Financial Accounts of the United States - Z.1
F.5 Net capital transfers1
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 | Capital transfers paid, by sector | FA895410005 | 328.3 | 303.5 | 235.5 | 340.7 | 425.5 | 358.7 | 179.0 | 181.7 | 222.7 |
| Line 2 | By private business | FA825410005 | 0.0 | 38.8 | 43.6 | 60.3 | 69.2 | 116.6 | 9.4 | 9.4 | 39.0 |
| Line 3 | Financial corporations | FA795410005 | 0.0 | 26.0 | 29.1 | 46.8 | 57.1 | 109.5 | 2.3 | 2.3 | 2.3 |
| Line 4 | Disaster-related insurance benefits | FA515410073 | 0.0 | 24.3 | 26.8 | 42.3 | 54.9 | 107.2 | 0.0 | 0.0 | 0.0 |
| Line 5 | Other | FA795410003 | 0.0 | 1.7 | 2.3 | 4.5 | 2.2 | 2.3 | 2.3 | 2.3 | 2.3 |
| Line 6 | Nonfinancial corporations | FA105410003 | 0.0 | 12.9 | 14.4 | 13.5 | 12.1 | 7.0 | 7.0 | 7.0 | 36.6 |
| Line 7 | Noncorporate business | FA115410003 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 8 | By government | FA365410005 | 285.4 | 214.5 | 144.4 | 238.6 | 273.9 | 167.8 | 133.3 | 134.5 | 142.2 |
| Line 9 | Federal | FA315410005 | 285.4 | 211.0 | 144.1 | 234.6 | 263.9 | 167.8 | 133.3 | 134.5 | 140.8 |
| Line 10 | Investment grants to state and local govts. | FA215400033 | 88.1 | 117.9 | 107.2 | 101.1 | 181.0 | 107.6 | 105.0 | 107.4 | 108.9 |
| Line 11 | Disaster-related insurance benefits | FA315410073 | 0.0 | 9.0 | 0.0 | 22.0 | 14.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 12 | Financial stabilization payments2 | FA315410093 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 13 | Other capital transfers paid to business | FA315410043 | 46.7 | 19.1 | 7.4 | 47.5 | 11.5 | 20.1 | 5.1 | 3.7 | 0.8 |
| Line 14 | Other capital transfers paid to persons | FA315410053 | 143.0 | 55.2 | 20.8 | 48.6 | 50.1 | 31.9 | 15.0 | 17.9 | 18.6 |
| Line 15 | Capital transfers paid to rest of world (net) | FA315410063 | 7.6 | 9.9 | 8.6 | 15.4 | 7.3 | 8.2 | 8.1 | 5.5 | 12.6 |
| Line 16 | State and local | FA215410073 | 0.0 | 3.5 | 0.3 | 4.0 | 10.0 | 0.0 | 0.0 | 0.0 | 1.4 |
| Line 17 | Disaster-related insurance benefits | FA215410073 | 0.0 | 3.5 | 0.3 | 4.0 | 10.0 | 0.0 | 0.0 | 0.0 | 1.4 |
| Line 18 | By persons | FA155410035 | 42.9 | 37.5 | 38.7 | 36.1 | 37.3 | 38.8 | 36.4 | 37.9 | 41.5 |
| Line 19 | Estate and gift taxes, federal | FA315400053 | 34.9 | 29.7 | 30.4 | 28.3 | 29.2 | 30.6 | 28.1 | 29.6 | 33.2 |
| Line 20 | Estate and gift taxes, state and local | FA215400053 | 8.0 | 7.8 | 8.3 | 7.8 | 8.0 | 8.2 | 8.3 | 8.4 | 8.3 |
| Line 21 | By the rest of the world | FA265410005 | 0.0 | 12.7 | 8.9 | 5.7 | 45.1 | 35.5 | 0.0 | 0.0 | 0.0 |
| Line 22 | Disaster-related insurance benefits | FA265410073 | 0.0 | 12.7 | 8.9 | 5.7 | 45.1 | 35.5 | 0.0 | 0.0 | 0.0 |
