S11.1.i.a Nonfinancial corporate business 🕮 PDF
Line Description Series 2018 2019 2020 2021 2022 2023 2024 2025
Current account
Line 1 Gross value added FA106902501 10337.8 10799.8 10498.7 12072.7 13445.4 14163.4 14849.2 15602.0
Line 2 Less: Consumption of fixed capital FA106300003 1582.1 1664.7 1728.1 1815.5 2010.5 2154.3 2274.4 2413.9
Line 3 Equals: Net value added FA106902605 8755.7 9135.1 8770.5 10257.3 11434.9 12009.1 12574.8 13188.1
Line 4 Compensation of employees (paid) FA106025005 6047.0 6344.3 6350.1 6998.7 7593.4 8015.6 8451.1 8837.9
Line 5 Wages and salaries FA106020001 5068.5 5323.5 5351.7 5919.1 6451.9 6796.4 7152.8 7471.9
Line 6 Employers' social contributions FA106401001 978.6 1020.8 998.3 1079.6 1141.5 1219.3 1298.3 1366.0
Line 7 Taxes on production and imports less subsidies FA106240101 873.5 929.0 507.9 702.6 1104.8 1115.7 1166.0 1317.2
Line 8 Operating surplus, net FA106402101 1835.1 1861.9 1912.6 2555.9 2736.7 2877.7 2957.8 3033.1
Line 9 Net national income/Balance of primary incomes, net FA106140005 871.0 865.3 858.0 1114.5 1209.7 1316.7 1303.0 1321.2
Line 10 Operating surplus, net FA106402101 1835.1 1861.9 1912.6 2555.9 2736.7 2877.7 2957.8 3033.1
Line 11 Property income (received) FA106150105 913.3 768.0 538.2 487.0 551.2 668.1 778.8
Line 12 Interest FA106130101 188.8 240.2 172.4 158.4 243.3 426.1 471.9
Line 13 Distributed income of corporations (dividends) FA106121101 947.2 379.1 197.1 93.4 83.9 46.7 46.1
Line 14 Reinvested earnings on U.S. direct investment abroad FA103092201 -222.6 148.7 168.7 235.2 224.1 195.3 260.8
Line 15 Less: Uses of property income (paid) FA106150005 1877.5 1764.6 1592.8 1928.5 2078.2 2229.2 2433.6
Line 16 Interest FA106130001 527.7 593.1 480.4 461.8 516.4 611.4 639.4
Line 17 Distributed income of corporations (dividends) FA106121001 1229.6 1046.9 1025.3 1251.4 1352.6 1432.4 1585.7
Line 18 Reinvested earnings on foreign direct investment FA103192201 100.8 104.7 70.7 192.3 174.5 151.8 176.7
Line 19 Rent FA106112001 19.4 20.0 16.3 23.0 34.7 33.5 31.9
Line 20 Net national income/Balance of primary incomes, net FA106140005 871.0 865.3 858.0 1114.5 1209.7 1316.7 1303.0 1321.2
Line 21 Less: Current taxes on income, wealth, etc. (paid) FA106220001 212.9 196.8 212.0 343.8 471.8 486.9 540.2 537.0
Line 22 Less: Other current transfers (paid) FA106403001 97.8 89.5 90.9 122.9 119.1 97.8 111.4 98.3
Line 23 Equals: Disposable income, net FA106012095 560.3 579.0 555.1 647.8 618.9 732.0 651.3 686.0
Line 24 Equals: Net saving FA106012095 560.3 579.0 555.1 647.8 618.9 732.0 651.3 686.0
 
Capital account
Line 25 Net saving less capital transfers FA106006385 566.5 591.4 541.5 663.2 588.6 732.8 668.1 683.3
Line 26 Net saving FA106012095 560.3 579.0 555.1 647.8 618.9 732.0 651.3 686.0
Line 27 Less: Capital transfers paid (net) FA105440005 -6.2 -12.4 13.6 -15.4 30.3 -0.8 -16.8 2.8
