S.6.a Financial business1

Billions of dollars

Line Description Series 2018 2019 2020 2021 2022 2023 2024 2025
Current account
Line 1 Gross value added FA796902505 1516.4 1600.6 1658.1 1822.3 1931.5 1996.6 2135.2
Line 2 Less: Consumption of fixed capital FA796330081 226.1 242.8 257.5 274.5 302.2 324.1 344.8 369.1
Line 3 Equals: Net value added FA796902605 1290.3 1357.7 1400.5 1547.9 1629.2 1672.5 1790.4
Line 4 Compensation of employees (paid) FA796025005 819.1 851.6 912.3 990.6 1020.7 1059.7 1115.4 1187.8
Line 5 Wages and salaries FA796020001 693.1 727.2 787.4 860.1 885.6 911.7 956.9
Line 6 Employers' social contributions FA796401001 126.0 124.5 125.0 130.5 135.1 148.0 158.4
Line 7 Taxes on production and imports less subsidies FA796240101 79.3 69.3 71.6 65.0 83.7 89.0 96.1 109.1
Line 8 Operating surplus, net FA796402101 391.9 436.8 416.6 492.2 524.8 523.8 578.9
Line 9 Net national income/Balance of primary incomes, net FA796140005 302.1 326.0 187.6 249.9 322.9 358.3 525.5
Line 10 Operating surplus, net FA796402101 391.9 436.8 416.6 492.2 524.8 523.8 578.9
Line 11 Property income (received) FA796150105 2714.0 2816.6 2334.7 2338.0 2965.4 4128.8 4569.1
Line 12 Interest FA796130101 2071.8 2227.4 1755.7 1671.5 2268.8 3400.2 3789.3
Line 13 Distributed income of corporations (dividends) FA796121101 681.0 560.0 543.2 616.8 652.2 689.8 726.5
Line 14 Reinvested earnings on U.S. direct investment abroad FA793092281 -38.8 29.2 35.8 49.8 44.5 38.8 53.3
Line 15 Less: Uses of property income (paid) FA796150005 2803.8 2927.4 2563.7 2580.4 3167.3 4294.3 4622.5
Line 16 Interest FA796130001 1938.9 2047.3 1607.9 1480.2 2052.2 3160.2 3458.6
Line 17 Distributed income of corporations FA796120005 847.8 862.4 943.3 1067.5 1089.1 1113.0 1140.0
Line 18 Dividends FA796121001 817.6 829.9 882.4 1003.3 1028.0 1045.3 1066.9
Line 19 Withdrawals from income of quasi-corporations2 FA796122001 30.3 32.4 60.9 64.2 61.0 67.7 73.1
Line 20 Reinvested earnings on foreign direct investment FA793192281 17.0 17.8 12.5 32.7 26.0 21.1 23.9
Line 21 Rents on land and natural resources FA796112001 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Line 22 Net national income/Balance of primary incomes, net FA796140005 302.1 326.0 187.6 249.9 322.9 358.3 525.5
Line 23 Less: Current taxes on income, wealth, etc. (paid) FA796220001 84.5 100.4 99.1 125.1 128.7 126.2 140.1
Line 24 Less: Other current transfers (paid) FA796403005 30.1 47.3 35.6 30.4 78.9 114.3 140.9
Line 25 Equals: Disposable income, net FA796012095 187.5 178.3 53.0 94.3 115.3 117.9 244.4
Line 26 Equals: Net saving FA796012095 187.5 178.3 53.0 94.3 115.3 117.9 244.4
 
Capital account
Line 27 Net saving less capital transfers FA796006385 170.6 178.3 53.0 56.9 94.6 163.8 219.6
Line 28 Net saving FA796012095 187.5 178.3 53.0 94.3 115.3 117.9 244.4
Line 29 Less: Capital transfers paid (net) FA795440005 16.9 0.0 0.0 37.5 20.7 -45.9 24.8 28.7
Line 30 Capital formation, net FA795015085 40.6 58.5 27.4 28.1 16.1 35.2 49.2 74.0
Line 31 Gross fixed capital formation (nonresidential) FA795013005 266.7 301.3 285.0 302.6 318.3 359.3 394.0 443.1
Line 32 Less: Consumption of fixed capital FA796330081 226.1 242.8 257.5 274.5 302.2 324.1 344.8 369.1
Line 33 Net lending (+) or borrowing (-), capital account (lines 27-30) FA795000995 130.0 119.8 25.6 28.8 78.5 128.5 170.4
 