| Line 23 | Other | FA265410003 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 24 | Capital transfers received, by sector | FA895400005 | 328.3 | 303.5 | 235.9 | 340.7 | 425.5 | 358.7 | 179.0 | 181.7 | 224.0 |
| Line 25 | By private business | FA825400005 | 46.7 | 39.7 | 19.9 | 77.8 | 63.7 | 67.4 | 5.1 | 3.7 | 3.5 |
| Line 26 | Financial corporations | FA795400005 | 45.9 | 1.2 | 0.4 | 1.5 | 3.1 | 1.7 | 0.0 | 0.0 | 0.1 |
| Line 27 | Disaster-related insurance benefits | FA515400073 | 0.0 | 1.2 | 0.4 | 1.5 | 3.1 | 1.7 | 0.0 | 0.0 | 0.0 |
| Line 28 | Other | FA795400003 | 45.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 |
| Line 29 | Nonfinancial corporations | FA105400005 | 0.8 | 29.6 | 11.4 | 61.4 | 39.7 | 35.3 | 5.1 | 3.7 | 1.7 |
| Line 30 | Disaster-related insurance benefits | FA105400073 | 0.0 | 10.5 | 3.8 | 13.9 | 28.2 | 15.2 | 0.0 | 0.0 | 0.0 |
| Line 31 | Other | FA105400003 | 0.8 | 19.1 | 7.7 | 47.5 | 11.5 | 20.1 | 5.1 | 3.7 | 1.7 |
| Line 32 | Noncorporate business | FA115400005 | 0.0 | 8.9 | 8.1 | 14.8 | 20.8 | 30.5 | 0.0 | 0.0 | 1.7 |
| Line 33 | Disaster-related insurance benefits | FA115400075 | 0.0 | 8.9 | 8.0 | 14.8 | 20.8 | 30.5 | 0.0 | 0.0 | 1.4 |
| Line 34 | Other | FA115400003 | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.3 |
| Line 35 | By government | FA365400005 | 131.0 | 167.3 | 163.2 | 159.3 | 242.2 | 161.3 | 150.8 | 154.6 | 185.9 |
| Line 36 | Federal | FA315400005 | 34.9 | 36.4 | 39.7 | 46.3 | 38.0 | 40.0 | 37.4 | 38.9 | 42.5 |
| Line 37 | Estate and gift taxes paid by persons | FA315400053 | 34.9 | 29.7 | 30.4 | 28.3 | 29.2 | 30.6 | 28.1 | 29.6 | 33.2 |
| Line 38 | Other | FA315400003 | 0.0 | 6.7 | 9.4 | 18.0 | 8.8 | 9.4 | 9.4 | 9.4 | 9.4 |
| Line 39 | State and local | FA215400005 | 96.1 | 130.9 | 123.5 | 113.0 | 204.1 | 121.3 | 113.4 | 115.7 | 143.4 |
| Line 40 | Disaster-related insurance benefits | FA215400073 | 0.0 | 3.4 | 1.4 | 4.1 | 9.6 | 5.5 | 0.0 | 0.0 | 0.0 |
| Line 41 | Estate and gift taxes paid by persons | FA215400053 | 8.0 | 7.8 | 8.3 | 7.8 | 8.0 | 8.2 | 8.3 | 8.4 | 8.3 |
| Line 42 | Investment grants paid by federal government | FA215400033 | 88.1 | 117.9 | 107.2 | 101.1 | 181.0 | 107.6 | 105.0 | 107.4 | 108.9 |
| Line 43 | Other | FA215400003 | 0.0 | 1.8 | 6.5 | 0.0 | 5.5 | 0.0 | 0.0 | 0.0 | 26.1 |
| Line 44 | By persons | FA155400005 | 143.0 | 86.7 | 44.2 | 88.3 | 112.4 | 121.8 | 15.0 | 17.9 | 22.0 |
| Line 45 | Disaster-related insurance benefits | FA155400073 | 0.0 | 25.5 | 22.5 | 39.6 | 62.2 | 89.9 | 0.0 | 0.0 | 0.0 |
| Line 46 | Other | FA155400003 | 143.0 | 61.2 | 21.7 | 48.6 | 50.1 | 31.9 | 15.0 | 17.9 | 22.0 |
| Line 47 | By the rest of the world | FA265400005 | 7.6 | 9.9 | 8.6 | 15.4 | 7.3 | 8.2 | 8.1 | 5.5 | 12.6 |
