S12.i.q Financial business 🕮 PDF
Line Description Series 2024:Q2 2024:Q3 2024:Q4 2025:Q1 2025:Q2 2025:Q3 2025:Q4 2026:Q1
Current account
Line 1 Gross value added FA796902505 2120.0 2131.9 2197.1 2237.4 2268.4 2353.2 2406.9 2412.1
Line 2 Less: Consumption of fixed capital FA796330081 340.8 349.3 355.5 357.6 360.4 373.1 385.0 390.7
Line 3 Equals: Net value added FA796902605 1779.3 1782.7 1841.6 1879.8 1908.0 1980.1 2021.9 2021.4
Line 4 Compensation of employees (paid) FA796025005 1107.5 1122.2 1140.7 1181.5 1167.0 1189.2 1199.1 1203.9
Line 5 Taxes on production and imports less subsidies FA796240101 95.5 96.8 97.8 98.4 108.5 112.9 116.6 116.4
Line 6 Operating surplus, net FA796402101 576.3 563.7 603.2 599.8 632.5 677.9 706.1 701.1
Line 7 Net national income/Balance of primary incomes, net FA796140005 502.1 489.7 677.1 610.3 611.1 766.5 970.2 927.6
Line 8 Operating surplus, net FA796402101 576.3 563.7 603.2 599.8 632.5 677.9 706.1 701.1
Line 9 Property income received, net FA796150175 -74.1 -74.0 73.9 10.5 -21.4 88.5 264.0 226.5
Line 10 Net national income/Balance of primary incomes, net FA796140005 502.1 489.7 677.1 610.3 611.1 766.5 970.2 927.6
Line 11 Less: Current taxes on income, wealth, etc. (paid) FA796220001 139.5 141.0 143.6 153.7 155.7 155.0 168.3 164.7
Line 12 Less: Other current transfers (paid) FA796403005 145.8 151.7 139.2 137.0 143.9 155.5 147.9 148.6
Line 13 Equals: Disposable income, net FA796012095 216.8 197.0 394.2 319.6 311.5 455.9 654.0 614.4
Line 14 Equals: Net saving FA796012095 216.8 197.0 394.2 319.6 311.5 455.9 654.0 614.4
 
Capital account
Line 15 Net saving less capital transfers FA796006385 216.8 151.8 340.3 211.8 309.2 453.6 651.7 612.0
Line 16 Net saving FA796012095 216.8 197.0 394.2 319.6 311.5 455.9 654.0 614.4
Line 17 Less: Capital transfers paid (net) FA795440005 0.0 45.2 53.9 107.9 2.3 2.3 2.2 2.3
Line 18 Capital formation, net FA795015085 50.3 52.0 49.9 65.8 75.2 78.5 77.6 92.5
Line 19 Gross fixed capital formation (nonresidential) FA795013005 391.0 401.3 405.4 423.4 435.6 451.7 462.6 483.2
Line 20 Less: Consumption of fixed capital FA796330081 340.8 349.3 355.5 357.6 360.4 373.1 385.0 390.7
Line 21 Net lending (+) or borrowing (-), capital account (lines 15-18) FA795000995 166.5 99.7 290.4 145.9 234.0 375.1 574.1 519.5
 
Financial account
Line 22 Net lending (+) or borrowing (-) (line 21) FA795000995 166.5 99.7 290.4 145.9 234.0 375.1 574.1 519.5
Line 23 Net acquisition of financial assets FA794090005 1123.6 4858.8 1947.0 8097.2 5505.3 3392.3 5406.9 9138.0
Line 24 Currency and deposits FA794000005 -1339.7 -586.4 -743.4 1297.2 -456.5 -213.1 268.6 597.2
Line 25 Debt securities FA794022005 720.4 2056.0 1947.2 1355.5 1462.9 3869.1 2444.1 3705.7
