CEO confidence in their company’s revenue prospects has fallen to its lowest level in five years, according to PwC’s 2026 Global CEO Survey. This is because business leaders are grappling with uneven returns from artificial intelligence (AI), rising geopolitical risk, and intensifying cyber threats.
According to the survey, only about three in 10 (30%) CEOs surveyed say they are confident about revenue growth over the next 12 months, down from 38% in 2025. The findings suggest that as CEOs navigate a complex operating environment shaped by rapid technological change, geopolitical uncertainty, and economic pressure, many companies have yet to translate investment into consistent financial gains. The survey is based on responses from 4,454 CEOs across 95 countries and territories.
The biggest question on CEOs’ minds is whether they are transforming fast enough to keep pace with technological change, including AI. Some 42% cite this as their top concern, well ahead of worries about innovation capability or medium to long-term viability (both 29%).
Despite widespread experimentation, only 12% of CEOs say AI has delivered both cost and revenue benefits. Overall, 33% report gains in either cost or revenue, while 56% say they have seen no significant financial benefit to date.
The survey points to a growing divide between companies piloting AI and those deploying it at scale. CEOs reporting both cost and revenue gains are two to three times more likely to say they have embedded AI extensively across products and services, demand generation, and strategic decision-making.
Foundations matter as much as scale. CEOs whose organisations have established strong AI foundations, such as Responsible AI frameworks and technology environments that enable enterprise-wide integration, are three times more likely to report meaningful financial returns. Separate PwC analysis shows that companies applying AI widely to products, services, and customer experiences achieved nearly four percentage points higher profit margins than those that did not.
“2026 is shaping up as a decisive year for AI. A small group of companies are already turning AI into measurable financial returns, while many others are still struggling to move beyond pilots. That gap is starting to show up in confidence and competitiveness, and it will widen quickly for those that don’t act,” said Mohamed Kande, PwC Global Chairman.
CEO confidence has softened further amid rising exposure to external risks. One in five (20%) CEOs globally say their organisation is highly or extremely exposed to the risk of significant financial loss from tariffs over the next 12 months, though exposure varies widely by region, ranging from 6% across the Middle East to 28% in mainland China and 35% in Mexico. Among US CEOs, 22% report high exposure.
Concern about cyber risk has risen sharply, with one in three (31%) CEOs now citing it as a major threat, up from 24% last year. In response, 84% say they plan to strengthen enterprise-wide cybersecurity as part of their response to geopolitical risk.
Concerns about macroeconomic volatility (31%), technology disruption (24%), and geopolitics (23%) have also edged higher, while concern about inflation is marginally down to 25% (from 27% last year).
Despite the challenging outlook, CEOs increasingly see reinvention as essential to growth. More than four in 10 (42%) say their company has begun competing in new sectors over the past five years. Among those planning major acquisitions, 44% expect to invest outside their current industry, with technology the most attractive adjacent sector.
A little over half (51%) of CEOs plan to make international investments in the year ahead. The US remains the top destination, with 35% ranking it among their top three markets. The UK and Germany (both 13%) and mainland China (11%) also feature prominently. Interest in India has nearly doubled year-on-year, with 13% of CEOs planning international investment placing it among their top three destinations.
Execution gaps remain. Only one in four CEOs say their organisation tolerates high risk in innovation projects, has disciplined processes to stop underperforming initiatives, or operates a defined innovation centre or corporate venturing function.
Time is also a constraint. CEOs report spending 47% of their time focused on issues with a horizon of less than one year, compared with just 16% on decisions looking more than five years ahead.
“In periods of rapid change, the instinct to slow down is understandable, but it’s also risky. The value at stake across the global economy is increasing, and the window to capture it is narrowing. The companies that succeed will be those willing to make bold decisions and invest with conviction in the capabilities that matter most,” added Mr Kande.
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