Quarterly

L.103 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/.

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
Total financial assets 		Q4 2025 36,278,308 Millions of U.S. Dollars 35,398,704 Millions of U.S. Dollars 32,700,403 Millions of U.S. Dollars Mil. of U.S. $
line 2
Foreign deposits 		Q4 2025 192,270 Millions of U.S. Dollars 204,597 Millions of U.S. Dollars 213,028 Millions of U.S. Dollars Mil. of U.S. $
line 3
Checkable deposits and currency 		Q4 2025 2,211,844 Millions of U.S. Dollars 2,240,772 Millions of U.S. Dollars 2,156,658 Millions of U.S. Dollars Mil. of U.S. $
line 4
Time and savings deposits 		Q4 2025 401,749 Millions of U.S. Dollars 387,163 Millions of U.S. Dollars 418,475 Millions of U.S. Dollars Mil. of U.S. $
line 5
Money market fund shares 		Q4 2025 1,087,654 Millions of U.S. Dollars 1,028,405 Millions of U.S. Dollars 962,177 Millions of U.S. Dollars Mil. of U.S. $
line 6
Security repurchase agreements 		Q4 2025 72,090 Millions of U.S. Dollars 69,031 Millions of U.S. Dollars 45,871 Millions of U.S. Dollars Mil. of U.S. $
line 7
Debt securities 		Q4 2025 438,070 Millions of U.S. Dollars 430,189 Millions of U.S. Dollars 408,501 Millions of U.S. Dollars Mil. of U.S. $
line 8
Commercial paper 		Q4 2025 215,696 Millions of U.S. Dollars 215,333 Millions of U.S. Dollars 206,558 Millions of U.S. Dollars Mil. of U.S. $
line 9
Treasury securities 		Q4 2025 135,652 Millions of U.S. Dollars 131,895 Millions of U.S. Dollars 122,096 Millions of U.S. Dollars Mil. of U.S. $
line 10
Agency- and GSE-backed securities 		Q4 2025 44,660 Millions of U.S. Dollars 42,665 Millions of U.S. Dollars 40,699 Millions of U.S. Dollars Mil. of U.S. $
line 11
Municipal securities 		Q4 2025 28,169 Millions of U.S. Dollars 27,297 Millions of U.S. Dollars 25,751 Millions of U.S. Dollars Mil. of U.S. $
line 12
Loans 		Q4 2025 142,806 Millions of U.S. Dollars 145,354 Millions of U.S. Dollars 145,082 Millions of U.S. Dollars Mil. of U.S. $
line 13
Mortgages 		Q4 2025 48,335 Millions of U.S. Dollars 48,279 Millions of U.S. Dollars 48,114 Millions of U.S. Dollars Mil. of U.S. $
line 14
Consumer credit 		Q4 2025 0 Millions of U.S. Dollars 0 Millions of U.S. Dollars 0 Millions of U.S. Dollars Mil. of U.S. $
line 15
Corporate equities 		Q4 2025 3,658,494 Millions of U.S. Dollars 3,604,719 Millions of U.S. Dollars 3,260,492 Millions of U.S. Dollars Mil. of U.S. $
line 16
Mutual fund shares 		Q4 2025 500,161 Millions of U.S. Dollars 483,689 Millions of U.S. Dollars 404,454 Millions of U.S. Dollars Mil. of U.S. $
line 17
Trade receivables 		Q4 2025 5,794,844 Millions of U.S. Dollars 5,690,325 Millions of U.S. Dollars 5,332,963 Millions of U.S. Dollars Mil. of U.S. $
line 18
U.S. direct investment abroad 		. . Millions of Dollars . Millions of Dollars . Millions of Dollars Mil. of $
line 19
Miscellaneous assets 		Q4 2025 11,468,125 Millions of U.S. Dollars 11,254,881 Millions of U.S. Dollars 11,267,193 Millions of U.S. Dollars Mil. of U.S. $
line 20
Insurance receivables 		Q4 2025 592,821 Millions of U.S. Dollars 591,573 Millions of U.S. Dollars 561,672 Millions of U.S. Dollars Mil. of U.S. $
line 21
Equity in GSEs 		Q4 2025 2,169 Millions of U.S. Dollars 2,082 Millions of U.S. Dollars 2,085 Millions of U.S. Dollars Mil. of U.S. $
line 22
Investment in finance company affiliates 		Q4 2025 172,535 Millions of U.S. Dollars 164,235 Millions of U.S. Dollars 142,979 Millions of U.S. Dollars Mil. of U.S. $
