Financial Accounts of the United States - Z.1
S11.1.t Nonfinancial corporate business 🕮 PDF
| Line | Description | Series | 2023 | 2024 | 2025 | 2024:Q4 | 2025:Q1 | 2025:Q2 | 2025:Q3 | 2025:Q4 | 2026:Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Line 1 | Profits before tax | FA106060005 | 2704.1 | 2920.2 | 2784.2 | 3015.8 | 2668.1 | 2696.1 | 2850.9 | 2921.7 | 3164.4 |
| Line 2 | - Taxes on corporate income | FA106231005 | 486.9 | 540.2 | 537.0 | 556.4 | 516.7 | 514.5 | 538.5 | 578.1 | 637.8 |
| Line 3 | - Net dividends | FA106121075 | 1385.6 | 1539.6 | 1401.0 | 1570.5 | 1504.5 | 1295.9 | 1360.5 | 1443.2 | 1550.6 |
| Line 4 | + Inventory valuation adjustment (IVA) | FA105020601 | 33.0 | -8.9 | -56.8 | -41.0 | -23.8 | -43.3 | -89.1 | -71.0 | -169.4 |
| Line 5 | + Capital consumption allowance(1) | FA106300015 | 1978.2 | 2010.1 | 2420.2 | 2054.8 | 2371.7 | 2402.6 | 2435.8 | 2470.9 | 2469.0 |
| Line 6 | + Foreign earnings retained abroad | FA106006065 | 49.8 | 92.8 | -22.7 | 178.5 | 52.6 | -171.7 | -67.5 | 95.6 | 144.3 |
| Line 7 | - Net capital transfers paid | FA105440005 | -0.8 | -16.8 | 2.8 | -27.7 | -28.3 | 1.9 | 3.3 | 34.1 | -558.9 |
| Line 8 | = Gross savings less net capital transfers paid | FA106000105 | 2893.4 | 2951.2 | 3184.2 | 3109.0 | 3075.6 | 3071.4 | 3227.9 | 3361.8 | 3978.7 |
| Line 9 | Gross investment | FA105090005 | 2926.0 | 2918.4 | 2976.7 | 3535.1 | 3540.5 | 2293.0 | 2361.4 | 3711.8 | 4169.1 |
| Line 10 | Capital expenditures | FA105050005 | 2851.4 | 2956.1 | 3075.7 | 2936.7 | 3165.2 | 2993.2 | 3042.5 | 3101.8 | 3199.5 |
| Line 11 | Fixed investment | FA105019005 | 2810.2 | 2914.3 | 3072.8 | 2929.3 | 2991.8 | 3041.9 | 3103.2 | 3154.5 | 3240.3 |
| Line 12 | Inventory change + IVA | FA105020005 | 43.9 | 45.0 | 6.9 | 11.4 | 177.0 | -44.6 | -56.6 | -48.1 | -36.5 |
| Line 13 | Nonproduced nonfinancial assets | FA105420005 | -2.7 | -3.2 | -4.1 | -3.9 | -3.7 | -4.0 | -4.0 | -4.7 | -4.2 |
| Line 14 | Net lending (+) or net borrowing (-) | FA105000005 | 74.6 | -37.7 | -99.0 | 598.4 | 375.4 | -700.3 | -681.1 | 610.1 | 969.6 |
| Line 15 | Net acquisition of financial assets | FA104090005 | 1458.1 | 321.8 | 1396.2 | 1576.2 | 1029.3 | 948.0 | 575.4 | 3032.2 | 4013.6 |
| Line 16 | Checkable deposits and currency | FA103020005 | -79.7 | 300.7 | 266.9 | 427.1 | 165.6 | -70.6 | 16.2 | 956.5 | 42.5 |
| Line 17 | Time and savings deposits | FA103030003 | 133.0 | -20.7 | 10.7 | 21.6 | -129.3 | -70.9 | 97.4 | 145.8 | 113.3 |
