Financial Accounts of the United States - Z.1
F.103 Nonfinancial corporate business
Billions of dollars; quarterly figures are seasonally adjusted annual rates
| Line | Description | Series | 2023 | 2024 | 2025 | 2024:Q3 | 2024:Q4 | 2025:Q1 | 2025:Q2 | 2025:Q3 | 2025:Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Line 1 | Profits before tax | FA106060005 | 2704.1 | 2920.2 | 2771.1 | 2921.3 | 3015.8 | 2668.1 | 2696.1 | 2850.9 | 2869.3 |
| Line 2 | - Taxes on corporate income | FA106231005 | 486.9 | 540.2 | 527.9 | 536.3 | 556.4 | 516.7 | 514.5 | 538.5 | 541.7 |
| Line 3 | - Net dividends | FA106121075 | 1385.6 | 1539.6 | 1394.5 | 1549.5 | 1570.5 | 1504.5 | 1295.9 | 1360.5 | 1417.2 |
| Line 4 | + Inventory valuation adjustment (IVA) | FA105020601 | 33.0 | -8.9 | -51.0 | 7.3 | -41.0 | -23.8 | -43.3 | -89.1 | -48.0 |
| Line 5 | + Capital consumption allowance1 | FA106300015 | 1978.2 | 2010.1 | 2420.3 | 2024.9 | 2054.8 | 2371.7 | 2402.6 | 2435.8 | 2471.3 |
| Line 6 | + Foreign earnings retained abroad | FA106006065 | 49.8 | 92.8 | -51.5 | 68.4 | 178.5 | 52.8 | -172.6 | -67.9 | -18.2 |
| Line 7 | - Net capital transfers paid2 | FA105440005 | -0.8 | -16.8 | 3.0 | -47.9 | -27.7 | -28.3 | 1.9 | 3.3 | 34.9 |
| Line 8 | = Gross savings less net capital transfers paid | FA106000105 | 2893.4 | 2951.2 | 3163.6 | 2984.0 | 3109.0 | 3075.8 | 3070.4 | 3227.4 | 3280.6 |
| Line 9 | Gross investment | FA105090005 | 2925.8 | 2817.8 | 2888.8 | 2888.4 | 3119.3 | 3261.6 | 2476.6 | 2773.9 | 3052.6 |
| Line 10 | Capital expenditures | FA105050005 | 2851.4 | 2956.1 | 3078.3 | 3012.8 | 2936.7 | 3165.2 | 2993.2 | 3041.9 | 3112.7 |
| Line 11 | Fixed investment3 | FA105019005 | 2810.2 | 2914.3 | 3073.1 | 2947.4 | 2929.3 | 2991.8 | 3041.9 | 3103.2 | 3155.7 |
| Line 12 | Inventory change + IVA | FA105020005 | 43.9 | 45.0 | 9.3 | 68.9 | 11.4 | 177.0 | -44.6 | -56.6 | -38.8 |
| Line 13 | Nonproduced nonfinancial assets | FA105420005 | -2.7 | -3.2 | -4.1 | -3.5 | -3.9 | -3.7 | -4.0 | -4.6 | -4.2 |
| Line 14 | Net lending (+) or net borrowing (-) | FA105000005 | 74.4 | -138.2 | -189.4 | -124.4 | 182.6 | 96.5 | -516.6 | -268.0 | -60.1 |
| Line 15 | Net acquisition of financial assets | FA104090005 | 1457.9 | 328.9 | 915.1 | 709.4 | 1591.6 | 852.2 | 926.4 | 845.1 | 1036.5 |
| Line 16 | Checkable deposits and currency | FA103020005 | -79.6 | 280.1 | 53.7 | 399.5 | 345.1 | 23.4 | 5.5 | 202.0 | -16.1 |
| Line 17 | Time and savings deposits | FA103030003 | 133.0 | -15.5 | -16.7 | -83.4 | 42.2 | -147.0 | -60.9 | 82.6 | 58.3 |
