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 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | 2025 Q3 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nonfinancial corporate business; corporate profits before tax excluding IVA and CCAdj | FA106060005 | 2475.7 | 2704.1 | 2920.2 | 2911.8 | 2921.3 | 3015.8 | 2668.1 | 2696.1 | 2849.1 | 1 |
| Nonfinancial corporate business; taxes on corporate income | FA106231005 | 471.8 | 486.9 | 540.2 | 543.0 | 536.3 | 556.4 | 516.7 | 514.5 | 538.5 | 2 |
| Nonfinancial corporate business; net dividends paid | FA106121075 | 1268.7 | 1385.6 | 1539.6 | 1460.7 | 1549.5 | 1570.5 | 1504.5 | 1295.9 | 1360.3 | 3 |
| Nonfinancial corporate business; inventory valuation adjustment (IVA) | FA105020601 | -161.5 | 33.0 | -8.9 | 7.3 | 7.3 | -41.0 | -23.8 | -43.3 | -95.9 | 4 |
| Nonfinancial corporate business; capital consumption allowance (1) | FA106300015 | 2006.1 | 1978.2 | 2010.1 | 1994.8 | 2024.9 | 2054.8 | 2371.7 | 2402.6 | 2435.8 | 5 |
| Nonfinancial corporate business; foreign earnings retained abroad | FA106006065 | 55.2 | 49.8 | 92.8 | -5.3 | 68.4 | 178.5 | 52.8 | -172.7 | -67.9 | 6 |
| Nonfinancial corporate business; net capital transfers paid (2) | FA105440005 | 30.3 | -0.8 | -16.8 | 0.5 | -47.9 | -27.7 | -28.3 | 1.9 | 3.3 | 7 |
| Nonfinancial corporate business; gross saving including foreign earnings retained abroad less net capital transfers paid | FA106000105 | 2604.8 | 2893.4 | 2951.2 | 2904.3 | 2984.0 | 3109.0 | 3075.8 | 3070.4 | 3219.1 | 8 |
| Nonfinancial corporate business; gross investment | FA105090005 | 2766.6 | 2930.4 | 2807.2 | 3050.3 | 2900.0 | 3090.9 | 3234.6 | 2453.6 | 2377.0 | 9 |
| Nonfinancial corporate business; total capital expenditures | FA105050005 | 2814.6 | 2851.4 | 2956.1 | 2986.8 | 3012.8 | 2936.7 | 3165.2 | 2993.2 | 3035.4 | 10 |
| Nonfinancial corporate business; gross fixed investment (3) | FA105019005 | 2548.8 | 2810.2 | 2914.3 | 2907.8 | 2947.4 | 2929.3 | 2991.8 | 3041.9 | 3102.0 | 11 |
| Nonfinancial corporate business; inventories including IVA | FA105020005 | 160.3 | 43.9 | 45.0 | 81.5 | 68.9 | 11.4 | 177.0 | -44.6 | -62.6 | 12 |
| Nonfinancial corporate business; acquisition of nonproduced nonfinancial assets (net) | FA105420005 | 105.4 | -2.7 | -3.2 | -2.5 | -3.5 | -3.9 | -3.7 | -4.0 | -4.0 | 13 |
| Nonfinancial corporate business; net lending (+) or borrowing (-) (financial account) | FA105000005 | -48.0 | 79.1 | -148.8 | 63.5 | -112.9 | 154.2 | 69.5 | -539.6 | -658.4 | 14 |
| Nonfinancial corporate business; total financial assets | FA104090005 | 2683.0 | 1457.9 | 329.4 | 130.7 | 709.4 | 1593.7 | 851.7 | 926.4 | 485.3 | 15 |
| Nonfinancial corporate business; checkable deposits and currency; asset | FA103020005 | -54.6 | -79.6 | 280.2 | 193.6 | 399.5 | 345.2 | 23.3 | 5.5 | 202.0 | 16 |
| Nonfinancial corporate business; total time and savings deposits; asset | FA103030003 | 17.3 | 133.0 | -15.5 | -16.6 | -83.4 | 42.2 | -147.0 | -60.9 | 82.6 | 17 |
| Nonfinancial corporate business; private foreign deposits; asset | FA103091003 | 34.7 | 44.8 | -32.7 | 35.3 | -95.3 | -61.1 | 34.2 | -8.4 | -59.5 | 18 |