Financial account
Line 34 Net lending (+) or borrowing (-) (line 33) FA795000995 130.0 119.8 25.6 28.8 78.5 128.5 170.4
Line 35 Net acquisition of financial assets FA794090005 1546.6 3551.1 9781.6 7301.4 2219.9 3262.0 3237.0 5758.2
Line 36 Currency and deposits FA794000005 -551.9 174.4 1784.0 544.7 -904.7 694.6 -451.9 221.1
Line 37 Debt securities FA794022005 702.9 1022.2 6292.3 3193.7 -210.2 843.9 1871.7 2419.6
Line 38 Open market paper FA793069175 -16.0 -29.0 -20.9 -7.4 104.5 -4.9 -21.7 84.4
Line 39 Treasury securities FA793061105 415.2 599.3 4302.5 1358.4 -719.7 755.8 1057.5 1168.6
Line 40 Agency- and GSE-backed securities3 FA793061705 -0.1 185.6 1109.9 603.2 61.3 75.8 127.2 308.7
Line 41 Municipal securities FA793062005 -41.4 76.0 134.6 171.0 -107.6 -73.8 16.6 79.6
Line 42 Corporate and foreign bonds FA793063005 345.1 190.3 766.2 1068.5 451.3 90.9 692.0 778.4
Line 43 Loans FA794035005 1502.0 1470.0 1082.8 2943.6 3464.7 1027.3 1355.0 2797.3
Line 44 Short term FA794041005 909.0 899.2 357.2 1733.7 2145.2 399.5 790.7 2127.4
Line 45 Long term FA794042005 593.0 570.9 725.6 1209.9 1319.5 627.8 564.3 669.9
Line 46 Equity and investment fund shares FA793081005 -79.8 -72.7 -185.6 -206.5 -408.8 -155.0 -173.4 -679.3
Line 47 Corporate equities FA793064105 -138.0 -286.4 -393.0 -177.6 -23.6 -304.3 -89.3 -236.7
Line 48 Mutual fund shares FA793064205 -102.5 -52.6 -80.1 -381.7 -211.8 -37.8 -312.3 -694.5
Line 49 Money market fund shares FA793034005 27.8 141.2 163.8 184.7 -223.6 48.4 88.8 172.2
Line 50 Equity in government-sponsored enterprises3 FA793092405 0.8 -4.0 -7.1 -2.3 18.9 0.7 -1.8 -0.4
Line 51 U.S. direct investment abroad: equity FA793092105 -3.1 67.6 51.6 70.1 67.9 79.9 71.3 -5.1
Line 52 Stock in Federal Reserve Banks FA713164003 0.9 -0.6 0.7 1.5 1.1 1.1 1.1 2.0
Line 53 Equity investment in subsidiaries FA793094605 134.3 62.2 78.4 98.9 -37.8 57.0 68.8 83.3
Line 54 Insurance, pension and standardized guarantee schemes FA793052005 294.4 321.9 365.5 445.3 387.2 426.3 414.1 243.6
Line 55 Other accounts receivable FA793096005 -321.1 635.3 442.5 380.6 -108.2 424.9 221.5 755.8
Line 56 Net incurrence of liabilities FA794194005 1466.7 3490.6 9760.2 6889.9 1848.2 3171.7 3040.4 5345.6
Line 57 Currency and deposits FA794100005 351.4 961.6 6670.5 1712.7 -991.0 722.7 139.0 1352.2
Line 58 Debt securities FA794122005 254.6 466.9 908.2 721.3 1251.9 493.3 563.9 645.1
Line 59 Agency- and GSE-backed securities3 FA423161705 246.9 318.6 658.2 612.9 979.4 297.0 298.3 256.8
Line 60 Corporate bonds FA793163005 41.8 74.5 227.0 192.2 90.1 188.8 228.9 276.3
Line 61 Commercial paper FA793169175 -34.1 73.8 23.0 -83.8 182.5 7.5 36.7 112.1
Line 62 Loans FA794135005 -15.8 148.9 -197.0 1875.9 1036.0 -995.0 -349.0 438.4
Line 63 Short term FA794141005 18.5 162.0 -202.8 1877.9 1070.7 -994.3 -327.3 425.0
Line 64 Long term FA793192305 -34.3 -13.1 5.8 -2.0 -34.7 -0.7 -21.7 13.4
Line 65 Equity and investment fund shares FA793181005 508.7 1183.7 1210.9 1518.5 -221.8 1409.6 1859.2 1566.2
Line 66 Money market fund shares FA634090005 169.2 712.8 763.5 439.5 17.6 1134.5 885.6 947.0
Line 67 Corporate equity issues FA793164105 180.3 158.2 476.2 812.5 497.1 487.2 1002.0 1269.8
Line 68 Mutual fund shares FA653164205 -64.7 207.2 -230.5 217.7 -798.1 -310.8 -168.8 -777.8
Line 69 Equity in government-sponsored enterprises3 FA403192405 1.1 -3.7 -6.8 -0.9 20.0 4.1 -0.8 0.3
Line 70 Foreign direct investment in the U.S.: equity FA793192105 78.1 42.3 8.6 26.4 80.5 30.5 58.4 13.7
Line 71 Equity in noncorporate business FA662090003 9.5 5.2 6.9 15.8 3.7 14.1 16.8 30.4
Line 72 Equity investment by parent FA793194605 134.3 62.2 78.4 98.9 -37.8 57.0 68.8 83.3
Line 73 Equity in Federal Reserve Banks FA713164005 0.9 -0.6 2.2 0.0 1.1 1.1 1.1 2.0
Line 74 Equity investment in Federal Reserve facilities FA503194205 0.0 0.0 112.5 -91.2 -5.9 -8.0 -3.9 -2.6
Line 75 Insurance, pension and standardized guarantee schemes FA583152005 443.7 529.2 649.2 407.1 612.1 694.4 654.9 474.6
Line 76 Other accounts payable FA793196005 -75.8 200.3 518.5 654.4 161.0 846.5 172.3 869.1
 
