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 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 2 | - Taxes on corporate income | FA106231005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 3 | - Net dividends | FA106121075 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 4 | + Inventory valuation adjustment (IVA) | FA105020601 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 5 | + Capital consumption allowance1 | FA106300015 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 6 | + Foreign earnings retained abroad | FA106006065 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 7 | - Net capital transfers paid2 | FA105440005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 8 | = Gross savings less net capital transfers paid | FA106000105 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 9 | Gross investment | FA105090005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 10 | Capital expenditures | FA105050005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 11 | Fixed investment3 | FA105019005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 12 | Inventory change + IVA | FA105020005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 13 | Nonproduced nonfinancial assets | FA105420005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 14 | Net lending (+) or net borrowing (-) | FA105000005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 15 | Net acquisition of financial assets | FA104090005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 16 | Checkable deposits and currency | FA103020005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 17 | Time and savings deposits | FA103030003 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 18 | Other deposits (foreign deposits) | FA103091003 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 19 | Money market fund shares | FA103034000 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 20 | Security repurchase agreements | FA102051003 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 21 | Debt securities | FA104022005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 22 | Commercial paper | FA103069100 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 23 | Treasury securities | FA103061103 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 24 | Agency- and GSE-backed securities | FA103061703 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 25 | Municipal securities | FA103062003 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 26 | Corporate bonds (held by equity REITs) | FA123063003 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 27 | Loans | FA104023005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 28 | Mortgages | FA103065005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 29 | Consumer credit | FA103066003 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 30 | U.S. direct investment abroad: intercompany debt | FA103092305 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 31 | Corporate equities | FA103064103 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 32 | U.S. direct investment abroad: equity | FA103092105 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 33 | Equity in GSEs | FA103092405 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 34 | Mutual fund shares | FA103064203 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 35 | Trade receivables | FA103070005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 36 | Miscellaneous assets | FA103090005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 37 | Net increase in liabilities and equity | FA104194005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 38 | Net increase in liabilities | FA104190005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 39 | Debt securities | FA104122005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 40 | Commercial paper | FA103169100 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 41 | Municipal securities4 | FA103162000 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 42 | Corporate bonds | FA103163005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 43 | Loans | FA104123005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 44 | Depository institution loans n.e.c. | FA103168005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 45 | Other loans and advances5 | FA103169005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 46 | Mortgages | FA103165005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 47 | Foreign direct investment: intercompany debt | FA103192305 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 48 | Trade payables | FA103170005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 49 | Taxes payable | FA103178005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 50 | Miscellaneous liabilities | FA103190005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 51 | Pension fund contributions payable | FA573074005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 52 | Claims of pension fund on sponsor | FA573073005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 53 | Other | FA103193005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 54 | Net equity issues | FA103181105 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 55 | Corporate equities | FA103164105 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 56 | Foreign direct investment: equity | FA103192105 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 57 | Discrepancy | FA107005005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Memo: | |||||||||||
| Line 58 | Financing gap6 | FA105005305 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
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: March 9, 2026