Line 26 Open market paper FA793069175 -119.8 74.1 33.3 179.4 258.8 -138.2 63.1 -165.8
Line 27 Treasury securities FA793061105 24.1 1120.1 1668.8 -567.1 85.4 3241.5 1612.0 1442.3
Line 28 Agency- and GSE-backed securities(2) FA793061705 163.1 246.9 6.8 662.6 503.6 12.4 -79.3 671.8
Line 29 Municipal securities FA793062005 1.7 65.4 -9.2 79.4 64.9 111.2 68.0 154.6
Line 30 Corporate and foreign bonds FA793063005 651.3 549.4 247.6 1001.1 550.1 642.1 780.4 1602.8
Line 31 Loans FA794035005 1695.7 2413.4 1157.1 3423.9 2124.4 1140.0 4410.1 2231.0
Line 32 Equity and investment fund shares FA793081005 -500.4 -177.6 406.3 -97.3 -311.5 -1984.7 -60.0 258.5
Line 33 Corporate equities FA793064105 -404.2 -102.5 413.9 -125.3 -183.5 -767.4 223.5 442.6
Line 34 Money market fund shares FA793034005 75.9 120.8 79.7 232.6 130.8 154.3 98.2 53.7
Line 35 Mutual fund shares FA793064205 -235.6 -400.9 -268.9 -372.5 -355.5 -1423.5 -403.6 -365.0
Line 36 Equity in government-sponsored enterprises(2) FA793092405 3.4 -3.8 -0.5 -6.1 9.2 -8.4 -2.5 10.9
Line 37 U.S. direct investment abroad: equity FA793092105 -1.9 -20.8 191.5 -120.2 109.3 -3.1 42.5 19.8
Line 38 Stock in Federal Reserve Banks FA713164003 0.6 0.6 2.1 1.0 5.3 0.8 0.7 2.0
Line 39 Equity investment in subsidiaries FA793094605 61.5 229.0 -11.5 293.2 -27.1 62.5 -18.8 94.4
Line 40 Insurance, pension and standardized guarantee schemes FA793052005 510.8 397.6 176.1 525.7 946.9 -504.1 -375.7 466.5
Line 41 Other accounts receivable FA793096005 36.9 755.9 -996.3 1592.2 1739.1 1085.1 -1280.3 1879.1
Line 42 Net incurrence of liabilities FA794194005 797.0 4918.8 1999.7 7085.2 5068.1 3005.4 5279.2 8190.3
Line 43 Currency and deposits FA794100005 -1678.1 385.9 -233.9 1551.7 451.8 2038.9 1362.8 2550.7
Line 44 Debt securities FA794122005 245.6 1377.5 258.3 962.9 1040.9 497.5 -119.2 943.9
Line 45 Agency- and GSE-backed securities(2) FA423161705 205.6 401.1 484.9 187.5 426.2 175.8 57.5 387.1
Line 46 Corporate bonds FA793163005 59.3 763.6 -187.9 669.1 457.5 183.8 -210.4 523.5
Line 47 Commercial paper FA793169175 -19.3 212.8 -38.7 106.2 157.2 137.9 33.7 33.3
Line 48 Loans (short-term) FA794141005 721.6 -134.6 -1109.3 1854.0 1032.6 -1754.3 599.7 1570.4
Line 49 Equity and investment fund shares FA793181005 1007.8 2173.0 2678.9 1827.7 743.9 778.2 2855.4 2194.8
Line 50 Corporate equity issues FA793164105 686.0 1119.5 1390.7 1052.5 896.3 1261.9 1908.5 1633.2
Line 51 Money market fund shares FA634090005 565.6 969.6 1369.2 926.6 459.1 981.0 1421.5 707.1
Line 52 Mutual fund shares FA653164205 -358.4 -250.4 -138.2 -479.5 -618.4 -1529.4 -523.7 -287.6
Line 53 Equity in government-sponsored enterprises(2) FA403192405 6.0 -4.3 1.8 -6.9 10.0 -7.7 -0.5 10.7
Line 54 Foreign direct investment in the U.S.: equity FA793192105 58.3 93.6 36.1 -5.3 20.5 -13.2 23.2 -3.3