Line 28 Capital formation, net FA105050985 550.0 533.9 303.5 452.1 804.1 697.1 681.7 650.1
Line 29 Gross fixed capital formation (acquisition of produced nonfinancial assets) FA105019085 2080.2 2127.0 2051.3 2236.9 2548.8 2810.2 2914.3 3061.1
Line 30 Less: Consumption of fixed capital FA106300003 1582.1 1664.7 1728.1 1815.5 2010.5 2154.3 2274.4 2413.9
Line 31 Acquisition of nonproduced nonfinancial assets FA105420095 -1.0 -0.7 0.1 6.6 105.4 -2.7 -3.2 -4.1
Line 32 Change in private inventories FA105020005 53.0 72.2 -19.8 24.0 160.3 43.9 45.0 6.9
Line 33 Net lending (+) or borrowing (-), capital account (lines 25-28) FA105000905 16.5 57.5 238.0 211.1 -215.5 35.7 -13.6 33.2
 
Financial account
Line 34 Net lending (+) or borrowing (-) (line 33) FA105000905 16.5 57.5 238.0 211.1 -215.5 35.7 -13.6 33.2
Line 35 Net acquisition of financial assets FA104090005 855.1 2406.3 436.6 1342.9 2682.8 1458.1 321.8 1396.2
Line 36 Currency and deposits FA104000005 146.5 179.6 525.1 302.4 -2.6 98.1 239.3 286.5
Line 37 Currency and transferable deposits FA103020005 251.0 140.6 444.4 265.5 -54.6 -79.7 300.7 266.9
Line 38 Time and savings deposits FA103030003 5.8 14.3 76.7 5.6 17.3 133.0 -20.7 10.7
Line 39 Other deposits FA103091003 -110.3 24.7 4.0 31.3 34.7 44.8 -40.7 8.8
Line 40 Debt securities FA104022005 22.3 69.4 37.1 37.8 -5.4 12.8 -8.2 39.7
Line 41 Open market paper FA103069100 38.4 55.4 33.3 5.4 -39.4 -7.0 -19.5 17.0
Line 42 Treasury securities FA103061103 -15.6 6.7 7.4 10.7 21.2 19.9 11.0 17.5
Line 43 Agency- and GSE-backed securities(2) FA103061703 -5.5 2.4 3.6 2.9 5.8 6.6 2.9 5.0
Line 44 Municipal securities FA103062003 1.7 4.8 -8.4 11.2 4.3 -4.1 0.7 0.3
Line 45 Corporate and foreign bonds (held by equity REITs) FA123063003 3.2 0.0 1.2 7.7 2.7 -2.6 -3.2 -0.0
Line 46 Loans FA104035005 -28.5 4.1 38.0 4.2 -5.9 19.5 22.6 27.9
Line 47 Short-term FA104041005 -24.7 -1.9 23.6 -10.3 3.4 -3.1 18.7 29.5
Line 48 Long-term (mortgages) FA103065005 -3.7 5.9 14.4 14.4 -9.3 22.6 3.9 -1.6
Line 49 Equity and investment fund shares FA103081005 -317.1 213.9 239.2 266.8 60.0 174.4 66.9 304.5
Line 50 Corporate equities FA103064103 -40.7 10.2 -136.0 -101.4 -136.2 -87.2 -324.2 -197.6
Line 51 Money market fund shares FA103034000 -51.8 108.3 122.0 100.3 -73.4 135.8 88.5 135.9
Line 52 Mutual fund shares FA103064203 -8.5 -9.0 7.5 15.8 -20.2 -39.3 42.8 -24.4
Line 53 U.S. direct investment abroad: equity FA103092105 -216.3 104.3 245.6 251.9 289.6 164.9 259.7 390.6
Line 54 Equity in government-sponsored enterprises(2) FA103092405 0.1 0.1 0.1 0.2 0.1 0.2 0.2 0.1
Line 55 Insurance, pension and standardized guarantee schemes(3) FA103076005 11.4 15.0 22.0 36.1 33.3 36.6 41.6 31.9
Line 56 Other accounts receivable FA103096005 1020.4 1924.4 -424.8 695.6 2603.5 1116.7 -40.5 705.7
Line 57 Trade receivables FA103070005 396.3 540.5 -137.0 498.1 462.5 332.2 142.0 414.0
