S.65.a Other financial business1

Billions of dollars

Line Description Series 2018 2019 2020 2021 2022 2023 2024 2025
Current account
Line 1 Gross value added FA856902505 590.3 651.4 711.9 856.3 846.8 789.0 843.5
Line 2 Less: Consumption of fixed capital FA856330085 145.6 153.1 158.2 166.4 182.3 194.5 205.8 367.8
Line 3 Equals: Net value added FA856902605 444.7 498.3 553.7 689.9 664.5 594.5 637.8
Line 4 Compensation of employees (paid) FA856025005 452.5 474.7 510.1 575.8 587.7 607.4 653.0
Line 5 Wages and salaries FA856020005 382.4 404.8 439.8 501.5 511.8 524.2 562.5
Line 6 Employers' social contributions FA856401005 70.1 69.9 70.2 74.3 75.9 83.2 90.5
Line 7 Taxes on production and imports less subsidies FA856240105 23.2 24.5 13.5 19.8 31.8 33.8 35.6
Line 8 Operating surplus, net FA856402105 -31.0 -0.8 30.2 94.3 45.0 -46.7 -50.8
Line 9 Net national income/Balance of primary incomes, net FA856140005 84.5 71.3 -68.9 74.2 81.1 281.3 376.1
Line 10 Operating surplus, net FA856402105 -31.0 -0.8 30.2 94.3 45.0 -46.7 -50.8
Line 11 Property income (received) FA856150105 1281.1 1302.0 979.5 1021.3 1502.9 2295.1 2621.5
Line 12 Interest FA856130105 856.4 954.0 647.3 606.6 1049.3 1843.9 2110.4
Line 13 Distributed income of corporations (dividends) FA856121105 448.8 331.9 318.6 390.1 425.3 466.3 498.5
Line 14 Reinvested earnings on U.S. direct investment abroad FA853092285 -24.1 16.0 13.6 24.6 28.4 -15.1 12.6
Line 15 Less: Uses of property income (paid) FA856150005 1165.6 1229.8 1078.6 1041.4 1466.8 1967.0 2194.6
Line 16 Interest FA856130005 752.7 807.6 518.9 458.2 821.9 1291.5 1466.9
Line 17 Distributed income of corporations FA856120005 409.1 412.3 550.7 563.9 645.9 666.6 723.3
Line 18 Dividends FA856121005 382.3 382.6 491.5 501.8 586.7 601.4 653.1
Line 19 Withdrawals from income of quasi-corporations2 FA856122005 26.8 29.7 59.2 62.1 59.2 65.2 70.2
Line 20 Reinvested earnings on foreign direct investment FA853192285 3.8 9.9 8.9 19.4 -1.0 8.9 4.5
Line 21 Rents on land and natural resources FA856112005 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Line 22 Net national income/Balance of primary incomes, net FA856140005 84.5 71.3 -68.9 74.2 81.1 281.3 376.1
Line 23 Less: Current taxes on income, wealth, etc. (paid) FA856220005 30.9 42.0 41.6 61.5 64.5 65.5 72.8
Line 24 Less: Other current transfers (paid) FA856403005 30.1 14.0 31.3 32.4 27.6 12.8 -1.5
Line 25 Equals: Disposable income, net FA856012005 23.6 15.4 -141.7 -19.7 -11.0 203.1 304.8
Line 26 Equals: Net saving FA856012005 23.6 15.4 -141.7 -19.7 -11.0 203.1 304.8
 
Capital account
Line 27 Net saving less capital transfers FA856006385 23.6 15.4 -141.7 -34.5 -12.7 203.1 303.1
Line 28 Net saving FA856012005 23.6 15.4 -141.7 -19.7 -11.0 203.1 304.8
Line 29 Less: Capital transfers paid (net) FA855440085 0.0 0.0 0.0 14.8 1.7 0.0 1.7
Line 30 Capital formation, net FA855015085 21.9 23.9 1.1 7.3 0.2 17.7 27.6
Line 31 Gross fixed capital formation (nonresidential) FA855013085 167.5 177.0 159.4 173.7 182.5 212.2 233.4
Line 32 Less: Consumption of fixed capital FA856330085 145.6 153.1 158.2 166.4 182.3 194.5 205.8 367.8
Line 33 Net lending (+) or borrowing (-), capital account (lines 27-30) FA855000995 1.6 -8.5 -142.9 -41.8 -12.9 185.4 275.5
 
