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 | 2022 | 2023 | 2024 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nonfinancial corporate business; corporate profits before tax excluding IVA and CCAdj | FA106060005 | 2457.6 | 2589.1 | 2874.7 | 2763.2 | 2862.9 | 2888.2 | 2984.6 | 2990.8 | 3041.0 | 1 |
| Nonfinancial corporate business; taxes on corporate income | FA106231005 | 462.0 | 498.4 | 547.3 | 527.0 | 552.4 | 544.1 | 565.8 | 572.7 | 577.0 | 2 |
| Nonfinancial corporate business; net dividends paid | FA106121075 | 1263.6 | 1341.7 | 1371.3 | 1376.8 | 1307.5 | 1366.2 | 1434.8 | 1371.6 | 1126.2 | 3 |
| Nonfinancial corporate business; inventory valuation adjustment (IVA) | FA105020601 | -141.1 | 29.8 | -15.6 | -17.1 | -3.9 | -0.5 | -40.9 | -45.0 | -43.3 | 4 |
| Nonfinancial corporate business; capital consumption allowance (1) | FA106300015 | 2021.6 | 2077.2 | 2115.9 | 2068.4 | 2099.7 | 2131.9 | 2163.7 | 2116.2 | 2150.1 | 5 |
| Nonfinancial corporate business; foreign earnings retained abroad | FA106006065 | 52.3 | 133.7 | 92.6 | 116.9 | 15.5 | 55.3 | 182.9 | 56.8 | -249.6 | 6 |
| Nonfinancial corporate business; net capital transfers paid (2) | FA105440005 | 30.3 | -0.7 | -6.1 | 22.9 | -1.1 | -15.0 | -31.2 | -32.2 | -2.1 | 7 |
| Nonfinancial corporate business; gross saving including foreign earnings retained abroad less net capital transfers paid | FA106000105 | 2634.6 | 2990.3 | 3155.2 | 3004.7 | 3115.5 | 3179.6 | 3321.0 | 3206.7 | 3197.0 | 8 |
| Nonfinancial corporate business; gross investment | FA105090005 | 2722.3 | 2920.9 | 2847.4 | 2188.7 | 3050.8 | 3051.2 | 3099.1 | 3509.3 | 2615.9 | 9 |
| Nonfinancial corporate business; total capital expenditures | FA105050005 | 2792.8 | 2842.2 | 2981.6 | 2908.0 | 3007.8 | 3037.4 | 2973.1 | 3214.5 | 3040.2 | 10 |
| Nonfinancial corporate business; gross fixed investment (3) | FA105019005 | 2552.7 | 2806.4 | 2942.3 | 2889.2 | 2930.8 | 2980.1 | 2969.0 | 3041.8 | 3079.7 | 11 |
| Nonfinancial corporate business; inventories including IVA | FA105020005 | 133.6 | 36.9 | 40.5 | 20.1 | 77.4 | 58.7 | 5.7 | 172.7 | -37.9 | 12 |
| 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 | 13 |
| Nonfinancial corporate business; net lending (+) or borrowing (-) (financial account) | FA105000005 | -70.5 | 78.7 | -134.1 | -719.3 | 42.9 | 13.7 | 126.0 | 294.8 | -424.3 | 14 |
| Nonfinancial corporate business; total financial assets | FA104090005 | 2683.6 | 1458.0 | 325.5 | -1115.7 | 110.5 | 798.3 | 1508.8 | 1072.7 | 963.9 | 15 |
| Nonfinancial corporate business; checkable deposits and currency; asset | FA103020005 | -54.6 | -79.6 | 282.9 | 182.3 | 193.6 | 425.7 | 329.8 | -2.2 | 41.1 | 16 |
| Nonfinancial corporate business; total time and savings deposits; asset | FA103030003 | 17.3 | 133.0 | -13.5 | -4.4 | -16.6 | -75.2 | 42.0 | -146.6 | -60.3 | 17 |
| 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 | 18 |
| Nonfinancial corporate business; money market fund shares; asset | FA103034000 | -73.5 | 135.7 | 88.5 | 44.7 | 39.0 | 112.0 | 158.2 | 116.2 | 43.8 | 19 |
| 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 | 20 |
| Nonfinancial corporate business; debt securities; asset | FA104022005 | -5.4 | 12.8 | 8.0 | 67.0 | -51.5 | 52.4 | -36.0 | 55.2 | -31.3 | 21 |
| 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 | 22 |
| Nonfinancial corporate business; Treasury securities; asset | FA103061103 | 21.2 | 19.9 | 13.6 | 4.5 | -63.9 | 86.2 | 27.5 | -4.6 | 12.0 | 23 |
| 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 | 24 |
| Nonfinancial corporate business; municipal securities; asset | FA103062003 | 4.3 | -4.1 | 0.7 | 0.8 | 1.3 | 0.6 | 0.1 | 1.1 | 1.7 | 25 |
| 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 | 26 |
| Nonfinancial corporate business; loans; asset | FA104023005 | -9.3 | 22.6 | 4.0 | 0.0 | 12.7 | 1.0 | 2.4 | 0.3 | -0.5 | 27 |
| Nonfinancial corporate business; total mortgages; asset | FA103065005 | -9.3 | 22.6 | 4.0 | 0.0 | 12.7 | 1.0 | 2.4 | 0.3 | -0.5 | 28 |
| Nonfinancial corporate business; consumer credit; asset | FA103066003 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 29 |