Line 58 U.S. direct investment abroad: debt FA103092305 81.7 -97.5 -32.6 -38.4 -37.7 35.7 -11.9 -82.4
Line 59 PPP subsidies receivable FA103072005 0.0 0.0 249.8 -206.4 -43.4 0.0 0.0 0.0
Line 60 Other investment in finance company subsidiaries FA103094705 2.4 -0.6 -3.0 -14.9 -6.2 8.3 -10.4 29.6
Line 61 Tariff refund receivable FA103090603 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Line 62 Other (miscellaneous assets) FA103093005 540.0 1482.0 -501.9 457.3 2228.3 740.6 -160.3 344.6
Line 63 Net incurrence of liabilities FA104194005 918.3 2202.0 336.5 1329.6 2722.8 1383.5 359.5 1495.2
Line 64 Debt securities FA104122005 168.9 317.6 699.4 263.3 72.6 227.4 264.7 269.9
Line 65 Open market paper FA103169100 -10.2 -1.9 -62.3 6.0 59.3 20.4 -21.6 20.9
Line 66 Municipal securities FA103162000 -2.3 16.8 6.2 12.2 0.8 -1.3 13.1 15.3
Line 67 Corporate bonds FA103163005 181.3 302.8 755.5 245.0 12.4 208.3 273.3 233.7
Line 68 Loans FA104135005 210.7 332.3 373.1 284.7 442.9 10.7 180.7 282.1
Line 69 Short-term FA104141005 117.1 150.3 339.3 214.7 332.3 -37.9 145.1 214.7
Line 70 Depository institution loans n.e.c. FA103168005 106.2 22.2 151.2 -83.4 138.0 -33.7 34.7 86.6
Line 71 Other loans and advances FA103169005 10.9 128.1 188.1 298.1 194.3 -4.2 110.4 128.1
Line 72 Long-term (mortgages) FA103165005 93.6 182.0 33.8 70.1 110.6 48.5 35.7 67.3
Line 73 Equity and investment fund shares FA103181005 -391.9 -109.6 91.7 310.8 -350.8 -329.9 -163.7 -8.9
Line 74 Corporate equities FA103164105 -627.8 -340.3 -71.4 -75.4 -584.1 -611.0 -398.0 -304.1
Line 75 Foreign direct investment in the U.S.: equity FA103192105 235.9 230.7 163.1 386.2 233.4 281.1 234.3 295.2
Line 76 Insurance, pension and standardized guarantee schemes FA103152025 41.2 68.8 -9.3 110.3 151.1 225.5 150.5 152.9
Line 77 Pension fund contributions payable FA573074005 -34.6 -4.6 -2.7 -6.5 2.4 4.1 3.9 3.4
Line 78 Claim of pension fund on sponsor FA573073005 75.7 73.3 -6.5 116.8 148.7 221.4 146.6 149.5
Line 79 Other accounts payable FA103196005 889.5 1592.9 -818.5 360.5 2407.1 1249.8 -72.8 799.3
Line 80 Trade payables FA103170005 320.7 230.1 -155.9 429.8 400.9 257.0 81.7 407.8
Line 81 Taxes payable FA103178005 -11.3 -7.5 7.7 -25.5 15.8 -15.9 -7.8 -57.7
Line 82 Foreign direct investment in the U.S.: debt FA103192305 -72.9 -7.2 -66.4 -3.9 58.7 -27.5 23.7 -25.1
Line 83 Miscellaneous liabilities FA103193005 653.0 1377.4 -603.8 -39.9 1931.7 1036.3 -170.4 474.2
 
Addendum:
Line 84 Net lending (+) or borrowing (-), financial account (lines 35-63) FA105000005 -63.3 204.4 100.1 13.2 -40.0 74.6 -37.7 -99.0
 
Other changes in volume account
Line 85 Total other volume changes FV108090105 287.8 -11.7 -86.9 -152.1 522.2 -160.2 -99.0 -40.1
Line 86 Disaster losses FV102010005 -4.5 0.7 -0.0 -32.5 -118.5 2.7 -3.5 4.1
Line 87 Other volume changes FV108090085 321.1 -158.6 32.0 -178.1 303.7 -168.9 -80.4 31.2
