Financial Accounts of the United States (LA104104005.Q) · Nonfinancial corporate business, debt securities and loans owed, end of quarter
How much debt do US nonfinancial corporations owe?
The debt of nonfinancial corporate business was $15.70 trillion in the quarter ended , up 5.4% from a year earlier.
Debt of nonfinancial corporate business, seasonally adjusted, each quarter
Shaded bands are US recessions as the National Bureau of Economic Research dates them: to , to , to , to , to , to , to , to , to , to , to , to .
Shaded bands are US recessions as the National Bureau of Economic Research dates them: to .
Debt of nonfinancial corporate business, change from a year earlier, each quarter (ours)
Shaded bands are US recessions as the National Bureau of Economic Research dates them: to , to , to , to , to , to , to , to , to , to , to , to .
Shaded bands are US recessions as the National Bureau of Economic Research dates them: to .
Each point is one quarter of the series as the source publishes it, or a change worked out from those values (ours). The US recessions are shaded. Pointing at the chart shows the quarter and the value.
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Inspect and compare dates
The newest quarter beside the one before it and the nearest ones a year, five and ten years earlier. The last ten years are in the table under "The numbers behind the chart".
| Measure | Latest | The quarter before | A year earlier | Five years earlier | Ten years earlier |
|---|---|---|---|---|---|
| Quarter | |||||
| Debt of nonfinancial corporate business | $15.70 trillion | $15.49 trillion | $14.89 trillion | $12.70 trillion | $9.12 trillion |
| Change over a year | +5.4% | +5.2% | +2.9% | +2.3% | +5.7% |
The table scrolls sideways; the first column stays in place.
Observed .
Right now
The debt of nonfinancial corporate business was $15.70 trillion in the second quarter of 2026, the highest since our record begins in the fourth quarter of 1945.
Over a year it is up 5.4% (ours).
ChangeOurs
| Period | Then | Change |
|---|---|---|
| One quarter | $15.49 trillion in | +1.4% |
| Four quarters | $14.89 trillion in | +5.4% |
| Five years | $12.70 trillion in | +23.6% |
| Ten years | $9.12 trillion in | +72.1% |
In historyOurs
The debt of nonfinancial corporate business of $15.70 trillion in was higher than in 304 of the 304 other quarters since , the same in 0 and lower in 0.
Highest since : $15.70 trillion in . Lowest since : $0.04 trillion in .
AverageOurs
Average since : $3.742 trillion (ours, a plain mean of the 305 quarters).
ComparedOurs
Over a year the debt of nonfinancial corporate business is up 5.4%, which ranks 3 of the 7 rows of the table, where 1 is the largest change.
The table sets the debt of nonfinancial corporate business beside the sectors of the debt by sector page, by the change over a year in each one's newest quarter.
Understanding the debt of nonfinancial corporate business
Where it stands today
The debt of nonfinancial corporate business was $15.70 trillion in the second quarter of 2026.
What does the debt of nonfinancial corporate business measure?
In the Federal Reserve Board's Financial Accounts of the United States (Z.1), nonfinancial corporate business is every US corporation that does not mainly deal in money or insurance: manufacturers, retailers, utilities, telecommunications firms and the like. Banks, funds and insurers are in other sectors.
Read more
Debt is the debt securities (corporate bonds, commercial paper and municipal bonds the firms issued) and the loans the sector owes, at the end of each quarter.
What 500metrics adds: the change over a year, the last quarter in which the value was higher and lower, a rank among the sectors of the debt by sector page by that change, and the history since 1945 in one chart and one file.
The numbers behind the chart
What was the debt of nonfinancial corporate business in each quarter?The last ten years, 40 quarters, newest first; the chart and the file have every quarter since 1945 Q4
| Quarter | Value | Change over a year |
|---|---|---|
| $15.70 trillion | +5.4% | |
| $15.49 trillion | +5.2% | |
| $15.17 trillion | +4.3% | |
| $15.07 trillion | +3.0% | |
| $14.89 trillion | +2.9% | |
| $14.71 trillion | +3.2% | |
| $14.55 trillion | +3.3% | |
| $14.64 trillion | +4.2% | |
| $14.46 trillion | +3.3% | |
| $14.26 trillion | +2.3% | |
| $14.08 trillion | +2.1% | |
| $14.05 trillion | +1.9% | |
| $14.00 trillion | +2.3% | |
| $13.94 trillion | +3.8% | |
| $13.78 trillion | +4.6% | |
| $13.79 trillion | +6.9% | |
| $13.68 trillion | +7.7% | |
| $13.43 trillion | +8.1% | |
| $13.18 trillion | +7.3% | |
| $12.90 trillion | +4.7% | |
| $12.70 trillion | +2.3% | |
| $12.42 trillion | +4.1% | |
| $12.28 trillion | +10.0% | |
| $12.32 trillion | +11.0% |
Show 16 more rows
| Quarter | Value | Change over a year |
|---|---|---|
| $12.42 trillion | +14.1% | |
| $11.94 trillion | +11.1% | |
| $11.17 trillion | +6.1% | |
| $11.10 trillion | +6.8% | |
| $10.88 trillion | +6.0% | |
| $10.75 trillion | +8.8% | |
| $10.52 trillion | +7.8% | |
| $10.39 trillion | +8.4% | |
| $10.27 trillion | +8.2% | |
| $9.88 trillion | +5.7% | |
| $9.77 trillion | +6.5% | |
| $9.59 trillion | +4.2% | |
| $9.49 trillion | +4.1% | |
| $9.34 trillion | +3.1% | |
| $9.17 trillion | +3.4% | |
| $9.21 trillion | +5.1% |
How does it compare with the sectors of the debt by sector page?Ranked by the change over a year
| Series | Quarter | Value | Change over a year | Rank |
|---|---|---|---|---|
| Rest of the world | $8.61 trillion | +13.7% | 1 | |
| Federal government | $34.92 trillion | +9.1% | 2 | |
| Nonfinancial corporate business (this page) | $15.70 trillion | +5.4% | 3 | |
| State and local governments | $3.82 trillion | +5.3% | 4 | |
| Nonfinancial business | $23.97 trillion | +5.1% | 5 | |
| Domestic financial sectors | $27.66 trillion | +4.5% | 6 | |
| Households and nonprofit organizations | $21.38 trillion | +3.9% | 7 |
The table scrolls sideways; the first column stays in place.
What do these figures leave out, and how are they cited?Limits, dates and how to cite
What this number cannot tell you
- Debt is what is owed. The page does not weigh it against profits, assets or the ability to repay.
- The sector is corporations only. Unincorporated business, such as sole proprietors and partnerships, is in the nonfinancial business line of the debt by sector page, which holds both.
- The Board revises past quarters in later releases; this page always shows the newest release.
- The change over a year is ours, worked out from the Board's values; it is in percent.
Observed . Checked .
How to cite this
Federal Reserve Board, Financial Accounts of the United States (Z.1), Nonfinancial corporate business, debt securities and loans owed, end of quarter, through the second quarter of 2026. Compiled by 500metrics, "How much debt do US nonfinancial corporations owe?", https://500metrics.com/debt-by-sector/nonfinancial-corporate-business.
Can the data be downloaded?debt-by-sector-nonfinancial-corporate-business.csv
Download the full history as CSV: 305 rows, to , 6,562 bytes.
Our text and compilation: CC BY 4.0.
Recession dates from the National Bureau of Economic Research.
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