| Line 18 | Other deposits (foreign deposits) | FA103091003 | 44.8 | -40.7 | 8.8 | -92.8 | 38.0 | -14.6 | -63.5 | 75.5 | -10.0 |
| Line 19 | Debt securities | FA104022005 | 12.8 | -8.2 | 39.7 | -111.4 | 59.1 | -30.2 | 47.6 | 82.4 | 27.4 |
| Line 20 | Commercial paper | FA103069100 | -7.0 | -19.5 | 17.0 | -136.3 | 33.1 | -40.4 | 25.4 | 49.8 | 71.3 |
| Line 21 | Treasury securities | FA103061103 | 19.9 | 11.0 | 17.5 | 19.5 | 20.8 | 8.0 | 17.2 | 24.0 | -35.0 |
| Line 22 | Agency- and GSE-backed securities | FA103061703 | 6.6 | 2.9 | 5.0 | 3.4 | 3.6 | 2.4 | 6.3 | 7.7 | -11.4 |
| Line 23 | Municipal securities | FA103062003 | -4.1 | 0.7 | 0.3 | 0.1 | 1.1 | 1.9 | 0.8 | -2.7 | 0.9 |
| Line 24 | Corporate bonds (held by equity REITs) | FA123063003 | -2.6 | -3.2 | -0.0 | 2.0 | 0.6 | -2.2 | -2.0 | 3.6 | 1.7 |
| Line 25 | Loans | FA104035005 | 19.5 | 22.6 | 27.9 | 48.3 | 34.7 | -8.4 | 100.6 | -15.4 | 46.3 |
| Line 26 | Security repurchase agreements | FA102051003 | -3.1 | 18.7 | 29.5 | 46.4 | 34.2 | -8.0 | 99.5 | -7.9 | 50.2 |
| 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 | 3.9 | -1.6 | 1.9 | 0.5 | -0.5 | 1.1 | -7.4 | -3.8 |
| Line 29 | Corporate equities | FA103064103 | -87.2 | -324.2 | -197.6 | -341.2 | -175.0 | -193.5 | -208.6 | -213.5 | -197.6 |
| Line 30 | U.S. direct investment abroad: equity | FA103092105 | 164.9 | 259.7 | 390.6 | 246.5 | 492.7 | 64.9 | 352.9 | 651.7 | 316.6 |
| Line 31 | Equity in GSEs | FA103092405 | 0.2 | 0.2 | 0.1 | 0.3 | 0.5 | -0.2 | -0.2 | 0.3 | 0.5 |
| Line 32 | Money market fund shares | FA103034000 | 135.8 | 88.5 | 135.9 | 158.3 | 125.7 | 53.3 | 150.1 | 214.4 | 60.6 |
| Line 33 | Mutual fund shares | FA103064203 | -39.3 | 42.8 | -24.4 | 42.8 | -24.4 | -24.4 | -24.4 | -24.4 | -24.4 |
| Line 34 | Trade receivables | FA103070005 | 332.2 | 142.0 | 414.0 | 630.0 | 577.1 | 531.9 | 261.1 | 285.9 | 877.0 |
| Line 35 | U.S. direct investment abroad: intercompany debt | FA103092305 | 35.7 | -11.9 | -82.4 | 197.7 | -161.6 | -197.9 | -76.8 | 106.8 | 70.6 |
| Line 36 | Miscellaneous assets | FA103090005 | 785.4 | -129.0 | 406.0 | 349.1 | 26.3 | 908.7 | -77.1 | 766.2 | 2690.9 |
| Line 37 | Net increase in liabilities and equity | FA104194005 | 1383.5 | 359.5 | 1495.2 | 977.8 | 653.9 | 1648.3 | 1256.5 | 2422.2 | 3044.1 |
| Line 38 | Net increase in liabilities | FA104190005 | 1713.4 | 523.2 | 1504.1 | 752.8 | 954.4 | 1444.7 | 1251.3 | 2366.1 | 2654.8 |
| Line 39 | Debt securities | FA104122005 | 227.4 | 264.7 | 269.9 | -102.5 | 632.9 | 84.8 | 272.6 | 89.0 | 636.6 |
