Financial Accounts of the United States - Z.1
F.102 Nonfinancial Business (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates| Description | Series code | 2022 | 2023 | 2024 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nonfinancial business; income before taxes | FA146110005 | 4533.7 | 4749.1 | 5106.2 | 4958.6 | 5090.1 | 5127.0 | 5249.0 | 5277.0 | 5337.1 | 1 |
| Nonfinancial business; gross saving less net capital transfers paid | FA146000105 | 3092.3 | 3464.9 | 3660.9 | 3491.9 | 3609.0 | 3695.0 | 3847.8 | 3747.2 | 3712.1 | 2 |
| Nonfinancial business; gross investment | FA145090005 | 3180.0 | 3395.6 | 3353.2 | 2675.9 | 3544.3 | 3566.5 | 3625.9 | 4049.8 | 3131.0 | 3 |
| Nonfinancial business; total capital expenditures | FA145050005 | 3370.3 | 3444.3 | 3631.0 | 3534.0 | 3669.4 | 3702.9 | 3617.8 | 3898.5 | 3687.7 | 4 |
| Nonfinancial business; gross fixed investment | FA145019005 | 3114.2 | 3403.6 | 3580.3 | 3513.9 | 3573.0 | 3628.3 | 3605.9 | 3691.5 | 3729.2 | 5 |
| Nonfinancial business; gross fixed investment, residential equipment and structures | FA145012005 | 207.4 | 207.9 | 215.1 | 215.3 | 216.7 | 215.9 | 212.5 | 216.8 | 214.4 | 6 |
| Nonfinancial business; gross fixed investment, nonresidential structures, equipment, and intellectual property products | FA145013005 | 2906.8 | 3195.7 | 3365.1 | 3298.6 | 3356.2 | 3412.4 | 3393.3 | 3474.7 | 3514.8 | 7 |
| Nonfinancial business; inventories | FA145020005 | 149.6 | 41.7 | 51.9 | 21.4 | 96.8 | 76.0 | 13.6 | 207.0 | -39.9 | 8 |
| Nonfinancial corporate business; acquisition of nonproduced nonfinancial assets (net) | FA105420005 | 106.5 | -1.0 | -1.2 | -1.3 | -0.4 | -1.4 | -1.7 | 0.0 | -1.6 | 9 |
| Nonfinancial business; net lending (+) or borrowing (-) (financial account) | FA145000005 | -190.3 | -48.7 | -277.8 | -858.1 | -125.0 | -136.3 | 8.1 | 151.3 | -556.7 | 10 |
| Nonfinancial business; total financial assets | FA144090005 | 3739.7 | 1669.2 | 576.8 | -857.5 | 311.5 | 1038.7 | 1814.5 | 1304.0 | 1120.9 | 11 |
| Nonfinancial business; checkable deposits and currency; asset | FA143020005 | -40.2 | -67.5 | 312.5 | 247.6 | 208.8 | 443.8 | 349.8 | 14.0 | 52.9 | 12 |
| Nonfinancial business; total time and savings deposits; asset | FA143030005 | 63.4 | 168.0 | 23.0 | 26.5 | 13.7 | -35.8 | 87.4 | -109.1 | -36.3 | 13 |
| Nonfinancial corporate business; private foreign deposits; asset | FA103091003 | 34.7 | 44.8 | -33.6 | -10.0 | 35.3 | -97.6 | -62.0 | 34.4 | -7.1 | 14 |
| Nonfinancial business; money market fund shares; asset | FA143034005 | -68.9 | 139.0 | 91.9 | 47.6 | 41.8 | 115.8 | 162.5 | 119.8 | 46.0 | 15 |
| Nonfinancial corporate business; security repurchase agreements; asset | FA102051003 | 3.4 | -3.1 | 16.8 | 29.6 | -24.3 | 15.2 | 46.7 | 41.5 | -17.9 | 16 |
