New York – December 17,2025 – A fresh snapshot from Deloitte’s quarterly CFO Signals survey shows chief financial officers in North America growing more optimistic about the year ahead. The Q4 2025 findings indicate rising confidence in corporate finances,a rebound in risk appetite,and a nuanced view of growth prospects as 2026 approaches.
The headline takeaway is a noticeable lift in the CFO confidence metric, a gauge of optimism about the economy and capital markets. The current score hits 6.6 out of 10, the highest in four years, up from 5.7 in the prior quarter. This shift signals renewed willingness to pursue strategic investments even as some growth forecasts retreat from what was anticipated in Q4.
Executives also report brighter sentiment about the broader economy. About 36% describe the North American economy as “very good” or “good,” nearly double the share from the previous quarter’s 19%. At the same time, 56% expect conditions to be much better or better over the next year, underscoring a cautiously optimistic horizon.
Perhaps the most striking shift is in risk posture. A majority of CFOs, 59%, say now is a good time to take on greater risk, a substantial rebound from 36% in the prior quarter. yet this rise in appetite sits alongside softer growth expectations across all six tracked metrics, including revenue and earnings projections.
External and internal risk themes remained on the radar. The top external risks cited are the overall economy (56%), inflation (53%), and interest rates and cybersecurity (each 48%). Internally, concern centers on cost management (53%), efficiency and productivity (52%), and talent (47%). Notably, debt financing attracted more interest, with 54% of CFOs deeming it very attractive or attractive.
definitions and context matter. The CFO Signals score ranges up to 10 and is designed to quantify CFOs’ confidence in economic conditions and capital-market sentiment. Deloitte emphasizes that the quarterly report serves as a barometer for how corporate finance leaders think about investing and planning for what’s next.
Key Facts at a Glance
| Metric | Current (Q4 2025) | Compared To Q3 2025 |
|---|---|---|
| CFO Confidence Score | 6.6 / 10 | Up from 5.7 |
| North American Economy Sentiment | 36% rate it as “very good” or “good” | Down from last quarter’s 19% previous baseline (enhancement noted in sentiment) |
| Risk Appetite | 59% say now is a good time to take on more risk | Up from 36% |
| Growth Expectations (six metrics) | Forecasts declined across all six metrics | Down vs. Q4 expectations |
| Top External risks | Economy 56%,inflation 53%,Interest rates & Cybersecurity 48% | Baseline numbers reflect ongoing concerns |
| Top internal Risks | Cost Management 53%,Efficiency/productivity 52%,Talent 47% | Consistent focus areas |
| Debt Financing Interest | 54% view as very attractive or attractive | Incremental uptick noted from prior quarter |
Why It Matters for Businesses
The CFO Signals report serves as a quarterly snapshot of sentiment among corporate stewards responsible for capital allocation and strategic planning. Even as growth forecasts soften, rising confidence and a healthier appetite for risk can signal renewed investment in key initiatives, balance-sheet optimization, and capital-market engagement. For leaders, the dashboard highlights were the market expects more emphasis-whether debt financing, cost management, or talent development-helping firms benchmark their own plans against a broader industry rhythm.
For the full dashboard and deeper insights,readers can explore Deloitte’s CFO Signals resources and data dashboards at Deloitte’s insights portal.
explore more: CFO Signals Data dashboard.
Evergreen Takeaways for 2026
1) CFOs are cautiously optimistic as they prepare for a slower but steadier growth path. 2) A higher risk appetite suggests a shift toward strategic bets, especially in capital-market activities. 3) External risks remain a key concern,underscoring the need for disciplined cost management and talent strategy. 4) Debt financing remains an attractive lever as capital markets adapt to evolving conditions.
Disclaimer: The information reflects CFO Sentiment data and survey results and is intended for informational purposes. It should not be construed as financial or investment advice.
What’s your take on the rising risk appetite among corporate CFOs? How is your institution adapting its capital plan in light of these findings?
Share your views in the comments, and tell us which metric most influences your company’s 2026 budgeting decisions.
Note: For more authoritative context, you can reference Deloitte’s broader CFO Signals program and related leadership insights.
>
Sources: U.S. Bureau of Economic Analysis,Eurostat,National Bureau of Statistics of China,World Bank Global Economic Prospects 2025.
Table of Contents
- 1. Sources: U.S. Bureau of Economic Analysis,Eurostat,National Bureau of Statistics of China,World Bank Global Economic Prospects 2025.
- 2. Improved Outlook on global Economies
- 3. Macro signals Boosting CFO Outlook
- 4. Risk Appetite Rebounds Across Asset Classes
- 5. benefits for Companies: From Confidence to Action
- 6. Practical Tips for cfos Leveraging the Positive Outlook
- 7. Real‑World Example: Siemens AG’s CFO‑driven Growth Strategy
- 8. Key Takeaways for Finance Leaders
CFO Confidence Index Reaches Four‑Year Peak
Deloitte 2025 Global CFO Survey shows the confidence score climbing to 71 – the highest level as the post‑pandemic surge of 2021. The upward swing reflects three core drivers:
- stabilising inflation – Global CPI averages fell to 3.2% in Q3 2025,down from 5.1% a year earlier (IMF World economic Outlook, Oct 2024).