Financial account
Line 34 Net lending (+) or borrowing (-) (line 33) FA855000995 1.6 -8.5 -142.9 -41.8 -12.9 185.4 275.5
Line 35 Net acquisition of financial assets FA854090005 1113.0 1906.4 2563.8 2881.8 937.8 2699.8 3122.9 3825.0
Line 36 Currency and deposits FA854000005 -2.7 54.9 166.5 -93.5 85.6 56.3 -12.6 68.0
Line 37 Debt securities FA854022005 680.5 879.1 1588.2 -268.4 -234.8 1955.3 1804.3 1873.5
Line 38 Open market paper FA853069175 -1.8 -18.4 -28.7 -21.0 137.1 -12.6 -25.6 97.1
Line 39 Treasury securities FA853061105 478.0 367.5 1433.6 -248.7 -579.8 1428.6 1145.7 863.7
Line 40 Agency- and GSE-backed securities3 FA853061705 31.6 271.8 -245.8 -566.4 315.5 450.8 266.9 419.6
Line 41 Municipal securities FA853062005 32.4 110.2 51.6 110.7 -99.9 22.8 77.9 97.7
Line 42 Corporate and foreign bonds FA853063005 140.3 148.0 377.5 457.0 -7.8 65.7 339.5 395.4
Line 43 Loans FA854035005 499.0 542.2 608.5 2479.1 1732.2 240.3 552.6 1246.6
Line 44 Short term FA854041005 148.9 232.5 -11.1 1526.3 1141.5 -54.2 196.2 841.8
Line 45 Long term FA814042005 350.2 309.7 619.5 952.7 590.7 294.5 356.4 404.8
Line 46 Equity and investment fund shares FA813081005 224.7 157.7 20.4 634.7 -231.9 248.0 493.7 83.1
Line 47 Corporate equities FA813064105 67.5 -64.9 -206.4 312.8 -12.0 134.1 326.8 -147.0
Line 48 Money market fund shares FA813034005 21.2 111.2 121.2 180.1 -229.5 21.0 64.8 120.6
Line 49 Equity in government-sponsored enterprises3 FA813092405 -0.2 -0.0 -0.5 -0.0 -0.0 -0.0 -0.0 0.0
Line 50 U.S. direct investment aboard: equity FA803092105 1.9 49.2 27.6 43.0 47.4 35.9 33.4 26.1
Line 51 Equity investment in subsidiaries FA793094605 134.3 62.2 78.4 98.9 -37.8 57.0 68.8 83.3
Line 52 Insurance, pension and standardized guarantee schemes FA733040005 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0
Line 53 Other accounts receivable FA853096005 -292.5 268.5 176.3 126.0 -417.2 195.9 280.9 549.8
Line 54 Net incurrence of liabilities FA854194005 956.6 1762.1 2551.3 2697.9 933.5 2528.5 2871.1 3425.8
Line 55 Currency and deposits FA403197033 -0.2 2.8 4.9 -1.0 -3.9 2.8 1.2 1.7
Line 56 Debt securities FA814122005 302.2 406.2 805.1 857.9 1064.1 457.8 564.1 621.7
Line 57 Agency- and GSE-backed securities3 FA423161705 246.9 318.6 658.2 612.9 979.4 297.0 298.3 256.8
Line 58 Corporate bonds FA813163005 59.8 53.6 172.2 256.9 21.8 194.3 243.8 271.7
Line 59 Commercial paper FA813169105 -4.4 34.0 -25.4 -11.9 62.9 -33.6 21.9 93.1
Line 60 Loans FA814135005 328.7 145.5 147.2 15.0 -127.2 394.6 304.0 878.8
Line 61 Short term FA814141005 351.6 155.8 137.7 11.3 -97.8 392.7 325.4 865.5
Line 62 Long term FA803192305 -22.9 -10.4 9.5 3.7 -29.4 2.0 -21.4 13.3
Line 63 Equity and investment fund shares FA853181005 405.3 1111.6 1144.6 1404.6 -95.1 1311.6 1782.4 1396.5
Line 64 Money market fund shares FA634090005 169.2 712.8 763.5 439.5 17.6 1134.5 885.6 947.0
Line 65 Corporate equity issues FA813164105 206.7 179.9 492.6 845.2 526.4 531.4 1056.8 1314.1
Line 66 Mutual fund shares FA653164205 -64.7 207.2 -230.5 217.7 -798.1 -310.8 -168.8 -777.8
Line 67 Equity in government-sponsored enterprises3 FA403192405 1.1 -3.7 -6.8 -0.9 20.0 4.1 -0.8 0.3
Line 68 Foreign direct investment in the U.S.: equity FA803192105 46.2 31.6 0.2 20.7 40.3 5.7 26.9 -0.0
Line 69 Equity in noncorporate business FA662090003 9.5 5.2 6.9 15.8 3.7 14.1 16.8 30.4
Line 70 Equity investment by parent FA803194605 37.3 -21.5 6.3 -42.2 100.9 -59.3 -30.2 -114.8
Line 71 Equity investment in Federal Reserve facilities FA503194205 0.0 0.0 112.5 -91.2 -5.9 -8.0 -3.9 -2.6
Line 72 Other accounts payable FA813196005 -79.4 96.0 449.5 421.5 95.5 361.7 219.4 527.1
 
