Financial Accounts of the United States - Z.1
B.103 Nonfinancial corporate business
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
| Line | Description | Series | 2023 | 2024 | 2025 | 2024:Q3 | 2024:Q4 | 2025:Q1 | 2025:Q2 | 2025:Q3 | 2025:Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Line 1 | Assets | FL102000005 | 61154.6 | 63053.9 | 67845.6 | 62855.3 | 63053.9 | 63248.5 | 64685.7 | 66719.8 | 67845.6 |
| Line 2 | Nonfinancial assets | LM102010005 | 29717.9 | 30353.5 | 31567.3 | 30077.3 | 30353.5 | 30223.3 | 30204.4 | 31321.1 | 31567.3 |
| Line 3 | Real estate (market value) | LM105035005 | 15734.5 | 15757.4 | 16077.4 | 15628.8 | 15757.4 | 15420.4 | 15236.9 | 16060.3 | 16077.4 |
| Line 4 | Equipment (replacement cost) | LM105015205 | 6539.8 | 6779.3 | 7212.3 | 6743.5 | 6779.3 | 6836.4 | 6945.0 | 7097.5 | 7212.3 |
| Line 5 | Intellectual property products (replacement cost) | LM105013765 | 3947.8 | 4242.6 | 4586.5 | 4163.2 | 4242.6 | 4307.5 | 4371.9 | 4473.1 | 4586.5 |
| Line 6 | Inventories (replacement cost) | LM105020015 | 3495.9 | 3574.2 | 3691.1 | 3541.8 | 3574.2 | 3659.0 | 3650.5 | 3690.3 | 3691.1 |
| Line 7 | Financial assets | FL104090005 | 31436.7 | 32700.4 | 36278.3 | 32777.9 | 32700.4 | 33025.1 | 34481.3 | 35398.7 | 36278.3 |
| Line 8 | Checkable deposits and currency | FL103020005 | 1917.3 | 2197.3 | 2251.0 | 2136.6 | 2197.3 | 2139.5 | 2186.9 | 2283.8 | 2251.0 |
| Line 9 | Time and savings deposits | FL103030003 | 434.0 | 418.5 | 401.7 | 407.9 | 418.5 | 381.7 | 366.5 | 387.2 | 401.7 |
| Line 10 | Other deposits (foreign deposits) | FL103091003 | 245.8 | 213.0 | 192.3 | 228.3 | 213.0 | 221.6 | 219.5 | 204.6 | 192.3 |
| Line 11 | Money market fund shares | FL103034000 | 873.7 | 962.2 | 1087.7 | 913.3 | 962.2 | 979.7 | 986.6 | 1028.4 | 1087.7 |
| Line 12 | Security repurchase agreements | FL102051003 | 27.0 | 45.9 | 72.1 | 34.1 | 45.9 | 56.1 | 54.0 | 69.0 | 72.1 |
| Line 13 | Debt securities | LM104022005 | 400.1 | 408.5 | 438.1 | 421.1 | 408.5 | 418.6 | 414.3 | 430.2 | 438.1 |
| Line 14 | Commercial paper | FL103069100 | 209.8 | 206.6 | 215.7 | 221.6 | 206.6 | 214.9 | 207.0 | 215.3 | 215.7 |
| Line 15 | Treasury securities | LM103061103 | 111.4 | 122.1 | 135.7 | 119.9 | 122.1 | 124.1 | 126.6 | 131.9 | 135.7 |
| Line 16 | Agency- and GSE-backed securities | LM103061703 | 37.1 | 40.7 | 44.7 | 40.0 | 40.7 | 40.1 | 40.9 | 42.7 | 44.7 |
| Line 17 | Municipal securities | LM103062003 | 24.9 | 25.8 | 28.2 | 26.2 | 25.8 | 25.9 | 26.5 | 27.3 | 28.2 |
| Line 18 | Corporate bonds (held by equity REITs) | LM123063003 | 16.8 | 13.4 | 13.9 | 13.4 | 13.4 | 13.7 | 13.3 | 13.0 | 13.9 |
| Line 19 | Loans | FL104023005 | 141.2 | 145.1 | 142.8 | 144.6 | 145.1 | 145.2 | 145.1 | 145.4 | 142.8 |
