Financial Accounts of the United States - Z.1
S11.1.t Nonfinancial corporate business 🕮 PDF
| Line | Description | Series | 2023 | 2024 | 2025 | 2025:Q1 | 2025:Q2 | 2025:Q3 | 2025:Q4 | 2026:Q1 | 2026:Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Line 1 | Profits before tax | FA106060005 | 2704.1 | 2920.2 | 2784.2 | 2668.1 | 2696.1 | 2850.9 | 2921.7 | 3202.8 | 3561.2 |
| Line 2 | - Taxes on corporate income | FA106231005 | 486.9 | 540.2 | 537.0 | 516.7 | 514.5 | 538.5 | 578.1 | 638.2 | 737.9 |
| Line 3 | - Net dividends | FA106121075 | 1385.6 | 1539.6 | 1401.0 | 1504.5 | 1295.9 | 1360.5 | 1443.2 | 1489.2 | 1621.7 |
| Line 4 | + Inventory valuation adjustment (IVA) | FA105020601 | 33.0 | -8.9 | -56.8 | -23.8 | -43.3 | -89.1 | -71.0 | -168.7 | -203.4 |
| Line 5 | + Capital consumption allowance(1) | FA106300015 | 1978.2 | 2010.1 | 2420.2 | 2371.7 | 2402.6 | 2435.8 | 2470.9 | 2469.5 | 2510.4 |
| Line 6 | + Foreign earnings retained abroad | FA106006065 | 49.5 | 92.2 | -22.6 | 52.2 | -170.2 | -66.9 | 94.8 | 65.5 | 210.8 |
| Line 7 | - Net capital transfers paid | FA105440005 | -0.8 | -16.8 | 2.8 | -28.3 | 1.9 | 3.3 | 34.1 | -558.9 | 5.3 |
| Line 8 | = Gross savings less net capital transfers paid | FA106000105 | 2893.2 | 2950.5 | 3184.4 | 3075.2 | 3072.9 | 3228.4 | 3361.0 | 4000.7 | 3714.0 |
| Line 9 | Gross investment | FA105090005 | 2937.7 | 2904.3 | 3031.1 | 2870.9 | 2523.8 | 2697.0 | 4032.6 | 3755.5 | 3006.5 |
| Line 10 | Capital expenditures | FA105050005 | 2851.4 | 2956.1 | 3075.7 | 3165.2 | 2993.2 | 3042.5 | 3101.8 | 3200.9 | 3253.6 |
| Line 11 | Fixed investment | FA105019005 | 2810.2 | 2914.3 | 3072.8 | 2991.8 | 3041.9 | 3103.2 | 3154.5 | 3244.7 | 3338.6 |
| Line 12 | Inventory change + IVA | FA105020005 | 43.9 | 45.0 | 6.9 | 177.0 | -44.6 | -56.6 | -48.1 | -26.3 | -81.9 |
| Line 13 | Nonproduced nonfinancial assets | FA105420005 | -2.7 | -3.2 | -4.1 | -3.7 | -4.0 | -4.0 | -4.7 | -17.5 | -3.1 |
| Line 14 | Net lending (+) or net borrowing (-) | FA105000005 | 86.3 | -51.8 | -44.6 | -294.3 | -469.5 | -345.5 | 930.9 | 554.6 | -247.1 |
| Line 15 | Net acquisition of financial assets | FA104090005 | 1458.1 | -17.6 | 1085.5 | 765.8 | 436.6 | 375.9 | 2763.8 | 3550.6 | 3697.0 |
| Line 16 | Checkable deposits and currency | FA103020005 | -79.7 | 418.9 | 268.2 | 147.8 | -82.6 | 82.8 | 924.6 | -0.3 | 776.9 |
| Line 17 | Time and savings deposits | FA103030003 | 133.0 | -4.5 | 17.5 | -139.4 | -49.4 | 94.9 | 163.7 | 97.0 | 131.0 |
| Line 18 | Other deposits (foreign deposits) | FA103091003 | 44.8 | -30.7 | 13.9 | 39.8 | 5.0 | -71.9 | 82.8 | -4.9 | 4.7 |