Addendum:
Line 73 Net lending (+) or borrowing (-), financial account (lines 35-54) FA855000005 156.4 144.3 12.5 183.9 4.3 171.4 251.8 399.2
 
Other changes in volume account
Line 74 Total other volume changes FV858090185 173.6 162.6 158.9 255.1 -38.5 -10.5 -19.8
Line 75 Disaster losses FV812010095 -2.4 0.0 0.0 -0.4 -1.5 0.0 -0.8
Line 76 Other volume changes FV858090085 21.2 9.8 3.5 29.9 -54.2 3.6 4.6
Line 77 Less: Statistical discrepancy (lines 33-73)4 FU857005045 -154.7 -152.8 -155.4 -225.7 -17.3 14.0 23.6
 
Revaluation account
Line 78 Nonfinancial assets FR812010095 27.3 17.6 12.0 122.8 138.4 7.4 20.4
Line 79 Structures (nonresidential) FR815013665 25.3 18.5 8.4 87.7 108.3 1.1 13.3 15.4
Line 80 Equipment FR815013265 3.4 0.7 4.2 37.1 29.5 7.2 3.6 17.0
Line 81 Intellectual property products FR815013765 -1.4 -1.5 -0.6 -2.1 0.6 -0.9 3.5 -1.1
Line 82 Financial assets FR854090005 -1631.0 3592.4 2701.9 3300.4 -5658.2 3654.6 3330.0 4538.1
Line 83 Debt securities FR854022005 -213.1 404.2 187.6 -315.4 -1273.8 202.2 -50.2 235.6
Line 84 U.S. direct investment aboard: debt FR803092305 -0.1 -0.7 -0.0 -0.0 0.2 -0.8 0.1 15.6
Line 85 Corporate equities FR813064105 -1387.7 3188.9 2451.0 3338.0 -4481.0 3324.9 3388.2 4011.5
Line 86 U.S. direct investment aboard: equity FR803092105 -103.3 103.5 41.4 106.2 -201.4 94.1 30.2 232.4
Line 87 Other accounts receivable FR853096005 73.2 -103.5 21.9 171.7 297.8 34.2 -38.3 43.0
Line 88 Liabilities FR854194005 -2135.6 4475.0 2642.1 5200.3 -6558.3 4059.7 4819.3 5476.6
Line 89 Foreign direct investment in the U.S.: debt FR803192305 3.0 -2.9 -2.0 -2.7 -8.3 -1.6 4.4 8.3
Line 90 Corporate equity issues FR813164105 -924.8 1656.9 530.1 2704.7 -2309.8 1478.5 2479.7 2639.6
Line 91 Mutual fund shares FR653164205 -1164.4 2782.5 2133.6 2428.5 -4077.3 2577.1 2253.8 2728.5
Line 92 Foreign direct investment in the U.S.: equity FR803192105 -48.4 117.9 91.4 155.3 -190.6 130.4 137.6 119.2
Line 93 Equity in noncorporate business FR662090003 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Line 94 Equity investment by parent FR803194605 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Line 95 Other accounts payable FR813196005 -0.8 -79.3 -110.9 -85.6 27.7 -124.7 -56.3 -18.9
Line 96 Changes in net worth due to nominal holding gains/losses FR852090095 531.8 -865.0 71.8 -1777.1 1038.5 -397.7 -1469.0 -907.1
 