Line 55 Equity in noncorporate business FA662090003 -2.1 15.4 34.9 46.2 3.8 19.6 51.9 38.2
Line 56 Equity investment by parent FA793194605 61.5 229.0 -11.5 293.2 -27.1 62.5 -18.8 94.4
Line 57 Equity in Federal Reserve Banks FA713164005 0.6 0.6 2.1 1.0 5.3 0.8 0.7 2.0
Line 58 Equity investment in Federal Reserve facilities FA503194205 -9.6 0.0 -6.2 0.0 -5.7 2.7 -7.5 0.0
Line 59 Insurance, pension and standardized guarantee schemes FA583152005 691.9 626.6 558.8 289.3 397.4 358.1 434.7 364.1
Line 60 Other accounts payable FA793196005 -191.9 490.4 -153.2 599.6 1401.6 1087.0 145.7 566.5
 
Addendum:
Line 61 Net lending (+) or borrowing (-), financial account (lines 23-42) FA795000005 326.7 -60.0 -52.7 1012.1 437.2 386.9 127.7 947.7
 
Other changes in volume account
Line 62 Total other volume changes FV798090185 54.1 -9.4 12.8 88.1 43.6 38.7 39.5 -18.9
Line 63 Disaster losses FV795013865 0.0 0.0 -0.8 0.0 0.0 0.0 0.0 0.0
Line 64 Other volume changes FV798090085 12.4 9.8 9.4 -1.2 -9.3 10.2 51.4 15.6
Line 65 Less: Statistical discrepancy(3) FU797005045 -41.7 19.2 -4.2 -89.2 -52.8 -28.5 11.8 34.5
 
Revaluation account
Line 66 Nonfinancial assets FR795013865 19.3 11.4 9.2 -3.2 -9.7 25.5 25.5 5.1
Line 67 Structures (nonresidential) FR795013665 13.9 5.0 9.0 3.6 -4.2 11.9 18.9 12.1
Line 68 Equipment FR795013265 1.3 1.7 -0.8 0.3 5.3 9.6 5.1 5.7
Line 69 Intellectual property products FR795013765 4.1 4.7 1.0 -7.1 -10.8 4.0 1.5 -12.8
Line 70 Financial assets FR794090005 474.2 3032.8 -1037.3 -689.3 3835.7 3028.7 767.1 -1284.8
Line 71 Currency and deposits FR794000005 -0.5 0.9 -1.1 0.5 0.7 -0.1 -0.1 -0.1
Line 72 Debt securities FR794022005 -120.4 1119.7 -974.1 467.8 113.6 290.0 56.7 -197.4
Line 73 Loans FR794035005 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0
Line 74 Corporate equities FR793064105 597.8 1886.5 -17.7 -1141.3 3479.9 2581.3 793.5 -1250.2
Line 75 Mutual fund shares FR793064205 91.6 385.5 -91.9 -141.3 576.6 405.6 101.6 -182.1
Line 76 U.S. direct investment abroad: equity FR793092105 -10.8 74.6 -109.7 52.8 188.9 103.6 81.8 82.2
Line 77 Insurance, pension, and standardized guarantee schemes FR793052005 -107.3 -357.2 58.3 122.5 -587.7 -384.4 -237.6 148.0
Line 78 Other accounts receivable FR793096005 23.8 -77.2 98.8 -50.5 63.7 32.8 -28.8 115.0
Line 79 Liabilities FR794194005 657.4 3026.5 -13.9 -875.0 4134.7 3316.1 956.8 -2080.0
Line 80 Corporate equity issues FR793164105 189.3 1194.9 314.0 -56.7 1287.6 1225.8 375.9 -1248.4
Line 81 Mutual fund shares FR653164205 242.9 1105.0 -308.3 -380.6 1650.1 1176.2 292.7 -528.1
Line 82 Foreign direct investment in the U.S.: equity FR793192105 43.6 89.0 20.7 -102.5 182.7 135.1 48.1 79.1
