- Only three in ten CEOs (30%) are confident about revenue growth in 2026, with most struggling to turn AI investments into tangible returns.
- One in eight (12%) CEOs say AI has delivered both cost and revenue benefits, while companies that have evolved AI on a solid foundation are making progress.
- Growing concerns over tariffs and cyber risks add to pressure, as CEOs wonder if they are transforming fast enough
- The United States remains the top destination for global investment, with interest in India doubling year on year.
DAVOS, Switzerland, January 20, 2026 /PRNewswire/ — CEO confidence in their companies’ revenue prospects has fallen to a five-year low, as business leaders grapple with uneven returns from artificial intelligence, rising geopolitical risk and intensifying cyber threats.
According to PwC’s 29th Global CEO Survey, only three in ten (30%) CEOs say they are confident about revenue growth over the next 12 months, compared to 38% in 2025 and 56% in 2022. The findings suggest that as CEOs navigate a complex operating environment shaped by rapid technological change, geopolitical uncertainty and economic pressure, many companies have yet to translate their investments into financial gains. constant.
The survey is based on responses from 4,454 CEOs across 95 countries and territories.
AI emerges as a decisive fault line for growth and profitability
The biggest question on CEOs’ minds is whether they are transforming quickly enough to keep pace with technological change, including AI. Forty-two percent cite this as their main concern, well ahead of concerns about innovation capacity or medium-to-long-term viability (29% in both cases).
Despite widespread experimentation, only one in eight CEOs (12%) say AI has generated both cost and revenue benefits. Overall, 33% report cost or revenue gains, while 56% say they have seen no significant financial benefits to date.
The survey highlights a growing divide between companies piloting AI and those deploying it at scale. CEOs reporting both cost and revenue gains are two to three times more likely to say they have broadly integrated AI into their products and services, demand generation, and strategic decision-making.
Foundations matter as much as scale. CEOs whose organizations have established strong AI foundations, such as responsible AI frameworks and technology environments that enable enterprise-wide integration, are three times more likely to report significant financial returns. A separate analysis from PwC shows that companies widely applying AI to products, services and customer experiences achieved profit margins almost four percentage points higher than those that did not.
Mohamed Kande, Global Chairman of PwC, said:
“2026 is shaping up to be a breakthrough year for AI. A small group of companies are already turning AI into measurable financial results, while many others are still struggling to move beyond pilots. This gap is starting to show in terms of trust and competitiveness, and it will quickly widen for those that don’t act.”
Confidence Falls as Tariffs, Cyber Risks Intensify
CEO confidence has further weakened amid increasing exposure to external risks. One in five CEOs globally (20%) say their organization is highly or extremely exposed to the risk of significant financial loss from tariffs in the next 12 months, although exposure varies widely by region: from 6% in the Middle East to 28% in mainland China and 35% in Mexico. Among U.S. CEOs, 22% report high exposure.
Concern about cyber risk has risen sharply, with 31% of CEOs now citing it as a major threat, up from 24% last year and 21% two years ago. In response, 84% say they are considering strengthening enterprise-wide cybersecurity as part of their response to geopolitical risk.
Concerns about macroeconomic volatility (31%), technological disruption (24%) and geopolitics (23%) have also increased slightly, while concerns about inflation are down slightly (from 27% last year to 25%).
Reinvention becomes a strategic imperative
Despite a challenging outlook, CEOs increasingly view reinvention as essential to growth. More than four in ten (42%) say their company has started competing in new industries in the last five years. Among those considering major acquisitions, 44% plan to invest outside their current sector, with technology being the most attractive adjacent sector.
Just over half of CEOs (51%) plan to make international investments in the coming year. The United States remains the top destination, with 35% ranking it among their top three markets. The UK and Germany (both 13%) as well as mainland China (11%) also feature strongly. Interest in India has almost doubled year-over-year, with 13% of CEOs planning international investments placing India among their top three destinations.
Gaps in implementation remain. Only one in four CEOs say their organization tolerates high risks in innovation projects, has disciplined processes in place to terminate poorly performing initiatives, or operates a defined innovation center or venture capital function.
Time is also a constraint: CEOs report spending 47% of their time on issues less than a year away, compared to only 16% on decisions more than five years away.
Mohamed Kande, global chairman of PwC, added:
“In times of rapid change, the instinct to slow down is understandable, but it is also risky. The value at stake in the global economy is increasing and the window to capture it is narrowing. The companies that succeed will be those willing to make bold decisions and invest with conviction in the capabilities that matter most.”
Notes to editors
About the 2026 PwC Global CEO Survey
We surveyed 4,454 CEOs across 95 countries and territories from September 30 to November 10, 2025. Global and regional figures in this report are weighted proportionally to the country’s nominal GDP, so CEO views are broadly representative across all major regions. Sector- and country-level figures are based on unweighted data from the full sample of 4,454 CEOs. To learn more about the results, please visit: http://www.pwc.com/ceosurvey.
About PwC
At PwC, we help our clients build trust and reinvent themselves so they can turn complexity into competitive advantage. We are a forward-thinking and empowered network of more than 364,000 people in 136 countries and 137 territories. In the areas of audit and assurance, tax and legal, transactions and consulting, we help our clients create, accelerate and sustain momentum. Learn more about www.pwc.com.
SOURCE PwC
