The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
EMBARGOED UNTIL RELEASE AT 8:30 a.m. EDT, Monday, September 29, 2025 Technical: Media: Rebecca Pocase Elena Nguyen Connie O’Connell 301-278-9082 301-278-9555 301-278-9003 BEA 25–43 Rebecca.Pocase@bea.gov Elena.Nguyen@bea.gov Connie.OConnell@bea.gov U.S. International Investment Position, 2nd Quarter 2025 The U.S. net international investment position, the difference between U.S. residents’ foreign financial assets and liabilities, was –$26.14 trillion at the end of the second quarter of 2025, according to statistics released today by the U.S. Bureau of Economic Analysis. Assets totaled $39.56 trillion, and liabilities were $65.71 trillion. At the end of the first quarter, the net investment position was –$24.65 trillion (revised). The net investment position and components of assets and liabilities are presented in table 1. The –$1.49 trillion change in the net investment position from the first quarter to the second quarter came from net financial transactions of –$428.1 billion and net other changes in position, such as price and exchange-rate changes, of –$1.06 trillion (table 2). Price changes of –$2.23 trillion reflected U.S. stock price increases exceeding foreign stock price increases, which raised the market value of U.S. liabilities more than U.S. assets. Page 1 of 5 Exchange-rate changes of $1.17 trillion reflected foreign currency appreciation against the U.S. dollar, which raised the value of U.S. assets more than U.S. liabilities in dollar terms. U.S. assets increased by $2.68 trillion to a total of $39.56 trillion at the end of the second quarter, driven by exchange-rate changes of $1.29 trillion that reflected the appreciation of foreign currencies against the U.S. dollar and by price changes of $1.04 trillion that reflected foreign stock price increases (table 2). All major investment categories of assets increased in the second quarter, led by increases in portfolio investment and direct investment assets. U.S. liabilities increased by $4.16 trillion to a total of $65.71 trillion at the end of the second quarter, driven mainly by U.S. stock price increases that raised the market value of portfolio investment and direct investment liabilities by $1.74 trillion and by $1.51 trillion, respectively (table 2). Financial transactions of $657.2 billion that mostly reflected foreign purchases of U.S. equity and long-term debt securities also contributed to the overall increase in liabilities. All major investment categories of liabilities increased in the second quarter, led by increases in portfolio investment and direct investment liabilities. Table A. Updates to First-Quarter 2025 International Investment Position Aggregates [Trillions of dollars, not seasonally adjusted] Preliminary estimates Revised estimates –24.61 –24.65 U.S. assets 36.85 36.89 U.S. liabilities 61.47 61.54 U.S. net international investment position U.S. Bureau of Economic Analysis Page 2 of 5 New Combined News Release and Changes in the Presentation of Tables Beginning in March 2026, BEA will publish quarterly U.S. international transactions and U.S. international investment position in a single news release. This combined quarterly release will provide a broader view of U.S. participation in the global