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CFO Signals

Deloitte’s North American CFO Signals survey is a quarterly survey that captures the perspectives and actions of chief financial officers from some of North America’s largest and most influential businesses. The survey gauges CFO sentiment across a number of fronts, including the economy, capital markets, and the issues keeping them up at night.

FEATURED INSIGHT

High confidence score: Q1 2025

6.4

The CFO confidence score for the first quarter survey, which was fielded from Feb. 13 to Feb. 27, 2025, came in at 6.4. That’s the highest reading since the fourth quarter of 2021 (6.6).

Assessment of regional economies

CFOs see improving business conditions in a number of key global economies. Their recent enthusiasm about the economy in North America in 12 months started to wane, however.

Explore the regional economies outlook

Own-company prospects and growth metrics

Despite current market uncertainty, CFOs remain fairly optimistic about the financial outlook for their organizations.

Explore Own-company prospects and growth metrics

Risk appetite

Finance chiefs expressed a fairly high tolerance for risk. That’s particularly true compared with what they were saying a year ago.

Explore CFO risk appetite

Biggest internal and external risks

Cybersecurity remains a primary concern of chief financial officers. But deploying technology, including generative AI, was near the bottom of CFOs’ top internal risks.

Explore internal and external risks

Capital markets in the latest quarter

According to CFOs, US equities are overvalued. Overall, half of the respondents said debt financing is attractive. The same percentage said equity financing is attractive.

Explore capital market insights

Table of contents

Assessment of regional economies Own-company prospects and growth metrics Risk appetite Biggest internal and external risks Capital markets in the latest quarter Continue the conversation

Assessment of regional economies

What it measures: what CFOs think of the status of five key regional economies (North America, Europe, China, Asia excluding China, and South America), both today and a year from now.

KEY TAKEAWAY

CFO optimism about the current state of the economy in Europe rose once again, while expectations for the North American economy dipped, within a year.

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Own-company prospects and growth metrics

Own-company prospects

What it measures: CFOs’ assessment of their organization’s future financial prospects compared with the past three months. Choices range from “significantly more optimistic” to “significantly less optimistic.”

KEY TAKEAWAY

A mere 4.5% of respondents were more pessimistic about their companies’ financial prospects, marking a decrease in pessimism for three consecutive quarters. Conversely, 81% of respondents said they’re more optimistic—nearly twice as many (42%) as a year ago.

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Growth metrics

What it measures: the 12-month outlook for CFO’s organizations across six key indicators: revenues, earnings, dividends, capital allocation, domestic hiring, and domestic wages and salaries.

KEY TAKEAWAY

In the coming year, CFOs see revenues increasing by 8.6% and earnings rising by 8.9%. One possible drag on projected earnings is a 6.3% expected hike in domestic wages and salaries.

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Risk appetite

What it measures: a CFO’s current risk tolerance. The line indicates the percentage of survey participants who say now is a good time to be taking greater risks.

KEY TAKEAWAY

Although respondents’ willingness to take on greater risk diminished somewhat from the previous quarter—down from 67% to 60%—it’s still well above the two-year average (39%).

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Methodology Note

Number of respondents for each industry varies.

Internal and external risks

What it measures: CFOs’ views on the biggest risks to their organizations. Respondents are asked to select the three external and three internal risks to their organizations that concern them most. The list of answer choices is updated when needed to reflect changes in the risk landscape.

KEY TAKEAWAY

Cybersecurity topped the list (52%) of respondents’ most worrisome external risks, while efficiency and productivity, along with strategy execution, were the two most cited (46%) internal risks.

Capital markets in the latest quarter

According to CFOs, US equities are overvalued. Overall, half of the respondents said debt financing is attractive. The same percentage said equity financing is attractive.

How do you regard US equity market valuations?

What it measures: sentiment about stock prices in the United States in the latest reported quarter.

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How do you regard equity financing?

What it measures: respondents’ views on the desirability of issuing stock to raise capital.

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How do you regard debt financing?

What it measures: respondents’ views on the desirability of borrowing money to raise capital.

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Continue the conversation

Deloitte’s CFO Program is designed to help finance leaders leverage experiences, insights, and peer groups to break through personal barriers, transform thinking, and approach top-of-mind issues with fresh perspectives.

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Steve Gallucci

Executive director, National managing partner, US CFO Program

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