NET ISSUANCE
Corporations are net sellers of equity — supply is growing, a headwind for prices.
Latest: 2026Q1 · Streak: 3 quarters positive (since 2025 Q3)
Latest quarter (2026Q1)
$+124.4B
Seasonally adj. annual rate
4Q rolling average
$+36.1B
Smooths M&A noise
One year ago
$-180.0B
Year-over-year context
% quarters negative since 2000
86%
Historical baseline
Net equity issuance — quarterly ($B, SAAR) with rolling averages
Net buybacks (negative = tailwind)
Net issuance (positive = headwind)
How to read this chart. The series (FRED
NCBCEBA027S)
is the Fed's Z.1 Flow of Funds measure of net equity flows for US nonfinancial corporations — it nets out gross issuance (IPOs, secondaries, employee grants) against gross retirements (buybacks plus M&A).
Negative values (green bars) mean corporations are collectively retiring more equity than they issue — supply shrinks and has historically acted as a structural tailwind.
Positive values (red bars) mean net new supply is being created.
Single-quarter spikes are often driven by large M&A deals; the
4-quarter rolling average (yellow line) is the cleaner signal to watch.
Data is reported quarterly with a ~3–4 month lag; next FRED update:
Sep 10, 2026.