Financial Accounts of the United States - Z.1
F.103 Nonfinancial Corporate Business
Billions of dollars; quarterly figures are seasonally adjusted annual rates| Description | Series code | 2021 | 2022 | 2023 | 2024 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nonfinancial corporate business; corporate profits before tax excluding IVA and CCAdj | FA106060005 | 2307.7 | 2457.6 | 2589.1 | 2874.7 | 2763.2 | 2862.9 | 2888.2 | 2984.6 | 2966.7 | 1 |
| Nonfinancial corporate business; taxes on corporate income | FA106231005 | 340.1 | 462.0 | 498.4 | 547.3 | 527.0 | 552.4 | 544.1 | 565.8 | 562.6 | 2 |
| Nonfinancial corporate business; net dividends paid | FA106121075 | 1158.1 | 1263.6 | 1341.7 | 1371.3 | 1376.8 | 1307.5 | 1366.2 | 1434.8 | 1364.4 | 3 |
| Nonfinancial corporate business; inventory valuation adjustment (IVA) | FA105020601 | -262.3 | -141.1 | 29.8 | -15.6 | -17.1 | -3.9 | -0.5 | -40.9 | -48.9 | 4 |
| Nonfinancial corporate business; capital consumption allowance (1) | FA106300015 | 1855.8 | 2021.6 | 2077.2 | 2115.9 | 2068.4 | 2099.7 | 2131.9 | 2163.7 | 2116.1 | 5 |
| Nonfinancial corporate business; foreign earnings retained abroad | FA106006065 | 49.3 | 52.2 | 133.2 | 92.6 | 116.5 | 15.4 | 55.1 | 183.3 | 54.4 | 6 |
| Nonfinancial corporate business; net capital transfers paid (2) | FA105440005 | -15.4 | 30.3 | -0.7 | -6.1 | 22.9 | -1.1 | -15.0 | -31.2 | -32.2 | 7 |
| Nonfinancial corporate business; gross saving including foreign earnings retained abroad less net capital transfers paid | FA106000105 | 2467.5 | 2634.5 | 2989.8 | 3155.2 | 3004.3 | 3115.4 | 3179.4 | 3321.5 | 3193.7 | 8 |
| Nonfinancial corporate business; gross investment | FA105090005 | 2282.0 | 2678.2 | 3025.2 | 2918.9 | 2321.8 | 3057.0 | 3135.2 | 3161.6 | 2979.1 | 9 |
| Nonfinancial corporate business; total capital expenditures | FA105050005 | 2246.6 | 2792.8 | 2842.2 | 2981.6 | 2908.0 | 3007.8 | 3037.4 | 2973.1 | 3216.2 | 10 |
| Nonfinancial corporate business; gross fixed investment (3) | FA105019005 | 2228.6 | 2552.7 | 2806.4 | 2942.3 | 2889.2 | 2930.8 | 2980.1 | 2969.0 | 3042.0 | 11 |
| Nonfinancial corporate business; inventories including IVA | FA105020005 | 11.2 | 133.6 | 36.9 | 40.5 | 20.1 | 77.4 | 58.7 | 5.7 | 175.6 | 12 |
| Nonfinancial corporate business; acquisition of nonproduced nonfinancial assets (net) | FA105420005 | 6.8 | 106.5 | -1.0 | -1.2 | -1.3 | -0.4 | -1.4 | -1.7 | -1.4 | 13 |
| Nonfinancial corporate business; net lending (+) or borrowing (-) (financial account) | FA105000005 | 35.4 | -114.6 | 183.0 | -62.7 | -586.2 | 49.2 | 97.8 | 188.5 | -237.1 | 14 |
| Nonfinancial corporate business; total financial assets | FA104090005 | 1341.6 | 2683.6 | 1458.0 | 371.9 | -1115.5 | 176.1 | 828.8 | 1598.1 | 937.4 | 15 |
| Nonfinancial corporate business; checkable deposits and currency; asset | FA103020005 | 265.4 | -54.6 | -79.6 | 278.6 | 182.3 | 173.7 | 426.8 | 331.5 | -2.2 | 16 |
| Nonfinancial corporate business; total time and savings deposits; asset | FA103030003 | 5.6 | 17.3 | 133.0 | -13.0 | -4.4 | -18.2 | -74.6 | 45.3 | -146.6 | 17 |
| Nonfinancial corporate business; private foreign deposits; asset | FA103091003 | 31.3 | 34.7 | 44.8 | -33.6 | -10.0 | 32.8 | -96.3 | -60.9 | 33.1 | 18 |
