Annual result and net investments
A federal surplus or deficit is derived from current receipts minus current expenditure. Here, you can find the key information on the surplus/deficit for the year and on net investments.
Derivation of the fiscal balance from the statement of financial performance and the statement of investments in CHF bn
Surplus/deficit for the year
The statement of financial performance ended 2025 with a surplus of 3.8 billion, which was significantly better than the previous year's result (2.1 bn). Current receipts (+3.6 bn) grew at a faster pace than current expenditure (+1.6 bn). The increase in receipts was due primarily to the high level of direct federal tax receipts (profit tax +1.8 bn; income tax +0.5 bn) and the profit distribution by the Swiss National Bank (SNB; +1.0 bn).
The rise in current expenditure was attributable, on the one hand, to the increase in social welfare expenditure (+605 mn), mainly as a result of the substantial growth in expenditure on old-age and survivors' insurance (AHV). On the other hand, the finances and taxes task area experienced higher expenditure (+0.8 bn), which can be explained by the sharp rise in the cantons' share of federal receipts as a result of the robust growth in receipts.
Consequently, the financing contribution from the statement of financial performance – self-financing – climbed from 4.2 billion to 6.2 billion. Taking into consideration the valuation changes regarding administrative assets (net -2.4 bn), which include depreciation, amortization and unrealized gains on financial interests, the surplus amounted to 3.8 billion.
Net investiments
Net investments rose by 1.6 billion to 5.9 billion year on year. While investment receipts remained stable at 1.0 billion, investment expenditure jumped by 1.7 billion to 7.0 billion. The increase in investments was mainly in the areas of transportation and security.
Overall fiscal balance
The level of self-financing arising from the statement of financial performance (difference between current receipts and current expenditure) was sufficient to finance the planned net investments (difference between investment receipts and investment expenditure). The federal financial statements ended 2025 with a small financing surplus of 259 million.
There was a financing surplus of 1,185 million in the ordinary budget. Overall, ordinary receipts grew more rapidly (+3.9%) than ordinary expenditure (+3.5%). The debt brake would have permitted a cyclical deficit of 262 million due to the economic underutilization. As a result, there was a structural surplus of 1.4 billion. In the extraordinary budget, extraordinary payments were once again required for contributions to the cantons for people from Ukraine seeking protection (0.7 bn out of a total of 1.4 bn). The one-time capital contribution of 850 million to SBB was also recognized as extraordinary expenditure. The supplementary distribution from the SNB (333 mn) and the SNB allocation from non-exchanged 6th series banknotes (237 mn) were recognized as extraordinary receipts. Consequently, the extraordinary financing deficit amounted to 925 million.
Total federal investments
Around half of the Confederation's investments were made using the federal budget. The other half originated from funds financed via the federal budget. To obtain a comprehensive overview of investing activities, fund investments also have to be taken into account.
In 2025, total investments reached 12.7 billion, or 14.5% of ordinary federal expenditure (2024: 13%). Around 52% of this amount went to transportation infrastructure, partly via the railway infrastructure fund (RIF), partly via the motorway and urban transportation fund (urban transportation share) and partly via the federal budget (deposit in the motorway and urban transportation fund for motorway construction). Additional funding went from the grid supplement fund (GrSF) to promote renewable energies and energy efficiency (10% of investments). Approximately 16% of investments were devoted to security (particularly defense).
Data
Detailed data for longer periods are available under the following links: