What do the US business balance sheets show?

They show the assets, liabilities and net worth of US nonfinancial corporate business and nonfinancial noncorporate business, including real estate, equipment, inventories, debt and equity.

Who publishes this data and how often?

The Federal Reserve Board publishes it quarterly in the Financial Accounts of the United States (Z.1), with series running back to the fourth quarter of 1945.

What is the difference between corporate and noncorporate business here?

Corporate business covers firms organised as corporations. Noncorporate business covers partnerships, sole proprietorships and similar entities, which hold a much larger share of real estate.

Why do analysts watch corporate balance sheets?

Because the ratio of corporate debt to assets and the level of liquid assets indicate how much room firms have to invest or absorb a downturn before credit conditions bind.

US Business Balance Sheets

Name: US Business Balance Sheets
Creator: Federal Reserve Board - Financial Accounts of the United States (Z.1)
License: https://creativecommons.org/licenses/by/4.0/

The two halves of American business in the Financial Accounts, side by side: nonfinancial corporations with their assets, debt, market value of equity and the leverage ratios built from them, and the noncorporate sector — partnerships, limited liability companies and sole proprietors — whose net worth is the owners' equity and whose debt is mostly mortgages.

Source: Federal Reserve Board - Financial Accounts of the United States (Z.1)Last updated: Sep 22, 2026, 12:51Curated by Bui Thanh PhucAbout this data ↓