| Line 19 | Debt securities | FA104022005 | 12.8 | 146.3 | 45.4 | 53.7 | 7.2 | 34.7 | 86.0 | 40.9 | 119.8 |
| Line 20 | Commercial paper | FA103069100 | -7.0 | 7.1 | 27.6 | 33.5 | 2.8 | 18.2 | 55.8 | 90.0 | 150.5 |
| Line 21 | Treasury securities | FA103061103 | 19.9 | 107.9 | 13.0 | 16.3 | 3.5 | 12.7 | 19.4 | -39.5 | -23.9 |
| Line 22 | Agency- and GSE-backed securities | FA103061703 | 6.6 | 34.8 | 3.8 | 2.4 | 1.3 | 5.1 | 6.6 | -12.6 | -7.3 |
| Line 23 | Municipal securities | FA103062003 | -4.1 | -0.3 | 1.0 | 1.0 | 1.8 | 0.7 | 0.5 | 1.4 | 1.0 |
| Line 24 | Corporate bonds (held by equity REITs) | FA123063003 | -2.6 | -3.2 | -0.0 | 0.6 | -2.2 | -2.0 | 3.6 | 1.6 | -0.5 |
| Line 25 | Loans | FA104035005 | 19.5 | 25.3 | 45.4 | 49.5 | 24.3 | 118.4 | -10.7 | 82.2 | 116.1 |
| Line 26 | Security repurchase agreements | FA102051003 | -3.1 | 23.3 | 39.5 | 42.0 | 17.1 | 109.8 | -11.1 | 77.9 | 112.7 |
| Line 27 | Consumer credit | FA103066003 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 28 | Mortgages | FA103065005 | 22.6 | 2.0 | 5.9 | 7.4 | 7.1 | 8.6 | 0.4 | 4.3 | 3.4 |
| Line 29 | Corporate equities | FA103064103 | -87.2 | -324.2 | -172.3 | -152.6 | -168.7 | -181.9 | -186.1 | -172.3 | -172.3 |
| Line 30 | U.S. direct investment abroad: equity | FA103092105 | 167.0 | 247.0 | 325.5 | 398.6 | 36.6 | 352.5 | 514.1 | 458.2 | 505.5 |
| Line 31 | Equity in GSEs | FA103092405 | 0.2 | 0.2 | 0.1 | 0.5 | -0.2 | -0.2 | 0.3 | 0.5 | -0.2 |
| Line 32 | Money market fund shares | FA103034000 | 135.8 | 88.5 | 135.9 | 125.7 | 53.3 | 150.1 | 214.4 | 60.6 | 85.7 |
| Line 33 | Mutual fund shares | FA103064203 | -39.3 | 42.8 | -24.4 | -24.4 | -24.4 | -24.4 | -24.4 | -24.4 | -24.4 |
| Line 34 | Trade receivables | FA103070005 | 332.2 | 335.7 | 351.1 | 577.1 | 272.3 | 248.3 | 306.7 | 969.3 | 1153.6 |
| Line 35 | U.S. direct investment abroad: intercompany debt | FA103092305 | 44.1 | -10.5 | -17.2 | 43.9 | -178.4 | -28.6 | 94.4 | -16.6 | 18.2 |
| Line 36 | Miscellaneous assets | FA103090005 | 775.0 | -952.2 | 96.6 | -354.4 | 541.7 | -399.0 | 597.9 | 2060.6 | 982.2 |
| Line 37 | Net increase in liabilities and equity | FA104194005 | 1371.8 | 34.2 | 1130.1 | 1060.1 | 906.1 | 721.4 | 1832.9 | 2996.0 | 3944.1 |
| Line 38 | Net increase in liabilities | FA104190005 | 1696.7 | 195.8 | 1190.0 | 1183.6 | 958.8 | 772.8 | 1844.9 | 2502.5 | 3073.6 |
| Line 39 | Debt securities | FA104122005 | 246.8 | 284.6 | 299.9 | 636.5 | 151.4 | 307.7 | 104.0 | 646.0 | 202.8 |
| Line 40 | Commercial paper | FA103169100 | 20.4 | -21.6 | 14.6 | 110.8 | 155.6 | -105.2 | -102.9 | 144.1 | -129.6 |
| Line 41 | Municipal securities(2) | FA103162000 | -1.3 | 13.1 | 15.3 | 33.3 | 43.4 | -4.9 | -10.6 | 18.3 | 5.4 |
