The recently published PwC Global CEO Survey gave insight into two major areas that concern CEOs: AI and cybersecurity. The overlay was the decline in CEO confidence in revenue growth over the coming year.
As the World Economic Forum opens in Davos, a new global survey indicates that corporate leaders have reduced confidence in near-term revenue prospects heading into 2026.
PwC’s 29th Global CEO Survey, based on responses from 4,454 CEOs across 95 countries and territories, found that only 30% of CEOs believe their company’s revenue will grow over the next 12 months.
This is a decline from 38% last year and 56% in 2022, representing the lowest confidence level in five years.
AI is widening the gap between leading and lagging organizations
Many leaders believe AI is transforming the operating environment more rapidly than their organizations can adapt. While generative AI and broader AI investments are widespread, returns remain limited.
PwC reports that just 12% of CEOs say AI has delivered both cost savings and revenue gains so far, compared to 33% who report benefits on either cost or revenue.
While 56% say they’ve seen no meaningful financial benefit to date, those CEOs who report both cost and revenue gains are two to three times more likely to report AI is already embedded extensively in the business.
Organizations with Responsible AI frameworks and modern technology environments that enable enterprise-wide integration are three times more likely to report meaningful returns.
When companies applied AI widely across products, services, and customer experiences, they achieved nearly 4 percentage points higher profit margins than those that didn’t.
Tariffs and cyber risks increase business challenges
While AI transformation remains a central focus, CEOs are also concerned about risks beyond their control.
One in five CEOs globally (20%) say their organization is highly or extremely exposed to the risk of major financial loss from tariffs in the next 12 months (PwC notes wide regional variation).
In the United States, 22% of CEOs report high exposure.
Cyber risk is becoming an even higher priority.
The study found growing concern about cyber threats, with 31% of CEOs now citing them as a major risk, up from 24% last year and 21% two years ago. Accordingly, 84% say they plan to strengthen enterprise-wide cybersecurity.
External Opportunities Serve Future Growth
Despite these concerns, some CEOs are moving forward.
PwC reports that 42% of companies have entered new sectors over the past five years. Among those planning major acquisitions, 44% expect to invest outside their current industry, with technology the most attractive adjacent sector.
Plans for international investment remain strong. 51% of CEOs plan to make cross-border investments in the coming year as 35% ranked the U.S. among their top three markets.
The most notable finding was that year-on-year interest in India nearly doubled, reflecting shifting growth expectations and supply-chain strategy.
Yet PwC flags a practical bottleneck. Many organizations lack the operating discipline to turn reinvention into results.
A Change in Planning
Only about one in four CEOs say their companies tolerate high risk in innovation projects, have disciplined processes to stop underperforming initiatives, or run a defined innovation center or corporate venturing function.
The most telling detail is that CEOs say they spend 47% of their time on issues with a horizon of less than one year—versus just 16% on decisions more than five years out.
In an AI-driven economy, that imbalance can become a competitive vulnerability.
PwC Global Chairman Mohamed Kande called 2026 a “decisive year” for AI, warning that the competitiveness gap will widen quickly for those who can’t move beyond pilots.
