‘In periods of rapid change, the instinct to slow down is understandable—but it’s also risky’
CEO confidence in global revenue growth has dropped to its lowest level in five years, with artificial intelligence (AI), cyber risk and geopolitical pressures forcing employers to rethink workforce and capability strategies, according to a survey.
The survey of 4,454 chief executives across 95 countries and territories found only three in 10 (30%) CEOs are confident about revenue growth over the next 12 months, down from 38% in 2025 and 56% in 2022.
The PwC’s 2026 Global CEO report said business leaders are “grappling with uneven returns from artificial intelligence, rising geopolitical risk, and intensifying cyber threats” as they navigate a complex operating environment.
Artificial intelligence and leadership
AI now marks a clear divide between organisations realising financial benefits and those still stuck in pilot mode. Over 2 in 5 (42%) of CEOs cited whether they are transforming fast enough to keep up with technological change, including AI, as their top concern—well ahead of innovation capability or medium- to long-term viability, both at 29%.
Yet most leaders are not seeing full value from their AI investments. Only one in eight (12%) CEOs said AI has delivered both cost and revenue benefits, while 33% reported gains in either cost or revenue and 56% said they have seen no significant financial benefit so far. PwC said there is a widening gap between companies piloting AI and those deploying it at scale, with CEOs reporting both cost and revenue gains two to three times more likely to say they have “embedded AI extensively across products and services, demand generation, and strategic decision-making.”
Foundations are proving just as important as scale. PwC noted that organisations with strong AI foundations—such as Responsible AI frameworks and technology environments that enable enterprise-wide integration—were three times more likely to report meaningful financial returns. Separate PwC analysis found that companies applying AI widely to products, services and customer experiences achieved “nearly four percentage points higher profit margins” than those that did not.
“2026 is shaping up as a decisive year for AI. 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,” said Mohamed Kande, PwC Global Chairman.
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External risks undermining confidence
The PwC survey also shows CEO confidence being eroded by external risks that have direct workforce implications. One-in-five (20%) CEOs globally said their organisation is highly or extremely exposed to the risk of significant financial loss from tariffs over the next 12 months. Exposure ranged from 6% in the Middle East to 28% in the Chinese Mainland and 35% in Mexico, with 22% of US CEOs reporting 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% said they plan to strengthen enterprise-wide cybersecurity as part of their response to geopolitical risk.
Despite the softer outlook, CEOs are pursuing strategic shifts that will test talent strategies. More than four-in-ten (42%) said their company has begun competing in new sectors over the past five years, and among those planning major acquisitions, 44% expect to invest outside their current industry, with technology the most attractive adjacent sector. Just over half of CEOs (51%) plan international investments in the year ahead, with the United States, United Kingdom, Germany, the Chinese Mainland and India ranking as key destinations.
PwC also highlighted execution gaps. Only one in four CEOs said their organisation tolerates high risk in innovation projects, has disciplined processes to stop underperforming initiatives, or runs a defined innovation centre or corporate venturing function. CEOs reported spending 47 % of their time on issues with a horizon of less than one year, versus just 16% on decisions looking more than five years ahead.
“In periods of rapid change, the instinct to slow down is understandable—but it’s also risky,” Kande said. “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.”
Supporting employees through 2026
Here's what HR professionals think employers should be prioritising now to support their people this year, according to a previous study by HR services firm Ciphr:
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Providing a good range of employee benefits (46% of surveyed HR professionals)
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Ensuring a positive, respectful and healthy work environment / culture (45%)
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Providing flexible working / a good work-life balance for employees (45%)
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Paying a good / fair average wage (42%)
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Providing regular employee training, upskilling opportunities, and career advancement (42%)
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Ensuring all employees are treated fairly and equally (41%)
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Protecting employees’ health and safety at work (40%)
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Providing job security to employees (40%)
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