Line 88 Less: Statistical discrepancy (lines 33-84)(4) FU107005045 79.7 -146.8 137.9 197.8 -175.4 -38.9 24.0 132.2
Line 89 Less: Inventory valuation adjustment FU105020601 -51.0 0.5 -19.1 -256.4 -161.5 33.0 -8.9 -56.8
 
Revaluation account
Line 90 Nonfinancial assets FR102010005 237.1 708.2 590.0 2628.6 287.1 -720.1 -44.7 624.9
Line 91 Real estate FR105035005 123.9 673.2 388.5 2017.8 -150.8 -886.7 -254.6 212.5
Line 92 Equipment FR105015205 57.4 8.1 36.7 340.0 335.2 134.6 94.2 226.1
Line 93 Intellectual property products FR105013765 31.8 28.4 139.0 49.4 83.6 64.6 91.3 131.5
Line 94 Inventories FR105020015 24.0 -1.5 25.8 221.3 19.1 -32.5 24.4 54.7
Line 95 Financial assets FR104090005 -1308.1 1525.7 726.2 1668.8 -2431.3 1472.4 935.3 2584.7
Line 96 Debt securities FR104022005 -2.4 5.1 2.5 -5.5 -22.0 5.1 -2.6 5.8
Line 97 Corporate equities FR103064103 -118.7 517.7 361.4 703.1 -611.1 603.4 670.9 523.0
Line 98 Mutual fund shares FR103064203 -21.8 50.7 37.3 43.9 -75.9 47.2 37.4 51.2
Line 99 U.S. direct investment abroad: equity FR103092105 -1164.9 960.4 326.0 926.9 -1727.9 825.4 228.8 1991.8
Line 100 U.S. direct investment abroad: debt FR103092305 -0.7 -7.2 -0.3 -0.4 1.5 -7.7 0.7 13.4
Line 101 Other accounts receivable (miscellaneous assets) FR103093005 0.5 -1.0 -0.7 0.8 4.1 -0.9 0.2 -0.5
Line 102 Liabilities FR104194005 -1897.7 8516.3 9542.6 12428.8 -13562.1 11868.5 13429.3 11079.4
Line 103 Corporate equity FR103164105 -1471.3 7480.1 8792.9 10550.9 -11614.3 10290.1 11362.7 9458.3
Line 104 Foreign direct investment in the U.S.: equity FR103192105 -587.6 1479.3 1065.9 2179.1 -2491.9 1957.4 2318.8 1881.3
Line 105 Insurance, pension and standardized guarantee schemes FR103152025 152.1 -434.5 -310.4 -294.5 563.4 -372.7 -267.3 -247.5
Line 106 Foreign direct investment in the U.S.: debt FR103192305 9.1 -8.7 -5.8 -6.8 -19.2 -6.3 15.0 -12.8
Line 107 Other accounts payable (miscellaneous liabilities) FR103193005 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0
Line 108 Changes in net worth due to nominal holding gains/losses FR102090095 826.7 -6282.3 -8226.4 -8131.5 11417.9 -11116.2 -12538.7 -7869.9
 
Changes in balance sheet account
Line 109 Change in net worth (lines 28+33+85+108)(5) FC102090095 1681.0 -5702.6 -7771.8 -7620.3 12528.7 -10543.6 -11969.6 -7226.7
 
Balance sheet account (end of period)
Line 110 Total assets FL102000005 43090.9 48688.6 50622.8 56920.1 58291.8 61135.4 62983.6 68295.2
Line 111 Nonfinancial assets(6) LM102010005 23372.3 24638.0 25409.4 28680.2 29785.6 29698.7 30290.3 31621.1
Line 112 Real estate LM105035005 12963.9 13843.2 14230.4 16337.3 16339.9 15715.2 15694.2 16133.1
Line 113 Equipment LM105015205 5167.6 5319.0 5399.7 5828.7 6272.4 6539.8 6779.3 7211.5
Line 114 Intellectual property products LM105013765 2661.4 2826.0 3104.4 3337.6 3655.8 3947.8 4242.6 4583.9
Line 115 Inventories LM105020015 2579.5 2649.7 2674.8 3176.6 3517.5 3495.9 3574.2 3692.6