Indicator	Q2-2026	Q1-2026	Q4-2025	Q3-2025	Q2-2025	Q1-2025	Q4-2024	Q3-2024	Q2-2024	Q1-2024	Q4-2023	Q3-2023	Q2-2023
NONFINANCIAL CORPORATE BUSINESS6
Total assets2	70,792.6	68,893.41	67,551.25	66,124.91	64,110.82	62,775.83	62,595.54	62,237.6	61,801.21	61,514.09	61,117.85	60,601.92	60,713.78
Nonfinancial assets4	32,763.14	32,458.1	31,582.89	31,397.41	30,191.1	30,177.15	30,240.5	29,724.99	29,935.93	29,699.42	29,688.5	30,509.3	30,496.99
Real estate at market value	16,614.96	16,629.07	16,094.91	16,136.56	15,223.66	15,374.19	15,644.37	15,276.49	15,643.99	15,548.78	15,705.04	16,649.26	16,804.44
Equipment	7,519.32	7,349.85	7,211.46	7,097.47	6,945.01	6,836.4	6,779.3	6,743.54	6,678.3	6,620.54	6,539.78	6,497.8	6,431.49
Intellectual property products	4,776.55	4,674.65	4,583.89	4,473.13	4,371.93	4,307.51	4,242.63	4,163.21	4,086.65	4,016.37	3,947.8	3,864.65	3,798.79
Inventories	3,852.3	3,804.53	3,692.64	3,690.25	3,650.5	3,659.05	3,574.19	3,541.76	3,526.99	3,513.74	3,495.88	3,497.59	3,462.26
Financial assets13	38,029.46	36,435.31	35,968.36	34,727.5	33,919.72	32,598.67	32,355.04	32,512.6	31,865.28	31,814.67	31,429.36	30,092.61	30,216.79
Checkable deposits and currency	2,785.79	2,542.7	2,604.22	2,401.79	2,334.68	2,309.36	2,336.07	2,217.56	2,041.81	1,924.79	1,917.23	1,981.71	1,859.63
Time and savings deposits	503.96	471.2	446.97	406.03	382.3	394.65	429.51	418.27	436.13	436.63	434	402.91	382.09
Foreign deposits	228.95	227.78	229.01	208.31	226.28	225.04	215.08	236.64	258.26	246.25	245.78	222.35	218.38
Debt securities held5	631.39	597.68	597.71	572.87	560.64	554.66	542.47	537.89	462.97	444.65	400.06	435.93	400.04
Commercial paper	300.83	258.83	244.5	227.51	222.24	217.86	216.91	244.04	247.79	226.1	209.83	251.17	220.46
Treasury securities	218.58	225.24	236.35	231.44	226.53	225.31	215.91	191.59	132.51	133.16	111.42	106.86	101.54
Agency- and GSE-backed securities	71.73	73.95	77.48	75.7	74.09	73.53	71.97	63.87	44.17	44.39	37.14	35.62	33.85
Municipal securities	26.27	25.61	25.54	25.22	24.48	24.24	24.3	24.97	24.56	24.6	24.91	24.37	26.56
Corporate and foreign bonds	13.98	14.06	13.85	13	13.3	13.73	13.4	13.42	13.95	16.41	16.76	17.9	17.63
Loans held as assets2	288.51	259.48	238.92	241.6	211.99	205.93	193.56	179.89	173.18	176.05	168.25	166.69	165.26
Security repurchase agreements	137.48	109.3	89.82	92.58	65.14	60.86	50.36	36.68	29.75	35.28	27.02	30.52	32.62
Mortgages held	151.03	150.18	149.11	149.01	146.85	145.07	143.2	143.21	143.43	140.76	141.23	136.17	132.64
Corporate equities held	3,866.85	3,403.77	3,614.21	3,576.76	3,360.38	3,077.32	3,260.49	3,278	3,185.39	3,141.34	2,913.84	2,640.74	2,762.73
Direct investment abroad: equity	11,072.18	10,124.3	10,194.62	9,728.41	9,167.33	8,347.9	8,028.07	8,580.96	8,109.98	8,092.68	7,583.07	6,940.12	7,335.79
Equity in Fannie Mae and Farm Credit System	2.25	2.29	2.17	2.08	2.14	2.2	2.09	2.02	2.04	2	1.92	1.89	1.94
Money market fund shares	1,119.82	1,102.1	1,098.1	1,035.86	991.35	982.12	962.22	913.32	878.27	873.01	873.74	852.1	825.03
Mutual fund shares	454.28	416.43	432.18	432.12	416.61	392.16	405.37	401.09	370.87	356.03	325.18	305.8	327.01
Trade receivables	6,452.47	6,198.34	5,931.51	5,850.28	5,788.19	5,744.5	5,580.39	5,375.07	5,332.71	5,183.38	5,244.73	5,240.29	5,065.17
Direct investment abroad: intercompany debt	-53.21	-57.56	-53.86	-86.77	-80.07	-34.6	-56.62	-56.98	-75.75	-42.8	-49.83	-55.99	-74.5
Miscellaneous assets	10,676.23	11,146.81	10,632.62	10,358.17	10,557.89	10,397.44	10,456.35	10,428.88	10,689.41	10,980.69	11,371.4	10,958.09	10,948.24
Total liabilities and equity2	126,430.93	112,224.77	113,476.39	111,257.36	105,671.87	99,160.37	101,844.36	100,383.96	96,397.15	94,893.49	89,834.59	84,126.08	85,845.14
Total liabilities6	31,694.96	31,157.52	30,460.91	30,038.49	29,967.81	29,876.2	29,269.17	29,123.54	29,037.35	29,039.03	29,653.71	29,472.5	28,912.64
Debt securities3	9,190.04	9,136.22	8,939.35	8,898.65	8,824.58	8,808.46	8,639.45	8,649.21	8,545.06	8,487.41	8,355.69	8,328.44	8,300.27
Commercial paper	256.53	284.42	210.88	227.69	253.91	235.86	196.31	192.04	211.89	232.37	217.96	203.15	192.67
Municipal securities (industrial revenue bonds)	655.51	655.57	653.15	650.01	654.16	644.21	637.83	638.94	636.66	629.69	624.76	626	629.11
