Quarterly

R.101 Change in Net Worth of Households and Nonprofit Organizations

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 		Q4 2025 2,172,982 Millions of U.S. Dollars 6,235,061 Millions of U.S. Dollars 772,386 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 857,451 Millions of U.S. Dollars 854,462 Millions of U.S. Dollars 845,266 Millions of U.S. Dollars Mil. of U.S. $
line 5
- Consumption of fixed capital 		Q4 2025 671,096 Millions of U.S. Dollars 662,943 Millions of U.S. Dollars 649,814 Millions of U.S. Dollars Mil. of U.S. $
line 6
Net lending (+) or net borrowing (-) 		Q4 2025 547,097 Millions of U.S. Dollars 372,698 Millions of U.S. Dollars 595,440 Millions of U.S. Dollars Mil. of U.S. $
line 7
Net acquisition of financial assets 		Q4 2025 786,345 Millions of U.S. Dollars 611,362 Millions of U.S. Dollars 826,778 Millions of U.S. Dollars Mil. of U.S. $
line 8
- Net increase in liabilities 		Q4 2025 239,248 Millions of U.S. Dollars 238,664 Millions of U.S. Dollars 231,338 Millions of U.S. Dollars Mil. of U.S. $
line 9
Holding gains on assets at market value 		. . Millions of Dollars . Millions of Dollars . Millions of Dollars Mil. of $
line 10
Real estate 		Q4 2025 -427,873 Millions of U.S. Dollars -267,461 Millions of U.S. Dollars -430,913 Millions of U.S. Dollars Mil. of U.S. $
line 11
Debt securities 		Q4 2025 16,547 Millions of U.S. Dollars 79,607 Millions of U.S. Dollars -166,775 Millions of U.S. Dollars Mil. of U.S. $
line 12
Corporate equities 		Q4 2025 1,421,967 Millions of U.S. Dollars 4,016,346 Millions of U.S. Dollars 450,037 Millions of U.S. Dollars Mil. of U.S. $
line 13
Mutual fund shares 		Q4 2025 157,911 Millions of U.S. Dollars 666,251 Millions of U.S. Dollars -188,906 Millions of U.S. Dollars Mil. of U.S. $
line 14
Equity in noncorporate business 		Q4 2025 -3,867 Millions of U.S. Dollars 237,465 Millions of U.S. Dollars 85,097 Millions of U.S. Dollars Mil. of U.S. $
line 15
Life insurance reserves 		Q4 2025 5,564 Millions of U.S. Dollars 22,942 Millions of U.S. Dollars -4,466 Millions of U.S. Dollars Mil. of U.S. $
line 16
Pension entitlements 		Q4 2025 204,158 Millions of U.S. Dollars 755,657 Millions of U.S. Dollars -37,836 Millions of U.S. Dollars Mil. of U.S. $
line 17
Equity investment under PPIP 		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 18
Holding gains on assets at current cost 		. . Millions of Dollars . Millions of Dollars . Millions of Dollars Mil. of $
line 19
Consumer durable goods 		Q4 2025 25,751 Millions of U.S. Dollars 18,283 Millions of U.S. Dollars -423 Millions of U.S. Dollars Mil. of U.S. $
line 20
Equipment 		Q4 2025 6,047 Millions of U.S. Dollars 9,467 Millions of U.S. Dollars 280 Millions of U.S. Dollars Mil. of U.S. $
line 21
Intellectual property products 		Q4 2025 3,506 Millions of U.S. Dollars 3,129 Millions of U.S. Dollars 1,683 Millions of U.S. Dollars Mil. of U.S. $
line 22
Other volume changes 		. . Millions of Dollars . Millions of Dollars . Millions of Dollars Mil. of $
Memo:
line 23
Net worth outstanding 		Q4 2025 184,105,614 Millions of U.S. Dollars 181,932,632 Millions of U.S. Dollars 169,619,241 Millions of U.S. Dollars Mil. of U.S. $
line 24
Disposable personal income 		Q4 2025 23,178,235 Millions of U.S. Dollars 23,001,218 Millions of U.S. Dollars 22,249,490 Millions of U.S. Dollars Mil. of U.S. $
   

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