economy and will replace the publication of two separate releases issued on different days, accelerating the availability of international investment position statistics. In addition, as part of BEA’s ongoing modernization and streamlining of news release packages, the statistics currently published as tables within the releases will not be included in the body of the release but will be available in BEA’s Interactive Data Application. This will reduce duplication, increase efficiency, and point data users directly to BEA’s most complete and flexible data tables via links in the release. These customizable tables include full time series and can be downloaded as PDFs, in Excel, or in CSV format. For resources, definitions, and more, visit “Additional Information.” Next release: December 23, 2025, at 8:30 a.m. EST U.S. International Investment Position, 3rd Quarter 2025 News release tables Table 1. U.S. Net International Investment Position at the End of the Period Table 2. Change in the U.S. Net International Investment Position in 2025:Q2 Page 3 of 5 September 29, 2025 Table 1. U.S. Net International Investment Position at the End of the Period [Billions of dollars, not seasonally adjusted] Line Q1 1 U.S. net international investment position (line 4 less line 36) Net international investment position excluding financial derivatives (line 5 2 less line 37) Financial derivatives other than reserves, net (line 6 less line 38) 3 4 U.S. assets Assets excluding financial derivatives (sum of lines 7, 10, 21, and 27) 5 Financial derivatives other than reserves, gross positive fair value (line 15) 6 By functional category: Direct investment at market value 7 Equity 8 Debt instruments 9 Portfolio investment 10 Equity and investment fund shares 11 Debt securities 12 Short term 13 Long term 14 Financial derivatives other than reserves, gross positive fair value 15 Over-the-counter contracts 16 Single-currency interest rate contracts 17 Foreign exchange contracts 18 Other contracts 19 Exchange-traded contracts 20 Other investment 21 Other equity 22 Currency and deposits 23 Loans 24 Insurance technical reserves 25 Trade credit and advances 26 Reserve assets 27 Monetary gold 28 Special drawing rights 29 Reserve position in the International Monetary Fund 30 Other reserve assets 31 Currency and deposits 32 Securities 33 Financial derivatives 34 Other claims 35 36 U.S. liabilities Liabilities excluding financial derivatives (sum of lines 39, 42, and 57) 37 Financial derivatives other than reserves, gross negative fair value (line 51) 38 By functional category: Direct investment at market value 39 Equity 40 Debt instruments 41 Portfolio investment 42 Equity and investment fund shares 43 Debt securities 44 Short term 45 Treasury bills and certificates 46 Other short-term securities 47 Long term 48 Treasury bonds and notes 49 Other long-term securities 50 Financial derivatives other than reserves, gross negative fair value 51 Over-the-counter contracts 52 Single-currency interest rate contracts 53 Foreign exchange contracts 54 Other contracts 55 Exchange-traded contracts 56 Other investment 57 Other equity 58 Currency and deposits 59 Loans 60 Insurance technical reserves 61 Trade credit and advances 62 Special drawing rights allocations 63 p Preliminary r