Financial Accounts of the United States - Z.1

R.103 Nonfinancial corporate business

Billions of dollars; not seasonally adjusted

Line Description Series 2023 2024 2025 2024:Q3 2024:Q4 2025:Q1 2025:Q2 2025:Q3 2025:Q4
Line 1 Change in net worth1 FC102090005 1341.5 1499.8 3923.5 677.3 -127.7 -102.8 1217.9 1882.2 926.2
Line 2 Net investment FU102090005 374.9 356.3 425.8 85.9 281.6 187.9 -17.1 61.3 193.6
Line 3 Nonfinancial investment FU102010005 630.4 666.7 652.3 199.9 126.7 247.3 107.3 188.5 109.3
Line 4 Real estate FU105035005 262.0 265.3 180.3 64.8 76.0 54.4 38.4 54.6 32.9
Line 5 Equipment FU105015205 132.8 147.3 205.7 40.8 35.6 46.7 52.1 53.5 53.4
Line 6 Intellectual property products FU105013765 227.5 203.5 210.2 50.7 46.8 47.5 52.5 53.9 56.3
Line 7 Inventories FU105020015 10.9 53.9 60.3 44.4 -30.8 99.7 -34.8 27.6 -32.2
Line 8 Nonproduced nonfinancial assets FU105420005 -2.7 -3.2 -4.1 -0.9 -1.0 -0.9 -1.0 -1.2 -1.1
Line 9 Net acquisition of financial assets FU104090005 1457.9 328.9 915.1 130.5 459.3 175.5 256.6 159.9 323.2
Line 10 Less: Net increase in liabilities FU104190005 1713.4 639.3 1141.6 244.4 304.3 234.9 380.9 287.0 238.8
Line 11 Net holding gains FR102090005 1074.5 1159.9 3493.7 595.6 -397.7 -291.6 1234.0 1819.9 731.5
Line 12 Nonfinancial assets FR102010005 -777.2 -27.6 557.5 -133.4 155.3 -378.4 -127.3 927.3 135.9
Line 13 Real estate FR105035005 -943.9 -237.6 139.8 -154.0 57.3 -391.4 -221.9 768.7 -15.7
Line 14 Equipment2 FR105015205 134.6 94.2 227.3 24.4 2.1 10.4 56.5 98.9 61.4
Line 15 Intellectual property products2 FR105013765 64.6 91.3 133.7 25.9 32.6 17.4 11.9 47.3 57.1
Line 16 Inventories2, 3 FR105020015 -32.5 24.4 56.6 -29.7 63.3 -14.9 26.2 12.2 33.1
Line 17 Financial assets FR104090005 1472.7 935.3 2662.8 592.6 -536.8 149.3 1199.6 757.5 556.4
Line 18 Debt securities FR104022005 5.1 -2.6 5.8 6.4 -6.4 3.4 0.2 1.9 0.3
Line 19 U.S. direct investment abroad: intercompany debt FR103092305 -7.7 0.7 -0.6 0.0 0.0 7.0 3.0 -5.6 -5.1
Line 20 Corporate equities FR103064103 603.4 670.9 506.2 176.2 67.8 -149.6 320.2 254.7 80.8
Line 21 U.S. direct investment abroad: equity FR103092105 825.4 228.8 2099.7 391.2 -592.3 295.7 844.5 483.5 476.0
Line 22 Mutual fund shares FR103064203 47.4 37.4 53.8 19.5 -6.4 -7.1 31.8 23.2 6.0
Line 23 Miscellaneous assets FR103090005 -0.9 0.2 -2.1 -0.7 0.5 -0.2 -0.1 -0.2 -1.6
Line 24 Less: liabilities FR104190005 -379.0 -252.3 -273.4 -136.3 16.2 62.4 -161.6 -135.0 -39.2
Line 25 Foreign direct investment: intercompany debt FR103192305 -6.3 15.0 -25.9 -4.9 1.7 11.9 -13.8 -12.3 -11.7
Line 26 Claims of pension fund on sponsor FR573073005 -372.7 -267.3 -247.5 -131.4 14.6 50.5 -147.9 -122.7 -27.4
Line 27 Miscellaneous liabilities FR103193005 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Line 28 Other volume changes4 FV102090005 -107.8 -16.5 4.0 -4.2 -11.6 0.9 1.0 1.0 1.1
 
Memo:
Line 29 Net worth outstanding (assets minus liabilities)5 LM102090005 31508.6 33008.4 36931.9 33136.1 33008.4 32905.6 34123.5 36005.7 36931.9

Notes:

  1. Sum of net investment (line 2), net holding gains (line 11), and other volume changes (line 28).
  2. Valued at current cost.
  3. Before inventory valuation adjustment.
  4. Consists of statistical discontinuities and disaster-related losses to fixed assets.
  5. Table B.103, line 46.

Last Update: 2026-03-19