| Line 42 | Corporate bonds | FA103163005 | 227.8 | 293.2 | 270.0 | 492.4 | -47.5 | 417.7 | 217.5 | 483.7 | 327.0 |
| Line 43 | Loans | FA104135005 | 79.8 | 310.1 | 410.9 | 391.1 | 668.7 | 428.3 | 155.6 | 621.9 | 646.5 |
| Line 44 | Depository institution loans n.e.c. | FA103168005 | -12.1 | 35.4 | 85.8 | 65.8 | 235.8 | -3.0 | 44.5 | 308.4 | 229.4 |
| Line 45 | Private credit loans | FA103167205 | 94.8 | 152.4 | 171.0 | 166.5 | 170.4 | 181.2 | 166.0 | 109.4 | 67.2 |
| Line 46 | Other loans and advances(3) | FA103169005 | -51.3 | 87.8 | 90.6 | 111.0 | 189.7 | 161.2 | -99.4 | 111.2 | 284.2 |
| Line 47 | Mortgages | FA103165005 | 48.5 | 34.6 | 63.5 | 47.7 | 72.9 | 88.9 | 44.6 | 92.9 | 65.7 |
| Line 48 | Trade payables | FA103170005 | 257.0 | 49.1 | 411.6 | 690.8 | 288.5 | 334.9 | 332.3 | 943.5 | 687.6 |
| Line 49 | Taxes payable | FA103178005 | -15.9 | 16.8 | -66.1 | 367.7 | -453.1 | -132.9 | -46.1 | 15.6 | 57.3 |
| Line 50 | Foreign direct investment: intercompany debt | FA103192305 | -29.1 | 10.4 | -42.6 | -41.6 | -32.7 | -60.4 | -36.0 | 27.6 | 16.3 |
| Line 51 | Miscellaneous liabilities | FA103190005 | 1158.0 | -475.2 | 176.3 | -860.9 | 336.0 | -104.8 | 1335.0 | 247.9 | 1463.0 |
| Line 52 | Pension fund contributions payable | FA573074005 | 4.1 | 2.1 | 3.2 | 1.9 | 0.2 | 8.1 | 2.3 | 8.9 | 13.1 |
| Line 53 | Claims of pension fund on sponsor | FA573073005 | 204.7 | 75.9 | 72.4 | 612.2 | -106.4 | -91.8 | -124.4 | -84.3 | -86.0 |
| Line 54 | Other | FA103193005 | 949.2 | -553.2 | 100.8 | -1475.0 | 442.1 | -21.2 | 1457.1 | 323.4 | 1535.9 |
| Line 55 | Net equity issues | FA103181105 | -324.8 | -161.6 | -59.9 | -123.5 | -52.8 | -51.4 | -12.0 | 493.5 | 870.5 |
| Line 56 | Corporate equities | FA103164105 | -602.9 | -397.0 | -348.2 | -324.2 | -372.7 | -431.5 | -264.4 | 205.1 | 612.8 |
| Line 57 | Foreign direct investment: equity | FA103192105 | 278.0 | 235.5 | 288.2 | 200.6 | 319.9 | 380.0 | 252.4 | 288.4 | 257.6 |
| Line 58 | Discrepancy | FA107005005 | -44.5 | 46.3 | 153.3 | 204.3 | 549.1 | 531.4 | -671.7 | 245.2 | 707.6 |
| Memo: | |||||||||||
| Line 59 | Financing gap(4) | FA105005305 | 7.7 | 97.7 | -131.2 | 142.1 | -249.8 | -252.8 | -164.4 | -734.3 | -249.6 |
Notes:
- Consumption of fixed capital plus the capital consumption adjustment.
- Industrial revenue bonds issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds.
- Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on other loans and advances table (F4.6.t).
- The financing gap is the difference between capital expenditures and gross savings less net capital transfers paid less foreign earnings retained abroad.
Last Update: September 11, 2026