S12.i.q Financial business 🕮 PDF
Line Description Series 2024:Q3 2024:Q4 2025:Q1 2025:Q2 2025:Q3 2025:Q4 2026:Q1 2026:Q2
Current account
Line 1 Gross value added FA796902505 2131.9 2197.1 2237.4 2268.4 2353.2 2406.9 2442.8 2529.7
Line 2 Less: Consumption of fixed capital FA796330081 349.3 355.5 357.6 360.4 373.1 385.0 390.8 403.8
Line 3 Equals: Net value added FA796902605 1782.7 1841.6 1879.8 1908.0 1980.1 2021.9 2052.0 2125.9
Line 4 Compensation of employees (paid) FA796025005 1122.2 1140.7 1181.5 1167.0 1189.2 1199.1 1235.1 1264.2
Line 5 Taxes on production and imports less subsidies FA796240101 96.8 97.8 98.4 108.5 112.9 116.6 116.5 117.4
Line 6 Operating surplus, net FA796402101 563.7 603.2 599.8 632.5 677.9 706.1 700.5 744.3
Line 7 Net national income/Balance of primary incomes, net FA796140005 489.7 677.1 610.3 611.1 766.5 970.2 944.9 1199.2
Line 8 Operating surplus, net FA796402101 563.7 603.2 599.8 632.5 677.9 706.1 700.5 744.3
Line 9 Property income received, net FA796150175 -74.0 73.9 10.5 -21.4 88.5 264.0 244.4 454.9
Line 10 Net national income/Balance of primary incomes, net FA796140005 489.7 677.1 610.3 611.1 766.5 970.2 944.9 1199.2
Line 11 Less: Current taxes on income, wealth, etc. (paid) FA796220001 141.0 143.6 153.7 155.7 155.0 168.3 164.6 168.0
Line 12 Less: Other current transfers (paid) FA796403005 151.7 139.2 137.0 143.9 155.5 147.9 148.0 144.5
Line 13 Equals: Disposable income, net FA796012095 197.0 394.2 319.6 311.5 455.9 654.0 632.3 886.7
Line 14 Equals: Net saving FA796012095 197.0 394.2 319.6 311.5 455.9 654.0 632.3 886.7
 
Capital account
Line 15 Net saving less capital transfers FA796006385 151.8 340.3 211.8 309.2 453.6 651.7 630.0 884.3
Line 16 Net saving FA796012095 197.0 394.2 319.6 311.5 455.9 654.0 632.3 886.7
Line 17 Less: Capital transfers paid (net) FA795440005 45.2 53.9 107.9 2.3 2.3 2.2 2.3 2.3
Line 18 Capital formation, net FA795015085 52.0 49.9 65.8 75.2 78.5 77.6 93.5 99.8
Line 19 Gross fixed capital formation (nonresidential) FA795013005 401.3 405.4 423.4 435.6 451.7 462.6 484.3 503.5
Line 20 Less: Consumption of fixed capital FA796330081 349.3 355.5 357.6 360.4 373.1 385.0 390.8 403.8
Line 21 Net lending (+) or borrowing (-), capital account (lines 15-18) FA795000995 99.7 290.4 145.9 234.0 375.1 574.1 536.4 784.5
 
