Quarterly

R.104 Change in Net Worth of Nonfinancial Noncorporate 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/.

For questions on the data, please contact the data source: https://www.federalreserve.gov/apps/ContactUs/feedback.aspx?refurl=/releases/z1/%
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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 		. . Millions of Dollars . Millions of Dollars . Millions of Dollars Mil. of $
line 2
Net capital transfers paid 		Q4 2025 -426 Millions of U.S. Dollars 0 Millions of U.S. Dollars -5,193 Millions of U.S. Dollars Mil. of U.S. $
line 3
Net investment 		. . Millions of Dollars . Millions of Dollars . Millions of Dollars Mil. of $
line 4
Net physical investment 		. . Millions of Dollars . Millions of Dollars . Millions of Dollars Mil. of $
line 5
Capital expenditures 		Q4 2025 167,578 Millions of U.S. Dollars 175,498 Millions of U.S. Dollars 164,973 Millions of U.S. Dollars Mil. of U.S. $
line 6
- Consumption of fixed capital 		Q4 2025 133,003 Millions of U.S. Dollars 130,923 Millions of U.S. Dollars 125,992 Millions of U.S. Dollars Mil. of U.S. $
line 7
Net lending (+) or net borrowing (-) 		Q4 2025 -34,149 Millions of U.S. Dollars -44,575 Millions of U.S. Dollars -33,788 Millions of U.S. Dollars Mil. of U.S. $
line 8
Net acquisition of financial assets 		Q4 2025 90,764 Millions of U.S. Dollars 68,294 Millions of U.S. Dollars 76,359 Millions of U.S. Dollars Mil. of U.S. $
line 9
- Net increase in liabilities 		Q4 2025 135,050 Millions of U.S. Dollars 91,433 Millions of U.S. Dollars 95,056 Millions of U.S. Dollars Mil. of U.S. $
line 10
Proprietor’s net investment 		Q4 2025 -9,774 Millions of U.S. Dollars 21,168 Millions of U.S. Dollars 15,111 Millions of U.S. Dollars Mil. of U.S. $
line 11
Holding gains on real estate 		Q4 2025 27,308 Millions of U.S. Dollars 187,341 Millions of U.S. Dollars 74,594 Millions of U.S. Dollars Mil. of U.S. $
line 12
Residential 		Q4 2025 13,638 Millions of U.S. Dollars -55,589 Millions of U.S. Dollars 35,279 Millions of U.S. Dollars Mil. of U.S. $
line 13
Nonresidential 		Q4 2025 13,670 Millions of U.S. Dollars 242,930 Millions of U.S. Dollars 39,315 Millions of U.S. Dollars Mil. of U.S. $
line 14
Holding gains on assets at current cost 		. . Millions of Dollars . Millions of Dollars . Millions of Dollars Mil. of $
line 15
Residential equipment 		Q4 2025 109 Millions of U.S. Dollars 401 Millions of U.S. Dollars -1,377 Millions of U.S. Dollars Mil. of U.S. $
line 16
Nonresidential equipment 		Q4 2025 -7,828 Millions of U.S. Dollars 14,382 Millions of U.S. Dollars -1,589 Millions of U.S. Dollars Mil. of U.S. $
line 17
Intellectual property products 		Q4 2025 373 Millions of U.S. Dollars -710 Millions of U.S. Dollars 4,224 Millions of U.S. Dollars Mil. of U.S. $
line 18
Inventories 		Q4 2025 -26,073 Millions of U.S. Dollars 43,038 Millions of U.S. Dollars 8,139 Millions of U.S. Dollars Mil. of U.S. $
line 19
- Foreign direct investment in U.S. 		Q4 2025 -1,774 Millions of U.S. Dollars 7,883 Millions of U.S. Dollars 708 Millions of U.S. Dollars Mil. of U.S. $
line 20
Other volume changes 		. . Millions of Dollars . Millions of Dollars . Millions of Dollars Mil. of $
Memo:
line 21
Net worth outstanding 		Q4 2025 15,830,142 Millions of U.S. Dollars 15,857,781 Millions of U.S. Dollars 15,696,493 Millions of U.S. Dollars Mil. of U.S. $
   

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