| Nonfinancial corporate business; money market fund shares; asset | FA103034000 | -73.5 | 135.7 | 88.5 | 39.0 | 112.0 | 158.2 | 116.2 | 43.8 | 139.5 | 19 |
| Nonfinancial corporate business; security repurchase agreements; asset | FA102051003 | 3.4 | -3.1 | 18.9 | -24.3 | 23.1 | 47.0 | 40.9 | -8.3 | 60.0 | 20 |
| Nonfinancial corporate business; debt securities; asset | FA104022005 | -5.4 | 12.7 | 11.1 | -50.6 | 63.4 | -36.1 | 56.6 | -33.0 | 53.2 | 21 |
| Nonfinancial corporate business; commercial paper; asset | FA103069100 | -39.4 | -7.0 | -3.3 | 42.4 | -46.3 | -71.3 | 63.0 | -46.2 | 30.5 | 22 |
| Nonfinancial corporate business; Treasury securities; asset | FA103061103 | 21.2 | 19.9 | 12.9 | -63.9 | 83.9 | 27.2 | -4.2 | 9.3 | 17.5 | 23 |
| Nonfinancial corporate business; agency- and GSE-backed securities; asset | FA103061703 | 5.8 | 6.6 | 3.5 | -22.0 | 29.8 | 5.9 | -4.8 | 2.9 | 6.4 | 24 |
| Nonfinancial corporate business; municipal securities; asset | FA103062003 | 4.3 | -4.1 | 1.1 | 2.1 | 0.8 | 0.2 | 2.0 | 3.1 | 0.9 | 25 |
| Equity real estate investment trusts; corporate and foreign bonds; asset | FA123063003 | 2.7 | -2.6 | -3.2 | -9.2 | -4.8 | 2.0 | 0.6 | -2.2 | -2.0 | 26 |
| Nonfinancial corporate business; loans; asset | FA104023005 | -9.3 | 22.6 | 4.0 | 12.7 | 1.0 | 2.4 | 0.3 | -0.5 | 1.1 | 27 |
| Nonfinancial corporate business; total mortgages; asset | FA103065005 | -9.3 | 22.6 | 4.0 | 12.7 | 1.0 | 2.4 | 0.3 | -0.5 | 1.1 | 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 | -120.8 | -106.8 | 197.7 | -162.0 | -139.1 | -66.5 | 30 |
| Nonfinancial corporate business; corporate equities; asset | FA103064103 | -136.2 | -87.2 | -331.4 | -323.7 | -341.6 | -348.7 | -146.7 | -146.7 | -146.7 | 31 |
| Nonfinancial corporate business; U.S. direct investment abroad: equity; asset (market value) | FA103092105 | 289.6 | 164.9 | 259.7 | 182.3 | 316.7 | 246.5 | 486.3 | 38.9 | 204.1 | 32 |
| Nonfinancial corporate business; equity in Fannie Mae and Farm Credit System; asset | FA103092405 | 0.1 | 0.2 | 0.2 | 0.2 | -0.1 | 0.3 | 0.5 | -0.2 | -0.2 | 33 |
| Nonfinancial corporate business; mutual fund shares; asset | FA103064203 | -19.8 | -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 | 88.2 | 462.4 | -24.2 | 414.7 | 569.0 | 526.8 | 351.8 | 35 |
| Nonfinancial corporate business; total miscellaneous assets | FA103090005 | 2211.9 | 787.0 | -71.6 | -300.7 | 403.2 | 543.4 | -61.7 | 666.8 | -377.9 | 36 |
| Nonfinancial corporate business; total liabilities and equity | FA104194005 | 2731.0 | 1378.8 | 478.2 | 67.2 | 822.3 | 1439.5 | 782.2 | 1466.0 | 1143.7 | 37 |
| Nonfinancial corporate business; total liabilities | FA104190005 | 3073.6 | 1713.4 | 641.4 | 394.6 | 977.8 | 1225.8 | 939.5 | 1523.8 | 1147.5 | 38 |
| Nonfinancial corporate business; debt securities; liability | FA104122005 | 78.8 | 227.8 | 264.1 | 290.7 | 327.0 | -112.9 | 628.3 | 88.7 | 300.7 | 39 |
| Nonfinancial corporate business; commercial paper; liability | FA103169100 | 59.3 | 20.4 | -21.6 | -18.5 | -166.3 | 15.6 | 145.9 | 190.7 | -77.6 | 40 |
