The new normal: Growth under pressure
The Deloitte CFO Survey Switzerland – Spring 2026
About the Survey
The Swiss CFO Survey provides an overview of the economic attitudes of CFOs and Group Finance Directors of major companies based in Switzerland. It is published semi-annually, aligns with the European CFO Survey, and includes a mix of questions relevant to the CFO at business environment, company, and operational levels.
Summary
Swiss companies remain optimistic about their business prospects, despite the strong Swiss franc and rising energy and procurement costs putting pressure on margins. However, more companies are able to pass on their higher costs to customers than in autumn. Geopolitical risks, potential demand weakness and currency risks are the greatest challenges. Trade turbulence is affecting 64% of companies, with 15% severely impacted. CFOs expect artificial intelligence in the finance function to deliver overall cost savings, particularly in labour costs, but also anticipate higher spending on IT and technology.
Key results of the Swiss survey
Economic outlook: Recovery, risks remain
Despite the Iran conflict and ongoing geopolitical uncertainties, from the CFOs' point of view economic expectations for Switzerland and its most important trading partners are brightening – with the exception of Germany, which continues to suffer from structural challenges. This is a positive signal, but optimism remains subdued and the risks remain significant.
Economic expectations for Switzerland and Switzerland's most important trading partners
Net balance of CFOs who assess the economic outlook for Switzerland and its main trading partners positively/negatively over the next 12 months
Company prospects: Optimism prevails
Despite challenges, Swiss companies are expecting a successful year in 2026. However, the strong Swiss franc is putting increasing pressure on corporate margins, as are energy prices purchasing prices. The slight easing of the customs situation is positive, and some companies can at least pass on some of their higher costs to their customers.
Company performance indicators: tariff shock overcome, but with consequences
Net balances of CFOs expecting these indicators for their company to rise/fall over the next 12 months. Employee numbers split between Switzerland and abroad for the first time in this edition
Which factors affect corporate margins and how?
How do the following factors affect your margin right now, compared to 12 months ago?
Corporate risks: International risks continue to dominate
From the CFOs' point of view geopolitical risks remain the biggest, followed by concerns about weak demand and currency risks. Concerns about supply chain problems and rising energy prices are increasing sharply, while concerns about a labour shortage are declining.
Risks for companies from the perspective of Swiss-based CFOs
The greatest internal and/or external risks for companies over the next 12 months
Trade barriers: Two-thirds under pressure
The trade turbulence has worsened the competitive position of 64% of Swiss companies (with 15% experiencing significant pressure) while 32% remained unchanged and 4% even benefitted. Most companies have been able to stabilise their position at least partially through countermeasures.
Impact of trade turbulence and success of countermeasures
Assessment of the impact of the trade turbulence and the success of countermeasures, in each case for your own company
Artificial intelligence in the finance function
The broad AI optimism of Swiss CFOs is accompanied by the expectation that human work will remain central to the finance function, while outsourced functions will be much more automated. The majority of CFOs expect lower total costs due to implementation of AI, primarily from personnel cost savings, but they expect significantly higher costs for technology and the IT infrastructure.
Expected division of labor between humans and AI in the finance function in three years
Answers to the question: "What is the expected weighting of human workers and AI applications in your finance function in three years’ time?", divided between functions in the company and outsourced functions
Expected change in the running costs of own company through the use of AI in the next 3 years
Net balance of CFOs expecting an increase or decrease