| Line 20 | Mortgages | FL103065005 | 141.2 | 145.1 | 142.8 | 144.6 | 145.1 | 145.2 | 145.1 | 145.4 | 142.8 |
| Line 21 | Consumer credit | FL103066003 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 22 | U.S. direct investment abroad: intercompany debt | LM103092305 | -56.4 | -62.5 | -125.7 | -111.4 | -62.5 | -36.8 | -83.7 | -90.5 | -125.7 |
| Line 23 | Corporate equities | LM103064103 | 2913.8 | 3260.5 | 3658.5 | 3278.0 | 3260.5 | 3083.9 | 3377.0 | 3604.7 | 3658.5 |
| Line 24 | U.S. direct investment abroad: equity | LM103092105 | 7627.6 | 8105.3 | 10394.5 | 8656.8 | 8105.3 | 8478.8 | 9323.7 | 9904.9 | 10394.5 |
| Line 25 | Equity in GSEs | FL103092405 | 1.9 | 2.1 | 2.2 | 2.0 | 2.1 | 2.2 | 2.1 | 2.1 | 2.2 |
| Line 26 | Mutual fund shares | LM103064203 | 325.2 | 404.5 | 500.2 | 400.4 | 404.5 | 407.8 | 450.1 | 483.7 | 500.2 |
| Line 27 | Trade receivables | FL103070005 | 5244.7 | 5333.0 | 5794.8 | 5229.9 | 5333.0 | 5495.0 | 5602.3 | 5690.3 | 5794.8 |
| Line 28 | Miscellaneous assets | FL103090005 | 11340.7 | 11267.2 | 11468.1 | 11036.4 | 11267.2 | 11251.7 | 11436.9 | 11254.9 | 11468.1 |
| Line 29 | Total liabilities and equity | FL104194005 | 92807.0 | 106762.8 | 120414.6 | 104806.5 | 106762.8 | 102477.4 | 110482.7 | 117884.5 | 120414.6 |
| Line 30 | Liabilities | FL104190005 | 29646.0 | 30045.5 | 30913.8 | 29719.2 | 30045.5 | 30342.9 | 30562.2 | 30714.1 | 30913.8 |
| Line 31 | Debt securities | FL104122005 | 8253.2 | 8518.5 | 8790.8 | 8538.6 | 8518.5 | 8687.2 | 8685.2 | 8753.4 | 8790.8 |
| Line 32 | Commercial paper | FL103169100 | 218.0 | 196.3 | 215.0 | 192.0 | 196.3 | 235.9 | 253.9 | 229.9 | 215.0 |
| Line 33 | Municipal securities1 | FL103162000 | 623.4 | 636.4 | 651.7 | 637.5 | 636.4 | 642.8 | 652.8 | 648.5 | 651.7 |
| Line 34 | Corporate bonds | FL103163005 | 7411.9 | 7685.8 | 7924.1 | 7709.1 | 7685.8 | 7808.6 | 7778.5 | 7875.0 | 7924.1 |
| Line 35 | Loans | FL104123005 | 5122.1 | 5182.3 | 5391.8 | 5258.7 | 5182.3 | 5161.2 | 5244.6 | 5315.8 | 5391.8 |
| Line 36 | Depository institution loans n.e.c. | FL103168005 | 1243.5 | 1158.0 | 1137.5 | 1258.4 | 1158.0 | 1083.6 | 1102.1 | 1106.5 | 1137.5 |
| Line 37 | Other loans and advances | FL103169005 | 2528.1 | 2639.3 | 2809.6 | 2620.1 | 2639.3 | 2687.1 | 2734.4 | 2779.9 | 2809.6 |
| Line 38 | Mortgages | FL103165005 | 1350.5 | 1385.1 | 1444.7 | 1380.1 | 1385.1 | 1390.4 | 1408.0 | 1429.4 | 1444.7 |
| Line 39 | Foreign direct investment: intercompany debt | LM103192305 | 315.1 | 353.7 | 313.4 | 360.8 | 353.7 | 363.9 | 346.4 | 326.8 | 313.4 |
| Line 40 | Trade payables | FL103170005 | 3852.2 | 3956.1 | 4392.2 | 3884.1 | 3956.1 | 4094.3 | 4193.9 | 4315.6 | 4392.2 |
