Financial Accounts of the United States - Z.1
F.102 Nonfinancial business1
Billions of dollars; quarterly figures are seasonally adjusted annual rates
| Line | Description | Series | 2023 | 2024 | 2025 | 2024:Q3 | 2024:Q4 | 2025:Q1 | 2025:Q2 | 2025:Q3 | 2025:Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Line 1 | Income before taxes | FA146110005 | 4852.1 | 5164.4 | 5109.1 | 5173.9 | 5305.2 | 5000.1 | 5030.8 | 5196.7 | 5208.6 |
| Line 2 | Gross saving less net capital transfers paid | FA146000105 | 3367.1 | 3455.5 | 3690.7 | 3497.6 | 3633.7 | 3614.0 | 3583.3 | 3751.1 | 3814.3 |
| Line 3 | Gross investment | FA145090005 | 3399.4 | 3322.2 | 3416.0 | 3402.0 | 3644.1 | 3799.8 | 2989.5 | 3297.6 | 3586.4 |
| Line 4 | Capital expenditures | FA145050005 | 3465.9 | 3584.8 | 3703.5 | 3654.5 | 3554.5 | 3818.9 | 3610.4 | 3652.2 | 3732.4 |
| Line 5 | Fixed investment | FA145019005 | 3414.9 | 3534.5 | 3689.7 | 3574.7 | 3540.6 | 3610.4 | 3660.2 | 3716.6 | 3771.9 |
| Line 6 | Residential | FA145012005 | 209.1 | 211.6 | 207.8 | 211.2 | 212.4 | 217.1 | 214.2 | 202.7 | 197.3 |
| Line 7 | Nonresidential | FA145013005 | 3205.9 | 3322.9 | 3481.9 | 3363.5 | 3328.2 | 3393.2 | 3446.0 | 3513.8 | 3574.5 |
| Line 8 | Change in inventories | FA145020005 | 53.7 | 53.5 | 17.9 | 83.3 | 17.8 | 212.2 | -45.8 | -59.7 | -35.3 |
| Line 9 | Nonproduced nonfinancial assets | FA105420005 | -2.7 | -3.2 | -4.1 | -3.5 | -3.9 | -3.7 | -4.0 | -4.6 | -4.2 |
| Line 10 | Net lending (+) or net borrowing (-) | FA145000005 | -66.5 | -262.6 | -287.5 | -252.5 | 89.6 | -19.1 | -620.8 | -354.7 | -146.0 |
| Line 11 | Net acquisition of financial assets | FA144090005 | 1669.0 | 580.1 | 1166.1 | 949.5 | 1897.1 | 1073.4 | 1073.3 | 1118.3 | 1399.5 |
| Line 12 | Checkable deposits and currency | FA143020005 | -67.6 | 309.8 | 67.7 | 417.6 | 365.0 | 36.1 | 13.8 | 217.2 | 3.7 |
| Line 13 | Time and savings deposits | FA143030005 | 168.0 | 21.0 | 24.8 | -43.9 | 87.7 | -109.6 | -36.9 | 127.9 | 117.8 |
| Line 14 | Other deposits (foreign deposits) | FA103091003 | 44.8 | -32.7 | -20.8 | -95.3 | -61.1 | 34.2 | -8.4 | -59.5 | -49.3 |
| Line 15 | Money market fund shares | FA143034005 | 139.0 | 91.9 | 129.4 | 115.8 | 162.5 | 119.8 | 46.0 | 143.8 | 208.1 |
| Line 16 | Security repurchase agreements | FA102051003 | -3.1 | 18.9 | 26.2 | 23.1 | 47.0 | 40.9 | -8.3 | 60.0 | 12.2 |
| Line 17 | Debt securities | FA144022005 | 12.8 | 14.2 | 23.1 | 50.3 | -19.8 | 50.4 | -32.1 | 52.4 | 21.8 |
| Line 18 | Commercial paper | FA103069100 | -7.0 | -3.3 | 9.1 | -46.3 | -71.3 | 63.0 | -46.2 | 30.5 | -10.7 |
| Line 19 | Treasury securities | FA143061105 | 19.9 | 16.0 | 8.7 | 70.9 | 43.1 | -10.7 | 10.0 | 16.9 | 18.3 |
| Line 20 | Agency- and GSE-backed securities | FA103061703 | 6.6 | 3.5 | 3.0 | 29.8 | 5.9 | -4.8 | 2.9 | 6.4 | 7.6 |
| Line 21 | Municipal securities | FA143062005 | -4.1 | 1.3 | 2.3 | 0.6 | 0.5 | 2.3 | 3.4 | 0.7 | 2.8 |
| Line 22 | Corporate bonds (held by equity REITs) | FA123063003 | -2.6 | -3.2 | 0.0 | -4.8 | 2.0 | 0.6 | -2.2 | -2.0 | 3.7 |
| Line 23 | Loans | FA144023005 | 23.9 | 5.3 | -0.7 | 2.5 | 3.6 | 1.9 | 0.4 | 2.8 | -8.0 |
| Line 24 | Mortgages | FA143065005 | 23.9 | 5.3 | -0.7 | 2.5 | 3.6 | 1.9 | 0.4 | 2.8 | -8.0 |