| Nonfinancial corporate business; money market fund shares; asset | FA103034000 | 100.3 | -73.5 | 135.7 | 88.5 | 44.7 | 39.0 | 112.0 | 158.2 | 116.2 | 19 |
| Nonfinancial corporate business; security repurchase agreements; asset | FA102051003 | -10.3 | 3.4 | -3.1 | 17.4 | 29.6 | -22.6 | 15.3 | 47.5 | 43.7 | 20 |
| Nonfinancial corporate business; debt securities; asset | FA104022005 | 37.8 | -5.4 | 12.8 | 9.1 | 67.0 | -51.8 | 52.3 | -31.0 | 64.7 | 21 |
| Nonfinancial corporate business; commercial paper; asset | FA103069100 | 5.4 | -39.4 | -7.0 | -4.0 | 62.1 | 53.8 | -61.2 | -70.6 | 75.7 | 22 |
| Nonfinancial corporate business; Treasury securities; asset | FA103061103 | 10.7 | 21.2 | 19.9 | 12.3 | 4.5 | -72.7 | 87.0 | 30.5 | -4.6 | 23 |
| Nonfinancial corporate business; agency- and GSE-backed securities; asset | FA103061703 | 2.9 | 5.8 | 6.6 | 3.3 | 0.3 | -24.9 | 30.8 | 7.1 | -7.7 | 24 |
| Nonfinancial corporate business; municipal securities; asset | FA103062003 | 11.2 | 4.3 | -4.1 | 0.7 | 0.8 | 1.3 | 0.6 | 0.1 | 0.9 | 25 |
| Equity real estate investment trusts; corporate and foreign bonds; asset | FA123063003 | 7.7 | 2.7 | -2.6 | -3.2 | -0.8 | -9.2 | -4.8 | 2.0 | 0.6 | 26 |
| Nonfinancial corporate business; loans; asset | FA104023005 | 14.4 | -9.3 | 22.6 | 4.0 | -11.5 | -10.9 | 6.5 | 31.7 | -14.1 | 27 |
| Nonfinancial corporate business; total mortgages; asset | FA103065005 | 14.4 | -9.3 | 22.6 | 4.0 | 0.0 | 12.5 | 1.0 | 2.3 | 0.1 | 28 |
| Nonfinancial corporate business; consumer credit; asset | FA103066005 | -0.0 | -0.0 | -0.0 | -0.0 | -11.5 | -23.4 | 5.5 | 29.4 | -14.2 | 29 |
| Nonfinancial corporate business; U.S. direct investment abroad: intercompany debt (market value) | FA103092305 | -43.1 | -31.9 | 29.2 | -55.5 | -5.6 | -104.1 | -79.3 | -33.1 | -59.8 | 30 |
| Nonfinancial corporate business; corporate equities; asset | FA103064103 | -101.4 | -136.2 | -87.2 | -377.0 | -354.3 | -368.2 | -388.6 | -396.7 | -377.0 | 31 |
| Nonfinancial corporate business; U.S. direct investment abroad: equity; asset (market value) | FA103092105 | 256.4 | 298.6 | 272.8 | 325.5 | 323.7 | 260.4 | 315.2 | 402.8 | 383.8 | 32 |
| Nonfinancial corporate business; equity in Fannie Mae and Farm Credit System; asset | FA103092405 | 0.2 | 0.1 | 0.2 | 0.2 | 0.3 | 0.2 | -0.1 | 0.3 | 0.4 | 33 |
| Nonfinancial corporate business; mutual fund shares; asset | FA103064203 | 17.3 | -19.9 | -41.1 | 41.9 | 41.9 | 41.9 | 41.9 | 41.9 | 41.9 | 34 |
| Nonfinancial corporate business; trade receivables; asset | FA103070005 | 498.1 | 462.5 | 332.2 | 98.7 | -488.6 | 499.4 | -9.5 | 393.5 | 559.8 | 35 |
| Nonfinancial corporate business; total miscellaneous assets | FA103090005 | 269.6 | 2197.7 | 685.8 | -12.9 | -930.7 | -295.3 | 507.1 | 667.2 | 293.3 | 36 |
| Nonfinancial corporate business; total liabilities and equity | FA104194005 | 1306.3 | 2798.2 | 1275.0 | 434.6 | -529.2 | 126.9 | 731.0 | 1409.5 | 1174.5 | 37 |
| Nonfinancial corporate business; total liabilities | FA104190005 | 1018.9 | 3086.3 | 1624.8 | 580.1 | -151.2 | 432.9 | 847.9 | 1190.9 | 1045.6 | 38 |
| Nonfinancial corporate business; debt securities; liability | FA104122005 | 251.7 | 78.6 | 225.9 | 264.8 | 550.5 | 291.8 | 329.8 | -112.7 | 623.6 | 39 |