| Nonfinancial business; debt securities; asset | FA144022005 | 16.1 | 12.8 | 11.1 | 73.6 | -48.7 | 39.3 | -19.7 | 49.0 | -30.5 | 17 |
| Nonfinancial corporate business; commercial paper; asset | FA103069100 | -39.4 | -7.0 | -6.8 | 62.1 | 42.4 | -60.2 | -71.4 | 65.9 | -46.5 | 18 |
| Nonfinancial business; Treasury securities; asset | FA143061105 | 43.6 | 19.9 | 16.6 | 10.9 | -61.2 | 73.3 | 43.4 | -11.1 | 12.7 | 19 |
| Nonfinancial corporate business; agency- and GSE-backed securities; asset | FA103061703 | 5.8 | 6.6 | 3.7 | 0.3 | -22.0 | 30.6 | 6.0 | -7.7 | 3.7 | 20 |
| Nonfinancial business; municipal securities; asset | FA143062005 | 3.4 | -4.1 | 0.8 | 1.0 | 1.4 | 0.4 | 0.4 | 1.3 | 1.8 | 21 |
| Equity real estate investment trusts; corporate and foreign bonds; asset | FA123063003 | 2.7 | -2.6 | -3.2 | -0.8 | -9.2 | -4.8 | 1.9 | 0.6 | -2.2 | 22 |
| Nonfinancial business; loans; asset | FA144023005 | -7.0 | 23.9 | 5.4 | 1.2 | 13.8 | 2.5 | 4.1 | 1.7 | 0.4 | 23 |
| Nonfinancial business; total mortgages; asset | FA143065005 | -7.0 | 23.9 | 5.4 | 1.2 | 13.8 | 2.5 | 4.1 | 1.7 | 0.4 | 24 |
| Nonfinancial business; consumer credit; asset | FA143066005 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 25 |
| Nonfinancial corporate business; U.S. direct investment abroad: intercompany debt (market value) | FA103092305 | -37.7 | 35.7 | -11.9 | -17.8 | -120.7 | -106.8 | 197.7 | -24.5 | -12.5 | 26 |
| Nonfinancial corporate business; corporate equities; asset | FA103064103 | -136.2 | -87.2 | -336.9 | -316.7 | -329.1 | -347.3 | -354.5 | -336.9 | -336.9 | 27 |
| Nonfinancial corporate business; U.S. direct investment abroad: equity; asset (market value) | FA103092105 | 289.6 | 164.9 | 259.7 | 293.4 | 182.3 | 316.7 | 246.5 | 216.5 | 372.4 | 28 |
| Nonfinancial business; equity in government-sponsored enterprises (GSEs); asset | FA143092405 | 1.0 | 3.4 | 1.0 | -0.4 | 2.6 | -0.5 | 2.3 | -0.9 | 0.8 | 29 |
| Nonfinancial corporate business; mutual fund shares; asset | FA103064203 | -19.9 | -41.1 | 41.9 | 41.9 | 41.9 | 41.9 | 41.9 | 41.9 | 41.9 | 30 |
| Nonfinancial business; trade receivables; asset | FA143070005 | 605.7 | 360.7 | 117.5 | -474.9 | 487.1 | 19.1 | 438.5 | 599.6 | 563.4 | 31 |
| Nonfinancial business; total miscellaneous assets | FA143090005 | 3035.6 | 914.9 | 78.3 | -799.0 | -193.1 | 632.3 | 673.0 | 657.0 | 484.3 | 32 |
| Nonfinancial business; total liabilities and equity | FA144194005 | 3930.0 | 1718.0 | 854.6 | 0.6 | 436.5 | 1175.0 | 1806.4 | 1152.7 | 1677.6 | 33 |
| Nonfinancial business; total liabilities | FA144190005 | 4382.4 | 2066.2 | 1015.0 | 249.4 | 748.1 | 1379.9 | 1682.7 | 1532.7 | 1976.0 | 34 |
| Nonfinancial corporate business; debt securities; liability | FA104122005 | 78.4 | 227.8 | 263.2 | 551.9 | 290.9 | 327.1 | -116.9 | 633.1 | 87.7 | 35 |