Financial account
Line 22 Net lending (+) or borrowing (-) (line 21) FA795000995 99.7 290.4 145.9 234.0 375.1 574.1 536.4 784.5
Line 23 Net acquisition of financial assets FA794090005 5120.4 2492.4 7918.9 5551.3 3840.2 6036.4 9625.8 9010.8
Line 24 Currency and deposits FA794000005 -580.8 -714.6 1337.6 -484.8 -172.9 230.9 611.4 97.2
Line 25 Debt securities FA794022005 1765.2 1874.0 1336.8 1150.6 3967.3 2358.4 4164.4 2350.7
Line 26 Open market paper FA793069175 43.8 24.8 169.9 206.5 -95.2 62.0 -194.6 -232.4
Line 27 Treasury securities FA793061105 1074.1 1599.6 -577.0 35.4 3199.9 1696.7 1735.5 591.3
Line 28 Agency- and GSE-backed securities(2) FA793061705 217.4 -14.0 689.7 494.9 -10.7 -106.0 653.9 401.9
Line 29 Municipal securities FA793062005 65.7 -11.9 66.2 72.9 114.3 73.5 171.6 156.9
Line 30 Corporate and foreign bonds FA793063005 364.2 275.5 988.0 340.9 759.0 632.2 1798.0 1433.1
Line 31 Loans FA794035005 2660.5 1418.6 3728.8 2395.1 1338.0 4845.7 2415.2 3112.5
Line 32 Equity and investment fund shares FA793081005 -313.3 318.1 452.2 -193.4 -2028.9 233.3 119.1 299.4
Line 33 Corporate equities FA793064105 -417.1 248.5 255.3 -80.0 -914.8 217.2 66.6 199.2
Line 34 Money market fund shares FA793034005 137.4 168.5 173.9 119.5 211.7 189.5 116.1 289.7
Line 35 Mutual fund shares FA793064205 -214.8 -103.4 -287.3 -261.7 -1322.8 -242.9 -393.6 -328.4
Line 36 Hedge fund shares FA793064705 -22.4 -87.7 -20.5 -67.5 -57.7 2.9 56.8 45.5
Line 37 Private debt fund shares FA793064505 27.0 54.9 35.1 13.1 -4.5 67.0 -43.8 -2.4
Line 38 Equity in government-sponsored enterprises(2) FA793092405 -3.8 -0.5 -6.1 9.2 -8.4 -2.5 10.9 13.5
Line 39 U.S. direct investment abroad: equity FA793092105 -60.4 -2.2 -9.6 107.5 -38.9 40.0 125.1 69.6
Line 40 Stock in Federal Reserve Banks FA713164003 0.6 2.1 1.0 5.3 0.8 0.7 2.0 5.2
Line 41 Equity investment in subsidiaries FA793094605 240.3 37.9 310.3 -38.8 105.7 -38.6 178.8 7.5
Line 42 Insurance, pension and standardized guarantee schemes FA793052005 538.0 314.0 1020.5 709.0 -715.6 -634.8 279.1 168.7
Line 43 Other accounts receivable FA793096005 1050.7 -717.7 42.9 1974.7 1452.2 -997.1 2036.6 2982.3
Line 44 Net incurrence of liabilities FA794194005 5183.0 2640.7 7081.1 5196.2 3517.7 5861.2 8364.3 8420.2
Line 45 Currency and deposits FA794100005 385.9 -233.9 1551.7 451.8 2038.9 1362.5 2598.7 1061.0
Line 46 Debt securities FA794122005 1531.6 257.1 936.8 1120.6 571.4 -9.9 683.9 1209.7
Line 47 Agency- and GSE-backed securities(2) FA423161705 401.1 484.9 187.5 426.2 175.8 57.5 387.1 674.2
Line 48 Corporate bonds FA793163005 917.7 -159.6 680.4 532.8 242.8 -148.3 493.7 492.0
Line 49 Commercial paper FA793169175 212.8 -68.1 68.9 161.6 152.8 81.0 -197.0 43.5
Line 50 Loans (short-term) FA794141005 24.1 -1004.0 1958.2 1153.9 -1575.8 836.7 1600.4 1420.8
Line 51 Equity and investment fund shares FA793181005 2240.4 3031.5 1938.0 751.5 885.4 3030.1 2363.3 2574.8
Line 52 Corporate equity issues FA793164105 1198.5 1485.1 1176.5 982.5 1385.1 1995.2 1683.5 2270.7
Line 53 Money market fund shares FA634090005 969.6 1369.2 926.6 459.1 981.0 1421.5 707.1 723.7
Line 54 Mutual fund shares FA653164205 -250.4 -138.2 -479.5 -618.4 -1529.4 -523.7 -293.2 -588.2
Line 55 Hedge fund shares FA623164703 -71.6 142.9 -72.3 -91.8 -78.8 82.0 19.1 52.5
Line 56 Private debt fund shares FA443164500 49.6 56.0 42.9 25.5 4.4 47.1 -54.3 1.7
Line 57 Equity in government-sponsored enterprises(2) FA403192405 -4.3 1.8 -6.9 10.0 -7.7 -0.5 10.7 16.4
Line 58 Foreign direct investment in the U.S.: equity FA793192105 92.6 45.8 -6.8 19.9 1.9 1.8 71.5 29.2
Line 59 Equity in noncorporate business FA662090003 15.4 34.9 46.2 3.8 19.6 51.9 38.2 53.4
Line 60 Equity investment by parent FA793194605 240.3 37.9 310.3 -38.8 105.7 -38.6 178.8 7.5
Line 61 Equity in Federal Reserve Banks FA713164005 0.6 2.1 1.0 5.3 0.8 0.7 2.0 5.2
Line 62 Equity investment in Federal Reserve facilities FA503194205 0.0 -6.2 0.0 -5.7 2.7 -7.5 0.0 2.7
Line 63 Insurance, pension and standardized guarantee schemes FA583152005 573.4 516.7 339.2 451.7 287.7 369.5 342.7 471.5
Line 64 Other accounts payable FA793196005 427.6 73.2 357.2 1266.8 1310.1 272.2 775.2 1682.3
 
