

Strikes are adjusted for later stock splits. Each disclosed amount fits the strike times the shares, which is the cash paid to exercise.

Sales and donations

One more row, from January 2, 2026, records 776 shares of Versant Media received in Comcast's spinoff of that business. No money changed hands.

Three of these "sales" were gifts. Trackers that read every partial sale as selling call the 28,200 donated Apple shares a $5 million to $25 million dump. The filing says it was a contribution to a donor-advised fund, a charitable account.

Two patterns stand out. The biggest moves cluster at year-end, between December 20 and mid-January in both years. And in December 2025, the household sold Apple, Amazon and NVIDIA shares, then within a week bought January 2027 calls on the same three stocks. That keeps exposure to the stocks with far less money tied up. The timing is consistent with year-end tax planning, but the filings don't say why.

The totals

The ranges are wide because the filings give value bands, not dollars. We add up the minimums and maximums separately rather than assuming midpoints.

How the bets did

For each new bet, we measured the stock's move from the day after the filing, the earliest anyone could copy it, to the close on October 2, 2026, and compared it with the S&P 500 (SPY) over the same window. Prices include dividends. These are stock returns, not option returns, which would be larger in both directions.

The Palo Alto and Broadcom rows are exercises of calls bought in 2024, shown for reference. They aren't counted among the 14 new bets.

Of the 14 new bets, 7 beat the index and 7 trailed it. The median beat it by 4 points. The holding periods run from six weeks to 20 months, so this is a scorecard, not a strategy return. Weighting by dollars isn't possible, because the amounts are ranges.

The famous January 2025 option round trip shows how much the bands hide. The five calls were worth $2.71 million at exercise. They cost somewhere between $1.51 million and $2.6 million. For the low end, we used each option's built-in value on the purchase day where it exceeded the filing's minimum. That's a gain of anywhere from $110,000 to $1.2 million, or 4% to 80% on the money paid, against 20% for the S&P 500 over the same year. The filings can't tell you which end is right, so they can't show whether the trade beat the index.

Our study of 4,967 congressional purchases found the same thing at a fixed six-month horizon: only 6 of 17 copied Pelosi purchases beat the S&P 500.

What the household owns

The annual report shows holdings on December 31, 2025. These are the listed stocks, all held in Paul Pelosi's name:

Those 23 positions were worth $47 million to $229 million. The household also held call options on Alphabet, Amazon, NVIDIA, Vistra, Apple and Tempus AI worth $2.9 million to $8.8 million. The eight largest stakes alone account for at least $40 million. This is a long-term big-tech portfolio, and the trades that make headlines are a small slice of it.

Two other items in the report:

• Private investments. Office buildings and commercial property in San Francisco, a Napa vineyard, hotel and real estate partnerships, and a fund holding Databricks stock.
• Margin debt. Two brokerage margin accounts, at City National Securities and Charles Schwab, are each listed at $25 million to $50 million. Margin is a loan against the portfolio. The ranges are too wide to say how leveraged the household is.

Since that report, the 2026 trades added shares of Alphabet, Amazon, NVIDIA, Tempus AI and Vistra through exercises, more AllianceBernstein, and new positions in Intel, Uber and Bloom Energy. A PTR only records changes, so the current portfolio is the 2025 list plus those trades, minus anything sold that hasn't been filed yet.

Our read

The Pelosi portfolio isn't a stream of lucky trades. It's a large, concentrated big-tech portfolio, managed with year-end rebalancing, charitable giving and leveraged call options. That works brilliantly when megacaps rally, as they did in 2025. Vistra, Uber and Intel's first round show it can also lag badly.

For a copier there are two problems. The filing shows a price band, not the price, so you can't size or price the trade the way he did. And deep in-the-money calls a year out amplify losses as much as gains. Copying the stock instead gives you a different trade.

The useful part is the company list. Alphabet, NVIDIA and, since July, Intel and Bloom Energy are where a large, patient investor is putting new money. Whether those businesses are worth owning at today's price is a separate question, and the filing can't answer it.

Questions readers ask

What stocks does Nancy Pelosi own in 2026?

Her latest annual report lists the household's largest holdings at the end of 2025 as Alphabet, Amazon, Apple, Broadcom, Microsoft, NVIDIA, Salesforce and Visa, each worth $5 million to $25 million. Trades in 2026 added Intel, Uber and Bloom Energy and added to Alphabet, Amazon and NVIDIA. All are held by her husband, Paul Pelosi.

Does Nancy Pelosi make the trades herself?

The filings mark every transaction as her spouse's. Her office has said that "Speaker Pelosi does not own any stocks, and she has no prior knowledge or subsequent involvement in any transactions," according to FOX Business.

How much has Pelosi made on her trades?

The filings can't say precisely. Amounts are disclosed as ranges and option premiums aren't itemized, so a profit figure is an estimate. The January 2025 options, for example, gained between about $110,000 and $1.2 million.

Is there a Pelosi tracker ETF?

Yes. NANC aims to track Democratic members' disclosed trades. It buys weeks after the filings and holds far more than Pelosi's positions. Our NANC and KRUZ breakdown covers how it works and what it costs.

Will Pelosi still have to disclose trades after she retires?

She must keep filing PTRs while in office, through January 3, 2027, and file a final report when she leaves. After that, her household's trades no longer have to be disclosed. A proposed congressional trading ban, H.R. 7008, passed the House in July 2026 but is not law.

Go deeper with member research

A disclosure gives you the ticker. Our research asks whether the business is worth owning:

• Intel's manufacturing option needs a cash-flow bridge: The household bought Intel calls in May 2026 and Intel shares in July. This case study tests what Intel's recovery evidence showed on January 23, 2026.
• Issue 05: NVIDIA Is Building the Credit Market for AI: NVIDIA calls appear in three Pelosi option rounds: November 2023, January 2025 and December 2025. This issue looks at how its customers pay for GPUs and where that financing could break.
• GE Vernova and the value of delivering dependable power: Vistra and Bloom Energy are both bets on power for AI data centers. This report shows how we judged one power stock's economics.

Limits of this data

• PTRs show transactions, not holdings. The holdings table reflects December 31, 2025. Sales made since August can be filed up to 45 days later.
• All amounts are value bands. Option premiums are not itemized, so option profits are ranges, not figures.
• Returns cover stock price moves from the day after filing to October 2, 2026, including dividends. They are not the household's actual returns, which depend on option prices, exact trade times and taxes.
• Two transactions in the January 23, 2026 filing (the Tempus AI exercise and the Versant spinoff) are missing from our automated feed. We used the source PDFs for this article.
• This is research, not investment advice.