Finance chiefs are more optimistic about their companies’ future financial prospects, but rising costs, inflationary pressures and geopolitical headwinds remain top of mind, according to a recent survey by U.S. Bank.
CFOs still identified cutting costs and improving efficiencies as a top priority, with 37% naming it as a key focus, U.S. Bank’s CFO Insights Report: Fall 2026 found. However, 71% of finance leaders also said they have a positive outlook for their business’ financial prospects over the next three years, compared to 64% in the bank’s spring survey, the report found.
The data indicates that for many finance chiefs, “the uncertainty is becoming more certain, meaning people are just learning to live with the uncertainty, and…companies are learning to live and adapt and be nimble,” Bill Mulvihill, head of loan capital markets, U.S. Bank told CFO Dive.
Rising costs, rising comfort
Mulvihill, who has logged nearly two decades at the Minneapolis, Minnesota-based bank, sees a growing sense of confidence reflected both in the fall survey and in his own conversations with clients, who are beginning to feel more comfortable with their ability to better navigate economic and geopolitical turmoil.
CFOs are more confident about their businesses’ long-term health, according to the survey, with about half of the 1,000 senior finance leaders reporting a positive outlook for the next 12 months. Many CFOs “feel very confident where they are” today given the health of their companies, Mulvihill told CFO Dive in an interview.
“I think it gives them confidence that they have been able to be resilient through these times. They have been able to adapt their business, and so I think long term they think we're in a pretty good spot,” he said.
Mulvihill first joined U.S. Bank in 2006 as a senior vice president before taking his current role as head of loan capital markets in March 2024, according to his LinkedIn profile. His past experience includes serving as a senior economist for First Trust Advisors and Claymore Securities.
Though optimism is ticking up, finance chiefs are still keeping a close eye on present-day challenges and macroeconomic pressures that are impacting their businesses so they can strategize accordingly.
Interest rates, for instance, remain a live issue, with finance chiefs needing to adapt in real time, Mulvihill said. High borrowing costs and inflation were both noted as top concerns by 35% and 34% of finance chefs, respectively, coming just shy of the 38% who identified geopolitical tensions as a main worry.
AI takes strategic spotlight
One of the key areas driving both costs and new opportunities is the continued use and rising spend on artificial intelligence, according to the survey. While over two-thirds of finance leaders said their investments into AI created commercial opportunities for their companies, 51% said their spending on the technology had exceeded their budget, the survey found.
“I think a lot of companies are feeling pressure two ways from AI on a cost perspective,” Mulvihill said. “One, just the direct spending that they're having to make at their firm into AI, but also I think given the massive build out in data centers and AI-related infrastructure, they're just seeing a rise in costs.”
Moreover, “companies are still trying to figure out exactly what their AI strategy is as they think about their spending levels,” he said. The response to AI tools and solutions remains a “mixed bag,” Mulvihill said, with some companies farther along than others when it comes to their AI strategies.
Investing in technology is one way businesses are seeking to respond to inflationary pressures, the survey found, with most CFOs (72%) targeting investments, including in AI and automation, that can drive productivity rather than reduce headcount (28%).
In the future, “I expect companies to be more thoughtful and efficient how they deploy AI,” Mulvihill said. “I think you're going to see companies move to really analyze: Is this the right use of AI spend in our company?”
