Survey reveals significant challenges for those managing corporate finances
Chief financial officers and institutional investors are positioning for the back half of 2025 with caution, according to a recent survey, although investors are more confident than businesses.
The survey captured views from 132 public company CFOs and 200 institutional investors representing over US$16.7 trillion in combined value and reveals that institutional investors are significantly more optimistic about the economy than their corporate counterparts. While 78% of investors expect an economic rebound in the second half of 2025, only 43% of CFOs share that view.
An overwhelming 86% of CFOs say they're actively reshaping global supply chains, responding not just to shifting tariffs and geopolitical risks, but also to technological disruption, especially from AI.
More than 70% are adjusting capital spending and rethinking their approach to M&A, though access to capital remains strong. In fact, 81% of CFOs who took part in the from Teneo research remain confident in their ability to tap debt markets, and 70% say private equity remains supportive of deal-making.
AI is proving to be a double-edged sword: it's accelerating the pace of M&A and capex investment but also forcing firms to revisit spending plans. Over half of CFOs see AI-driven tech disruption as the primary catalyst for increased SG&A and capital outlays.
Interestingly, US CFOs appear more bullish than their international peers with 53% expecting improved conditions, compared to just 29% outside the U.S. That optimism may not be as readily felt by Canadian CFOs or investors, given trade exposures and regulatory differences.
CFOs also remain pragmatic. Amid rising tariffs and persistent volatility, many are trimming earnings guidance and adjusting R&D and hiring plans.
“CFOs are navigating through unprecedented disruption as they face a new operating environment that includes heightened uncertainty around global trade, tariffs, market volatility and a changing regulatory and political environment,” said Paul Keary, CEO and co-founder of Teneo. “While CFOs and institutional investors have divergent views on their macroeconomic outlook, both remain confident about access to debt markets and their ability to afford current debt. So, while there are challenges in this unpredictable environment, there are also major opportunities for market participants who can stay one step ahead.”