Revised n.a. Not available ..... Not applicable Note. Details may not add to totals because of rounding. U.S. Bureau of Economic Analysis 2025 2024 Type of investment Q2 Q3 Q4 Q1 r Q2 p Change: 2025:Q1 to 2025:Q2 -22,017.0 -23,206.1 -24,510.5 -26,539.5 -24,652.9 -26,141.9 -1,489.0 -22,040.3 23.3 35,395.7 33,222.6 2,173.1 -23,202.1 -4.0 35,581.3 33,295.8 2,285.4 -24,488.4 -22.1 37,511.6 34,972.9 2,538.7 -26,571.6 32.2 35,719.4 33,403.2 2,316.2 -24,647.6 -5.3 36,889.0 34,834.7 2,054.3 -26,140.0 -1.9 39,564.0 37,409.9 2,154.2 -1,492.4 3.4 2,675.0 2,575.2 99.8 11,212.7 9,857.7 1,355.1 15,586.3 11,836.5 3,749.8 432.3 3,317.5 2,173.1 2,111.4 1,602.6 316.6 192.2 61.7 5,611.9 74.9 2,218.0 3,277.2 n.a. 41.8 811.6 579.1 166.3 30.5 35.8 28.7 7.1 ….. 0.0 57,412.7 55,262.9 2,149.8 11,177.7 9,841.0 1,336.7 15,655.0 11,878.5 3,776.4 432.2 3,344.2 2,285.4 2,226.7 1,730.3 329.2 167.2 58.8 5,622.6 76.7 2,261.3 3,242.2 n.a. 42.4 840.6 609.5 166.2 29.6 35.2 28.0 7.2 ….. 0.0 58,787.4 56,498.0 2,289.4 11,769.6 10,397.4 1,372.2 16,503.1 12,616.0 3,887.1 451.9 3,435.2 2,538.7 2,467.2 1,907.0 353.7 206.5 71.5 5,772.8 77.4 2,391.3 3,258.5 n.a. 45.7 927.3 687.7 172.9 28.9 37.8 27.2 6.4 ….. 4.2 62,022.1 59,461.2 2,560.8 11,128.8 9,782.6 1,346.2 15,770.4 11,996.3 3,774.2 413.8 3,360.3 2,316.2 2,244.0 1,532.5 535.5 176.0 72.2 5,594.0 77.0 2,363.7 3,108.4 n.a. 44.9 909.9 682.3 166.9 26.0 34.8 21.8 13.0 ….. 0.0 62,258.8 59,974.8 2,284.0 11,487.5 10,177.9 1,309.6 16,315.9 12,415.3 3,900.6 448.9 3,451.7 2,054.3 1,978.0 1,457.2 336.4 184.5 76.3 5,982.3 77.3 2,448.1 3,412.3 n.a. 44.6 1,049.0 814.6 170.4 27.6 36.4 19.0 17.4 ….. 0.0 61,541.9 59,482.3 2,059.6 12,531.2 11,220.9 1,310.3 17,609.6 13,669.1 3,940.5 438.2 3,502.3 2,154.2 2,068.5 1,417.1 431.7 219.6 85.7 6,165.0 79.1 2,512.7 3,529.6 n.a. 43.7 1,104.1 859.7 174.8 30.3 39.3 22.1 17.1 ….. 0.0 65,705.9 63,549.9 2,156.1 1,043.7 1,043.0 0.7 1,293.7 1,253.8 39.9 -10.8 50.6 99.8 90.5 -40.0 95.3 35.2 9.4 182.8 1.8 64.6 117.3 n.a. -0.9 55.1 45.1 4.4 2.7 2.8 3.1 -0.3 ….. 0.0 4,164.0 4,067.6 96.4 16,135.6 14,264.7 1,871.0 30,363.3 16,215.7 14,147.6 1,317.2 1,091.2 226.0 12,830.3 7,016.7 5,813.6 2,149.8 2,084.7 1,576.0 304.8 203.8 65.1 8,764.0 n.a. 4,471.3 3,844.2 n.a. 296.5 152.1 16,724.2 14,805.4 1,918.8 30,941.5 16,870.5 14,071.0 1,328.9 1,103.8 225.1 12,742.0 7,145.7 5,596.3 2,289.4 2,230.5 1,726.0 320.0 184.5 58.9 8,832.2 n.a. 4,494.6 3,883.8 n.a. 302.7 151.1 17,595.5 15,623.8 1,971.8 32,801.5 17,904.4 14,897.2 1,435.4 1,199.3 236.2 13,461.7 7,515.9 5,945.8 2,560.8 2,491.5 1,902.5 366.7 222.2 69.4 9,064.2 n.a. 4,507.1 4,095.7 n.a. 305.6 155.8 17,810.0 15,929.1 1,880.9 33,146.2 18,561.5 14,584.7 1,484.4 1,244.1 240.4 13,100.3 7,314.3 5,786.0 2,284.0 2,215.2 1,514.5 502.6 198.1 68.8 9,018.6 n.a. 4,474.3 4,078.0 n.a. 316.5 149.8 16,985.4 15,161.0 1,824.4 33,065.4 17,856.1 15,209.2 1,670.8 1,416.8 254.0 13,538.4 7,632.7 5,905.7 2,059.6 1,990.3 1,448.5 339.6 202.3 69.3 9,431.5 n.a. 4,698.5 4,260.6 n.a. 319.8 152.6 18,613.6 16,758.2 1,855.4 35,321.1 19,857.3 15,463.8 1,657.5 1,415.1 242.4 13,806.3 7,712.6 6,093.7 2,156.1 2,074.7 1,390.6 453.2 230.9 81.4 9,615.2 n.a. 4,751.7 4,379.4 n.a. 326.3 157.8 1,628.2 1,597.2 31.0 2,255.7 2,001.1 254.6 -13.3 -1.7 -11.6 267.8 79.9 188.0 96.4 84.4 -57.9 113.7 28.6 12.0 183.7 n.a. 53.3 118.7 n.a. 6.5 