Survey shows CEO confidence slumps as AI returns lag and tariffs, cyber risks rise globally
CEO confidence in revenue growth is faltering, and the latest PwC Global CEO Survey suggests uneven returns from artificial intelligence are a major reason.
The findings point to growing pressure on executive teams to prove that technology spending is translating into real earnings momentum. The survey, released at the World Economic Forum in Davos, shows only 30% of CEOs are confident about revenue growth over the next 12 months.
That is down from 38% last year and 56% in 2022, marking the weakest reading in five years. The survey gathered responses from 4,454 CEOs in 95 countries and territories.
While AI investment remains widespread, the financial impact has been inconsistent. Just 12% of CEOs report that AI has delivered both cost savings and revenue gains. About one third say they have seen either cost or revenue benefits, and a majority report no material financial return so far.
Executives who have embedded AI across products, customer engagement and strategic decision-making are significantly more likely to report positive results, highlighting a widening performance gap between early pilots and scaled deployments.
PwC notes that strong foundational capabilities, such as Responsible AI frameworks and enterprise-ready technology environments, correlate with better outcomes. Separate PwC analysis found that companies applying AI broadly across offerings and customer experiences posted profit margins nearly four percentage points higher than peers that did not.
"2026 is shaping up as a decisive year for AI,” says Mohamed Kande, PwC Global Chairman. “A small group of companies are already turning AI into measurable financial returns, while many others are still struggling to move beyond pilots. That gap is starting to show up in confidence and competitiveness—and it will widen quickly for those that don't act."
One in five CEOs globally say their organizations face high exposure to potential financial losses from tariffs in the year ahead. Concern over cyber threats is also rising, with 31% identifying cyber risk as a major threat, up sharply from prior years. In response, 84% plan to strengthen cybersecurity as part of broader geopolitical risk management.
Despite uncertainty, CEOs are pursuing reinvention strategies. More than four in ten say their companies have entered new sectors in the past five years, and nearly half of those planning major acquisitions expect to buy outside their current industries.
International investment remains active, with the United States the top destination, followed by the United Kingdom, Germany and the Chinese Mainland. Interest in India has nearly doubled year over year.
However, execution challenges persist. Only one in four CEOs say their organizations tolerate high innovation risk or maintain disciplined processes to halt underperforming projects. Short-term demands also dominate leadership attention, with nearly half of CEO time focused on issues under one year.
“In periods of rapid change, the instinct to slow down is understandable, but it's also risky,” adds Kande. “The value at stake across 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."
