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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

CFO confidence drops for the second straight quarter

5.9

The confidence score fell from 6.3 in Q1 to 5.9 in Q2, dipping below the high-confidence range.

CFO confidence score

CFO confidence fell to 5.9, marking its second straight quarterly decline, dropping the score just below the high-confidence range. This drop is likely related to respondents’ less optimistic assessment of key global economies.

Explore CFO confidence score

Assessment of regional economies

In Q2 2026, CFOs’ assessment of the status of two of the largest economies in the world soured. One in three (33%) respondents now say the economy in North America is bad compared to only 5% of respondents who felt this way in the first quarter. Twenty-four percent say the same about China’s economy, nearly doubling the Q1 results.

Explore the regional economies outlook

Own-company prospects & growth metrics

Although CFO sentiment about global economies decreased from Q1 2026, respondents see good things ahead for their own businesses. Nearly all CFOs surveyed (90%) say they're significantly or somewhat more optimistic about the future financial prospects for their company.

Explore own-company prospects and growth metrics

Risk appetite

Respondents’ risk appetite bounced back. Close to six out of ten (59%) CFOs believe now is a good time to take on greater risk—up from 48% in Q1 2026. This quarter’s score ranks among the highest recorded over the past five years.

Explore CFO risk appetite

Biggest internal and external risks

For the second straight quarter, about half (49%) of CFOs surveyed cite supply chain disruptions as their organization’s top external risk. That put it at No. 2, behind inflation (50%). Concerns about cost management, the top internal worry last quarter, fell to fifth on the list.

Explore internal and external risks

Capital markets in the latest quarter

A growing number of respondents hold a favorable view of borrowing to raise funds. Meanwhile, nearly half (46%) think debt financing is very attractive or attractive, a jump from 32% in Q1.

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

CFO confidence

What it measures: Overall CFO sentiment in the current quarter about economic and business conditions

KEY TAKEAWAY

The CFO confidence score continued to decline, slipping to 5.9 in Q2. That puts it in the upper range of medium territory (5.1-to-5.9). In Q4 2025, just six months ago, the score registered 6.6—the highest reading in nearly four years.

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Confidence level

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Methodology Note

Deloitte’s CFO confidence score is a measure of overall CFO sentiment in the current quarter about economic and business conditions. In short, this formula averages the scores of the five current and five future business environment questions in the survey, and then discounts the US equity markets and equity financing conditions by 80%, and discounts debt-financing conditions by 50%. Scores are as follows: “very low” (1 to 3), “low” (3 to 5), “medium” (5 to 6), “high” (6 to 8), and “very high” (8 to 10). The typical range observed in the score for the last 20 quarters is between 4 and 7.

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

Sentiment about the current state of several key regional economies decreased substantially. Predictions for what the state of those economies may be in 12 months aren’t much better. For example, only 31% of CFOs surveyed expect China’s economy to be better in a year—well down from 50% in Q1.

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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

Nine in ten (90%) CFOs surveyed in Q2 2026 say they're more optimistic about the financial prospects for their companies. This represents a marked increase from the previous quarter, when 74% of respondents indicated they were optimistic about their business's future performance.

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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

This quarter, most surveyed CFOs made minor adjustments to their growth metrics forecasts. One example: respondents now expect revenue growth over the next 12 months to hit 4.5%, about on par with what CFOs who participated in the Q1 2026 forecast (4.4%). The exception? Respondents anticipate a modest rise in wages/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

In a reversal from the previous quarter, 59% of respondents say now is a good time to take on more risks. That's up from 48% in Q1 2026. Meanwhile, the percentage who say it's not a good time dropped to 41%, down from 52% in the last quarter.

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Methodology Note

The number of respondents for each industry varies.

Biggest 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

For the second quarter in a row, inflation (50%) is the most concerning external risk for surveyed finance chiefs. Among internal risks, talent acquisition and skills gaps (51%) top the list, followed by technology deployment (49%).

Capital markets in the latest quarter

Nearly five in 10 (49%) surveyed finance chiefs believe share prices are overvalued. In Q1 2026, only 39% said the same.

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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Ed Hardy

US finance services leader | Partner