CEO confidence in revenue growth drops to five-year low, PwC survey finds

Confidence among chief executives about near-term revenue growth has fallen to its lowest level in five years, according to a global survey by PwC.

PwC’s 29th Global CEO Survey found that just three in ten CEOs, or 30%, are confident about revenue growth over the next 12 months. That compares with 38% in 2025 and 56% in 2022. The survey drew responses from 4,454 CEOs across 95 countries and territories.

The sharp drop in confidence reflects growing unease about whether companies are changing fast enough. PwC said 42% of CEOs cited the speed of transformation as their top concern. For many, artificial intelligence sits at the centre of that challenge, but tangible financial returns remain elusive.

Only 12% of CEOs said AI has delivered both cost savings and revenue growth so far. A further 33% reported benefits in either cost or revenue, while a majority of 56% said AI has produced no significant financial impact to date. PwC said the difference lies in how deeply AI is embedded. CEOs reporting both cost and revenue gains were two to three times more likely to have integrated AI across products and services, demand generation and strategic decision-making.

Separate PwC analysis shows that companies applying AI widely achieved profit margins nearly four percentage points higher than peers. Organisations with strong AI foundations were three times more likely to report meaningful financial returns.

“2026 is shaping up as a decisive year for AI,” said Mohamed Kande, PwC global chairman. “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.”

External risks are also weighing on sentiment. Exposure to tariffs is rising as a concern, with 20% of CEOs globally saying their organisation is highly or extremely exposed to the risk of significant financial loss from tariffs over the next year. Regional exposure varies sharply, from 6% in the Middle East to 28% in the Chinese Mainland and 35% in Mexico. In the US, 22% of CEOs reported high exposure.

Cyber risk has also climbed the agenda. Concern rose to 31%, up from 24% last year and 21% two years ago, and 84% of CEOs said they plan to strengthen enterprise-wide cybersecurity. Worries about macroeconomic volatility stood at 31%, followed by technology disruption at 24% and geopolitics at 23%. Concern about inflation eased slightly to 25%.

Despite the uncertainty, many companies are pushing into new areas. PwC said 42% of CEOs reported 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. Just over half plan international investments, with the US the top destination, followed by the UK, Germany, India and the Chinese Mainland.

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However, execution remains a concern. Only one in four CEOs said their organisation tolerates high innovation risk, has disciplined processes to stop underperforming projects, or operates a defined innovation or corporate venturing function. CEOs also reported spending 47% of their time 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 is also risky,” Kande said. “The window to capture value is narrowing.”

The Recap

• CEO revenue confidence falls to a five-year low.
• Only three-in-ten CEOs are confident about revenue growth in 2026.
• CEOs plan international investments, with the United States and India.