The U.S. Bureau of Economic Analysis reported that the U.S. net international investment position was –$26.14 trillion at the end of the second quarter of 2025. This figure represents the difference between U.S. residents’ foreign financial assets and liabilities. At the end of the first quarter, the revised net investment position was –$24.65 trillion.
U.S. assets reached $39.56 trillion, while liabilities totaled $65.71 trillion by the end of June 2025. The change in the net investment position from the previous quarter amounted to –$1.49 trillion, which resulted from net financial transactions of –$428.1 billion and other changes such as price and exchange-rate movements totaling –$1.06 trillion.
According to BEA statistics, price changes accounted for –$2.23 trillion, mainly due to increases in U.S. stock prices that outpaced those abroad, thereby raising the market value of U.S. liabilities more than assets.
Exchange-rate fluctuations contributed $1.17 trillion, reflecting appreciation of foreign currencies against the U.S. dollar, which increased the value of U.S.-held foreign assets more than it did for liabilities when measured in dollars.
U.S. assets grew by $2.68 trillion during the second quarter, driven by exchange-rate changes worth $1.29 trillion and price changes amounting to $1.04 trillion due to rising foreign stock prices. All major asset categories saw increases, with portfolio investment and direct investment assets leading this growth.
On the liability side, there was a $4.16 trillion increase over the quarter, bringing total liabilities to $65.71 trillion by June’s end. This rise was mainly attributed to higher U.S. stock prices boosting portfolio and direct investment liabilities by $1.74 trillion and $1.51 trillion respectively, as well as financial transactions totaling $657.2 billion—largely reflecting foreign purchases of U.S equity and long-term debt securities.
All major categories of liabilities experienced increases in this period, particularly in portfolio investment and direct investment liabilities.
The BEA also updated its preliminary estimates for first-quarter 2025 aggregates: The net international investment position was revised from –$24.61 trillion to –$24.65 trillion; assets were adjusted from $36.85 trillion to $36.89 trillion; and liabilities from $61.47 trillion to $61.54 trillion.
Looking ahead, BEA announced that starting March 2026 it will combine its quarterly releases on international transactions and international investment positions into a single news release to provide a broader perspective on U.S participation in global economic activity and make these statistics available sooner.
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