line 23
Other 		Q4 2025 10,702,769 Millions of U.S. Dollars 10,499,073 Millions of U.S. Dollars 10,562,542 Millions of U.S. Dollars Mil. of U.S. $
line 24
Total liabilities 		Q4 2025 30,913,772 Millions of U.S. Dollars 30,714,125 Millions of U.S. Dollars 30,045,544 Millions of U.S. Dollars Mil. of U.S. $
line 25
Debt securities 		Q4 2025 8,790,804 Millions of U.S. Dollars 8,753,407 Millions of U.S. Dollars 8,518,518 Millions of U.S. Dollars Mil. of U.S. $
line 26
Commercial paper 		Q4 2025 214,998 Millions of U.S. Dollars 229,874 Millions of U.S. Dollars 196,313 Millions of U.S. Dollars Mil. of U.S. $
line 27
Municipal securities 		Q4 2025 651,706 Millions of U.S. Dollars 648,541 Millions of U.S. Dollars 636,425 Millions of U.S. Dollars Mil. of U.S. $
line 28
Corporate bonds 		Q4 2025 7,393,738 Millions of U.S. Dollars 7,350,947 Millions of U.S. Dollars 7,192,031 Millions of U.S. Dollars Mil. of U.S. $
line 29
Loans 		Q4 2025 5,391,807 Millions of U.S. Dollars 5,315,756 Millions of U.S. Dollars 5,182,323 Millions of U.S. Dollars Mil. of U.S. $
line 30
Depository institution loans n.e.c. 		Q4 2025 1,137,472 Millions of U.S. Dollars 1,106,456 Millions of U.S. Dollars 1,157,975 Millions of U.S. Dollars Mil. of U.S. $
line 31
Other loans and advances 		Q4 2025 2,809,616 Millions of U.S. Dollars 2,779,923 Millions of U.S. Dollars 2,639,275 Millions of U.S. Dollars Mil. of U.S. $
line 32
Mortgages 		Q4 2025 1,444,719 Millions of U.S. Dollars 1,429,377 Millions of U.S. Dollars 1,385,073 Millions of U.S. Dollars Mil. of U.S. $
line 33
Trade payables 		Q4 2025 4,392,179 Millions of U.S. Dollars 4,315,650 Millions of U.S. Dollars 3,956,144 Millions of U.S. Dollars Mil. of U.S. $
line 34
Taxes payable 		Q4 2025 197,864 Millions of U.S. Dollars 189,230 Millions of U.S. Dollars 238,976 Millions of U.S. Dollars Mil. of U.S. $
line 35
Foreign direct investment in U.S. 		. . Millions of Dollars . Millions of Dollars . Millions of Dollars Mil. of $
line 36
Miscellaneous liabilities 		Q4 2025 11,827,754 Millions of U.S. Dollars 11,813,304 Millions of U.S. Dollars 11,795,850 Millions of U.S. Dollars Mil. of U.S. $
line 37
Pension fund contributions payable 		Q4 2025 85,637 Millions of U.S. Dollars 84,659 Millions of U.S. Dollars 81,044 Millions of U.S. Dollars Mil. of U.S. $
line 38
Claims of pension fund on sponsor 		Q4 2025 93,982 Millions of U.S. Dollars 82,337 Millions of U.S. Dollars 191,971 Millions of U.S. Dollars Mil. of U.S. $
line 39
Other 		Q4 2025 11,648,135 Millions of U.S. Dollars 11,646,309 Millions of U.S. Dollars 11,522,835 Millions of U.S. Dollars Mil. of U.S. $
Memo:
line 40
Market value of equities 		Q4 2025 73,132,723 Millions of U.S. Dollars 71,340,142 Millions of U.S. Dollars 62,735,890 Millions of U.S. Dollars Mil. of U.S. $
line 41
Total liquid assets 		Q4 2025 8,601,533 Millions of U.S. Dollars 8,491,577 Millions of U.S. Dollars 7,910,321 Millions of U.S. Dollars Mil. of U.S. $
line 42
Total short-term liabilities 		Q4 2025 8,752,129 Millions of U.S. Dollars 8,621,133 Millions of U.S. Dollars 8,188,683 Millions of U.S. Dollars Mil. of U.S. $
line 43
Liquid assets/short-term liabilities (percent) 		Q4 2025 98.27933 Percent 98.49722 Percent 96.60065 Percent %
line 44
Short-term debt/total debt (percent) 		Q4 2025 29.34640 Percent 29.25727 Percent 29.14831 Percent %
   

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