Corporate bonds	8,277.99	8,196.24	8,075.32	8,020.95	7,916.52	7,928.4	7,805.31	7,818.23	7,696.51	7,625.35	7,512.97	7,499.29	7,478.48
Loans4	6,517.8	6,382.76	6,230.04	6,117.53	6,027.63	5,912.74	5,908.82	5,941.14	5,870.97	5,762.48	5,721.13	5,684.89	5,682.84
Depository institution loans n.e.c.	1,372.29	1,332.36	1,256.42	1,228.19	1,229.8	1,215.35	1,290.6	1,392.29	1,397.3	1,378.18	1,377.6	1,368.26	1,386.61
Private credit loans	1,120.85	1,104.96	1,087.9	1,031.07	990.14	948.67	916.88	846.01	815.37	778.09	764.52	718.03	695.38
Other loans and advances	2,545.12	2,480.6	2,436.4	2,428.54	2,400.46	2,358.46	2,315.55	2,322.06	2,295.32	2,247.81	2,227.76	2,265.52	2,277.78
Mortgages	1,479.55	1,464.85	1,449.32	1,429.74	1,407.23	1,390.27	1,385.8	1,380.78	1,362.99	1,358.4	1,351.25	1,333.07	1,323.07
Trade payables	4,692.48	4,506.36	4,312.95	4,238.91	4,118.09	4,030.82	3,901.33	3,859.92	3,794.6	3,723.48	3,852.25	3,837.99	3,637.65
Taxes payable	218.08	215.72	200.36	214.28	244.71	370.13	266.46	251.57	244.12	283.97	249.7	259.95	254.21
Foreign direct investment in the US: intercompany debt	313.74	309.66	295.8	304.77	317.75	333.18	340.46	361.25	351.74	341.73	325.81	332.28	343.31
Miscellaneous liabilities	10,762.82	10,606.79	10,482.42	10,264.34	10,435.05	10,420.86	10,212.65	10,060.46	10,230.87	10,439.96	11,149.13	11,028.95	10,694.35
Total equity (market value)2	94,735.98	81,067.24	83,015.48	81,218.87	75,704.07	69,284.17	72,575.19	71,260.42	67,359.8	65,854.46	60,180.88	54,653.58	56,932.5
Corporate equities	83,050.85	70,018.38	71,994.89	70,397.23	65,333.34	59,428.55	62,768.04	61,380.06	58,193.42	56,650.78	51,751.51	46,927.84	48,933.43
Foreign direct investment in the US: equity	11,685.13	11,048.86	11,020.59	10,821.65	10,370.73	9,855.62	9,807.15	9,880.36	9,166.38	9,203.68	8,429.37	7,725.74	7,999.07
Net worth (market value)	39,097.64	37,735.88	37,090.34	36,086.43	34,143.01	32,899.62	33,326.37	33,114.05	32,763.86	32,475.06	31,464.15	31,129.42	31,801.14
Corporate equities as a percentage of net worth	242.31	214.83	223.82	225.07	221.73	210.59	217.77	215.2	205.59	202.78	191.27	175.57	179.03
Debt as a percentage of the market value of equities	16.58	19.14	18.27	18.49	19.62	21.25	20.05	20.47	21.4	21.64	23.39	25.64	24.56
Debt as a percentage of net worth	40.18	41.13	40.9	41.61	43.5	44.75	43.65	44.06	44	43.88	44.74	45.02	43.97
NONCORPORATE BUSINESS (partnerships, LLCs and sole proprietors)4
Total assets2	30,719.67	30,402.53	29,888.75	29,672.31	29,186.7	28,957.08	28,871.22	28,546.9	28,428.26	28,138.69	28,136.78	28,375.56	28,179.29
Nonfinancial assets4	19,757.52	19,578.45	19,356.14	19,355.19	19,031.35	18,974.82	19,024.14	18,837.23	18,816.65	18,628.97	18,750.14	19,147.71	19,109.74
Real estate at market value2	17,650.09	17,466.86	17,304.62	17,290.19	17,024.87	16,974.58	17,038.34	16,878.17	16,875.24	16,707.94	16,858.42	17,267.66	17,248.63
Residential real estate	10,603.43	10,437.94	10,436.23	10,428.41	10,436.38	10,352.35	10,341.84	10,316.62	10,231.36	10,116.54	10,230.67	10,392.12	10,355.85
Nonresidential real estate	7,046.66	7,028.92	6,868.4	6,861.78	6,588.5	6,622.23	6,696.51	6,561.54	6,643.88	6,591.4	6,627.75	6,875.54	6,892.78
Equipment2	1,184.89	1,173.49	1,167.36	1,164.71	1,156.38	1,152.66	1,161.74	1,157.38	1,146.94	1,138.97	1,124.44	1,118.99	1,109.67
Residential equipment	95.62	95.39	95.13	94.1	92.74	88.94	89.95	90.24	89.48	90.52	89	89.31	89.83
Nonresidential equipment	1,089.26	1,078.1	1,072.24	1,070.61	1,063.64	1,063.72	1,071.8	1,067.14	1,057.46	1,048.45	1,035.44	1,029.68	1,019.85
Intellectual property products	530.6	519.6	510.26	499.95	492.04	488.33	484.93	472.31	462.48	455.24	449.46	435.95	427.26
Inventories	391.94	418.5	373.89	400.33	358.05	359.25	339.12	329.38	331.99	326.83	317.82	325.11	324.18
Financial assets8	10,962.15	10,824.08	10,532.62	10,317.12	10,155.35	9,982.26	9,847.08	9,709.67	9,611.62	9,509.72	9,386.64	9,227.85	9,069.55
Checkable deposits and currency	571.04	563.28	549.86	540.09	533.01	525.37	519.59	511.59	505.55	499.31	492.03	489.98	487.95
Time and savings deposits	1,697.02	1,673.21	1,631.63	1,597.44	1,571.65	1,544.09	1,522.46	1,501.61	1,486.92	1,471.63	1,453.02	1,446.68	1,440.33