| Line 40 | Commercial paper | FA103169100 | 20.4 | -21.6 | 20.9 | 15.6 | 117.8 | 162.6 | -105.8 | -91.1 | 144.6 |
| Line 41 | Municipal securities(2) | FA103162000 | -1.3 | 13.1 | 15.3 | -24.8 | 33.4 | 43.4 | -4.9 | -10.6 | 18.5 |
| Line 42 | Corporate bonds | FA103163005 | 208.3 | 273.3 | 233.7 | -93.3 | 481.8 | -121.1 | 383.3 | 190.7 | 473.5 |
| Line 43 | Loans | FA104135005 | 10.7 | 180.7 | 282.1 | 51.5 | 266.5 | 527.2 | 327.1 | 7.4 | 612.7 |
| Line 44 | Depository institution loans n.e.c. | FA103168005 | -33.7 | 34.7 | 86.6 | 15.7 | 70.5 | 233.3 | -1.8 | 44.4 | 333.8 |
| Line 45 | Other loans and advances(3) | FA103169005 | -4.2 | 110.4 | 128.1 | 46.6 | 144.4 | 213.6 | 237.1 | -82.5 | 162.6 |
| Line 46 | Mortgages | FA103165005 | 48.5 | 35.7 | 67.3 | -10.8 | 51.6 | 80.3 | 91.8 | 45.5 | 116.3 |
| Line 47 | Trade payables | FA103170005 | 257.0 | 81.7 | 407.8 | 235.6 | 691.0 | 318.8 | 291.2 | 330.3 | 895.5 |
| Line 48 | Taxes payable | FA103178005 | -15.9 | -7.8 | -57.7 | 41.5 | 352.2 | -422.5 | -120.1 | -40.4 | -8.5 |
| Line 49 | Foreign direct investment: intercompany debt | FA103192305 | -27.5 | 23.7 | -25.1 | -35.0 | -8.5 | -16.2 | -50.1 | -25.5 | -10.1 |
| Line 50 | Miscellaneous liabilities | FA103190005 | 1261.8 | -19.9 | 627.1 | 561.8 | -979.7 | 952.5 | 530.6 | 2005.2 | 528.6 |
| Line 51 | Pension fund contributions payable | FA573074005 | 4.1 | 3.9 | 3.4 | 3.8 | 2.8 | 2.1 | 6.1 | 2.8 | 4.3 |
| Line 52 | Claims of pension fund on sponsor | FA573073005 | 221.4 | 146.6 | 149.5 | 148.7 | 142.4 | 152.2 | 146.6 | 156.8 | 126.6 |
| Line 53 | Other | FA103193005 | 1036.3 | -170.4 | 474.2 | 409.4 | -1124.9 | 798.3 | 377.9 | 1845.6 | 397.7 |
| Line 54 | Net equity issues | FA103181105 | -329.9 | -163.7 | -8.9 | 225.0 | -300.5 | 203.6 | 5.2 | 56.1 | 389.2 |
| Line 55 | Corporate equities | FA103164105 | -611.0 | -398.0 | -304.1 | -93.1 | -496.6 | -123.1 | -381.0 | -215.7 | 124.4 |
| Line 56 | Foreign direct investment: equity | FA103192105 | 281.1 | 234.3 | 295.2 | 318.1 | 196.0 | 326.7 | 386.2 | 271.8 | 264.8 |
| Line 57 | Discrepancy | FA107005005 | -32.6 | 32.8 | 207.5 | -426.2 | -464.9 | 778.4 | 866.5 | -350.0 | -190.4 |
| Memo: | |||||||||||
| Line 58 | Financing gap(4) | FA105005305 | 7.7 | 97.7 | -131.2 | 6.3 | 142.1 | -249.8 | -252.8 | -164.4 | -634.9 |
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 (line 10) and gross savings less net capital transfers paid less foreign earnings retained abroad (line 8 minus line 6).
Last Update: June 11, 2026