Changes in balance sheet account
Line 97 Change in net worth (lines 30+33+74+96) FC852090095 728.9 -687.0 88.9 -1556.5 987.3 -205.0 -1185.7 -495.2
 
Balance sheet account (end of period)
Line 98 Total assets FL852000095 43775.5 49385.4 54590.9 61661.3 57057.1 63470.8 69973.0 78392.4
Line 99 Nonfinancial assets5 LM812010095 1063.0 1098.1 1105.6 1227.2 1351.3 1364.2 1398.8
Line 100 Structures (nonresidential) LM815013665 493.3 511.2 517.0 599.7 701.3 697.5 705.4 714.0
Line 101 Equipment LM815013265 470.7 481.2 473.2 501.5 505.4 504.4 510.5 534.4
Line 102 Intellectual property products LM815013765 99.0 105.7 115.4 126.1 144.7 162.3 182.9 201.9
Line 103 Financial assets FL854090005 42712.5 48287.3 53485.3 60434.0 55705.8 62106.5 68574.1 76942.1
Line 104 Currency and deposits FL854000005 946.7 1001.5 1168.0 1107.3 1192.9 1241.1 1203.7 1268.8
Line 105 Debt securities FL854022005 9003.3 10304.0 12021.6 11418.8 9910.2 12159.3 13921.8 16033.7
Line 106 Open market paper FL853069175 379.8 377.9 292.2 320.2 458.1 537.4 521.1 621.0
Line 107 Treasury securities FL853061105 2738.8 3176.2 4665.7 4315.8 3393.5 4865.6 5976.9 6933.0
Line 108 Agency- and GSE-backed securities3 FL853061705 2153.2 2470.2 2214.3 1613.1 1814.1 2292.8 2574.0 3023.4
Line 109 Municipal securities FL853062005 990.4 1131.5 1189.6 1300.7 1065.4 1103.2 1168.2 1261.7
Line 110 Corporate and foreign bonds FL853063005 2741.1 3148.3 3659.7 3869.1 3179.1 3360.3 3681.6 4194.7
Line 111 Loans FL854035005 13994.8 14523.0 15124.3 18167.9 19753.7 19987.9 20576.4 21835.3
Line 112 Short term FL854041005 5156.6 5389.1 5378.1 7216.2 8213.7 8157.4 8392.5 9234.3
Line 113 Long term FL814042005 8838.1 9133.9 9746.2 10951.7 11540.0 11830.5 12183.9 12601.0
Line 114 Mortgages FL813065005 8819.8 9126.0 9742.4 10955.3 11548.9 11836.8 12191.1 12599.7
Line 115 U.S. direct investment abroad: debt FL803092305 18.3 7.8 3.8 -3.6 -9.0 -6.2 -7.1 1.3
Line 116 Equity and investment fund shares FL813081005 15797.3 19309.1 21819.5 25939.0 21019.4 24670.0 28591.6 32927.8
Line 117 Corporate equities LM813064105 12504.1 15628.2 17872.7 21565.4 17072.4 20531.4 24246.3 28110.8
Line 118 Money market fund shares FL813034005 429.4 600.8 722.1 902.1 672.7 693.6 758.4 879.0
Line 119 Equity in government-sponsored enterprises3 FL813092405 0.6 0.6 0.1 0.0 0.0 0.0 0.0 0.0
Line 120 U.S. direct investment aboard: equity FL803092105 484.4 676.8 765.8 908.3 707.9 845.7 923.6 1189.8
Line 121 Equity investment in subsidiaries FL793094605 2378.7 2402.7 2458.9 2563.1 2566.5 2599.3 2663.2 2748.1
Line 122 Insurance, pension and standardized guarantee schemes FL733040005 61.0 65.0 69.0 73.0 77.0 81.0 85.0 89.0
Line 123 Other accounts receivable FL853096005 2909.4 3084.7 3282.8 3728.0 3752.6 3967.2 4195.7 4787.4
