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/.

For questions on the data, please contact the data source: https://www.federalreserve.gov/apps/ContactUs/feedback.aspx?refurl=/releases/z1/%
For questions on FRED functionality, please contact: https://fred.stlouisfed.org/contactus/

   

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    Q4 1945    
 
 
    Q4 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 		Q4 2025 67,845,627 Millions of U.S. Dollars 66,719,810 Millions of U.S. Dollars 63,053,919 Millions of U.S. Dollars Mil. of U.S. $
line 2
Nonfinancial assets 		Q4 2025 31,567,319 Millions of U.S. Dollars 31,321,106 Millions of U.S. Dollars 30,353,516 Millions of U.S. Dollars Mil. of U.S. $
line 3
Real estate 		Q4 2025 16,077,438 Millions of U.S. Dollars 16,060,251 Millions of U.S. Dollars 15,757,390 Millions of U.S. Dollars Mil. of U.S. $
line 4
Equipment 		Q4 2025 7,212,273 Millions of U.S. Dollars 7,097,473 Millions of U.S. Dollars 6,779,301 Millions of U.S. Dollars Mil. of U.S. $
line 5
Intellectual property products 		Q4 2025 4,586,507 Millions of U.S. Dollars 4,473,130 Millions of U.S. Dollars 4,242,631 Millions of U.S. Dollars Mil. of U.S. $
line 6
Inventories 		Q4 2025 3,691,105 Millions of U.S. Dollars 3,690,252 Millions of U.S. Dollars 3,574,194 Millions of U.S. Dollars Mil. of U.S. $
line 7
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 8
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 9
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 10
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 11
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 12
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 13
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 14
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 15
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 16
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 17
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 18
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 19
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 20
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 21
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 22
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 23
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 24
U.S. direct investment abroad 		. . Millions of Dollars . Millions of Dollars . Millions of Dollars Mil. of $
line 25
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 26
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 27
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 28
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 29
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 30
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 31
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 32
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 33
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 34
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 35
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 36
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 37
Foreign direct investment in U.S. 		. . Millions of Dollars . Millions of Dollars . Millions of Dollars Mil. of $
line 38
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 39
Net worth (market value) 		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. $
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 		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 43
Debt/net worth (percent) (lines 27+31/line 39) 		Q4 2025 38.40211 Percent 39.07484 Percent 41.50717 Percent %
line 44
Debt/equities (percent) (lines 27+31/line 42) 		Q4 2025 15.84635 Percent 16.13985 Percent 17.85888 Percent %
line 45
Equities/net worth (percent) (line 42/line 39) 		Q4 2025 242.34047 Percent 242.10163 Percent 232.41756 Percent %
With nonfinancial assets stated at historical cost:
line 46
Assets (sum of lines 7 and 47) 		Q4 2025 58,076,201 Millions of U.S. Dollars 57,077,727 Millions of U.S. Dollars 53,524,871 Millions of U.S. Dollars Mil. of U.S. $
line 47
Nonfinancial assets 		Q4 2025 21,797,894 Millions of U.S. Dollars 21,679,023 Millions of U.S. Dollars 20,824,468 Millions of U.S. Dollars Mil. of U.S. $
line 48
Real estate 		Q4 2025 8,549,772 Millions of U.S. Dollars 8,469,505 Millions of U.S. Dollars 8,186,087 Millions of U.S. Dollars Mil. of U.S. $
line 49
Equipment 		Q4 2025 6,256,220 Millions of U.S. Dollars 6,178,348 Millions of U.S. Dollars 5,955,740 Millions of U.S. Dollars Mil. of U.S. $
line 50
Intellectual property products 		Q4 2025 4,123,951 Millions of U.S. Dollars 4,051,537 Millions of U.S. Dollars 3,851,482 Millions of U.S. Dollars Mil. of U.S. $
line 51
Inventories 		Q4 2025 2,867,951 Millions of U.S. Dollars 2,979,633 Millions of U.S. Dollars 2,831,159 Millions of U.S. Dollars Mil. of U.S. $
line 52
Net worth (historical cost) (line 46 less line 26) 		Q4 2025 27,162,430 Millions of U.S. Dollars 26,363,602 Millions of U.S. Dollars 23,479,327 Millions of U.S. Dollars Mil. of U.S. $
Memo:
Historical-cost value of structures:
line 53
Residential 		Q4 2025 171,108 Millions of U.S. Dollars 169,036 Millions of U.S. Dollars 162,547 Millions of U.S. Dollars Mil. of U.S. $
line 54
Nonresidential 		Q4 2025 7,638,657 Millions of U.S. Dollars 7,553,776 Millions of U.S. Dollars 7,283,959 Millions of U.S. Dollars Mil. of U.S. $
line 55
Debt/net worth (percent) (lines 27+31/line 52) 		Q4 2025 52.21407 Percent 53.36586 Percent 58.35279 Percent %
   

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