Addendum:
Line 65 Net lending (+) or borrowing (-), financial account (lines 23-44) FA795000005 -62.6 -148.2 837.8 355.1 322.5 175.2 1261.5 590.6
 
Other changes in volume account
Line 66 Total other volume changes FV798090185 -16.4 -8.3 50.1 28.2 27.3 7.3 68.0 -46.5
Line 67 Disaster losses FV795013865 0.0 -0.8 0.0 0.0 0.0 0.0 0.0 0.0
Line 68 Other volume changes FV798090085 3.5 12.2 4.5 -4.1 14.9 7.3 28.3 -1.9
Line 69 Less: Statistical discrepancy(3) FU797005045 19.8 19.7 -45.7 -32.3 -12.3 -0.0 -39.7 44.6
 
Revaluation account
Line 70 Nonfinancial assets FR795013865 11.4 9.2 -3.2 -9.7 25.5 25.5 5.3 17.4
Line 71 Structures (nonresidential) FR795013665 5.0 9.0 3.6 -4.2 11.9 18.9 12.4 14.4
Line 72 Equipment FR795013265 1.7 -0.8 0.3 5.3 9.6 5.1 6.0 8.0
Line 73 Intellectual property products FR795013765 4.7 1.0 -7.1 -10.8 4.0 1.5 -13.0 -5.0
Line 74 Financial assets FR794090005 3128.5 -1027.1 -666.9 3941.6 3129.0 857.7 -1361.2 6008.9
Line 75 Currency and deposits FR794000005 0.9 -2.9 0.5 0.9 -0.5 -2.1 -0.2 -0.1
Line 76 Debt securities FR794022005 1141.1 -989.9 467.2 107.2 358.5 -7.2 -236.4 -18.7
Line 77 Loans FR794035005 0.1 -0.0 0.0 -0.4 -0.0 0.0 -0.0 -0.0
Line 78 Corporate equities FR793064105 1937.2 18.4 -1433.0 3495.4 2622.2 799.8 -1236.8 5696.1
Line 79 Mutual fund shares FR793064205 388.4 -93.4 -143.8 589.3 416.0 104.5 -188.3 829.6
Line 80 Hedge fund shares FR793064705 38.5 22.2 9.8 56.7 53.8 42.3 4.3 126.5
Line 81 Private debt fund shares FR793064505 4.3 -3.3 1.4 2.0 1.4 -1.1 -5.7 -0.9
Line 82 U.S. direct investment abroad: equity FR793092105 77.6 -121.1 62.8 197.3 105.3 90.0 -45.7 201.1
Line 83 Insurance, pension, and standardized guarantee schemes FR793052005 -372.6 43.6 369.5 -501.9 -376.5 -217.8 206.8 -698.2
Line 84 Other accounts receivable FR793096005 -86.9 99.2 -1.4 -4.9 -51.2 49.4 140.9 -76.2
Line 85 Liabilities FR794194005 3113.6 -23.5 -751.7 4117.3 3329.8 995.0 -1911.6 6897.9
Line 86 Corporate equity issues FR793164105 1198.8 316.4 -55.7 1293.9 1230.0 378.6 -1027.0 2631.7
Line 87 Mutual fund shares FR653164205 1105.0 -308.3 -380.6 1650.1 1176.2 292.7 -527.9 2429.8
Line 88 Hedge fund shares FR623164703 73.0 17.4 19.1 98.6 94.1 60.1 18.0 194.3
Line 89 Private debt fund shares FR443164500 7.0 -5.0 2.3 2.9 2.7 -1.8 -8.4 -0.9
Line 90 Foreign direct investment in the U.S.: equity FR793192105 94.0 -13.8 1.2 67.8 50.9 27.3 -5.8 81.0
Line 91 Equity in noncorporate business FR662090003 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Line 92 Equity investment by parent FR793194605 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -50.2
Line 93 Insurance, pension and standardized guarantee schemes FR583152005 668.1 -35.3 -324.7 1016.3 777.4 211.0 -399.4 1562.8
Line 94 Other accounts payable FR793196005 -32.2 5.0 -13.2 -12.2 -1.4 27.1 38.8 49.5
Line 95 Changes in net worth due to nominal holding gains/losses FR792090095 26.3 -994.3 81.6 -185.4 -175.4 -111.8 555.7 -871.6
 