Line 124 Total liabilities and net worth FL852100005 43775.5 49385.4 54590.9 61661.3 57057.1 63470.8 69973.0 78392.4
Line 125 Liabilities FL854194005 43837.4 50134.3 55250.9 63877.8 58286.4 64905.0 72592.9 81507.6
Line 126 Currency and deposits FL403197033 7.6 10.4 15.3 14.3 10.4 13.2 14.3 16.0
Line 127 Debt securities FL814122005 12868.6 13267.8 14066.9 15238.5 16301.5 16753.1 17315.8 17936.0
Line 128 Agency- and GSE-backed securities3 FL423161705 9089.6 9408.3 10066.5 10679.4 11658.8 11955.8 12254.1 12510.9
Line 129 Corporate bonds FL813163005 3457.7 3504.3 3670.5 4241.1 4261.9 4449.9 4692.5 4962.7
Line 130 Commercial paper FL813169105 321.3 355.3 329.9 318.0 380.9 347.4 369.3 462.4
Line 131 Loans FL814135005 3293.3 3435.9 3581.1 3698.0 3562.5 3955.5 4263.9 5151.0
Line 132 Short term FL814141005 3160.0 3315.9 3453.6 3569.5 3471.7 3864.3 4189.8 5055.3
Line 133 Long term FL803192305 133.3 120.0 127.5 128.5 90.8 91.2 74.2 95.7
Line 134 Equity and investment fund shares FL853181005 25759.5 31416.1 35299.7 41999.2 35360.9 40819.6 47463.6 54360.1
Line 135 Money market fund shares FL634090005 3289.7 4002.5 4765.9 5205.5 5223.1 6357.6 7243.2 8190.2
Line 136 Corporate equity issues LM813164105 7088.5 8933.0 9952.0 13501.9 11718.5 13704.0 17233.7 21187.4
Line 137 Mutual fund shares LM653164205 14669.8 17659.5 19562.6 22208.8 17333.4 19599.7 21684.7 23635.4
Line 138 Equity in government-sponsored enterprises3 FL403192405 52.2 48.6 41.8 40.9 60.8 64.9 64.1 64.5
Line 139 Foreign direct investment in the U.S.: equity FL803192105 261.0 428.8 530.3 707.3 550.4 694.8 861.5 987.3
Line 140 Equity in noncorporate business LM662090003 78.2 83.5 90.3 106.1 109.8 123.8 140.6 171.0
Line 141 Equity investment by parent FL803194605 320.1 260.3 244.3 207.5 349.6 267.3 232.3 123.5
Line 142 Equity investment in Federal Reserve facilities FL503194205 0.0 0.0 112.5 21.3 15.4 7.4 3.5 0.8
Line 143 Other accounts payable FL813196005 1908.4 2004.0 2287.9 2927.9 3051.1 3363.8 3535.3 4044.5
Line 144 Net worth FL852090095 -62.0 -748.9 -660.0 -2216.5 -1229.3 -1434.3 -2620.0 -3115.2

Notes:

  1. Includes the following sectors as defined in the Financial Accounts of the United States: Money Market Funds; Mutual Funds; Closed-End Funds; Exchange-Traded Funds; Government-Sponsored Enterprises; Agency- and GSE-Backed Mortgage Pools; Issuers of Asset-Backed Securities; Finance Companies; Mortgage REITs; Security Brokers and Dealers; Holding Companies; Other Financial Business.
  2. Consists of rental income of tenant-occupied housing and proprietors' income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records.
  3. Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the 2004:Q4.
  4. The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts.
  5. Excludes land. Includes corporate and noncorporate financial business.

Last Update: 2026-03-19