| Line 18 | Other deposits (foreign deposits) | FA103091003 | 44.8 | -32.7 | -20.8 | -95.3 | -61.1 | 34.2 | -8.4 | -59.5 | -49.3 |
| Line 19 | Money market fund shares | FA103034000 | 135.7 | 88.5 | 125.5 | 112.0 | 158.2 | 116.2 | 43.8 | 139.5 | 202.4 |
| Line 20 | Security repurchase agreements | FA102051003 | -3.1 | 18.9 | 26.2 | 23.1 | 47.0 | 40.9 | -8.3 | 60.0 | 12.2 |
| Line 21 | Debt securities | FA104022005 | 12.7 | 11.1 | 23.8 | 63.4 | -36.1 | 56.6 | -33.0 | 53.2 | 18.3 |
| Line 22 | Commercial paper | FA103069100 | -7.0 | -3.3 | 9.1 | -46.3 | -71.3 | 63.0 | -46.2 | 30.5 | -10.7 |
| Line 23 | Treasury securities | FA103061103 | 19.9 | 12.9 | 9.4 | 83.9 | 27.2 | -4.2 | 9.3 | 17.5 | 14.9 |
| Line 24 | Agency- and GSE-backed securities | FA103061703 | 6.6 | 3.5 | 3.0 | 29.8 | 5.9 | -4.8 | 2.9 | 6.4 | 7.6 |
| Line 25 | Municipal securities | FA103062003 | -4.1 | 1.1 | 2.2 | 0.8 | 0.2 | 2.0 | 3.1 | 0.9 | 2.7 |
| Line 26 | Corporate bonds (held by equity REITs) | FA123063003 | -2.6 | -3.2 | 0.0 | -4.8 | 2.0 | 0.6 | -2.2 | -2.0 | 3.7 |
| Line 27 | Loans | FA104023005 | 22.6 | 3.9 | -2.3 | 1.0 | 1.9 | 0.5 | -0.5 | 1.1 | -10.2 |
| Line 28 | Mortgages | FA103065005 | 22.6 | 3.9 | -2.3 | 1.0 | 1.9 | 0.5 | -0.5 | 1.1 | -10.2 |
| Line 29 | Consumer credit | FA103066003 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 30 | U.S. direct investment abroad: intercompany debt | FA103092305 | 35.7 | -11.9 | -121.4 | -106.8 | 197.7 | -161.9 | -199.1 | -6.3 | -118.3 |
| Line 31 | Corporate equities | FA103064103 | -87.2 | -324.2 | -108.2 | -334.3 | -341.2 | -108.2 | -108.2 | -108.2 | -108.2 |
| Line 32 | U.S. direct investment abroad: equity | FA103092105 | 164.9 | 259.7 | 262.8 | 316.7 | 246.5 | 486.2 | 67.4 | 340.2 | 112.8 |
| Line 33 | Equity in GSEs | FA103092405 | 0.2 | 0.2 | 0.1 | -0.1 | 0.3 | 0.5 | -0.2 | -0.2 | 0.3 |
| Line 34 | Mutual fund shares | FA103064203 | -41.1 | 41.9 | 41.9 | 41.9 | 41.9 | 41.9 | 41.9 | 41.9 | 41.9 |
| Line 35 | Trade receivables | FA103070005 | 332.2 | 88.2 | 461.9 | -24.2 | 414.7 | 569.0 | 526.8 | 351.8 | 399.9 |
| Line 36 | Miscellaneous assets | FA103090005 | 787.0 | -79.1 | 188.6 | 395.8 | 534.4 | -99.9 | 659.7 | -252.9 | 492.2 |
| Line 37 | Net increase in liabilities and equity | FA104194005 | 1383.5 | 467.1 | 1104.5 | 833.8 | 1409.0 | 755.8 | 1443.0 | 1113.2 | 1096.6 |
| Line 38 | Net increase in liabilities | FA104190005 | 1713.4 | 639.3 | 1141.6 | 977.8 | 1217.1 | 939.6 | 1523.6 | 1147.9 | 955.2 |
| Line 39 | Debt securities | FA104122005 | 227.6 | 266.2 | 272.3 | 327.1 | -102.4 | 640.1 | 83.5 | 272.9 | 92.7 |
| Line 40 | Commercial paper | FA103169100 | 20.4 | -21.6 | 18.7 | -166.3 | 15.6 | 115.6 | 160.4 | -107.9 | -93.3 |
