Economic uncertainty continues to influence corporate financial decisions across the United States. Persistent inflation, geopolitical tensions, and changing supply chain conditions are creating challenges for businesses. At the same time, finance leaders are looking for opportunities to expand revenue, invest in technology, and pursue strategic acquisitions.

The U.S. Bank CFO Survey, published in May 2026, highlights this balance between caution and ambition. Based on responses from 1,000 senior finance leaders at American businesses with annual revenue of at least $100 million, the research explores how companies are adjusting their priorities in a changing economic environment.

Although cost control remains essential, the findings show that growth, digital transformation, and mergers and acquisitions are receiving greater attention. Consequently, chief financial officers are working to protect financial stability while positioning their organizations for future opportunities.

Inflation and Geopolitical Uncertainty Remain Major Risks

The U.S. Bank CFO Survey identifies geopolitical tensions and high inflation as leading concerns for corporate finance leaders. Around 35 percent of respondents identified geopolitical tension and war as major risks, while 34 percent highlighted high inflation.

These pressures can affect energy prices, transportation expenses, raw material costs, and international trade. As a result, businesses may struggle to maintain predictable operating budgets while protecting profit margins.

The survey also found that 71 percent of finance leaders had delayed or scaled down at least one major investment project during the previous 12 months because of increasing global uncertainty and volatility. However, only 12 percent reported cancelling at least one major project.

This distinction suggests that many companies are adjusting the timing and scale of their investments rather than abandoning their strategic objectives altogether. Therefore, financial flexibility and careful scenario planning remain important for navigating uncertain conditions.

Cost Control and Revenue Growth Shape CFO Priorities

Reducing expenses continues to be a central responsibility for finance departments. According to the U.S. Bank CFO Survey, 39 percent of respondents identified cost cutting and efficiency improvements as a leading priority.

However, revenue growth has gained considerable importance. It ranked second among finance leaders’ priorities, with 31 percent identifying it as a key objective. In comparison, revenue growth ranked seventh in mid 2024.

This shift demonstrates that CFOs are balancing efficiency with expansion. Simply reducing spending may improve short term financial performance, but sustainable growth also requires investment in customers, products, employees, and operational capabilities.

Furthermore, 49 percent of respondents said passing rising costs on to customers was becoming more difficult. Businesses therefore need to examine pricing strategies, supplier relationships, and internal processes to identify savings without weakening customer relationships.

AI Investment Becomes a Financial Management Priority

Artificial intelligence is increasingly influencing corporate investment decisions. The U.S. Bank CFO Survey found that 30 percent of finance leaders considered contributing to business wide digital transformation a leading priority.

Nevertheless, measuring the financial value of AI remains a challenge. Finance leaders reported tracking returns on an average of 41 percent of their AI investments. Among investments where returns were measured, 47 percent generated a positive return.

These findings highlight the importance of connecting technology spending with measurable business outcomes. Organizations need to understand whether AI tools improve productivity, reduce operating expenses, strengthen customer service, or support revenue generation.

AI trends and insights can help CFOs evaluate emerging opportunities, but successful adoption requires clear financial targets. Machine learning advancements may improve forecasting and risk analysis, while generative AI developments can support document processing, financial reporting, and routine administrative work.

However, companies should assess implementation costs, data security, employee training, and ongoing maintenance before expanding AI initiatives. A structured investment approach can help finance teams distinguish promising opportunities from projects that deliver limited value.

Mergers and Acquisitions Gain Momentum

Despite economic uncertainty, companies continue to explore opportunities for expansion through acquisitions. The U.S. Bank CFO Survey found that 49 percent of finance leaders were more likely to make acquisitions in the next 12 months than during the previous 12 months.

Smaller complementary acquisitions, commonly known as bolt on deals, appeared particularly attractive compared with larger transformational transactions.

These acquisitions can help businesses access new customers, expand product offerings, strengthen capabilities, or enter additional markets. Nevertheless, rising financing costs and uncertain economic conditions can complicate valuations and integration planning.

Consequently, CFOs need to assess potential acquisitions carefully. Financial due diligence, realistic growth assumptions, integration costs, and downside scenarios should all influence investment decisions.

By maintaining disciplined evaluation processes, organizations can pursue suitable opportunities without exposing their balance sheets to unnecessary risk.

Supply Chains and Financial Resilience

Geopolitical developments are encouraging companies to reconsider how they source materials and manage international operations. The survey found that among organizations with overseas manufacturing operations, 62 percent had moved some manufacturing activity closer to the United States, while 37 percent had brought some activity back to the country.

Additionally, 51 percent of respondents with domestic or international supply chains had diversified suppliers across multiple countries.

These changes demonstrate how companies are attempting to balance efficiency with resilience. Although concentrated supplier networks may offer cost advantages, disruptions can create significant operational and financial consequences.

Finance leaders can support stronger supply chain decisions by evaluating supplier concentration, commodity exposure, inventory requirements, and alternative sourcing arrangements. Automation and future tech can also improve demand forecasting and provide better visibility into purchasing and inventory trends.

AI Industry Updates and the Future of Financial Leadership

The responsibilities of CFOs are expanding beyond traditional financial reporting and budget management. Increasingly, they are expected to contribute to technology investments, operational transformation, and long term business strategy.

AI industry updates and future of AI research will remain relevant as financial teams explore more advanced forecasting tools, automated workflows, and intelligent risk monitoring systems.

However, technology should complement rather than replace financial judgment. Reliable data, appropriate controls, and transparent decision making remain essential when evaluating business performance and investment opportunities.

As organizations adopt new capabilities, finance leaders can help establish governance frameworks that connect innovation with measurable returns and responsible risk management.

Practical Insights for CFOs and Business Leaders

The U.S. Bank CFO Survey offers a useful reminder that uncertainty does not eliminate the need for growth. Instead, it makes disciplined planning more important.

Businesses can respond by regularly updating financial forecasts, testing alternative economic scenarios, reviewing supplier exposure, and evaluating the expected returns of major investments. They should also establish clear performance measures for AI projects and acquisition strategies.

Above all, finance leaders should connect short term cost management with long term strategic objectives. Companies that understand their financial risks while maintaining flexibility can make more informed decisions as market conditions change.

Turning Financial Insights Into Strategic Action

The latest CFO research highlights the importance of balancing inflation management, geopolitical risk, technology investment, and business expansion. Strong financial leadership requires both operational discipline and a willingness to pursue well evaluated opportunities.

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Source – usbank