Inside the Minds of CFOs

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PNC Bank

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America's CFOs say the economic challenges of 2025 have only made their companies stronger.

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How has heightened uncertainty affected your company? Positively 70%, Negatively 19%, No Effect 8%, Too Soon to Tell 3%

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Heightened uncertainty has led to improved forecasting and faster decision-making says CFO of a Florida manufacturing company.

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CFOs Are More Optimistic: Their Company 72%, Local Economy 68%, National Economy 70%

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Tariffs have forced changes in company supply chains, with most companies responding with a variety of actions: Absorbing increased costs 62%, Seeking alternative foreign sourcing 59%, Passing costs to consumers 56%, Moving production to the US 50%

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Defensive Moves to Combat Uncertainty: Issue bonds 33%

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Investments Will Grow Over the Rest of 2025, While many of those actions involve cuts to spending, increased spending is occurring in other areas: Artificial Intelligence 81%, Cybersecurity 73%, Enterprise Resource Planning 63%,  Sustainable Energy Initiatives 62%

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Top Corporate Opportunities and Challenges: Opportunities AI-enabled productivity tools 54%, Challenges Cybersecurity threats 53%

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Methodology: PNC Bank's Inside the Minds of CFOs survey features responses from more than 300 CFOs at US-based companies. It was conducted by Bloomberg Media Studios from August 29 to September 16, 2025. Companies span 19 industries; 46% have more than 1,000 employees, and 31% have revenues of $500 million or more. Some totals do not equal 100% because of rounding.

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Tariff Uncertainty Is Helping Us, CFOs Say. America’s CFOs have a message for federal policy makers: That which doesn’t kill us makes us stronger.

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Tariff Uncertainty Is Helping Us, CFOs Say

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CFOs Expect Higher Rates for Longer
Survey Goes Inside the Minds of Finance Chiefs About Economy and Corporate Challenges

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CFOs Expect Higher Rates for Longer