| Line 41 | Municipal securities4 | FA103162000 | -1.3 | 13.1 | 15.3 | 20.9 | -24.8 | 33.4 | 43.4 | -5.2 | -10.4 |
| Line 42 | Corporate bonds | FA103163005 | 208.5 | 274.8 | 238.3 | 472.5 | -93.2 | 491.1 | -120.3 | 386.0 | 196.4 |
| Line 43 | Loans | FA104123005 | 29.9 | 182.6 | 299.2 | 174.6 | 54.7 | 265.1 | 541.1 | 342.0 | 48.6 |
| Line 44 | Depository institution loans n.e.c. | FA103168005 | -13.7 | 36.8 | 99.4 | -43.9 | 20.6 | 69.6 | 252.0 | 20.7 | 55.6 |
| Line 45 | Other loans and advances5 | FA103169005 | -4.2 | 111.2 | 140.1 | 148.0 | 46.6 | 144.4 | 213.6 | 237.1 | -34.6 |
| Line 46 | Mortgages | FA103165005 | 47.8 | 34.6 | 59.6 | 70.5 | -12.5 | 51.2 | 75.5 | 84.3 | 27.6 |
| Line 47 | Foreign direct investment: intercompany debt | FA103192305 | -27.5 | 23.7 | -14.5 | 16.2 | -35.0 | -7.1 | -14.9 | -29.0 | -6.8 |
| Line 48 | Trade payables | FA103170005 | 257.0 | 103.9 | 436.0 | 147.0 | 324.2 | 725.4 | 338.0 | 338.4 | 342.3 |
| Line 49 | Taxes payable | FA103178005 | -15.9 | -10.7 | -41.1 | -4.7 | 29.7 | 349.7 | -408.9 | -149.3 | 44.1 |
| Line 50 | Miscellaneous liabilities | FA103190005 | 1242.4 | 73.6 | 189.6 | 317.7 | 946.0 | -1033.7 | 984.9 | 373.0 | 434.4 |
| Line 51 | Pension fund contributions payable | FA573074005 | 4.1 | 3.7 | 4.6 | 3.8 | 3.8 | 3.9 | 3.4 | 7.1 | 3.9 |
| Line 52 | Claims of pension fund on sponsor | FA573073005 | 221.4 | 146.6 | 149.5 | 143.6 | 148.7 | 142.2 | 152.4 | 147.0 | 156.4 |
| Line 53 | Other | FA103193005 | 1016.9 | -76.7 | 35.6 | 170.3 | 793.5 | -1179.8 | 829.1 | 218.9 | 274.1 |
| Line 54 | Net equity issues | FA103181105 | -329.9 | -172.2 | -37.1 | -143.9 | 191.9 | -183.8 | -80.6 | -34.7 | 141.3 |
| Line 55 | Corporate equities | FA103164105 | -611.0 | -406.5 | -333.0 | -351.2 | -126.2 | -376.4 | -403.6 | -391.1 | -160.7 |
| Line 56 | Foreign direct investment: equity | FA103192105 | 281.1 | 234.3 | 295.9 | 207.3 | 318.1 | 192.6 | 323.0 | 356.4 | 302.1 |
| Line 57 | Discrepancy | FA107005005 | -32.3 | 133.3 | 274.7 | 95.6 | -10.4 | -185.8 | 593.8 | 453.5 | 227.9 |
| Memo: | |||||||||||
| Line 58 | Financing gap6 | FA105005305 | 7.7 | 97.7 | -136.8 | 97.3 | 6.3 | 142.1 | -249.8 | -253.4 | -186.0 |
Notes:
- Consumption of fixed capital plus the capital consumption adjustment.
- Table F.5, line 61.
- Nonresidential fixed investment plus residential fixed investment, shown in table F.2, lines 10 and 15 respectively.
- 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 table F.216.
- 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: 2026-03-19