Line 83 Equity in noncorporate business FR662090003 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Line 84 Equity investment by parent FR793194605 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Line 85 Insurance, pension and standardized guarantee schemes FR583152005 189.2 671.2 -44.9 -330.2 1025.4 784.5 214.5 -409.5
Line 86 Other accounts payable FR793196005 -7.6 -33.5 4.5 -5.1 -11.2 -5.5 25.5 26.9
Line 87 Changes in net worth due to nominal holding gains/losses FR792090095 -163.9 17.6 -1014.2 182.5 -308.6 -261.9 -164.2 800.4
 
Changes in balance sheet account
Line 88 Change in net worth(4) FC792090095 -56.3 47.8 -948.0 358.6 -188.7 -108.0 2.3 974.1
 
Balance sheet account (end of period)
Line 89 Total assets FL792000095 142496.2 146867.5 146719.4 147703.7 152847.2 156853.5 159430.4 160144.9
Line 90 Nonfinancial assets(5) LM795013865 2603.3 2627.7 2648.6 2661.9 2671.0 2716.1 2761.0 2789.3
Line 91 Structures (nonresidential) LM795013665 1457.2 1461.4 1468.9 1471.5 1466.1 1476.5 1493.6 1503.9
Line 92 Equipment LM795013265 751.4 756.9 759.1 764.9 776.7 793.2 805.1 819.8
Line 93 Intellectual property products LM795013765 394.7 409.4 420.6 425.4 428.2 446.4 462.3 465.5
Line 94 Financial assets FL794090005 139892.9 144239.9 144070.9 145041.8 150176.2 154137.4 156669.3 157355.6
Line 95 Currency and deposits FL794000005 6280.8 6089.0 5896.2 6228.6 6128.3 6056.3 6115.3 6273.5
Line 96 Debt securities FL794022005 33126.6 34818.7 34423.0 35260.1 35592.7 36882.4 37635.7 38436.8
Line 97 Open market paper FL793069175 595.2 615.8 625.2 703.8 766.7 708.4 715.6 749.1
Line 98 Treasury securities FL793061105 12245.0 12929.1 13080.6 13175.6 13055.4 14011.4 14470.1 14856.6
Line 99 Agency- and GSE-backed securities(2) FL793061705 8289.7 8651.5 8419.9 8699.7 8859.0 8954.2 9005.9 9114.3
Line 100 Municipal securities FL793062005 1910.0 1950.0 1919.8 1912.9 1919.3 1969.0 2002.4 1991.9
Line 101 Corporate and foreign bonds FL793063005 10086.8 10672.3 10377.5 10768.2 10992.3 11239.4 11441.7 11725.0
Line 102 Loans FL794035005 39717.9 40314.4 40727.3 41348.1 42046.2 42280.5 43506.5 43832.6
Line 103 Equity and investment fund shares FL793081005 44925.4 47250.8 47148.4 45892.7 50051.9 52690.3 53684.6 52383.6
Line 104 Corporate equities LM793064105 32203.0 34069.0 34163.4 32990.5 36408.4 38805.3 39663.7 38523.0
Line 105 Money market fund shares FL793034005 1072.3 1113.8 1148.0 1192.0 1212.8 1263.1 1302.0 1301.1
Line 106 Mutual fund shares LM793064205 7294.9 7580.3 7416.3 7183.1 7675.1 7725.1 7720.1 7448.4
Line 107 Equity in government-sponsored enterprises(2) FL793092405 44.0 43.1 42.9 41.4 43.7 41.6 41.0 43.7
Line 108 U.S. direct investment abroad: equity LM793092105 1663.4 1740.6 1677.3 1717.1 1949.8 2078.2 2186.4 2271.8