| Nonfinancial corporate business; commercial paper; liability | FA103169100 | 6.0 | 59.3 | 20.4 | -21.6 | 82.6 | -18.5 | -166.3 | 15.6 | 145.9 | 40 |
| Nonfinancial corporate business; municipal securities; liability (4) | FA103162000 | 11.8 | 0.8 | -1.3 | 13.0 | 26.8 | 28.5 | 21.5 | -25.0 | 33.3 | 41 |
| Nonfinancial corporate business; corporate bonds; liability | FA103163005 | 233.9 | 18.5 | 206.9 | 273.5 | 441.0 | 281.7 | 474.6 | -103.3 | 444.4 | 42 |
| Nonfinancial corporate business; loans; liability | FA104123005 | 285.0 | 463.6 | 20.3 | 164.1 | 145.7 | 357.3 | 116.6 | 36.8 | 242.7 | 43 |
| Nonfinancial corporate business; depository institution loans n.e.c.; liability | FA103168005 | -83.4 | 136.3 | -11.3 | 36.1 | 51.7 | 121.0 | -52.3 | 24.2 | 69.5 | 44 |
| Nonfinancial corporate business; other loans and advances; liability (5) | FA103169005 | 298.1 | 192.5 | -19.7 | 91.3 | 33.8 | 217.1 | 115.5 | -1.4 | 127.1 | 45 |
| Nonfinancial corporate business; total mortgages; liability | FA103165005 | 70.3 | 134.8 | 51.4 | 36.7 | 60.2 | 19.2 | 53.4 | 14.1 | 46.0 | 46 |
| Nonfinancial corporate business; foreign direct investment in U.S.: intercompany debt; liability (market value) | FA103192305 | -3.9 | 54.3 | -18.1 | 34.2 | 2.4 | 121.8 | 26.2 | -13.4 | -54.9 | 47 |
| Nonfinancial corporate business; trade payables; liability | FA103170005 | 429.8 | 400.9 | 257.0 | 99.5 | -307.7 | 252.0 | 111.6 | 342.0 | 452.8 | 48 |
| Nonfinancial corporate business; total taxes payable; liability | FA103178005 | -25.5 | 15.8 | -15.9 | -24.3 | 65.4 | -185.8 | 8.8 | 14.5 | 45.9 | 49 |
| Nonfinancial corporate business; total miscellaneous liabilities | FA103190005 | 81.8 | 2073.2 | 1155.6 | 41.7 | -607.5 | -404.2 | 254.9 | 923.6 | -264.5 | 50 |
| Private pension funds; pension fund contributions receivable; asset | FA573074005 | -6.5 | 2.4 | 0.0 | 1.1 | 1.7 | 1.9 | 0.6 | 0.1 | 0.8 | 51 |
| Private defined benefit pension funds; claims of pension fund on sponsor; asset | FA573073005 | 116.9 | 161.5 | 132.8 | 84.8 | 31.7 | 35.1 | 139.1 | 133.4 | 111.5 | 52 |
| Nonfinancial corporate business; unidentified miscellaneous liabilities | FA103193005 | -28.6 | 1909.4 | 1022.7 | -44.2 | -640.9 | -441.2 | 115.1 | 790.2 | -376.8 | 53 |
| Nonfinancial corporate business; equity and investment fund shares excluding mutual fund shares and money market fund shares; liability | FA103181105 | 287.4 | -288.2 | -349.8 | -145.5 | -378.0 | -306.0 | -116.8 | 218.7 | 128.9 | 54 |
| Nonfinancial corporate business; corporate equities; liability | FA103164105 | -96.7 | -545.2 | -621.3 | -378.5 | -587.0 | -540.4 | -310.3 | -76.1 | -161.5 | 55 |
| Nonfinancial corporate business; foreign direct investment in U.S.; liability (market value) | FA103192105 | 384.1 | 257.0 | 271.5 | 232.9 | 209.0 | 234.4 | 193.5 | 294.7 | 290.4 | 56 |
| Nonfinancial corporate business; sector discrepancy | FA107005005 | 185.6 | -43.7 | -35.4 | 236.3 | 682.5 | 58.4 | 44.2 | 159.8 | 214.6 | 57 |
| Nonfinancial corporate business; difference between capital expenditures and gross savings less net capital transfers paid, excluding foreign earnings retained abroad (financing gap) (6) | FA105005305 | -171.7 | 210.5 | -14.4 | -81.0 | 20.2 | -92.2 | -86.9 | -165.1 | 76.9 | 58 |
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: June 12, 2025