A recent survey by Deloitte reveals that chief financial officers (CFOs) at large North American companies have shown increased economic confidence in the third quarter of 2026. According to the report published on September 30, 2026, 90% of CFOs expressed a positive outlook for their firms, raising their confidence score to 6.1 from 5.9 in the previous quarter.
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Despite this uptick, many CFOs maintain a cautious view of the broader economy. Just over half (53%) of the 200 CFOs surveyed, representing companies valued over $1 billion, indicated a willingness to take on greater risks, a slight decrease from 59% in Q2 but above the two-year average of 51.7%. Investment conditions remained stable, with significant concern about the U.S. equity market; 83% of respondents deemed the market overvalued, a sentiment that increased by 34% since the previous quarter.
The mixed outlook among CFOs reflects a general hesitance, as they remain confident in their own organizations but less so in the overall economic environment. Deloitte's report noted this disparity, indicating that CFOs may have more faith in their preparedness rather than the market climate.
In parallel, the Business Roundtable's Q3 CEO Economic Outlook index reported that 83% of 174 CEOs surveyed anticipate an increase in sales over the next six months, consistent with Q2 figures. Furthermore, 52% expect a rise in U.S. capital spending, a slight increase from the previous quarter.
In another study, a survey by the Federal Reserve Banks of Richmond and Atlanta and Duke University found that U.S. finance leaders remain generally optimistic, though smaller firms reported weaker outlooks.
Deloitte's survey also highlighted that sentiment about North America's economy is less favorable. Only 37.5% of CFOs rated the current economy positively, a decline from 41% in Q1 but an improvement from 19% in Q3 2025. Looking ahead, 46.5% expect the North American economy to improve over the next year, down from 64% in Q1 yet still higher than the 34% recorded a year ago.
When assessing risks, half of CFOs identified cybersecurity as their top external concern, followed closely by economic challenges (49%), inflation (48%), and supply chain disruptions (47%). Geopolitics and interest rates were also highlighted as significant challenges by 41% of those surveyed.