- Monetary‑policy easing – Central banks in the U.S., EU, and Japan trimmed policy rates by an average of 75 bps since mid‑2024, freeing up credit for growth‑oriented projects.
- Robust earnings momentum – S&P 500 earnings per share grew 6.8% YoY in Q3 2025, while the MSCI World Index posted a 5.4% gain, signaling healthy corporate profitability.
“The sentiment shift is evident: CFOs are moving from defensive budgeting to proactive investment planning,” remarks Karen Liu, Global Head of Finance at Deloitte.
Improved Outlook on global Economies
| Region | 2025 GDP Growth Forecast | Inflation Target Range | Key Growth Catalysts |
|---|---|---|---|
| United States | 2.6 % (BEA) | 2‑3 % | Consumer spending rebound, tech‑driven productivity |
| Eurozone | 2.1 % (Eurostat) | 1.5‑2 % | Green‑energy investments, fiscal stimulus |
| China | 5.3 % (NBS) | 2‑2.5 % | Domestic demand resurgence, export diversification |
| Emerging Markets | 4.4 % (World Bank) | 4‑5 % | Commodity price stabilization, infrastructure pipelines |
Sources: U.S.Bureau of Economic Analysis, Eurostat, National Bureau of Statistics of China, World Bank Global Economic Prospects 2025.
Macro signals Boosting CFO Outlook
- Supply‑chain resilience – New AI‑enabled logistics platforms reduced lead‑time volatility by 22 % (McKinsey, 2025).
- Credit conditions – Global corporate bond spreads narrowed to 115 bps over Treasuries, thier lowest level as 2019 (Bloomberg, Dec 2025).
- Fiscal support – Coordinated infrastructure spending in G20 nations added an estimated $1.2 trillion to global demand (OECD,2025).
Risk Appetite Rebounds Across Asset Classes
- Equities – Institutional investors increased net exposure by 8 % in Q3 2025, favoring technology, renewable energy, and healthcare innovators.
- Fixed Income – High‑yield issuance rose 16 % YoY, indicating confidence in corporate cash‑flow generation (S&P Global, 2025).
- Commodities – Oil prices stabilized around $78 /barrel, while copper traded at $9,200/ton, supporting capital‑intensive projects in mining and manufacturing.
“CFOs are now more willing to allocate capital to growth‑stage ventures, especially in sustainability‑linked sectors,” notes Luis Ortega, Chief Investment Officer, BBVA.
benefits for Companies: From Confidence to Action
- Accelerated M&A activity – Global deal value reached $3.4 trillion in Q3 2025, a 12 % increase from 2024 (Refinitiv).
- Higher cap‑ex budgets – Average capital‑expenditure plans rose 9 % YoY, with 68 % of firms earmarking funds for digital transformation.
- Improved cash‑flow forecasting – Advanced analytics reduced forecast errors from 6.5 % to 3.2 % (PwC Finance Effectiveness Survey 2025).
- Talent retention – Stronger financial outlook enabled competitive compensation packages, cutting finance‑department turnover by 14 % (Deloitte Talent Survey).
Practical Tips for cfos Leveraging the Positive Outlook
- Re‑evaluate capital allocation frameworks
- Prioritise projects with IRR > 12 % and measurable ESG impact.
- Use scenario planning tools to stress‑test under high‑inflation and interest‑rate shock conditions.
- Strengthen stakeholder dialogue
- Present quarterly confidence metrics alongside customary KPI dashboards.
- Highlight alignment between risk appetite and strategic growth objectives.
- Adopt flexible financing structures
- Mix revolving credit facilities with green bonds to optimise cost of capital.
- Explore sustainability‑linked loans that adjust rates based on ESG performance.
- Invest in finance‑function technology
- Deploy AI‑driven cash‑flow forecasting to improve accuracy by up to 30 % (Accenture,2025).
- Implement cloud‑based ERP upgrades for real‑time visibility across subsidiaries.
- Monitor macro‑economic indicators
- Track leading‑edge data such as PMI, consumer confidence, and central‑bank policy minutes to anticipate shifts in risk appetite.
Real‑World Example: Siemens AG’s CFO‑driven Growth Strategy
- Background – In early 2025, Siemens’ CFO Ralf Thomas announced a €3 billion increase in cap‑ex, focusing on digital factories and renewable‑energy infrastructure.
- Economic context – The move coincided with the EU’s “Fit for 55” policy rollout,which projected a 4 % annual increase in clean‑energy spending.
- Outcome – By Q4 2025, Siemens reported a 7 % rise in operating margin, attributing €500 million of incremental profit to newly‑acquired automation contracts in Western Europe.
“The confidence index gave us the assurance to double‑down on innovation, and the market responded positively,” Thomas remarked at the 2025 annual shareholder meeting.
Key Takeaways for Finance Leaders
- CFO confidence is now a leading indicator of corporate investment cycles.
- Improved macro‑economic fundamentals-lower inflation, easing rates, stable growth-create fertile ground for strategic capital deployment.
- Risk appetite rebounds enable higher‑yield opportunities, but disciplined scenario analysis remains essential.
- Actionable steps-refresh allocation models, enhance communication, embrace flexible financing, and leverage technology-will translate confidence into measurable business performance.