Addendum:
Line 77 Net lending (+) or borrowing (-), financial account (lines 35-56) FA795000005 79.9 60.5 21.3 411.4 371.7 90.4 196.7 412.6
 
Other changes in volume account
Line 78 Total other volume changes FV798090185 -3.6 -178.8 -8.8 432.7 315.4 57.6 58.9
Line 79 Disaster losses FV795013865 -2.4 0.0 0.0 -0.4 -1.5 0.0 -0.8 0.0
Line 80 Other volume changes FV798090085 48.9 -119.5 -4.5 50.4 23.8 95.8 33.4 -21.0
Line 81 Less: Statistical discrepancy (lines 33-77)4 FU797005045 50.1 59.3 4.2 -382.7 -293.1 38.2 -26.2
 
Revaluation account
Line 82 Nonfinancial assets FR795013865 50.7 32.7 20.2 220.9 265.3 9.9 42.2 40.0
Line 83 Structures (nonresidential) FR795013665 49.1 36.8 16.5 178.8 224.5 1.1 26.8 30.9
Line 84 Equipment FR795013265 4.5 -0.7 5.0 47.0 40.2 10.4 6.9 20.6
Line 85 Intellectual property products FR795013765 -3.0 -3.4 -1.3 -4.9 0.7 -1.6 8.5 -11.4
Line 86 Financial assets FR794090005 -2584.6 6092.3 4513.5 4409.2 -10900.6 5832.2 4892.4 6960.8
Line 87 Currency and deposits FR794000005 0.8 1.0 0.4 -0.8 0.1 -0.5 -1.2 0.7
Line 88 Debt securities FR794022005 -643.1 1307.5 719.9 -1003.2 -4641.0 757.2 -263.3 928.6
Line 89 Loans FR794035005 -0.1 -1.4 -0.1 -0.1 0.3 -1.5 0.3 16.0
Line 90 Corporate equities FR793064105 -1815.4 4611.2 3597.4 5074.5 -5952.0 4764.6 4978.2 5608.5
Line 91 Mutual fund shares FR793064205 -401.3 1054.3 810.5 948.3 -1398.9 940.7 827.8 937.6
Line 92 U.S. direct investment abroad: equity FR793092105 -199.5 194.6 79.0 195.4 -380.5 174.5 53.0 413.6
Line 93 Insurance, pension, and standardized guarantee schemes FR793052005 341.7 -981.6 -824.3 -937.0 1082.3 -785.8 -741.3 -924.7
Line 94 Other accounts receivable FR793096005 132.3 -93.2 130.8 132.1 389.1 -17.0 39.0 -19.5
Line 95 Liabilities FR794194005 -2797.3 6393.3 4005.2 7175.4 -9139.3 5992.4 6953.8 7501.6
Line 96 Foreign direct investment in the U.S.: debt FR793192305 4.2 -4.1 -2.7 -3.6 -10.8 -2.1 5.7 7.1
Line 97 Corporate equity issues FR793164105 -979.7 1811.8 479.8 3006.0 -2315.3 1628.8 2877.5 2831.0
Line 98 Mutual fund shares FR653164205 -1164.4 2782.5 2133.6 2428.5 -4077.3 2577.1 2253.8 2728.5
Line 99 Foreign direct investment in the U.S.: equity FR793192105 -119.6 265.8 220.9 296.7 -500.2 258.5 291.7 247.3
Line 100 Equity in noncorporate business FR662090003 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Line 101 Equity investment by parent FR793194605 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Line 102 Insurance, pension and standardized guarantee schemes FR583152005 -533.2 1604.8 1274.8 1521.6 -2244.8 1647.1 1572.6 1698.9
Line 103 Other accounts payable FR793196005 -4.6 -67.4 -101.2 -73.9 9.2 -117.1 -47.4 -11.2
Line 104 Changes in net worth due to nominal holding gains/losses FR792090095 263.4 -268.3 528.6 -2545.2 -1496.0 -150.3 -2019.2 -500.9
 