Changes in balance sheet account
Line 96 Change in net worth(4) FC792090095 49.5 -949.1 219.7 -80.8 -32.9 22.5 820.8 -698.2
 
Balance sheet account (end of period)
Line 97 Total assets FL792000095 150435.5 150466.8 151414.5 156671.6 160875.9 163689.0 164441.4 172688.0
Line 98 Nonfinancial assets(5) LM795013865 2627.7 2648.6 2661.9 2671.0 2716.1 2761.0 2789.7 2832.1
Line 99 Structures (nonresidential) LM795013665 1461.4 1468.9 1471.5 1466.1 1476.5 1493.6 1504.2 1516.5
Line 100 Equipment LM795013265 756.9 759.1 764.9 776.7 793.2 805.1 820.0 838.1
Line 101 Intellectual property products LM795013765 409.4 420.6 425.4 428.2 446.4 462.3 465.6 477.4
Line 102 Financial assets FL794090005 147807.8 147818.2 148752.6 154000.5 158159.8 160928.0 161651.7 169855.9
Line 103 Currency and deposits FL794000005 6160.6 5973.2 6315.7 6207.2 6141.7 6194.4 6356.1 6396.2
Line 104 Debt securities FL794022005 35212.2 34781.2 35612.5 35857.3 37238.4 37907.1 38780.1 39220.9
Line 105 Open market paper FL793069175 592.8 592.4 670.2 715.1 667.5 673.2 699.3 660.8
Line 106 Treasury securities FL793061105 13054.9 13184.2 13280.0 13148.1 14094.7 14575.0 14994.4 14952.3
Line 107 Agency- and GSE-backed securities(2) FL793061705 8629.7 8393.4 8680.2 8837.9 8927.8 8950.5 9065.6 9141.3
Line 108 Municipal securities FL793062005 1975.0 1943.7 1931.3 1937.6 1986.5 2025.1 2042.4 2089.6
Line 109 Corporate and foreign bonds FL793063005 10959.7 10667.6 11050.8 11218.6 11561.9 11683.3 11978.5 12376.9
Line 110 Loans FL794035005 41491.4 41985.6 42673.1 43436.9 43715.6 45067.3 45428.5 46367.0
Line 111 Equity and investment fund shares FL793081005 49728.7 49662.0 48257.0 52533.7 55264.4 56395.2 54928.0 61775.2
Line 112 Corporate equities LM793064105 34881.3 34974.1 33600.4 37058.1 39461.4 40327.9 39102.0 44828.4
Line 113 Money market fund shares FL793034005 1212.3 1268.7 1298.0 1316.0 1380.7 1442.4 1457.0 1517.3
Line 114 Mutual fund shares LM793064205 7685.0 7560.9 7346.5 7874.7 7960.2 7998.2 7713.2 8465.3
Line 115 Hedge fund shares LM793064705 1026.0 1026.3 1031.0 1070.8 1110.2 1153.2 1171.7 1309.6
Line 116 Private debt fund shares LM793064505 364.7 381.3 387.2 392.1 390.6 412.7 391.5 389.8
Line 117 Equity in government-sponsored enterprises(2) FL793092405 43.1 42.9 41.4 43.7 41.6 41.0 43.7 47.1
Line 118 U.S. direct investment abroad: equity LM793092105 1818.4 1703.2 1782.1 2024.0 2146.5 2263.6 2247.4 2463.3
Line 119 Stock in Federal Reserve Banks FL713164003 36.7 37.2 37.4 38.8 39.0 39.2 39.6 40.9
Line 120 Equity investment in subsidiaries FL793094605 2661.2 2667.4 2732.9 2715.6 2734.4 2717.1 2761.8 2713.4
Line 121 Insurance, pension and standardized guarantee schemes FL793052005 6495.0 6572.2 7226.0 6922.3 6390.1 5947.5 6285.0 5647.1
Line 122 Other accounts receivable FL793096005 8719.8 8844.0 8668.3 9043.1 9409.5 9416.5 9873.9 10449.5
Line 123 Total liabilities and net worth FL792100005 150435.5 150466.8 151414.5 156671.6 160875.9 163689.0 164441.4 172688.0
Line 124 Liabilities FL794194005 153105.0 154085.5 154813.4 160151.3 164388.5 167179.2 167110.7 176055.5
Line 125 Currency and deposits FL794100005 28927.0 29007.0 29354.9 29362.9 29878.8 30358.2 30968.7 31120.0
