Federal Reserve Economic Data

Quarterly

B.103 Balance Sheet of Nonfinancial Corporate Business

The Financial Accounts (formerly known as the Flow of Funds accounts) are a set of financial accounts used to track the sources and uses of funds by sector. They are a component of a system of macroeconomic accounts including the National Income and Product accounts (NIPA) and balance of payments accounts, all of which serve as a comprehensive set of information on the economy’s performance.(1) Some important inferences that can be drawn from the Financial accounts are the financial strength of a given sector, new economic trends, changes in the composition of wealth, and development of new financial instruments over time.(1)
Sectors are compiled into three categories: households, nonfinancial businesses, and banks. The sources of funds for a sector are its internal funds (savings from income after consumption) and external funds (loans from banks and other financial intermediaries). (1) Funds for a given sector are used for its investments in physical and financial assets. Dividing sources and uses of funds into two categories helps the staff of the Federal Reserve System pay particular attention to external sources of funds and financial uses of funds.(2) One example is whether households are borrowing more from banks—or in other words, whether household debt is rising. Another example might be whether banks are using more of their funds to provide loans to consumers. Transactions within a sector are not shown in the accounts; however, transactions between sectors are.(2) Monitoring the external flows of funds provides insights into a sector’s health and the performance of the economy as a whole.
Data for the Financial accounts are compiled from a large number of reports and publications, including regulatory reports such as those submitted by banks, tax filings, and surveys conducted by the Federal Reserve System.(2) The Financial accounts are published quarterly as a set of tables in the Federal Reserve’s Z.1 statistical release.
(1) Teplin, Albert M. “The U.S. Flow of Funds Accounts and Their Uses.” Federal Reserve Bulletin, July 2001; http://www.federalreserve.gov/pubs/bulletin/2001/0701lead.pdf.
(2) Board of Governors of the Federal Reserve System. “Guide to the Flow of Funds Accounts.” 2000, http://www.federalreserve.gov/apps/fof/.

