Capital Markets Fact Book

Capital is critical to corporations for running day-to-day business operations or for various business purposes. For instance, earlier stage companies need additional capital to grow to the next stage in the business life cycle. Or companies may need capital to expand organically or via acquisition, whether it be for product or regional diversification. Individuals or companies – whether at the startup level or an established firm – need capital to turn ideas into usable innovations and often new, sustainable enterprises. Governments need capital to operate their country, state, or city, as well as invest in infrastructure projects such as bridges, roadways, or schools. Therefore, capital is an integral component supporting job creation, economic development, and prosperity, and plays a crucial role in a country’s economy.

Capital markets facilitate the transfer of capital from those seeking a return (investors) to those who need capital to grow their enterprises (issuers). Capital markets, put simply, are the way we connect providers of capital with users of capital. These relationships are facilitated by financial institution intermediaries, which play a critical role in making capital markets work. Efficient capital markets allow capital users to receive lower cost funding over time while allowing investors to identify appropriate opportunities to deploy their capital.

The SIFMA Capital Markets Fact Book is an annual reference containing comprehensive data on the capital markets, investor participation, savings and investment, and securities industry.

Fact Book Highlights

Section 1 – Global Capital Markets

Global fixed income debt outstanding increased 10.6% Y/Y to $160.7 trillion in 2025, while global long-term fixed income issuance in 2025 increased 6.3% to $29.9 trillion.

Global equity market capitalization increased 18.9% Y/Y to $157.8 trillion in 2025, as global equity issuance in 2025increased to $573.8 billion, +13.5% Y/Y.

The volume of gross activity (purchases and sales) in U.S. securities by foreign investors increased to $176.3 trillion, +31.0% Y/Y in 2025.

Section 2 – U.S. Capital Markets

In 2025, long-term fixed income issuance increased by 9.7% Y/Y to $11.5 trillion. Long-term U.S. Treasury securities (UST) issuance was $4.8 trillion, +3.2% Y/Y. Mortgage-backed securities (MBS) issuance increased 18.8% Y/Y to $1.9 trillion, while corporate bond issuance increased 12.5% Y/Y to $2.2 trillion. Federal agency securities increased 9.1% Y/Y to $1.4 trillion. Municipal bond (munis) issuance increased 14.3% Y/Y to $587.3 billion, and asset-backed securities (ABS) issuance increased 33.3% Y/Y to $517.4 billion.

Total equity issuance (excluding SPACs) was $232.6 billion in 2025, +4.3% Y/Y. Initial public offering (IPO) deal value was $47.0 billion, +50.0% Y/Y. Secondary offerings, or follow-ons, totaled $154.6 billion, -8.9% Y/Y. Announced U.S. merger and acquisition (M&A) deal value totaled $2.6 trillion in 2025, +58.0% Y/Y, while the value of completed M&A deals increased 30.7% Y/Y to $1.8 trillion.

U.S. stock markets – in terms of index prices – continued to rise in 2025, closing the year at:

• S&P 500 6,845.50, +16.4% Y/Y
• Nasdaq Composite 23,241.99, +20.4% Y/Y
• Dow Jones Industrial Average (DJIA) 48,063.29, +13.0% Y/Y
• Russell 2000 2,481.91, +11.3% Y/Y

The average daily trading volume for equities in 2025 was a record 17.6 billion shares, +44.6% Y/Y.

Section 3 – U.S. Investor Participation

According to the latest Federal Reserve survey, 58.0% of households own equities, +5.3 pps from the prior survey. In 2025, the value of U.S. households’ liquid financial assets increased 12.1% Y/Y to $80.4 trillion. The breakout of liquid financial assets held by U.S. households was:

• Equities 57.2%
• Mutual funds 17.0%
• Deposits (bank deposits and CDs) 11.4%
• Bonds (UST, agency, munis, and corporates) 7.7%
• Money market funds 6.6%

Section 4 – Savings & Investment

The total value of U.S. retirement assets increased 8.4% Y/Y to $53.6 trillion in 2025. Total private pension assets (defined benefit and contribution plans) were $15.0 trillion, +8.5% Y/Y, and assets held in individual retirement accounts (IRAs) increased 13.3% Y/Y to $18.7 trillion. The breakout of total U.S. retirement assets was:

• IRAs 35.0%
• Government pension assets (federal, state, and local) 28.2%
• Private pensions 27.9%
• Annuities 9.0%

Section 5 – U.S. Securities Industry

The number of FINRA registered broker-dealers decreased 2.0% Y/Y to 3,184 in 2025. Gross revenues for FINRAregistered broker-dealers totaled $776.8 billion, +7.5% Y/Y, while total expenses increased 4.0% Y/Y to $661.8 billion. As such, pre-tax net income was $115.0 billion in 2025, +33.8% Y/Y.

National securities industry employment reached 1,166,400 jobs in 2025, +3.0% Y/Y.

About the Report

The SIFMA Capital Markets Fact Book is an annual reference containing comprehensive data on the capital markets, investor participation, savings and investment, and securities industry. The Fact Book amasses data from dozens of sources into a single, easily accessible reference tool to analyze key industry statistics.

Credits

SIFMA Research

Justyna Romulus, Senior Research Associate

Matthew Paluzzi, Research Associate