CFOs are bullish on their own companies—even as they turn bearish on the economy

Good morning. CFOs can’t control the economy but they increasingly believe they can control the outcome for their own companies. That tension—what Deloitte calls a “paradox of promise versus pessimism”—is a defining theme in the firm’s North American Q2 2026 CFO Signals survey, Ed Hardy, U.S. financial services leader at Deloitte, told me. About a third (33%) of respondents said the economy in North America is bad, compared to only 5% who felt this way in the first quarter. Meanwhile, 90% said they’re significantly or somewhat more optimistic about the future financial prospects of their company. The findings are based on a survey of 200 CFOs from across the U.S., Canada, and Mexico, at companies with at least $1 billion in revenue. “The macroeconomic outlook has dipped for two consecutive quarters,” Hardy said. “But at the same time, CFOs’ confidence in their own ability to execute strategy and navigate challenges is as strong as it’s been in several quarters.” The divergence reflects a deeper shift in how finance chiefs are operating. “They’ve built the muscle,” Hardy said. That is translating into action. Despite concerns about market valuations, 59% of CFOs think now is a good time to take calculated risks (up from 48% last quarter), including accessing debt markets and raising capital. Many believe their companies offer a “unique value signature,” Hardy noted, even in a choppy environment. Still, external risks remain front and center. Inflation and broader economic conditions continue to rank among the top concerns, with roughly half of CFOs citing inflation as a key issue to monitor in the months ahead. While the Federal Reserve’s steady rate posture may be supporting some risk-taking, it has not eliminated underlying unease. At the same time, the role of technology—particularly AI—is more complex than a straightforward confidence booster. Companies are moving quickly to deploy and scale AI, but questions around return on investment, cost management, an