Finance leaders are growing more optimistic, even as many of the risks faced earlier this year remain in place, according to survey results presented by U.S. Bank.
Driving revenue growth and exploring M&A potential have gained ground as core priorities since spring 2026, indicating CFOs’ renewed confidence in pursuing expansion.
“Since our spring survey, we've seen a meaningful shift in how finance leaders view the current environment. The underlying risks remain largely the same, but optimism has improved and priorities are adjusting. Finance leaders remain focused on cutting costs, yet they're also placing greater emphasis on revenue growth, pursuing M&A opportunities and investing in productivity. Taken together, the findings as well as our client conversations suggest companies are increasingly willing to act rather than allowing uncertainty to delay important strategic decisions,” says Stephen Philipson, U.S. Bank vice chair and head of wealth, corporate, commercial and institutional banking.
Key takeaways:
· 37% identify cutting costs and driving efficiencies as a top priority, down from 39% in spring 2026.
· Driving revenue growth is now the No. 2 ranked priority at 35%, up from 31% in spring 2026.
· 57% say their business is more likely to make acquisitions in the next year vs. a year ago, up from 49% in the spring.
· CFOs and other senior finance leaders reported growing optimism about the prospects of the economy, particularly over the longer term. And they are even more optimistic about their own companies’ financial outlook across the same time frames.
· 41% have a positive 12-month outlook on the U.S. economy, up from 36% in spring 2026. 68% have a positive 3-year outlook on the U.S. economy, up from 58% in spring 2026. 50% have a positive 12-month outlook on their business’ financial prospects, up from 45% in spring 2026. 71% have a positive 3-year outlook on their business’ financial prospects, up from 64% in spring 2026.
· Evaluating M&A, divestiture and partnership opportunities was one of the fastest-rising priorities, moving from fifth place in spring 2026 to third in August.
· 59% of finance leaders said M&A activity in their sector was likely to rise over the next 12 months, up from 46% in the spring. 78% of manufacturing finance leaders expect industry M&A activity to rise. 57% agree that they are more likely to make acquisitions in the next year than they were in the past year, up from 49% in the spring.
· Geopolitical tension and war continue to top the risk agenda, while high borrowing costs have moved up to become the number two risk, followed by high inflation.
· 38% of respondents cite geopolitical tension and war as a top risk, up from 35% in spring 2026. 35% of respondents cite high borrowing costs as a top risk, making it the number two risk, up from 31% in spring 2026. 34% of respondents cite high inflation as a top risk, unchanged from spring 2026. 71% of finance leaders agree that geopolitical volatility represents an opportunity as well as a risk, up from 61% at the start of the year.
· Most finance leaders (69%) say the rapid growth of AI investment across the economy is creating new opportunities for their business. And 67% say this investment has already had a positive impact on their business over the past 12 months.
· The cost of adopting AI is becoming a challenge for finance leaders. More than half of organizations (51%) said their spending on AI tools and platforms exceeded budget over the past 12 months.
