Data & Results
Sept. 23, 2026
In general, CFOs were optimistic about the economic outlook, according to the third quarter 2026 CFO Survey. However, rising optimism among large companies was somewhat offset by declining optimism for small and financially constrained firms.
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Key Results Summary
| CFO Optimism | Q3 2026 | Q2 2026 |
|---|---|---|
| Optimism about own company (0 to 100) | 69.7 | 70.7 |
| Optimism about the U.S. economy (0 to 100) | 60.3 | 60.6 |
| Note: Q3 2026 data in the table reflect results for 513-516 U.S. firms responding to the Q3 2026 survey (Aug. 17 – Sept. 4, 2026). Results from the Q2 2026 survey (May 18 – June 5, 2026) are shown for comparison (for 528-530 firms). Mean optimism values are unweighted. | ||
| CFOs' Growth Expectations for Their Own Firms, by Response Quarter | Q3 2026 | Q2 2026 | ||
|---|---|---|---|---|
| Mean (and Median) Expected Year-Over-Year Percentage Change for Calendar Years | 2026 | 2027 | 2026 | 2027 |
| Revenue | 7.7% (5.0%) |
7.2% (5.0%) |
6.5% (5.0%) |
7.4% (5.0%) |
| Price | 5.3% (4.0%) |
4.5% (3.0%) |
4.7% (3.0%) |
4.1% (3.0%) |
| Unit Cost | 4.8% (4.0%) |
4.2% (3.0%) |
4.5% (4.0%) |
4.0% (3.0%) |
| Employment (full-time) | 4.7% (1.7%) |
2.4% (1.4%) |
3.6% (1.7%) |
2.3% (1.5%) |
| Average Wage | 4.3% (3.8%) |
4.3% (4.0%) |
4.0% (3.1%) |
3.9% (3.0%) |
| Note: Q3 2026 data in the table reflect results for 463 to 506 U.S. firms responding to the Q3 2026 survey (Aug. 17 – Sept. 4, 2026). Results from the Q2 2026 survey (May 18 – June 5, 2026) are shown for comparison (for 474 to 524 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 | Q3 2026 | Q2 2026 |
|---|---|---|
| Weighted Mean | 1.9% | 1.8% |
| Weighted Median | 2.0% | 2.0% |
| Probability of Negative Growth | 10.7% | 11.6% |
| Note: Q3 2026 data in the table reflect results for 469 U.S. firms responding to the Q3 2026 survey (Aug. 17 – Sept. 4, 2026) and that indicate they are familiar with Gross Domestic Product (GDP). Results from the Q2 2026 survey (May 18 – June 5, 2026) are shown for comparison (for 490 firms). Responses are weighted by sales revenue. | ||
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