# Government finances macro thread

Informational only - not investment advice.

Federal debt, deficit, receipts, expenditures, and government-demand indicators from Treasury, OMB, BEA, and FRED public data.

As of: 2026-03-02
Related topic page: /skills/government-finances.html

This page is a data-driven assembly of existing grepcent indicators, SIC crosswalks, SEC company financials, and sanitized SEC MD&A text. The mapped sectors are grepcent descriptive editorial mappings, not forecasts, recommendations, or investment advice. Company inclusion is mechanical - largest by revenue in the mapped SIC sectors - and is not a recommendation, endorsement, or an assessment of any company's exposure to this theme.

Sector mapping is coarse (SIC level) and does not imply a company's business is driven by this theme; keyword matches are literal and may be incidental - read the linked filing for context.

## Macro Side

| Indicator | Latest reading | Units | As of | Source |
| --- | ---: | --- | --- | --- |
| [GCE](/indicator/GCE/) - Government Consumption Expenditures and Gross Investment | 5416.4 | Billions of Dollars, seasonally adjusted annual rate | 2026-01-01 | https://fred.stlouisfed.org/series/GCE |
| [GFDEBTN](/indicator/GFDEBTN/) - Federal Debt: Total Public Debt | 3.8514e+07 | Millions of Dollars | 2025-10-01 | https://fred.stlouisfed.org/series/GFDEBTN |
| [GFDEGDQ188S](/indicator/GFDEGDQ188S/) - Federal Debt: Total Public Debt as Percent of Gross Domestic Product | 122.568 | Percent of GDP | 2025-10-01 | https://fred.stlouisfed.org/series/GFDEGDQ188S |
| [FYFSD](/indicator/FYFSD/) - Federal Surplus or Deficit | -1.77468e+06 | Millions of Dollars | 2025-09-30 | https://fred.stlouisfed.org/series/FYFSD |
| [FGRECPT](/indicator/FGRECPT/) - Federal Government Current Receipts | 5872.95 | Billions of Dollars, seasonally adjusted annual rate | 2026-01-01 | https://fred.stlouisfed.org/series/FGRECPT |
| [FGEXPND](/indicator/FGEXPND/) - Federal Government: Current Expenditures | 7678.99 | Billions of Dollars, seasonally adjusted annual rate | 2026-01-01 | https://fred.stlouisfed.org/series/FGEXPND |

## Mapped SIC Sectors

Mapped from the existing topic crosswalk, refined where needed to SIC major-group scope for company selection.

- [Finance, Insurance, And Real Estate](/division/H/): SIC division H
- [Services](/division/I/): SIC division I
- [Manufacturing](/division/D/): SIC division D

## Largest Companies in Mapped Sectors (by revenue)

Companies are selected from the mapped SIC sectors and sorted by latest reported annual revenue (from SEC companyfacts). Missing metrics are left blank. MD&A signals are keyword matches against the sanitized latest 10-K MD&A text. Keywords scanned: government spending, federal debt, federal deficit, public sector, government contracts.

| Company | Revenue | FY | Net margin | Operating margin | Revenue growth | MD&A mentions | Verbatim MD&A excerpt |
| --- | ---: | ---: | ---: | ---: | ---: | --- | --- |
| [UNH](/company/UNH/) - UNITEDHEALTH GROUP INC | 447,567,000,000 | 2025 | 2.69% | 4.24% | 11.81% |  | No keyword match found in emitted latest 10-K MD&A. |
| [AAPL](/company/AAPL/) - Apple Inc. | 416,161,000,000 | 2025 | 26.92% | 31.97% | 6.43% |  | No keyword match found in emitted latest 10-K MD&A. |
| [GOOGL](/company/GOOGL/) - Alphabet Inc. | 402,836,000,000 | 2025 | 32.81% | 32.03% | 15.09% |  | No keyword match found in emitted latest 10-K MD&A. |
| [BRK-B](/company/BRK-B/) - BERKSHIRE HATHAWAY INC | 371,444,000,000 | 2025 | 18.03% |  | 0.00% |  | No keyword match found in emitted latest 10-K MD&A. |
| [XOM](/company/XOM/) - EXXON MOBIL CORP | 332,238,000,000 | 2025 | 8.68% |  | -4.96% |  | No keyword match found in emitted latest 10-K MD&A. |
| [MSFT](/company/MSFT/) - MICROSOFT CORP | 281,724,000,000 | 2025 | 36.15% | 45.62% | 14.93% |  | No keyword match found in emitted latest 10-K MD&A. |
| [CI](/company/CI/) - Cigna Group | 274,900,000,000 | 2025 | 2.17% | 3.35% | 11.24% |  | No keyword match found in emitted latest 10-K MD&A. |
| [NVDA](/company/NVDA/) - NVIDIA CORP | 215,938,000,000 | 2026 | 55.60% | 60.38% | 65.47% | public sector | "We refer to indirect customers as those who purchase products through our direct customers; indirect customers include CSPs, Neocloud builders, AI model makers, enterprises, and public sector entities." (verbatim sentence from NVDA latest 10-K MD&A, filed 2026-02-25; https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm) |
| [META](/company/META/) - Meta Platforms, Inc. | 200,966,000,000 | 2025 | 30.08% | 41.44% | 22.17% |  | No keyword match found in emitted latest 10-K MD&A. |
| [ELV](/company/ELV/) - Elevance Health, Inc. | 199,125,000,000 | 2025 | 2.84% | 3.62% | 12.49% |  | No keyword match found in emitted latest 10-K MD&A. |
| [CNC](/company/CNC/) - CENTENE CORP | 194,777,000,000 | 2025 | -3.43% | -3.91% | 19.44% | government contracts | "These factors include significant changes in membership, financial performance, state funding, government contracts and provider networks and contracts." (verbatim sentence from CNC latest 10-K MD&A, filed 2026-02-17; https://www.sec.gov/Archives/edgar/data/1071739/000107173926000049/cnc-20251231.htm) |
| [CVX](/company/CVX/) - CHEVRON CORP | 189,031,000,000 | 2025 | 6.51% |  | -6.79% |  | No keyword match found in emitted latest 10-K MD&A. |
| [F](/company/F/) - FORD MOTOR CO | 187,267,000,000 | 2025 | -4.36% | -4.90% | 1.23% |  | No keyword match found in emitted latest 10-K MD&A. |
| [GM](/company/GM/) - General Motors Co | 185,019,000,000 | 2025 | 1.46% | 1.57% | -1.29% |  | No keyword match found in emitted latest 10-K MD&A. |
| [JPM](/company/JPM/) - JPMORGAN CHASE & CO | 182,447,000,000 | 2025 | 31.27% |  | 2.75% |  | No keyword match found in emitted latest 10-K MD&A. |