| Line 25 | Consumer credit | FA143066005 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 26 | U.S. direct investment abroad: intercompany debt | FA103092305 | 35.7 | -11.9 | -121.4 | -106.8 | 197.7 | -161.9 | -199.1 | -6.3 | -118.3 |
| Line 27 | Corporate equities | FA103064103 | -87.2 | -324.2 | -108.2 | -334.3 | -341.2 | -108.2 | -108.2 | -108.2 | -108.2 |
| Line 28 | U.S. direct investment abroad: equity | FA103092105 | 164.9 | 259.7 | 262.8 | 316.7 | 246.5 | 486.2 | 67.4 | 340.2 | 112.8 |
| Line 29 | Equity in GSEs | FA143092405 | 3.4 | 1.0 | 0.7 | -0.5 | 2.3 | -0.9 | 0.8 | 0.8 | 2.0 |
| Line 30 | Mutual fund shares | FA103064203 | -41.1 | 41.9 | 41.9 | 41.9 | 41.9 | 41.9 | 41.9 | 41.9 | 41.9 |
| Line 31 | Trade receivables | FA143070005 | 360.7 | 118.0 | 495.7 | 8.0 | 451.7 | 599.5 | 546.3 | 388.7 | 448.4 |
| Line 32 | Miscellaneous assets | FA143090005 | 914.7 | 67.4 | 344.9 | 554.5 | 713.0 | 43.1 | 749.6 | -83.1 | 714.7 |
| Line 33 | Net increase in liabilities and equity | FA144194005 | 1735.5 | 842.7 | 1453.7 | 1202.0 | 1807.4 | 1092.5 | 1694.1 | 1473.0 | 1545.6 |
| Line 34 | Net increase in liabilities | FA144190005 | 1995.1 | 942.3 | 1539.5 | 1278.0 | 1600.9 | 1243.5 | 1902.6 | 1512.4 | 1499.4 |
| Line 35 | Debt securities | FA104122005 | 227.6 | 266.2 | 272.3 | 327.1 | -102.4 | 640.1 | 83.5 | 272.9 | 92.7 |
| Line 36 | Commercial paper | FA103169100 | 20.4 | -21.6 | 18.7 | -166.3 | 15.6 | 115.6 | 160.4 | -107.9 | -93.3 |
| Line 37 | Municipal securities | FA103162000 | -1.3 | 13.1 | 15.3 | 20.9 | -24.8 | 33.4 | 43.4 | -5.2 | -10.4 |
| Line 38 | Corporate bonds | FA103163005 | 208.5 | 274.8 | 238.3 | 472.5 | -93.2 | 491.1 | -120.3 | 386.0 | 196.4 |
| Line 39 | Loans | FA144123005 | 202.5 | 376.5 | 548.9 | 373.8 | 304.5 | 448.1 | 750.3 | 568.2 | 429.2 |
| Line 40 | Depository institution loans n.e.c. | FA143168005 | -22.5 | 45.4 | 119.4 | -43.8 | 60.4 | 110.2 | 284.3 | -11.7 | 94.7 |
| Line 41 | Other loans and advances | FA143169005 | 6.8 | 136.7 | 164.3 | 181.6 | 82.1 | 143.1 | 224.6 | 253.8 | 35.6 |
| Line 42 | Mortgages | FA143165005 | 218.2 | 194.5 | 265.3 | 236.0 | 162.0 | 194.7 | 241.4 | 326.1 | 299.0 |
| Line 43 | Foreign direct investment: intercompany debt | FA143192305 | -28.1 | 23.4 | -14.5 | 15.9 | -35.5 | -7.3 | -15.1 | -29.2 | -6.5 |
| Line 44 | Trade payables | FA143170005 | 281.4 | 130.4 | 468.3 | 166.3 | 354.9 | 748.4 | 386.4 | 366.3 | 372.2 |
| Line 45 | Taxes payable | FA143178005 | -10.5 | -5.4 | -33.7 | 0.5 | 36.3 | 356.0 | -401.2 | -142.3 | 52.6 |
| Line 46 | Miscellaneous liabilities | FA143190005 | 1322.1 | 151.2 | 298.2 | 394.4 | 1043.1 | -941.8 | 1098.8 | 476.5 | 559.2 |
| Line 47 | Net equity issues | FA143181105 | -259.6 | -99.5 | -85.8 | -76.0 | 206.5 | -150.9 | -208.5 | -39.4 | 46.2 |
| Line 48 | Corporate equities | FA103164105 | -611.0 | -406.5 | -333.0 | -351.2 | -126.2 | -376.4 | -403.6 | -391.1 | -160.7 |
| Line 49 | Foreign direct investment: equity | FA143192105 | 295.8 | 232.2 | 295.7 | 208.4 | 318.0 | 193.0 | 322.3 | 357.5 | 300.6 |
| Line 50 | Equity in noncorporate business | FA112090205 | 55.6 | 74.7 | -48.6 | 66.9 | 14.7 | 32.4 | -127.2 | -5.8 | -93.7 |
| Line 51 | Discrepancy | FA107005005 | -32.3 | 133.3 | 274.7 | 95.6 | -10.4 | -185.8 | 593.8 | 453.5 | 227.9 |
Note:
- Sum of nonfinancial corporate business and nonfinancial noncorporate business.
Last Update: 2026-03-19