Line 116 Financial assets FL104090005 19718.6 24050.6 25213.4 28240.0 28506.2 31436.7 32693.3 36674.2
Line 117 Currency and deposits FL104000005 1494.9 1674.4 2199.6 2501.5 2498.9 2597.0 2836.2 3122.7
Line 118 Currency and transferable deposits FL103020005 1201.4 1342.0 1786.4 2051.5 1996.9 1917.2 2217.8 2484.7
Line 119 Time and savings deposits FL103030003 187.2 201.5 278.1 283.7 301.0 434.0 413.3 424.1
Line 120 Other deposits FL103091003 106.3 131.0 135.0 166.3 201.0 245.8 205.1 213.9
Line 121 Debt securities LM104022005 263.2 337.6 377.2 409.6 382.2 400.1 389.3 434.8
Line 122 Open market paper FL103069100 162.1 217.6 250.9 256.3 216.9 209.8 190.3 207.3
Line 123 Treasury securities LM103061103 54.4 63.6 72.9 79.7 89.0 111.4 120.2 141.8
Line 124 Agency- and GSE-backed securities(2) LM103061703 18.1 21.2 24.3 26.6 29.7 37.1 40.1 46.0
Line 125 Municipal securities LM103062003 18.5 24.2 16.3 27.3 28.2 24.9 25.3 25.8
Line 126 Corporate and foreign bonds (held by equity REITs) LM123063003 10.0 11.0 12.9 19.8 18.5 16.8 13.4 13.8
Line 127 Loans FL104035005 112.6 116.7 118.8 140.0 148.7 168.2 190.8 218.7
Line 128 Short-term FL104041005 51.1 49.2 37.0 26.7 30.1 27.0 45.7 75.2
Line 129 Security repurchase agreements FL102051003 14.6 13.4 37.0 26.7 30.1 27.0 45.7 75.2
Line 130 Consumer credit FL103066003 36.5 35.8 0.0 0.0 0.0 0.0 0.0 0.0
Line 131 Long-term (mortgages) FL103065005 61.5 67.4 81.8 113.2 118.6 141.2 145.1 143.5
Line 132 Equity and investment fund shares FL103081005 7753.7 9431.6 10359.2 12340.9 10121.0 11742.3 12735.5 15472.2
Line 133 Corporate equities LM103064103 1789.9 2317.7 2543.2 3144.9 2397.6 2913.8 3260.5 3585.9
Line 134 Money market fund shares FL103034000 480.8 589.1 711.1 811.4 738.0 873.7 962.2 1098.1
Line 135 Mutual fund shares LM103064203 267.2 308.9 353.7 413.4 317.3 325.2 405.4 432.2
Line 136 U.S. direct investment abroad: equity LM103092105 5214.6 6214.6 6749.8 7969.7 6666.3 7627.6 8105.3 10353.9
Line 137 Equity in government-sponsored enterprises(2) FL103092405 1.2 1.3 1.4 1.6 1.7 1.9 2.1 2.2
Line 138 Insurance, pension and standardized guarantee schemes(3) FL103076005 377.1 392.1 414.1 450.2 483.5 520.0 561.7 593.6
Line 139 Other accounts receivable FL103096005 9717.1 12098.1 11744.5 12397.8 14872.0 16009.1 15979.9 16832.3
Line 140 Trade receivables FL103070005 3512.7 4053.2 3952.0 4450.1 4912.6 5244.7 5386.8 5800.8
Line 141 U.S. direct investment abroad: debt FL103092305 196.8 72.1 33.6 -31.8 -84.4 -56.4 -62.5 -72.7
Line 142 PPP subsidies receivable FL103072005 0.0 0.0 249.8 43.4 -0.0 0.0 0.0 0.0
Line 143 Other investment in finance company subsidiaries FL103094705 113.2 112.5 109.5 151.3 145.1 153.4 143.0 172.5
Line 144 Tariff refund receivable FL103090603 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Line 145 Other (miscellaneous assets) FL103093005 5894.4 7860.3 7399.7 7784.8 9898.7 10667.3 10512.7 10931.7