5.2 0.0 Positions are possible but are zero for a given period. Page 4 of 5 September 29, 2025 Table 2. Change in the U.S. Net International Investment Position [Billions of dollars] Line Change in position in 2025:Q2 Attributable to: Other changes in position End of quarter position, Type of investment 2025:Q1 1 U.S. net international investment position (line 4 less line 36) Net international investment position excluding financial derivatives (line 5 less line 37) 2 Financial derivatives other than reserves, net (line 6 less line 38) 3 4 U.S. assets Assets excluding financial derivatives (sum of lines 7, 10, 21, and 27) 5 Financial derivatives other than reserves, gross positive fair value (line 15) 6 By functional category: Direct investment at market value 7 Equity 8 Debt instruments 9 Portfolio investment 10 Equity and investment fund shares 11 Debt securities 12 Short term 13 Long term 14 Financial derivatives other than reserves, gross positive fair value 15 Over-the-counter contracts 16 Single-currency interest rate contracts 17 Foreign exchange contracts 18 Other contracts 19 Exchange-traded contracts 20 Other investment 21 Other equity 22 Currency and deposits 23 Loans 24 Insurance technical reserves 25 Trade credit and advances 26 Reserve assets 27 Monetary gold 28 Special drawing rights 29 Reserve position in the International Monetary Fund 30 Other reserve assets 31 Currency and deposits 32 Securities 33 Financial derivatives 34 Other claims 35 36 U.S. liabilities Liabilities excluding financial derivatives (sum of lines 39, 42, and 57) 37 Financial derivatives other than reserves, gross negative fair value (line 51) 38 By functional category: Direct investment at market value 39 Equity 40 Debt instruments 41 Portfolio investment 42 Equity and investment fund shares 43 Debt securities 44 Short term 45 Treasury bills and certificates 46 Other short-term securities 47 Long term 48 Treasury bonds and notes 49 Other long-term securities 50 Financial derivatives other than reserves, gross negative fair value 51 Over-the-counter contracts 52 Single-currency interest rate contracts 53 Foreign exchange contracts 54 Other contracts 55 Exchange-traded contracts 56 Other investment 57 Other equity 58 Currency and deposits 59 Loans 60 Insurance technical reserves 61 Trade credit and advances 62 Special drawing rights allocations 63 Total r Financial transactions -24,652.9 -24,647.6 -5.3 36,889.0 34,834.7 2,054.3 -1,489.0 -1,492.4 3.4 2,675.0 2,575.2 99.8 -428.1 -454.0 25.8 11,487.5 10,177.9 1,309.6 16,315.9 12,415.3 3,900.6 448.9 3,451.7 2,054.3 1,978.0 1,457.2 336.4 184.5 76.3 5,982.3 77.3 2,448.1 3,412.3 n.a. 44.6 1,049.0 814.6 170.4 27.6 36.4 19.0 17.4 ..... 0.0 61,541.9 59,482.3 2,059.6 1,043.7 1,043.0 0.7 1,293.7 1,253.8 39.9 -10.8 50.6 99.8 90.5 -40.0 95.3 35.2 9.4 182.8 1.8 64.6 117.3 n.a. -0.9 55.1 45.1 4.4 2.7 2.8 3.1 -0.3 ..... 0.0 4,164.0 4,067.6 96.4 16,985.4 15,161.0 1,824.4 33,065.4 17,856.1 15,209.3 1,670.8 1,416.8 254.0 13,538.4 7,632.7 5,905.7 2,059.6 1,990.3 1,448.5 339.6 202.3 69.3 9,431.5 n.a. 4,698.5 4,260.6 n.a. 319.8 152.6 1,628.2 1,597.2 31.0 2,255.7 2,001.1 254.6 -13.3 -1.7 -11.6 267.8 79.9 188.0 96.4 84.4 -57.9 113.7 28.6 12.0 183.7 n.a. 53.3 118.7 n.a. 6.5 5.2 Price changes Total -1,060.8 -1,038.4 -22.4 4 () -2,225.6 () 203.2 () 2,372.0 4 () 3 () 1,037.2 3 () 3 () 3 () -4.3 18.9 -23.3 45.2 33.6 11.6 -13.2 24.8 1,048.0 1,024.1 24.0 1,248.5 1,220.2 28.3 2.4 25.8 461.8 461.8 ….. 