| Line 41 | Taxes payable | FL103178005 | 249.7 | 239.0 | 197.9 | 233.9 | 239.0 | 338.1 | 223.8 | 189.2 | 197.9 |
| Line 42 | Miscellaneous liabilities | FL103190005 | 11853.7 | 11795.9 | 11827.8 | 11443.0 | 11795.9 | 11698.2 | 11868.3 | 11813.3 | 11827.8 |
| Line 43 | Total equity (market value) | LM103181105 | 63161.0 | 76717.3 | 89500.8 | 75087.3 | 76717.3 | 72134.5 | 79920.5 | 87170.4 | 89500.8 |
| Line 44 | Corporate equities | LM103164105 | 51749.4 | 62735.9 | 73132.7 | 61385.1 | 62735.9 | 58814.4 | 65209.7 | 71340.1 | 73132.7 |
| Line 45 | Foreign direct investment: equity | LM103192105 | 11411.6 | 13981.4 | 16368.1 | 13702.2 | 13981.4 | 13320.2 | 14710.8 | 15830.2 | 16368.1 |
| Memo: | |||||||||||
| Line 46 | Net worth (assets minus liabilities) | FL102090005 | 31508.6 | 33008.4 | 36931.9 | 33136.1 | 33008.4 | 32905.6 | 34123.5 | 36005.7 | 36931.9 |
| Line 47 | Equity/net worth (percent)2 | FL103164106 | 200.5 | 232.4 | 242.3 | 226.6 | 232.4 | 219.2 | 234.2 | 242.1 | 242.3 |
| Line 48 | Debt/equity (percent)2 | FL104104016 | 21.2 | 17.9 | 15.8 | 18.4 | 17.9 | 19.2 | 17.4 | 16.1 | 15.8 |
| Line 49 | Debt/net worth (percent)2 | FL104104006 | 42.4 | 41.5 | 38.4 | 41.6 | 41.5 | 42.1 | 40.8 | 39.1 | 38.4 |
| With nonfinancial assets stated at historical cost: | |||||||||||
| Line 50 | Assets (sum of lines 7 and 51) | FL102000115 | 51328.5 | 53524.9 | 58076.2 | 53353.4 | 53524.9 | 54194.4 | 55900.7 | 57077.7 | 58076.2 |
| Line 51 | Nonfinancial assets | FL102010115 | 19891.8 | 20824.5 | 21797.9 | 20575.4 | 20824.5 | 21169.3 | 21419.4 | 21679.0 | 21797.9 |
| Line 52 | Real estate | FL105035045 | 7743.5 | 8186.1 | 8549.8 | 8066.5 | 8186.1 | 8285.1 | 8368.6 | 8469.5 | 8549.8 |
| Line 53 | Equipment | FL105013213 | 5718.1 | 5955.7 | 6256.2 | 5897.7 | 5955.7 | 6025.5 | 6100.9 | 6178.3 | 6256.2 |
| Line 54 | Intellectual property products | FL105013715 | 3591.9 | 3851.5 | 4124.0 | 3789.7 | 3851.5 | 3914.1 | 3981.9 | 4051.5 | 4124.0 |
| Line 55 | Inventories | FL105020000 | 2838.3 | 2831.2 | 2868.0 | 2821.6 | 2831.2 | 2944.7 | 2968.0 | 2979.6 | 2868.0 |
| Line 56 | Net worth (historical cost) (line 50 less line 30) | FL102090115 | 21682.5 | 23479.3 | 27162.4 | 23634.2 | 23479.3 | 23851.6 | 25338.5 | 26363.6 | 27162.4 |
| Historical-cost value of structures: | |||||||||||
| Line 57 | Residential | FL105012613 | 153.3 | 162.5 | 171.1 | 160.3 | 162.5 | 164.8 | 166.9 | 169.0 | 171.1 |
| Line 58 | Nonresidential | FL105013613 | 6889.9 | 7284.0 | 7638.7 | 7189.8 | 7284.0 | 7377.4 | 7466.7 | 7553.8 | 7638.7 |
Notes:
- 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.
- Debt is calculated as the sum of debt securities (line 31) and loans (line 35). Equity is total equity (line 43).
Last Update: 2026-03-19