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    Q4 1945    
 
 
    Q2 2025
Line Name Period Value Preceding
Period 		Year Ago
from Period 		Units
With nonfinancial assets stated at either market value or replacement cost:
line 1
Assets 		Q2 2025 64,702.275 Billions of Dollars 63,349.422 Billions of Dollars 62,137.039 Billions of Dollars Bil. of $
line 2
Nonfinancial assets 		Q2 2025 30,119,238 Millions of Dollars 30,298,795 Millions of Dollars 30,096,016 Millions of Dollars Mil. of $
line 3
Real estate 		Q2 2025 15,023.395 Billions of Dollars 15,371.185 Billions of Dollars 15,758.156 Billions of Dollars Bil. of $
line 4
Equipment 		Q2 2025 7,035,538 Millions of Dollars 6,933,465 Millions of Dollars 6,736,545 Millions of Dollars Mil. of $
line 5
Intellectual property products 		Q2 2025 4,477,442 Millions of Dollars 4,403,697 Millions of Dollars 4,135,929 Millions of Dollars Mil. of $
line 6
Inventories 		Q2 2025 3,582,863 Millions of Dollars 3,590,448 Millions of Dollars 3,465,386 Millions of Dollars Mil. of $
line 7
Financial assets 		Q2 2025 34,583.037 Billions of Dollars 33,050.627 Billions of Dollars 32,041.023 Billions of Dollars Bil. of $
line 8
Foreign deposits 		Q2 2025 219.042 Billions of Dollars 220.815 Billions of Dollars 252.111 Billions of Dollars Bil. of $
line 9
Checkable deposits and currency 		Q2 2025 2,149.601 Billions of Dollars 2,101.816 Billions of Dollars 1,949.778 Billions of Dollars Bil. of $
line 10
Time and savings deposits 		Q2 2025 368.756 Billions of Dollars 383.826 Billions of Dollars 428.762 Billions of Dollars Bil. of $
line 11
Money market fund shares 		Q2 2025 986,564 Millions of Dollars 979,720 Millions of Dollars 878,236 Millions of Dollars Mil. of $
line 12
Security repurchase agreements 		Q2 2025 49.716 Billions of Dollars 54.195 Billions of Dollars 28.343 Billions of Dollars Bil. of $
line 13
Debt securities 		Q2 2025 411,256 Millions of Dollars 415,194 Millions of Dollars 397,627 Millions of Dollars Mil. of $
line 14
Commercial paper 		Q2 2025 204.162 Billions of Dollars 212.104 Billions of Dollars 232.276 Billions of Dollars Bil. of $
line 15
Treasury securities 		Q2 2025 127.804 Billions of Dollars 124.616 Billions of Dollars 94.760 Billions of Dollars Bil. of $
line 16
Agency- and GSE-backed securities 		Q2 2025 40.596 Billions of Dollars 39.534 Billions of Dollars 31.587 Billions of Dollars Bil. of $
line 17
Municipal securities 		Q2 2025 25.425 Billions of Dollars 25.237 Billions of Dollars 25.058 Billions of Dollars Bil. of $
line 18
Loans 		Q2 2025 145,174 Millions of Dollars 145,290 Millions of Dollars 144,369 Millions of Dollars Mil. of $
line 19
Mortgages 		Q2 2025 48.224 Billions of Dollars 48.169 Billions of Dollars 48.005 Billions of Dollars Bil. of $
line 20
Consumer credit 		Q2 2025 0.000 Billions of Dollars 0.000 Billions of Dollars 0.000 Billions of Dollars Bil. of $
line 21
Corporate equities 		Q2 2025 3,239,336 Millions of Dollars 3,005,871 Millions of Dollars 3,171,278 Millions of Dollars Mil. of $
line 22
Mutual fund shares 		Q2 2025 450.065 Billions of Dollars 407.826 Billions of Dollars 370.421 Billions of Dollars Bil. of $
line 23
Trade receivables 		Q2 2025 5,606.114 Billions of Dollars 5,494.540 Billions of Dollars 5,235.904 Billions of Dollars Bil. of $
line 24
U.S. direct investment abroad 		. . Millions of Dollars . Millions of Dollars . Millions of Dollars Mil. of $
line 25
Miscellaneous assets 		Q2 2025 11,499.403 Billions of Dollars 11,403.999 Billions of Dollars 11,051.072 Billions of Dollars Bil. of $
line 26
Liabilities 		Q2 2025 30,574.423 Billions of Dollars 30,322.820 Billions of Dollars 29,594.221 Billions of Dollars Bil. of $
line 27
Debt securities 		Q2 2025 8,653,843 Millions of Dollars 8,662,166 Millions of Dollars 8,425,991 Millions of Dollars Mil. of $
line 28
Commercial paper 		Q2 2025 254.175 Billions of Dollars 235.856 Billions of Dollars 211.891 Billions of Dollars Bil. of $
line 29
Municipal securities 		Q2 2025 650.888 Billions of Dollars 640.985 Billions of Dollars 633.474 Billions of Dollars Bil. of $
line 30
Corporate bonds 		Q2 2025 7,234.317 Billions of Dollars 7,289.641 Billions of Dollars 7,092.320 Billions of Dollars Bil. of $
line 31
Loans 		Q2 2025 5,311,644 Millions of Dollars 5,245,284 Millions of Dollars 5,309,412 Millions of Dollars Mil. of $
line 32
Depository institution loans n.e.c. 		Q2 2025 1,098.988 Billions of Dollars 1,084.040 Billions of Dollars 1,272.344 Billions of Dollars Bil. of $
line 33
Other loans and advances 		Q2 2025 2,766.936 Billions of Dollars 2,728.945 Billions of Dollars 2,640.017 Billions of Dollars Bil. of $
line 34
Mortgages 		Q2 2025 1,445.720 Billions of Dollars 1,432.299 Billions of Dollars 1,397.051 Billions of Dollars Bil. of $
line 35
Trade payables 		Q2 2025 4,197.759 Billions of Dollars 4,088.427 Billions of Dollars 3,810.405 Billions of Dollars Bil. of $
line 36
Taxes payable 		Q2 2025 222,266 Millions of Dollars 334,861 Millions of Dollars 232,462 Millions of Dollars Mil. of $
line 37
Foreign direct investment in U.S. 		. . Millions of Dollars . Millions of Dollars . Millions of Dollars Mil. of $
line 38
Miscellaneous liabilities 		Q2 2025 11,875.719 Billions of Dollars 11,656.181 Billions of Dollars 11,454.216 Billions of Dollars Bil. of $
line 39
Net worth (market value) 		Q2 2025 34,127.852 Billions of Dollars 33,026.602 Billions of Dollars 32,542.818 Billions of Dollars Bil. of $
Memo:
Replacement-cost value of structures:
line 40
Residential 		. . Millions of Dollars . Millions of Dollars . Millions of Dollars Mil. of $
line 41
Nonresidential 		. . Millions of Dollars . Millions of Dollars . Millions of Dollars Mil. of $
line 42
Market value of equities outstanding 		Q2 2025 65,714.942 Billions of Dollars 59,005.411 Billions of Dollars 58,607.170 Billions of Dollars Bil. of $
line 43
Debt/net worth (percent) (lines 27+31/line 39) 		Q2 2025 40.92108 Percent 42.10984 Percent 42.20717 Percent %
line 44
Debt/equities (percent) (lines 27+31/line 42) 		Q2 2025 17.33476 Percent 19.23666 Percent 19.18224 Percent %
line 45
Equities/net worth (percent) (line 42/line 39) 		Q2 2025 236.06372 Percent 218.90408 Percent 220.03258 Percent %
With nonfinancial assets stated at historical cost:
line 46
Assets (sum of lines 7 and 47) 		Q2 2025 56,078.953 Billions of Dollars 54,279.662 Billions of Dollars 52,386.994 Billions of Dollars Bil. of $
line 47
Nonfinancial assets 		Q2 2025 21,495.916 Billions of Dollars 21,229.035 Billions of Dollars 20,345.971 Billions of Dollars Bil. of $
line 48
Real estate 		Q2 2025 8,333.267 Billions of Dollars 8,248.146 Billions of Dollars 7,923.676 Billions of Dollars Bil. of $
line 49
Equipment 		Q2 2025 6,154.598 Billions of Dollars 6,075.099 Billions of Dollars 5,868.114 Billions of Dollars Bil. of $
line 50
Intellectual property products 		Q2 2025 4,039.757 Billions of Dollars 3,962.232 Billions of Dollars 3,740.689 Billions of Dollars Bil. of $
line 51
Inventories 		Q2 2025 2,968.294 Billions of Dollars 2,943.558 Billions of Dollars 2,813.492 Billions of Dollars Bil. of $
line 52
Net worth (historical cost) (line 46 less line 26) 		Q2 2025 25,504.530 Billions of Dollars 23,956.843 Billions of Dollars 22,792.773 Billions of Dollars Bil. of $
Memo:
Historical-cost value of structures:
line 53
Residential 		Q2 2025 169.252 Billions of Dollars 166.588 Billions of Dollars 158.512 Billions of Dollars Bil. of $
line 54
Nonresidential 		Q2 2025 7,430.667 Billions of Dollars 7,340.933 Billions of Dollars 7,056.974 Billions of Dollars Bil. of $
line 55
Debt/net worth (percent) (lines 27+31/line 52) 		Q2 2025 54.75689 Percent 58.05210 Percent 60.26210 Percent %
   

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