Quarterly

R.103 Change in Net Worth 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    
 
 
    Q4 2025
Line Name Period Value Preceding
Period 		Year Ago
from Period 		Units
line 1
Change in net worth 		Q4 2025 926,170 Millions of U.S. Dollars 1,882,190 Millions of U.S. Dollars -127,703 Millions of U.S. Dollars Mil. of U.S. $
line 2
Net investment 		. . Millions of Dollars . Millions of Dollars . Millions of Dollars Mil. of $
line 3
Net physical investment 		. . Millions of Dollars . Millions of Dollars . Millions of Dollars Mil. of $
line 4
Capital expenditures 		Q4 2025 743,655 Millions of U.S. Dollars 779,950 Millions of U.S. Dollars 690,235 Millions of U.S. Dollars Mil. of U.S. $
line 5
- Consumption of fixed capital 		. . Millions of Dollars . Millions of Dollars . Millions of Dollars Mil. of $
line 6
- Inventory valuation adjustment 		Q4 2025 -12,000 Millions of U.S. Dollars -22,269 Millions of U.S. Dollars -10,254 Millions of U.S. Dollars Mil. of U.S. $
line 7
Net lending (+) or net borrowing (-) 		Q4 2025 51,709 Millions of U.S. Dollars -118,998 Millions of U.S. Dollars 110,527 Millions of U.S. Dollars Mil. of U.S. $
line 8
Net acquisition of financial assets 		Q4 2025 323,168 Millions of U.S. Dollars 159,860 Millions of U.S. Dollars 459,255 Millions of U.S. Dollars Mil. of U.S. $
line 9
- Net increase in liabilities 		Q4 2025 238,804 Millions of U.S. Dollars 286,983 Millions of U.S. Dollars 304,281 Millions of U.S. Dollars Mil. of U.S. $
line 10
Net corporate equity issues 		Q4 2025 -40,183 Millions of U.S. Dollars -97,779 Millions of U.S. Dollars -31,552 Millions of U.S. Dollars Mil. of U.S. $
line 11
Holding gains on assets at market value 		. . Millions of Dollars . Millions of Dollars . Millions of Dollars Mil. of $
line 12
Real estate 		Q4 2025 -15,689 Millions of U.S. Dollars 768,715 Millions of U.S. Dollars 57,307 Millions of U.S. Dollars Mil. of U.S. $
line 13
Corporate equities 		Q4 2025 80,833 Millions of U.S. Dollars 254,734 Millions of U.S. Dollars 67,779 Millions of U.S. Dollars Mil. of U.S. $
line 14
Mutual fund shares 		Q4 2025 6,005 Millions of U.S. Dollars 23,158 Millions of U.S. Dollars -6,396 Millions of U.S. Dollars Mil. of U.S. $
line 15
Holding gains on assets liabilities at current cost 		. . Millions of Dollars . Millions of Dollars . Millions of Dollars Mil. of $
line 16
Equipment 		Q4 2025 61,435 Millions of U.S. Dollars 98,919 Millions of U.S. Dollars 2,095 Millions of U.S. Dollars Mil. of U.S. $
line 17
Intellectual property products 		Q4 2025 57,061 Millions of U.S. Dollars 47,322 Millions of U.S. Dollars 32,596 Millions of U.S. Dollars Mil. of U.S. $
line 18
Inventories 		Q4 2025 33,081 Millions of U.S. Dollars 12,172 Millions of U.S. Dollars 63,280 Millions of U.S. Dollars Mil. of U.S. $
line 19
Direct investment abroad 		Q4 2025 470,892 Millions of U.S. Dollars 477,954 Millions of U.S. Dollars -592,327 Millions of U.S. Dollars Mil. of U.S. $
line 20
- Foreign direct investment in U.S. 		Q4 2025 453,348 Millions of U.S. Dollars 1,021,298 Millions of U.S. Dollars 200,610 Millions of U.S. Dollars Mil. of U.S. $
line 21
Other volume changes 		. . Millions of Dollars . Millions of Dollars . Millions of Dollars Mil. of $
Memo:
line 22
Net worth outstanding 		Q4 2025 36,931,855 Millions of U.S. Dollars 36,005,685 Millions of U.S. Dollars 33,008,375 Millions of U.S. Dollars Mil. of U.S. $
   

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