| 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 | 30 |
| 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 | 31 |
| 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 | 32 |
| Nonfinancial corporate business; equity in Fannie Mae and Farm Credit System; asset | FA103092405 | 0.1 | 0.2 | 0.2 | 0.3 | 0.2 | -0.1 | 0.3 | 0.4 | -0.3 | 33 |
| 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 | 34 |
| Nonfinancial corporate business; trade receivables; asset | FA103070005 | 462.5 | 332.2 | 87.7 | -500.1 | 462.4 | -13.0 | 401.5 | 569.1 | 543.8 | 35 |
| Nonfinancial corporate business; total miscellaneous assets | FA103090005 | 2212.4 | 787.1 | -68.3 | -926.0 | -314.7 | 473.4 | 494.2 | 507.3 | 387.6 | 36 |
| Nonfinancial corporate business; total liabilities and equity | FA104194005 | 2754.1 | 1379.3 | 459.6 | -396.4 | 67.6 | 784.6 | 1382.8 | 777.9 | 1388.1 | 37 |
| Nonfinancial corporate business; total liabilities | FA104190005 | 3086.4 | 1716.0 | 623.2 | -24.5 | 405.6 | 945.4 | 1166.3 | 1122.3 | 1597.8 | 38 |
| 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 | 39 |
| 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 | 40 |
| Nonfinancial corporate business; municipal securities; liability (4) | FA103162000 | 0.8 | -1.3 | 13.1 | 26.8 | 29.4 | 20.8 | -24.8 | 33.3 | 43.2 | 41 |
| 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 | 42 |
| Nonfinancial corporate business; loans; liability | FA104123005 | 465.4 | 9.7 | 183.1 | 127.6 | 375.5 | 176.3 | 52.9 | 282.4 | 472.8 | 43 |
| Nonfinancial corporate business; depository institution loans n.e.c.; liability | FA103168005 | 136.3 | -11.7 | 35.3 | 40.3 | 130.7 | -52.8 | 22.9 | 72.8 | 237.8 | 44 |
| Nonfinancial corporate business; other loans and advances; liability (5) | FA103169005 | 194.3 | -34.5 | 107.6 | 24.4 | 219.5 | 146.1 | 40.5 | 143.4 | 176.3 | 45 |
| Nonfinancial corporate business; total mortgages; liability | FA103165005 | 134.8 | 55.9 | 40.1 | 62.9 | 25.3 | 82.9 | -10.5 | 66.2 | 58.7 | 46 |
| Nonfinancial corporate business; foreign direct investment in U.S.: intercompany debt; liability (market value) | FA103192305 | 58.7 | -27.5 | 23.7 | 5.6 | 108.0 | 16.2 | -35.0 | -30.0 | -90.8 | 47 |
| Nonfinancial corporate business; trade payables; liability | FA103170005 | 400.9 | 257.0 | 98.4 | -307.7 | 252.1 | 122.9 | 326.5 | 723.7 | 376.8 | 48 |
| Nonfinancial corporate business; total taxes payable; liability | FA103178005 | 15.8 | -15.9 | -13.0 | 65.4 | -133.3 | -4.4 | 20.1 | 345.9 | -401.8 | 49 |
| Nonfinancial corporate business; total miscellaneous liabilities | FA103190005 | 2067.2 | 1264.9 | 67.8 | -467.3 | -487.5 | 307.4 | 918.7 | -832.7 | 1153.2 | 50 |
| Private pension funds; pension fund contributions receivable; asset | FA573074005 | 2.4 | 4.1 | 3.7 | 3.5 | 3.4 | 3.7 | 4.1 | 4.2 | 3.3 | 51 |
| Private defined benefit pension funds; claims of pension fund on sponsor; asset | FA573073005 | 161.5 | 224.1 | 159.2 | 158.5 | 154.7 | 157.7 | 165.9 | 159.4 | 169.6 | 52 |
| Nonfinancial corporate business; unidentified miscellaneous liabilities | FA103193005 | 1903.4 | 1036.8 | -95.1 | -629.3 | -645.6 | 146.0 | 748.7 | -996.4 | 980.2 | 53 |
| Nonfinancial corporate business; equity and investment fund shares excluding mutual fund shares and money market fund shares; liability | FA103181105 | -332.3 | -336.7 | -163.6 | -372.0 | -338.1 | -160.8 | 216.5 | -344.4 | -209.7 | 54 |
| 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 | 55 |
| Nonfinancial corporate business; foreign direct investment in U.S.; liability (market value) | FA103192105 | 233.4 | 281.1 | 234.3 | 213.8 | 197.9 | 207.3 | 318.1 | 189.5 | 307.1 | 56 |
| Nonfinancial corporate business; sector discrepancy | FA107005005 | -87.7 | 69.4 | 307.8 | 816.0 | 64.7 | 128.4 | 221.9 | -302.6 | 581.1 | 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 | 210.5 | -14.4 | -81.0 | 20.2 | -92.2 | -86.9 | -165.1 | 64.6 | -406.4 | 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: September 11, 2025