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.
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 | |
|---|---|---|
| U.S. net international investment position | –24.61 | –24.65 |
| U.S. assets | 36.85 | 36.89 |
| U.S. liabilities | 61.47 | 61.54 |
| U.S. Bureau of Economic Analysis | ||
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.
Next release: December 23, 2025, at 8:30 a.m. EST
U.S. International Investment Position, 3rd Quarter 2025
