Dive deeper into this year’s survey results.
Finance leaders chart a course for progress despite cross-currents
Between March 19 and April 14, 2026, U.S. Bank surveyed 1,000 senior finance leaders at firms whose annual revenue ranged from $100 million to more than $5 billion. The results reveal an appetite for growth against a backdrop of geopolitical tension, inflation and cost pressure.
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Cost savings the focus, but growth back in the picture
Respondents’ top three priorities reflect the dual desires of reducing costs while seeking out opportunities for growth. Finance leaders’ three highest ranked priorities are as follows:
39% identify cutting costs and driving efficiencies as a top priority, up from 33% in mid-2024.
Driving revenue growth is now the #2 ranked priority at 31%, up from #7 in mid-2024.
30% identify contributing to business-wide digital transformation among their function’s top three priorities in the next 12 months.
Optimism cools amid rising uncertainty
The CFOs and other senior finance leaders who responded to our survey in the spring of 2026 reported feeling less optimistic about the economy and their businesses compared to our previous survey conducted in mid-2024.
36% have a positive 12-month outlook on the U.S. economy, down from 42% in mid-2024.
58% have a positive 3-year outlook on the U.S. economy, down from 63% in mid-2024.
45% have a positive 12-month outlook on their business’s financial prospects, down from 52% in mid-2024.
64% have a positive 3-year outlook on their business’s financial prospects, down slightly from 66% in mid-2024.
M&A momentum builds despite headwinds
There are encouraging signs of M&A activity across sectors, as finance leaders indicate conditions don’t need to be perfect if the strategic rationale is strong.
49% agree that they are more likely to make acquisitions in the next year compared with the past year.
19% say their business is highly likely to pursue bolt-on acquisitions in the next 12 months.
10% say their business is highly likely to pursue a transformational acquisition in the next 12 months.
Mounting global shocks stoke inflation pressures
Geopolitical tension and war and high inflation have moved up the risk agenda, driving sharper focus on risk management, pricing decisions and the ability to absorb volatility.
35% of respondents cite geopolitical tension and war as a top risk, up from 32% in mid-2024, 26% in January 2024 and 17% in 2023.
34% of respondents cite inflation as a top risk, making it the number two risk, up from number nine in 2024.
12% of respondents say global uncertainty and volatility has caused them to cancel at least one major investment project in the past year.
60% of respondents say business costs have increased in the past 12 months and 70% expect more increases in the next year.
Measuring AI ROI is a challenge
As AI tools become more sophisticated and widely adopted, organizations are increasingly focused on scaling the use cases they expect to deliver meaningful returns. But the data suggest that building the necessary capabilities to track ROI is uneven across the market.
Larger firms are more likely to measure and generate positive ROI
Following implementation, for what proportion of AI investments have you measured the ROI in the past 12 months? (Mean score)
Of AI investments where ROI was measured, how many generated a positive ROI? (Mean score)
Payments transformation brings rich data rewards but heightens fraud risk
As payments operations continue evolving digitally, reducing fraud and cyber risk has become the most common risk-mitigation focus for finance leaders.
Finance leaders responded as follows when we asked "Which of the following have you done to modernize payments at your business in the past 12 months?"
What we’re seeing
“CFOs are managing through real cross-currents right now, with elevated geopolitical and inflation concerns. It’s no surprise that those pressures are weighing on near-term sentiment. But on the ground, in investment and business activity, we’re seeing more confidence. Leaders are still pursuing growth while maintaining cost discipline and sharpening risk management.”
Stephen Philipson
U.S. Bank Vice Chair and Head of Wealth, Corporate, Commercial and Institutional Banking
Get the complete survey results
Read the full CFO survey for deep insights and perspectives on what finance leaders are thinking and how they are leading their functions in a highly dynamic global environment.
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About the research
The results of this research are based on a survey conducted between March 19 and April 14, 2026, of 1,000 senior finance leaders who work in U.S. businesses across multiple sectors.
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.
Company sizes
Every survey respondent works for an organization that generates at least $100 million in annual revenue. This is the percentage of respondents by annual revenue:
- >$5 billion: 10%
- $2 – $4.99 billion: 20%
- $1 – $1.99 billion: 15%
- $500 – $999 million: 15%
- $250 – $499 million: 17%
- $100 – $249 million: 23%
By obtaining responses from finance leaders across a wide range of sectors, company sizes and job roles, we are able to provide a report that incorporates a wide range of viewpoints.
Previous editions of our research include:
- Leading the return to growth (2024) (PDF)
- Leading the transformation (2023) (PDF)
- Leading through uncertainty (2022) (PDF)
- Leading the recovery (2021) (PDF)
Job Roles
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