| Nonfinancial corporate business; municipal securities; liability (4) | FA103162000 | 0.8 | -1.3 | 13.0 | 29.4 | 20.8 | -24.8 | 33.4 | 43.3 | -5.2 | 41 |
| Nonfinancial corporate business; corporate bonds; liability | FA103163005 | 18.7 | 208.7 | 272.7 | 279.8 | 472.5 | -103.7 | 449.0 | -145.3 | 383.6 | 42 |
| Nonfinancial corporate business; loans; liability | FA104123005 | 457.3 | 4.6 | 184.5 | 379.8 | 172.8 | 60.0 | 281.7 | 539.0 | 328.5 | 43 |
| Nonfinancial corporate business; depository institution loans n.e.c.; liability | FA103168005 | 138.0 | -13.4 | 35.4 | 130.0 | -52.7 | 23.6 | 73.2 | 242.0 | 31.7 | 44 |
| Nonfinancial corporate business; other loans and advances; liability (5) | FA103169005 | 194.3 | -34.4 | 111.2 | 225.9 | 148.0 | 46.5 | 144.4 | 212.9 | 196.9 | 45 |
| Nonfinancial corporate business; total mortgages; liability | FA103165005 | 125.0 | 52.4 | 38.0 | 23.9 | 77.6 | -10.2 | 64.1 | 84.1 | 99.9 | 46 |
| Nonfinancial corporate business; foreign direct investment in U.S.: intercompany debt; liability (market value) | FA103192305 | 58.7 | -27.5 | 23.7 | 108.0 | 16.2 | -35.0 | -6.1 | 15.2 | -42.1 | 47 |
| Nonfinancial corporate business; trade payables; liability | FA103170005 | 400.9 | 257.0 | 103.9 | 252.1 | 147.0 | 324.2 | 725.4 | 338.0 | 338.4 | 48 |
| Nonfinancial corporate business; total taxes payable; liability | FA103178005 | 15.8 | -15.9 | -10.7 | -133.3 | -4.7 | 29.7 | 349.7 | -408.9 | -149.3 | 49 |
| Nonfinancial corporate business; total miscellaneous liabilities | FA103190005 | 2062.2 | 1267.4 | 76.0 | -502.6 | 319.5 | 959.8 | -1039.5 | 951.9 | 371.3 | 50 |
| Private pension funds; pension fund contributions receivable; asset | FA573074005 | 2.4 | 4.1 | 3.8 | 3.5 | 4.0 | 4.0 | 4.1 | 3.6 | 5.6 | 51 |
| Private defined benefit pension funds; claims of pension fund on sponsor; asset | FA573073005 | 148.7 | 221.4 | 146.6 | 143.6 | 143.6 | 148.6 | 142.2 | 152.4 | 146.5 | 52 |
| Nonfinancial corporate business; unidentified miscellaneous liabilities | FA103193005 | 1911.1 | 1041.9 | -74.4 | -649.8 | 171.9 | 807.2 | -1185.7 | 795.9 | 219.2 | 53 |
| Nonfinancial corporate business; equity and investment fund shares excluding mutual fund shares and money market fund shares; liability | FA103181105 | -342.6 | -334.6 | -163.2 | -327.4 | -155.5 | 213.8 | -157.3 | -57.8 | -3.8 | 54 |
| Nonfinancial corporate business; corporate equities; liability | FA103164105 | -575.9 | -615.6 | -397.5 | -525.2 | -362.8 | -104.3 | -348.9 | -402.0 | -224.7 | 55 |
| Nonfinancial corporate business; foreign direct investment in U.S.; liability (market value) | FA103192105 | 233.4 | 281.1 | 234.3 | 197.8 | 207.3 | 318.1 | 191.6 | 344.2 | 220.9 | 56 |
| Nonfinancial corporate business; sector discrepancy | FA107005005 | -161.8 | -37.0 | 143.9 | -146.0 | 84.0 | 18.1 | -158.8 | 616.8 | 842.1 | 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 | 265.0 | 7.7 | 97.7 | 77.1 | 97.3 | 6.3 | 142.1 | -249.8 | -251.6 | 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: January 9, 2026