Changes in balance sheet account
Line 105 Change in net worth (lines 30+33+78+104) FC792090095 430.4 -268.7 572.8 -2055.7 -1086.0 71.1 -1740.7 -35.3
 
Balance sheet account (end of period)
Line 106 Total assets FL792000095 101724.6 111709.1 126052.6 138989.7 128970.0 138416.2 146711.3 159536.1
Line 107 Nonfinancial assets5 LM795013865 1845.5 1936.8 1984.4 2233.0 2512.8 2558.0 2648.6 2762.5
Line 108 Structures (nonresidential) LM795013665 992.2 1033.2 1051.6 1225.2 1446.1 1445.3 1468.9 1494.2
Line 109 Equipment LM795013265 635.4 658.7 661.9 709.3 731.3 738.9 759.1 805.2
Line 110 Intellectual property products LM795013765 217.9 244.8 270.9 298.5 335.4 373.7 420.6 463.1
Line 111 Financial assets FL794090005 99879.0 109772.4 124068.2 136756.7 126457.2 135858.3 144062.7 156773.6
Line 112 Currency and deposits FL794000005 4059.1 4221.7 6006.2 6582.9 5688.3 6375.1 5894.4 6115.4
Line 113 Debt securities FL794022005 24375.8 26810.3 33764.3 35935.8 31084.6 32796.4 34416.1 37765.3
Line 114 Open market paper FL793069175 491.0 465.5 387.6 429.0 534.4 621.4 609.0 696.3
Line 115 Treasury securities FL793061105 6942.1 7767.6 12368.0 13375.5 11189.8 12135.7 13082.0 14551.0
Line 116 Agency- and GSE-backed securities3 FL793061705 7105.1 7527.2 8723.7 9105.2 8098.9 8348.7 8415.4 9000.5
Line 117 Municipal securities FL793062005 1900.5 2039.5 2200.6 2359.1 1971.3 1943.6 1930.5 2018.7
Line 118 Corporate and foreign bonds FL793063005 7937.2 9010.5 10084.4 10666.9 9290.1 9747.1 10379.2 11498.8
Line 119 Loans FL794035005 28940.5 30389.6 31468.4 34975.4 38292.9 39312.5 40702.3 43520.3
Line 120 Short term FL794041005 14003.0 14901.2 15263.1 17308.5 19309.8 19707.2 20536.6 22673.0
Line 121 Long term FL794042005 14937.4 15488.4 16205.4 17666.8 18983.1 19605.2 20165.7 20847.4
Line 122 Equity and investment fund shares FL793081005 28316.1 33691.5 37987.2 44021.6 35804.2 41458.8 47145.3 53441.6
Line 123 Corporate equities LM793064105 18723.0 22736.2 25915.4 30844.3 24868.8 29264.1 34153.0 39524.7
Line 124 Mutual fund shares LM793064205 5471.5 6326.2 7056.5 7623.0 6012.3 6905.2 7420.7 7663.7
Line 125 Money market fund shares FL793034005 747.7 888.8 1052.7 1237.4 1013.8 1062.2 1151.0 1323.2
Line 126 Equity in government-sponsored enterprises3 FL793092405 38.5 34.5 27.4 25.1 44.0 44.7 42.9 42.6
Line 127 U.S. direct investment abroad: equity LM793092105 924.4 1271.4 1444.0 1694.9 1263.8 1547.2 1677.3 2100.1
Line 128 Stock in Federal Reserve Banks FL713164003 32.3 31.7 32.4 33.9 35.0 36.1 37.2 39.2
Line 129 Equity investment in subsidiaries FL793094605 2378.7 2402.7 2458.9 2563.1 2566.5 2599.3 2663.2 2748.1
Line 130 Insurance, pension and standardized guarantee schemes FL793052005 8713.8 8273.1 7884.3 7605.2 7464.5 7366.6 7100.7 6421.3
Line 131 Other accounts receivable FL793096005 5473.8 6386.1 6957.7 7635.8 8122.8 8549.0 8803.9 9509.7
Line 132 Total liabilities and net worth FL792100005 101724.6 111709.1 126052.6 138989.7 128970.0 138416.2 146711.3 159536.1