Money market fund shares	160.98	158.72	154.78	151.53	149.09	146.47	144.42	142.44	141.05	139.6	137.83	137.2	136.57
Debt securities held2	99.14	97.7	95.27	93.27	91.77	90.16	88.89	87.68	86.82	85.93	84.84	85.06	85.29
US government securities	94.78	93.4	91.08	89.17	87.73	86.19	84.98	83.82	83	82.15	81.11	81.46	81.81
Municipal securities	4.36	4.3	4.19	4.11	4.04	3.97	3.91	3.86	3.82	3.78	3.73	3.61	3.48
Loans held (mortgages)	68.82	67.86	66.17	64.78	63.74	62.62	61.74	60.9	60.3	59.68	58.92	57.65	56.39
Equity in Farm Credit System	20.34	19.59	19.76	19.33	19.08	18.81	19.14	18.61	18.72	18.11	18.29	17.9	17.63
Trade receivables	1,476.7	1,455.99	1,419.8	1,390.05	1,367.61	1,343.62	1,324.8	1,306.66	1,293.88	1,280.57	1,264.38	1,239.07	1,213.76
Miscellaneous assets3	6,868.11	6,787.75	6,595.37	6,460.62	6,359.42	6,251.13	6,166.04	6,080.17	6,018.39	5,954.89	5,877.32	5,754.31	5,631.66
Insurance receivables from property-casualty insurers	193.91	190.22	190.19	192.1	192.21	192.3	191.56	189.54	183.07	177.34	172.36	171.17	168.06
IEEPA tariff refund receivables	9.86	24.75
Unidentified miscellaneous assets	6,664.34	6,572.78	6,405.18	6,268.52	6,167.21	6,058.83	5,974.48	5,890.63	5,835.32	5,777.55	5,704.96	5,583.08	5,463.05
Total liabilities5	14,029.25	13,868.66	13,610.27	13,349.77	13,174.85	12,991.37	12,855.86	12,695.73	12,587.96	12,470.07	12,343.45	12,236.42	12,111.65
Loans4	8,272.33	8,212.07	8,122.08	7,994.18	7,924.71	7,854.01	7,804.28	7,726.54	7,680.78	7,625.47	7,578.05	7,539.81	7,511.75
Depository institution loans n.e.c.	1,670.29	1,654.18	1,611.84	1,599.75	1,603.38	1,584.71	1,578.08	1,569.38	1,577.59	1,569.39	1,569.29	1,569.38	1,588.12
Private credit loans	230.74	226.11	222.74	208.89	198.3	188.42	181.7	168.85	162.44	154.07	148.12	139.83	136.15
Mortgages	5,826.52	5,786.66	5,745.73	5,678.63	5,617.5	5,576.02	5,541.01	5,496.81	5,455.37	5,424.74	5,383.39	5,358.29	5,318.54
Other loans and advances	544.79	545.13	541.76	506.91	505.53	504.86	503.49	491.5	485.38	477.28	477.24	472.31	468.95
Trade payables	883.83	874.64	865.38	863.44	856.46	848.88	845.71	842.78	836.93	832.54	824.76	830.77	832.1
Taxes payable	266.47	263.58	258.52	254.36	251.23	247.87	245.24	242.71	240.92	239.06	236.8	235.03	233.26
Foreign direct investment in US real estate business: intercompany debt	4.21	4.11	4.04	4.12	4.31	4.53	4.64	4.91	4.95	5.24	4.98	4.13	4.19
Unidentified miscellaneous liabilities	4,602.4	4,514.26	4,360.25	4,233.67	4,138.15	4,036.07	3,955.98	3,878.79	3,824.38	3,767.76	3,698.86	3,626.69	3,530.35
Net worth (proprietors' equity)	16,690.42	16,533.88	16,278.49	16,322.54	16,011.85	15,965.71	16,015.36	15,851.17	15,840.3	15,668.62	15,793.34	16,139.14	16,067.65
Debt as a percentage of net worth	49.56	49.67	49.89	48.98	49.49	49.19	48.73	48.74	48.49	48.67	47.98	46.72	46.75

Latest reading

Total liabilities stood at 31,694.96 Billion USD in Q2 2026. That is +1.7% from Q1 2026 and +5.8% from a year earlier. The series on this page is quarterly and runs from Q4 1945 to Q2 2026. Source: Federal Reserve Board - Financial Accounts of the United States (Z.1).

Latest: 31,694.96 Billion USD; Q2 2026
vs previous period: +1.7%; Q1 2026
vs a year earlier: +5.8%

About this data

Frequently asked questions

What do the US business balance sheets show?: They show the assets, liabilities and net worth of US nonfinancial corporate business and nonfinancial noncorporate business, including real estate, equipment, inventories, debt and equity.
Who publishes this data and how often?: The Federal Reserve Board publishes it quarterly in the Financial Accounts of the United States (Z.1), with series running back to the fourth quarter of 1945.
What is the difference between corporate and noncorporate business here?: Corporate business covers firms organised as corporations. Noncorporate business covers partnerships, sole proprietorships and similar entities, which hold a much larger share of real estate.
Why do analysts watch corporate balance sheets?: Because the ratio of corporate debt to assets and the level of liquid assets indicate how much room firms have to invest or absorb a downturn before credit conditions bind.