530.3 561.3 -31.0 ….. -31.0 3 3 3 () 23.7 3 () 123.9 () 3,262.8 () 3,410.4 3 () 3 () 3 () 3 () 3 () 3 () -55.0 0.0 -15.0 -40.0 n.a. 0.0 0.0 0.0 0.0 0.0 0.0 1.8 -1.8 ..... 0.0 3 3 3 () 657.2 30.3 6.4 24.0 70.3 70.5 -0.2 0.0 -0.2 3 () 3 () 3 () 3 () 3 () 3 () 76.0 0.3 45.7 29.8 n.a. 0.1 9.4 ….. 5.7 1.0 2.7 1.4 1.4 ..... 0.0 () 3 () 3 () 3 () 3 () 3 () 0.0 0.0 ….. ….. n.a. ….. 45.1 45.1 ….. ….. 0.0 ….. 0.0 ..... ….. () 3 () 3 () 3 () 3 () 3 () 21.0 0.3 30.7 -10.2 n.a. 0.1 54.5 45.1 5.7 1.0 2.7 3.1 -0.4 ..... 0.0 555.9 555.9 ….. 647.9 588.4 59.5 2.4 57.1 3 3 3 () 3 () 3 () 3 () 3 () 3 () 161.8 1.5 33.8 127.5 n.a. -1.0 0.6 0.0 -1.3 1.7 0.1 (*) 0.1 ..... 0.0 End of quarter Changes in position, Exchangevolume and p 2025:Q2 1 valuation rate changes 2 n.i.e. 4 4 -26,141.9 () () -26,140.0 21.9 1,165.3 4 4 -1.9 () () 3 3 39,564.0 () () 37,409.9 45.6 1,289.2 3 3 2,154.2 () () 3 () () () () 3 () 124.6 96.2 28.4 452.5 260.6 191.9 -14.6 -1.7 -12.9 206.6 101.7 104.9 1,503.6 1,501.0 2.6 1,803.2 1,740.5 62.6 1.3 0.0 1.3 61.3 -21.8 83.1 1,505.3 1,505.3 ….. 1,757.6 1,741.4 16.1 ….. ….. ….. 16.1 -3.9 20.1 ….. ….. ….. 60.2 ….. 60.2 1.3 ….. 1.3 58.9 ….. 58.9 -1.7 -4.3 2.6 -14.6 -0.9 -13.7 0.0 0.0 0.0 -13.7 -17.9 4.2 3 () 3 () 3 () 3 () 3 () 3 () 80.1 n.a. 40.8 32.9 n.a. 6.3 0.0 3 () 3 () 3 () 3 () 3 () 3 () 103.7 n.a. 12.5 85.8 n.a. 0.2 5.2 3 () 3 () 3 () 3 () 3 () 3 () ….. n.a. ….. ….. n.a. ….. ….. 3 () 3 () 3 () 3 () 3 () 3 () 63.7 n.a. 12.5 45.8 n.a. 0.2 5.2 3 () 3 () 3 () 3 () 3 () 3 () 40.0 n.a. 0.0 40.0 n.a. 0.0 0.0 3 3 3 12,531.2 11,220.9 1,310.3 17,609.6 13,669.1 3,940.5 438.2 3,502.3 2,154.2 2,068.5 1,417.1 431.7 219.6 85.7 6,165.0 79.1 2,512.7 3,529.6 n.a. 43.7 1,104.1 859.7 174.8 30.3 39.3 22.1 17.1 ..... 0.0 65,705.9 63,549.9 2,156.1 18,613.6 16,758.2 1,855.4 35,321.1 19,857.3 15,463.8 1,657.5 1,415.1 242.4 13,806.3 7,712.6 6,093.7 2,156.1 2,074.7 1,390.6 453.2 230.9 81.4 9,615.2 n.a. 4,751.7 4,379.4 n.a. 326.3 157.8 p Preliminary r Revised n.a. Not available ..... Not applicable (*) Value between zero and +/- $50 million 0.0 Transactions or other changes are possible but are zero for a given period. 1. Represents gains or losses on foreign-currency-denominated assets and liabilities due to their revaluation at current exchange rates. 2. Changes in volume and valuation n.i.e. (not included elsewhere) includes changes due to shifts in the composition of reporting panels and to the incorporation of more comprehensive survey results. Also includes capital gains and losses of direct investment affiliates and changes in positions that cannot be allocated to financial transactions, price changes, or exchange-rate changes. 3. Financial transactions and other changes in financial derivatives positions are available on a net basis, which is shown on line 3; they are not separately available for gross positive fair values and gross negative fair values of financial derivatives. 4. Data are not separately available for price changes, exchange-rate changes, and changes in volume and valuation n.i.e. Note. Details may not add to totals because of rounding. U.S. Bureau of Economic Analysis Page 5 of 5