Line 133 Liabilities FL794194005 101786.6 112039.9 125810.6 140803.4 131869.7 141244.8 151280.5 164140.6
Line 134 Currency and deposits FL794100005 19791.5 20753.1 27423.6 29136.2 28145.2 28868.0 29007.0 30359.1
Line 135 Debt securities FL794122005 13206.9 13666.9 14569.0 15604.0 16854.9 17342.0 17904.6 18548.2
Line 136 Agency- and GSE-backed securities3 FL423161705 9089.6 9408.3 10066.5 10679.4 11658.8 11955.8 12254.1 12510.9
Line 137 Corporate bonds FL793163005 3638.5 3706.0 3927.0 4432.8 4521.8 4704.4 4931.9 5206.7
Line 138 Commercial paper FL793169175 478.8 552.6 575.6 491.8 674.3 681.8 718.5 830.6
Line 139 Loans FL794135005 5041.2 5186.0 4986.3 6963.1 7988.3 6991.2 6647.9 7093.4
Line 140 Short term FL794141005 4855.1 5017.2 4814.4 6796.8 7867.5 6873.2 6545.9 6970.9
Line 141 Long term FL793192305 186.1 168.8 171.9 166.3 120.8 118.0 102.0 122.5
Line 142 Equity and investment fund shares FL793181005 29546.0 35580.2 39631.5 46862.4 39675.6 45493.2 52754.0 60140.4
Line 143 Money market fund shares FL634090005 3289.7 4002.5 4765.9 5205.5 5223.1 6357.6 7243.2 8190.2
Line 144 Corporate equity issues LM793164105 8192.2 10167.1 11119.4 14937.8 13119.5 15211.2 19090.6 23191.5
Line 145 Mutual fund shares LM653164205 14669.8 17659.5 19562.6 22208.8 17333.4 19599.7 21684.7 23635.4
Line 146 Equity in government-sponsored enterprises3 FL403192405 52.2 48.6 41.8 40.9 60.8 64.9 64.1 64.5
Line 147 Foreign direct investment in the U.S.: equity LM793192105 852.7 1184.7 1446.3 1745.1 1212.2 1493.3 1826.9 2099.8
Line 148 Equity in noncorporate business LM662090003 78.2 83.5 90.3 106.1 109.8 123.8 140.6 171.0
Line 149 Equity investment by parent FL793194605 2378.7 2402.7 2458.9 2563.1 2566.5 2599.3 2663.2 2748.1
Line 150 Equity in Federal Reserve Banks FL713164005 32.3 31.7 33.9 33.9 35.0 36.1 37.2 39.2
Line 151 Equity investment in Federal Reserve facilities FL503194205 0.0 0.0 112.5 21.3 15.4 7.4 3.5 0.8
Line 152 Insurance, pension and standardized guarantee schemes FL583152005 30565.7 32987.1 34970.9 37123.8 33921.5 36461.3 38744.6 40918.1
Line 153 Other accounts payable FL793196005 3635.3 3866.7 4229.3 5113.9 5284.1 6089.2 6222.4 7081.4
Line 154 Net worth FL792090095 -62.1 -330.8 242.0 -1813.7 -2899.7 -2828.5 -4569.2 -4604.5

Notes:

  1. Financial business includes depository institutions, insurance companies, pension funds, monetary authority, 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. Consists of rental income of tenant-occupied housing and proprietors' income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records.
  3. 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 2004:Q4.
  4. 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. The discrepancy reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts.
  5. Excludes land. Includes corporate and noncorporate financial business.

Last Update: 2026-03-19