| Nonfinancial corporate business; commercial paper; liability | FA103169100 | 59.3 | 20.4 | -21.6 | 82.6 | -18.5 | -166.3 | 15.6 | 145.9 | 190.7 | 36 |
| Nonfinancial corporate business; municipal securities; liability | FA103162000 | 0.8 | -1.3 | 13.1 | 26.8 | 29.4 | 20.8 | -24.8 | 33.3 | 43.2 | 37 |
| Nonfinancial corporate business; corporate bonds; liability | FA103163005 | 18.3 | 208.8 | 271.8 | 442.4 | 280.0 | 472.5 | -107.6 | 453.9 | -146.2 | 38 |
| Nonfinancial business; loans; liability | FA144123005 | 1004.6 | 177.7 | 378.1 | 282.8 | 554.3 | 375.1 | 300.1 | 478.0 | 695.8 | 39 |
| Nonfinancial business; depository institution loans n.e.c.; liability | FA143168005 | 294.4 | -22.1 | 43.9 | 17.5 | 147.9 | -52.5 | 62.8 | 113.7 | 270.5 | 40 |
| Nonfinancial business; other loans and advances; liability | FA143169005 | 238.0 | -38.4 | 132.1 | 15.8 | 258.7 | 178.8 | 75.1 | 141.8 | 184.1 | 41 |
| Nonfinancial business; total mortgages; liability | FA143165005 | 472.2 | 238.2 | 202.0 | 249.5 | 147.7 | 248.7 | 162.2 | 222.5 | 241.2 | 42 |
| Nonfinancial business; foreign direct investment in U.S.: intercompany debt; liability (market value) | FA143192305 | 58.7 | -28.1 | 23.4 | 5.8 | 107.4 | 15.9 | -35.5 | -30.3 | -90.9 | 43 |
| Nonfinancial business; trade payables; liability | FA143170005 | 490.8 | 280.1 | 125.1 | -278.8 | 277.5 | 144.5 | 357.1 | 741.7 | 406.1 | 44 |
| Nonfinancial business; taxes payable; liability | FA143178005 | 43.2 | -6.3 | -3.0 | 73.9 | -125.0 | 6.4 | 32.6 | 356.2 | -395.2 | 45 |
| Nonfinancial business; total miscellaneous liabilities | FA143190005 | 2706.7 | 1415.0 | 228.3 | -386.2 | -357.0 | 511.0 | 1145.3 | -645.9 | 1272.6 | 46 |
| Nonfinancial business; equity and investment fund shares excluding mutual fund shares and money market fund shares; liability (IMA) | FA143181105 | -452.4 | -348.2 | -160.4 | -248.8 | -311.6 | -204.9 | 123.6 | -380.0 | -298.3 | 47 |
| Nonfinancial corporate business; corporate equities; liability | FA103164105 | -565.7 | -617.8 | -397.9 | -585.8 | -535.9 | -368.1 | -101.5 | -533.9 | -516.8 | 48 |
| Nonfinancial business; foreign direct investment in U.S.; liability (market value) | FA143192105 | 233.9 | 295.8 | 232.2 | 217.8 | 184.6 | 208.4 | 318.0 | 189.7 | 306.4 | 49 |
| Nonfinancial noncorporate business; proprietors' equity in noncorporate business | FA112090205 | -120.6 | -26.2 | 5.2 | 119.3 | 39.7 | -45.2 | -92.9 | -35.9 | -87.9 | 50 |
| Nonfinancial corporate business; sector discrepancy | FA107005005 | -87.7 | 69.4 | 307.8 | 816.0 | 64.7 | 128.4 | 221.9 | -302.6 | 581.1 | 51 |
NOTES
- Sum of nonfinancial corporate business and nonfinancial noncorporate business.
Last Update: September 11, 2025