Key takeaways:
Economic confidence is rising: 68% of finance leaders have a positive three-year outlook for the U.S. economy, up from 58% in the spring.
U.S. Bank leaders believe that improving sentiment is contributing to increased interest in acquisitions, partnerships and strategic investments.
Manufacturing and technology are leading the momentum. Manufacturing executives report particularly strong acquisition expectations, while more than half of technology finance leaders anticipate raising equity capital.
U.S. Bank leaders offer perspectives on what the Fall 2026 CFO survey results could mean for M&A, capital raising and more
The U.S. Bank CFO Insights Report: Fall 2026 found growing optimism among finance leaders and a stronger appetite for mergers and acquisitions. What do those findings suggest about the business environment ahead?
U.S. Bank leaders who work closely with corporate clients say the results point to a shift from caution toward action, with many companies increasingly evaluating acquisitions, partnerships and growth investments despite ongoing uncertainty.
How has economic sentiment shifted?
One of the most notable findings from the survey is the improvement in economic sentiment.
Some 68% of finance leaders report a positive three-year outlook for the U.S. economy, up from 58% in the spring. For U.S. Bank Vice Chair Stephen Philipson, that increase reflects an important shift in how companies are evaluating opportunities and risks.
“Since our spring CFO survey, we’ve seen a shift in how finance leaders view the current environment,” Philipson said.
“The underlying risks remain largely the same, but optimism has improved and priorities are adjusting. Finance leaders remain focused on cutting costs, yet they’re also placing greater emphasis on revenue growth and pursuing M&A opportunities.”
What is the current appetite for dealmaking?
Among the survey findings, perhaps none illustrate the shift toward growth more clearly than the increase in M&A expectations.
“Evaluating M&A, divestiture and partnership opportunities” is now the third most-cited priority, up from the fifth in the spring.
Dealmaking expectations are building as well: 59% of finance leaders predict M&A activity in their sector will rise over the next 12 months, up from 46% in the spring.
Meanwhile, 57% say their business is more likely to make acquisitions over the next 12 months than it was a year earlier, up from 49% in the spring. Bolt-on acquisitions remain the most popular expected deal structure.
For U.S. Bank leaders, those findings suggest companies are becoming more comfortable pursuing strategic growth opportunities, even if they remain discerning.
“The findings, as well as our client conversations, suggest companies are increasingly willing to act rather than allowing uncertainty to delay important strategic decisions."
U.S. Bank Vice Chair Stephen Philipson
Where do U.S. Bank leaders see the strongest momentum?
While optimism is broad-based, the survey suggests some sectors may be further along in their growth plans than others.
One of the most compelling M&A stories is in manufacturing. Dealmaking expectations are particularly strong in the industrial products and manufacturing sectors. Some 78% of finance leaders anticipate a rise in M&A activity in their sector, while 66% say their business is more likely to make acquisitions over the next 12 months than it was a year earlier.
According to Katie Simpson, Midwest regional executive for the U.S. Bank Institutional Client Group, those findings reflect the strategic decisions many manufacturers are making as they prepare for future growth.
“Manufacturers are looking beyond near-term uncertainty and making strategic decisions about where they need greater capacity, new capabilities, or additional scale,” Simpson said. “Acquisitions can accelerate those plans when the strategic fit and valuation are right.”
What were the survey findings about equity issuance?
Raising equity capital is also a focus for public companies. Among finance leaders at public companies, 34% say their business is likely to raise equity capital over the next year.
Those in technology, aerospace and defense, transportation and logistics, and commercial real estate are among the most likely to expect their companies to raise equity capital.
“The finding points to a selective but active equity issuance environment,” said Anton LeRoy, CEO of U.S. Bancorp | BTIG. “Companies are weighing market conditions, valuation and their capital needs carefully, and those with a clear use of proceeds and a compelling growth story may be well positioned to access the market.”
What lies ahead for finance leaders?
The survey results suggest that finance leaders are more confident about moving forward despite an uncertain backdrop.
“The findings, as well as our client conversations, suggest companies are increasingly willing to act rather than allowing uncertainty to delay important strategic decisions,” Philipson said.
About the research
The research findings in this report are based on a survey conducted between Aug. 5 and 26, 2026, of 1,000 senior finance leaders who work in U.S. businesses across multiple sectors. Nearly half of the survey participants are company, regional, or divisional CFOs. The remainder are senior managers within the finance function. Every finance leader surveyed works for a business that generates at least $100 million in annual revenue, and 30% work for a business that generates at least $2 billion.
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