Deloitte CFO Survey Q2 2026: Growing AI optimism

• 73% of CFOs are optimistic that AI will materially improve business performance;
• 93% expect investment in digital technology to rise over the next 12 months;
• Geopolitics remains the biggest external risk to businesses;
• Cost control is biggest dampener to graduate hiring.

Deloitte’s latest survey of UK Chief Financial Officers (CFOs), conducted between 1 and 13 July 2026, shows that CFOs are becoming more optimistic about AI’s impact on business.

Finance leaders have become progressively more optimistic about AI improving their own businesses’ performance as 73% now report an improvement in AI optimism over the last 12 months, compared to 59% in Q4 2025 and 39% in Q3 2024.

Nearly all CFOs (96%) expect to see a rise in investment in digital technology and assets by UK businesses over the next five years, with 93% expecting a rise in the next 12 months.

More than three quarters (78%) expect greater productivity and improved business performance over the next five years. With many corporates now well into their AI deployment programmes, half (50%) of respondents also expect productivity gains over the coming 12 months.

Uncertainty eases

The survey reports an easing in perceptions of external uncertainty. Less than half of CFOs (47%) now rate the level of external financial and economic uncertainty as high or very high, below the post-pandemic average and well below readings seen in the summer of 2022, after Russia’s invasion of Ukraine. Reduced uncertainty has fed through to improvements in confidence and risk appetite amongst finance leaders.

Geopolitics remains top external risk

CFOs were again asked to rate on a scale of 0-100, the risk posed to businesses from a range of external factors. Geopolitics came out on top, as it has done for 16 of the last 18 quarters. However, these concerns have eased slightly, with a drop in the average rating from 79 in Q1 2026 to 68 this quarter.*

This was followed by poor productivity and weak competitiveness in the UK economy (average rating was 63 this quarter compared to 62 in Q1); and higher energy prices or disruption to energy services (average rating 60 this quarter compared to 70 in Q1).

Debapratim De, chief economist at Deloitte UK, said: “The global economy has, so far, weathered the shock from the conflict in Iran better than many had feared. Corporate sentiment is responding to this relative resilience.

“However, concerns over geopolitics and domestic competitiveness remain elevated. CFOs continue to prioritise cost reduction and cash control in this environment.”

Cost control cited as main hindrance to graduate hiring

When asked about key factors affecting the hiring of graduates, CFOs reported a ‘wider business impetus for cost control’ as the number one reason that reduced graduate hiring in the past 12 months (net 62%) as well as for the year ahead (net 64%).

The use of AI and outsourcing were cited as the second and third biggest dampeners of demand for new graduates over the next 12 months, at net 47% and net 33% respectively.**

Darren Graves, Deloitte UK CEO, added: “It is encouraging to see growing optimism about the positive impact AI can have on productivity and business performance.

“With a new prime minister and cabinet in office, businesses will be keen to hear how the Government plans to boost growth, competitiveness, and deliver a clear economic strategy that supports the UK's position as a leading global destination for business and investment."

ENDS

Notes to editors

*The 12 risk areas tracked in the survey are:

• Rising geopolitical risks worldwide including greater protectionism  
• Poor productivity/weak competitiveness in the UK economy    
• Higher energy prices or disruption to energy supplies    
• Persistent labour shortages
• The risk of higher inflation and/or a bubble in housing and other real and financial assets 
• The prospect of further rate rises and a general tightening of monetary conditions in the UK and US
• Long-term effects of climate change
• Economic weakness and/or volatility in US growth   
• Medium-term supply chain disruption 
• Deflation and economic weakness in the euro area, and the possibility of a renewed euro crisis 
• Effects of Brexit/deterioration in UK-EU relations 
• Weakness and/or volatility in emerging markets    

** The results for this question are presented as a net balance. As the factors we asked about mostly had a negative impact on graduate hiring, for ease of understanding, we have presented the net balance here as the net proportion that expect that factor to reduce hiring of graduates. The net balance was calculated by subtracting the proportion of CFOs who expected that factor to increase hiring of graduates from the percentage who expected that factor to increase hiring. As an example, 37% of CFOs reported that they expected the use of outsourcing/offshoring to reduce hiring of graduates in their own business over the next 12 months while 4% said that they expected it to increase hiring over the same period. This gives a net balance of 33% who expect outsourcing/offshoring to reduce their hiring of graduates over the next 12 months.

About the survey

Conducted between 1 July and 13 July 2026, the Q2 2026 Deloitte CFO Survey is the 76th quarterly survey of Chief Financial Officers and Group Finance Directors of major companies in the UK.

Overall, 58 CFOs participated, including the CFOs of 10 FTSE 100 companies and 21 FTSE 250 companies. The rest were CFOs of other UK listed companies, large private companies and UK subsidiaries of major companies listed overseas.

The Deloitte CFO Survey is the only survey of major corporate users of capital that gauges attitudes to valuations, risk and financing.

For copies of previous CFO surveys, please see here.