| Line 48 | Capital transfers paid by U.S. government | FA265400033 | 7.6 | 9.9 | 8.6 | 15.4 | 7.3 | 8.2 | 8.1 | 5.5 | 12.6 |
| Line 49 | Disaster-related insurance benefits | FA265400073 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 50 | Other | FA265400003 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Addenda: Net capital transfers paid by sector | |||||||||||
| Line 51 | By private business (lines 2-25) | FA825440005 | -46.7 | -0.9 | 23.6 | -17.5 | 5.5 | 49.1 | 4.2 | 5.6 | 35.5 |
| Line 52 | Financial corporations (lines 3-26) | FA795440005 | -45.9 | 24.8 | 28.7 | 45.2 | 53.9 | 107.9 | 2.3 | 2.3 | 2.2 |
| Line 53 | Property-casualty insurance companies | FA515440005 | 0.0 | 23.1 | 26.4 | 40.7 | 51.7 | 105.5 | 0.0 | 0.0 | 0.0 |
| Line 54 | Life insurance companies | FA545410003 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 55 | U.S.-chartered depository institutions | FA765440005 | 0.0 | 1.7 | 2.3 | 4.5 | 2.2 | 2.3 | 2.3 | 2.3 | 2.3 |
| Line 56 | Private pensions | FA575440043 | -45.9 | 0.0 | -0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -0.1 |
| Line 57 | Government-sponsored enterprises | FA405400033 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 58 | Finance companies | FA615410003 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 59 | Holding companies | FA735410003 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 60 | Holding companies (GMAC) | FA735400033 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 61 | Other financial business (AIG) | FA505400033 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 62 | Nonfinancial corporations (lines 6-29) | FA105440005 | -0.8 | -16.8 | 3.0 | -47.9 | -27.7 | -28.3 | 1.9 | 3.3 | 34.9 |
| Line 63 | Noncorporate business (lines 7-32) | FA115440005 | 0.0 | -8.9 | -8.1 | -14.8 | -20.8 | -30.5 | 0.0 | 0.0 | -1.7 |
| Line 64 | By government (lines 8-35) | FA365440005 | 154.4 | 47.2 | -18.7 | 79.3 | 31.7 | 6.5 | -17.5 | -20.2 | -43.7 |
| Line 65 | Federal (lines 9-36) | FA315440005 | 250.5 | 174.6 | 104.4 | 188.3 | 225.9 | 127.8 | 95.8 | 95.6 | 98.3 |
| Line 66 | State and local (lines 16-39) | FA215440005 | -96.1 | -127.4 | -123.1 | -109.0 | -194.1 | -121.3 | -113.4 | -115.7 | -142.0 |
| Line 67 | By persons (lines 18-44) | FA155440005 | -100.1 | -49.2 | -5.5 | -52.2 | -75.1 | -82.9 | 21.4 | 20.0 | 19.5 |
| Line 68 | By the rest of the world (lines 21-47) | FA265440005 | -7.6 | 2.9 | 0.3 | -9.6 | 37.9 | 27.4 | -8.1 | -5.5 | -12.6 |
Notes:
- This table is based on NIPA table 5.11 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov).
- Series treated as capital losses in the financial corporations sectors rather than as capital transfers in the Financial Accounts of the United States.
Last Update: 2026-03-19