Line 109 Stock in Federal Reserve Banks FL713164003 36.5 36.7 37.2 37.4 38.8 39.0 39.2 39.6
Line 110 Equity investment in subsidiaries FL793094605 2611.3 2667.3 2663.2 2731.1 2723.3 2738.0 2732.3 2755.9
Line 111 Insurance, pension and standardized guarantee schemes FL793052005 7270.6 7046.6 7100.8 7382.7 7052.0 6565.3 6216.6 6528.3
Line 112 Other accounts receivable FL793096005 8571.5 8720.4 8775.3 8929.6 9305.1 9662.6 9510.7 9900.8
Line 113 Total liabilities and net worth FL792100005 142496.2 146867.5 146719.4 147703.7 152847.2 156853.5 159430.4 160144.9
Line 114 Liabilities FL794194005 146180.7 150504.2 151304.0 151929.7 157261.9 161376.2 163950.8 163691.2
Line 115 Currency and deposits FL794100005 28832.0 28927.0 29007.0 29354.9 29362.9 29878.8 30358.3 30956.7
Line 116 Debt securities FL794122005 17509.7 17816.1 17904.6 18127.4 18420.7 18503.4 18498.6 18718.7
Line 117 Agency- and GSE-backed securities(2) FL423161705 12037.2 12117.5 12254.1 12275.8 12414.9 12436.6 12465.9 12539.9
Line 118 Corporate bonds FL793163005 4770.8 4963.7 4931.9 5092.8 5193.5 5240.8 5205.4 5330.1
Line 119 Commercial paper FL793169175 701.6 734.9 718.5 758.8 812.3 826.1 827.3 848.7
Line 120 Loans (short-term) FL794141005 6846.3 6809.3 6548.1 6958.8 7256.6 6815.5 6981.1 7320.8
Line 121 Equity and investment fund shares FL793181005 48995.7 51966.9 52759.7 52571.2 55836.4 58619.7 60155.1 58896.6
Line 122 Corporate equity issues LM793164105 16914.0 18394.0 19096.3 19280.1 20767.4 22315.5 23208.7 22345.6
Line 123 Money market fund shares FL634090005 6548.4 6839.1 7243.2 7397.9 7481.2 7774.1 8190.2 8289.6
Line 124 Mutual fund shares LM653164205 20994.6 22028.1 21684.7 21179.0 22685.8 23473.4 23635.4 23026.1
Line 125 Equity in government-sponsored enterprises(2) FL403192405 64.8 63.7 64.1 62.4 64.9 63.0 62.9 65.6
Line 126 Foreign direct investment in the U.S.: equity LM793192105 1693.1 1801.3 1826.9 1727.6 1919.8 2056.1 2114.5 2192.9
Line 127 Equity in noncorporate business LM662090003 128.0 131.9 140.6 152.1 153.1 158.0 171.0 180.5
Line 128 Equity investment by parent FL793194605 2611.3 2667.3 2663.2 2731.1 2723.3 2738.0 2732.3 2755.9
Line 129 Equity in Federal Reserve Banks FL713164005 36.5 36.7 37.2 37.4 38.8 39.0 39.2 39.6
Line 130 Equity investment in Federal Reserve facilities FL503194205 5.0 5.0 3.5 3.5 2.0 2.7 0.8 0.8
Line 131 Insurance, pension and standardized guarantee schemes FL583152005 37794.3 38636.0 38744.9 38487.2 39612.2 40486.0 40809.0 40490.7
Line 132 Other accounts payable FL793196005 6202.7 6348.8 6339.7 6430.2 6773.1 7072.6 7148.7 7307.7
Line 133 Net worth FL792090095 -3684.5 -3636.6 -4584.6 -4226.0 -4414.7 -4522.7 -4520.4 -3546.3

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: June 11, 2026