Line 126 Debt securities FL794122005 17911.5 17999.7 18215.9 18529.2 18630.4 18652.9 18808.0 19144.0
Line 127 Agency- and GSE-backed securities(2) FL423161705 12117.5 12254.1 12275.8 12414.9 12436.6 12465.9 12539.9 12741.4
Line 128 Corporate bonds FL793163005 5059.0 5034.4 5198.1 5317.6 5379.6 5359.8 5477.0 5584.4
Line 129 Commercial paper FL793169175 734.9 711.2 742.1 796.7 814.2 827.2 791.1 818.1
Line 130 Loans (short-term) FL794141005 7416.7 7188.4 7621.6 7947.1 7550.3 7781.7 8125.0 8517.2
Line 131 Equity and investment fund shares FL793181005 53743.7 54621.9 54578.5 57833.7 60650.7 62280.8 61204.7 67090.4
Line 132 Corporate equity issues LM793164105 18688.8 19417.2 19632.9 21148.1 22731.2 23648.8 23019.7 26193.8
Line 133 Money market fund shares FL634090005 6839.1 7243.2 7397.9 7481.2 7774.1 8190.2 8289.6 8441.4
Line 134 Mutual fund shares LM653164205 22028.1 21684.7 21179.0 22685.8 23473.4 23635.4 23024.9 25319.7
Line 135 Hedge fund shares LM623164703 1493.0 1546.1 1547.2 1622.8 1697.2 1777.8 1800.6 2008.0
Line 136 Private debt fund shares LM443164500 482.8 505.2 512.8 520.3 517.2 541.3 513.1 511.4
Line 137 Equity in government-sponsored enterprises(2) FL403192405 63.7 64.1 62.4 64.9 63.0 62.9 65.6 69.7
Line 138 Foreign direct investment in the U.S.: equity LM793192105 1313.5 1312.7 1320.2 1401.1 1460.5 1496.4 1508.5 1596.7
Line 139 Equity in noncorporate business LM662090003 131.9 140.6 152.1 153.1 158.0 171.0 180.5 193.9
Line 140 Equity investment by parent FL793194605 2661.2 2667.4 2732.9 2715.6 2734.4 2717.1 2761.8 2713.4
Line 141 Equity in Federal Reserve Banks FL713164005 36.7 37.2 37.4 38.8 39.0 39.2 39.6 40.9
Line 142 Equity investment in Federal Reserve facilities FL503194205 5.0 3.5 3.5 2.0 2.7 0.8 0.8 1.5
Line 143 Insurance, pension and standardized guarantee schemes FL583152005 38551.3 38659.3 38419.6 39548.9 40398.1 40701.3 40387.7 42068.6
Line 144 Other accounts payable FL793196005 6554.8 6609.3 6622.9 6929.5 7280.3 7404.2 7616.7 8115.3
Line 145 Net worth FL792090095 -2669.5 -3618.7 -3399.0 -3479.7 -3512.6 -3490.1 -2669.3 -3367.5

Notes:

  1. Financial business includes depository institutions, insurance companies and pension funds, the central bank, and other financial institutions. Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System.
  2. Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the 2004:Q4.
  3. The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account and reflects differences in source data, timing of recorded transactions, and other statistical differences. The statistical discrepancy shown here is calculated based on non-seasonally adjusted quarterly rate measures of net lending or net borrowing and therefore cannot be calculated from the capital account and financial account measures, which are both presented at seasonally adjusted annual rates.
  4. The change in net worth is equal to the sum of the non-seasonally adjusted quarterly rate measure of net lending or borrowing from the capital account (not presented, see footnote 3), total other volume changes, and changes in net worth due to nominal holding gains or losses.
  5. Excludes land. Includes corporate and noncorporate financial business.
Last Update: September 11, 2026