American finance leaders are aggressively pivoting toward expansion, with revenue growth jumping from seventh to the second-highest priority on the executive agenda. According to the 2026 U.S. Bank CFO Insights Report, nearly half of CFOs are more likely to pursue acquisitions over the next 12 months, with a specific appetite for "bolt-on" deals in the technology and healthcare sectors. This drive for scale persists even as cost-cutting remains the top overall priority for 39% of leaders. The shift suggests a strategic "dual-track" approach where firms maintain rigorous margin discipline while simultaneously deploying capital to capture market share.
Despite the push for growth, near-term economic sentiment has soured, with only 36% of leaders holding a positive 12-month outlook for the U.S. economy. Geopolitical tension and persistent inflation are cited as the primary headwinds, leading 71% of organizations to delay or scale down major investment projects. To mitigate these risks, 62% of firms with overseas manufacturing have nearshored operations closer to the U.S. boundary. Stephen Philipson, U.S. Bank Vice Chair, noted that "leaders are still pursuing growth while maintaining cost discipline and sharpening risk management" despite these macroeconomic cross-currents.
The survey also highlights a widening confidence gap between large-cap and middle-market enterprises. While 57% of CFOs at companies with over $5 billion in revenue feel positive about the next year, only 24% of their counterparts at smaller firms share that optimism. On the technology front, finance offices are beginning to demand accountability for AI spending; leaders now track the ROI on 41% of AI investments, with nearly half reporting positive returns. As cost pressures become harder to pass on to consumers, CFOs are increasingly turning to digital transformation—a top-three priority—to drive the operational efficiencies required to fund their 2027 growth targets.
