CFOs Bullish on Firms, Bearish on Economy

The disconnect between how chief financial officers view the broader economy versus their own companies has widened sharply, according to a new survey from Deloitte. The firm’s North American Q2 2026 CFO Signals report identifies what it calls a “paradox of promise versus pessimism” among finance chiefs. The report covers responses collected in early 2026.

Only 5% of CFOs surveyed in the first quarter described the North American economy as bad, according to the report. That number jumped to 33% in the second quarter. At the same time, 90% of respondents said they are significantly or somewhat more optimistic about their own company’s future financial prospects.

The findings are based on responses from 200 CFOs at companies with at least $1 billion in revenue across the U.S., Canada, and Mexico. The survey was conducted in the second quarter of 2026.

“The macroeconomic outlook has dipped for two consecutive quarters,” Ed Hardy, U.S. financial services leader at Deloitte, said. “But at the same time, finance leaders’ confidence in their own ability to execute strategy and manage challenges is as strong as it’s been in several quarters.” Hardy made the comment during a discussion of the survey results.

Hardy attributed the divergence between macroeconomic pessimism and company-level optimism to a deeper shift in how finance leaders operate. “They’ve built the muscle,” he said.

That confidence is translating into action. Despite concerns about market valuations, 59% of respondents said now is a good time to take calculated risks, up from 48% last quarter, according to the survey. Many are looking to access debt markets and raise capital, believing their companies offer what Hardy described as a “unique value signature” even in a choppy environment.

External risks haven’t disappeared.

Inflation and broader economic conditions remain top concerns for finance leaders, with roughly half of finance leaders citing inflation as a key issue to monitor. The Federal Reserve’s steady rate posture may be supporting some risk-taking, but it hasn’t eliminated underlying unease. Finance leaders are increasingly focused on risk management.

The role of technology—particularly AI—is more complex than a simple confidence booster. Companies are moving quickly to deploy and scale AI, but questions about return on investment, cost management, and governance persist, Hardy said. Finance leaders are also struggling to measure value beyond traditional cost savings, as AI creates new capabilities rather than just efficiencies. This shift requires new measurement approaches. Hardy noted that companies are still learning how to evaluate AI investments.

Talent emerged as the top risk factor.

It was cited by 51% of finance chiefs—higher than any other internal or external concern, according to the report. The issue spans hiring, retention, and, increasingly, upskilling. Finance functions are being forced to rethink their workforce mix, integrating new roles such as prompt engineers and AI specialists alongside traditional accounting expertise.

“It’s not just about adding new skills,” Hardy said. “It’s about rethinking how you attract, retain, and incentivize a very different mix of talent.”

The need for experienced finance professionals remains critical, particularly as “humans in the loop” are responsible for validating outputs and managing risk, according to the findings.

The survey suggests finance leaders are entering a new phase—one defined less by reactive crisis management and more by calibrated confidence.