Equity Issuance and Retirement

The following tables provide additional detail on net equity issuance by nonfinancial corporations in the United States. Included below are quarterly series for gross issuance and retirement of equities, as well as equity repurchases and cash financed mergers and acquisitions, which together constitute equity retirement. Additionally, monthly series representing the select components of gross issuance, initial public offerings (IPO) and seasoned equity offerings (SEO), are also provided. These series provide additional detail on the net equity issuance series reported in Table F.103 of the Financial Accounts of the United States. Note, the definition of nonfinancial corporate businesses used in this project does not include equity real estate investment trusts, which were reclassified to the nonfinancial corporate business sector for the 2023:Q3 release of the Financial Accounts.

Historical Data

Quarterly Issuance and Retirement: CSV | Data Dictionary

Monthly IPO and SEO: CSV | Data Dictionary


Corporate equities represent ownership shares, both common and preferred, in businesses that are legally registered as corporations. These include both S and C corporations. Nonfinancial corporations exclude holding companies and financial businesses such as mutual funds and real estate investment trusts. Net equity issuance reflects the value of funds raised through the sale of equity net of funds paid to retire equity. Firms raise funds by selling equity through a variety of channels, including initial public offerings (IPOs) and seasoned equity offerings (SEOs). Equity retirements occur through share repurchases or mergers and acquisitions. Additional details regarding the data and sources are available from the data dictionaries and the FEDS note that accompany this project.

Last Update: June 14, 2024