Line 146 Total liabilities and net worth FL102100085 43090.9 48688.6 50622.8 56920.1 58291.8 61135.4 62983.6 68295.2
Line 147 Liabilities FL104194005 55647.6 66947.8 76653.9 90571.6 79414.6 92801.8 106619.7 119157.9
Line 148 Debt securities FL104122005 6678.0 6995.6 7695.1 7954.3 8026.8 8254.2 8518.1 8788.0
Line 149 Open market paper FL103169100 196.5 194.5 132.2 138.2 197.6 218.0 196.3 217.2
Line 150 Municipal securities FL103162000 589.4 606.2 612.5 624.7 625.5 624.2 637.2 652.6
Line 151 Corporate bonds FL103163005 5892.1 6194.9 6950.4 7191.3 7203.8 7412.1 7684.6 7918.2
Line 152 Loans FL104135005 3610.3 3890.7 4263.8 4742.2 5124.5 5102.9 5161.2 5353.5
Line 153 Short-term FL104141005 2694.4 2844.7 3184.0 3564.8 3821.8 3751.6 3774.3 3899.4
Line 154 Depository institution loans n.e.c. FL103168005 1030.5 1052.7 1203.9 1119.3 1257.3 1223.5 1135.8 1102.5
Line 155 Other loans and advances FL103169005 1663.9 1792.0 1980.1 2445.5 2564.6 2528.1 2638.5 2796.9
Line 156 Long-term (mortgages) FL103165005 915.9 1046.0 1079.8 1177.4 1302.7 1351.2 1386.9 1454.2
Line 157 Equity and investment fund shares FL103181005 33739.8 42564.2 52485.9 65557.4 51213.4 63155.7 76690.2 87984.6
Line 158 Corporate equity LM103164105 27926.6 35066.4 43787.9 54263.5 42065.0 51744.1 62708.8 71863.1
Line 159 Foreign direct investment in the U.S.: equity FL103192105 5813.2 7497.8 8697.9 11293.9 9148.5 11411.6 13981.4 16121.5
Line 160 Insurance, pension and standardized guarantee schemes FL103152025 685.7 494.0 205.1 124.2 407.9 371.2 273.2 178.6
Line 161 Pension fund contributions payable FL573074005 84.7 80.1 77.4 70.9 73.2 77.3 81.2 84.6
Line 162 Claim of pension fund on sponsor FL573073005 601.0 413.9 127.7 53.4 334.7 293.9 192.0 94.0
Line 163 Other accounts payable FL103196005 10933.8 13003.3 12004.1 12193.5 14641.9 15917.7 15977.0 16853.2
Line 164 Trade payables FL103170005 2690.4 2920.5 2764.6 3194.4 3595.3 3852.2 3934.0 4341.8
Line 165 Taxes payable FL103178005 275.3 267.7 275.4 249.8 265.6 249.7 241.9 184.2
Line 166 Foreign direct investment in the U.S.: debt LM103192305 408.2 392.3 320.1 309.5 348.9 315.1 353.7 315.9
Line 167 Miscellaneous liabilities FL103193005 7560.0 9422.8 8644.0 8439.8 10432.1 11500.7 11447.3 12011.3
Line 168 Net worth FL102090095 -12556.7 -18259.3 -26031.1 -33651.4 -21122.8 -31666.4 -43636.0 -50862.7

Notes:

  1. 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 2004:Q4.
  3. Net equity in reserves of property-casualty insurance companies.
  4. 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. The discrepancy reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts.
  5. Includes changes in the market value of shares and other equity that are excluded from the related measures for the nonfinancial corporate business sector in the Financial Accounts of the United States.
  6. Excludes nonproduced nonfinancial assets.
Last Update: June 11, 2026