Data & Results
Revisions to The CFO Survey Data
CFO Survey data from Q2 2020 to Q4 2024 have been revised in accordance with an annual revision process. Revised historical data are available for download. Comparisons of revised and previously published estimates are also available.
Historical special question results are unrevised and available on archived quarterly results pages.
For more information on the annual data revision process, please refer to The CFO Survey Methodology.
Optimism about the economy among CFOs fell in the first quarter of 2025 amid concerns about tariffs and uncertainty, according to the latest CFO Survey.
The economic optimism index fell from 66.0 in the fourth quarter to 62.1 in the first quarter of 2025, almost erasing gains from a post-election jump in the fourth quarter. Optimism about their own firm’s financial prospects also fell, although not nearly as much.
Download Current and Historical Data
View Current and Historical Special Questions
Key Results Summary
| CFO Optimism | Q1 2025 | Q4 2024 |
|---|---|---|
| Optimism about own company (0 to 100) | 68.4 | 71.3 |
| Optimism about the U.S. economy (0 to 100) | 62.1 | 66.0 |
| Note: Q1 2025 data in the table reflect results for 399 U.S. firms responding to the Q1 2025 survey (February 18 – March 7, 2025). Results from the Q4 2024 survey (October 21 – November 19, 2024) are shown for comparison (for 514 to 517 firms). Mean optimism values are unweighted. | ||
| CFOs' Growth Expectations for Their Own Firms, by Response Quarter | Q1 2025 | Q4 2024 | ||
|---|---|---|---|---|
| Mean (and Median) Expected Year-Over-Year Percentage Change for Calendar Years | 2025 | 2026 | 2024 | 2025 |
| Revenue | 6.8% (5.0%) | 7.2% (5.0%) | 5.4% (4.0%) | 7.0% (5.0%) |
| Price | 3.5% (3.0%) | 3.4% (3.0%) | 3.1% (3.0%) | 3.4% (3.0%) |
| Unit Cost | 3.9% (3.5%) | 3.5% (3.0%) | 3.7% (3.0%) | 3.7% (3.0%) |
| Employment (full-time) | 2.5% (1.1%) | 3.0% (1.7%) | 4.6% (1.9%) | 3.5% (2.4%) |
| Average Wage | 4.2% (4.0%) | 4.1% (3.5%) | 4.2% (4.0%) | 3.9% (3.5%) |
| Note: Q1 2025 data in the table reflect results for 345 to 390 U.S. firms responding to the Q1 2025 survey (February 18 – March 7, 2025). Results from the Q4 2024 survey (October 21 – November 19, 2024) are shown for comparison (for 471 to 512 firms). Revenue, Price, and Unit Cost are weighted by sales revenue. Employment and Average Wage are weighted by employment. These data are also winsorized at 5% to remove the potential influence of extreme values. | ||||
| CFOs' Expectations for Real GDP Growth Over Next Four Quarters, by Response Quarter | Q1 2025 | Q4 2024 |
|---|---|---|
| Weighted Mean | 1.9% | 2.2% |
| Weighted Median | 2.0% | 2.3% |
| Probability of Negative Growth | 14.2% | 8.5% |
| Note: Q1 2025 data in the table reflect results for 368 U.S. firms responding to the Q1 2025 survey (February 18 – March 7, 2025) and that indicate they are familiar with Gross Domestic Product (GDP). Responses are weighted by sales revenue. | ||
Please refer to the full results for Q1 2025 and The CFO Survey Methodology for more information.
Receive an email notification when The CFO Survey updates are posted online.