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07 July 2025

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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 dips in Q2

5.4

The CFO confidence score comes in at 5.4 for the second quarter of 2025, bringing it back into medium territory from its upswing in the first quarter.

CFO confidence

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

KEY TAKEAWAY

After hitting its highest reading in 13 quarters in Q1 at 6.4, CFO optimism dropped to 5.4 in Q2, bringing the score back down into medium territory.

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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

Less than one in four (23%) of respondents think the current status of the North American economy is very good or good. Only 11% believe business conditions will be much better in 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

The percentage of finance chiefs saying they are significantly or somewhat less optimistic about their own company’s prospects shot up to 31%—a significant increase from 4.5% in Q1.

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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

Compared to Q1 results, finance chiefs dramatically pared back their 12-month projections across all six categories, with major downward revisions for both revenues and earnings.

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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

Sixty-seven percent of respondents say now is not a good time to be taking greater risks, up from 40% from the previous quarter. Do the subtraction and you end up with a third (33%) of CFOs saying it is a good time to take greater risks, well below the Q1 reading of 60%.

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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

For the second quarter in a row, cybersecurity (51%) was at or near the top of the list for CFOs’ most worrisome external risks. Talent (hiring and retention or skills gaps) and lack of agility and resilience ranked as the most concerning internal risks, each at 46%.



Capital markets in the latest quarter

Despite a recent runup in stock prices—the S&P 500 index stood at 6039 at the midpoint of the survey fielding—46% of CFOs consider US equity markets undervalued. Meanwhile, interest in debt financing went up.

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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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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