CEO outlook is shifting amid a backdrop of economic uncertainty and global complexity. The "Spring 2025 Fortune/Deloitte CEO Survey" shows a substantial decline in optimism around the global economy and own company performance as business as leaders navigate the macroeconomic environment.

Key takeaways

• CEO optimism about company performance fell to 60% from 84% in fall 2024.

• Over half (58%) of CEOs are feeling pessimistic about the global economy, up 40 percentage points from 18% in fall 2024.

• Seventy-one percent plan to expand and diversify supply chain strategies to mitigate risk.

• Forty-two percent plan to implement cost cutting measures, while only 28% plan to raise prices, reflecting a focus on internal efficiencies.

• Nearly 9 in 10 (89%) CEOs are exploring, piloting, or implementing agentic AI.

About the survey
The "Fortune/Deloitte CEO Survey" tracks the perspectives and actions of CEOs from some of the world's largest and most influential companies. The survey gives key insights into CEOs' assessment of the global economy, company performance, and the external matters disrupting business strategy. Respondents represent executives across more than 21 industries, including automotive, consumer products, finance and technology.

Why this matters to CEOs
According to the "Spring 2025 Fortune/Deloitte CEO Survey," CEOs are considerably less optimistic likely due to increasing uncertainty brought on by disruptors, such as rising geopolitical tensions and the potential for continued financial and market instability. Considering this uncertainty, CEOs are focusing on tangible ways to build resilience within their organizations, including supply chain diversification, cost saving measures, and commitments to maintaining current investment plans without significant changes.

Priority investments, such as those in artificial intelligence, remain a central strategic focus for CEOs. Nearly two-thirds (62%) report that Generative AI (GenAI) has delivered value to their organization and the majority of CEOs surveyed (89%) say their companies are already exploring, piloting, or implementing agentic AI. Eleven percent expect to have agentic AI fully implemented in at least one business unit by the end of the year.

Key quotes
"Recent shifts in policy, evolving trade dynamics, and heightened economic uncertainty have significantly dampened CEO optimism. In this environment, the key takeaway is the critical need for adaptability and forward-thinking leadership. By embracing change and innovation, there is an opportunity to transform uncertainty into a catalyst for sustainable long-term growth."     
          — Jason Girzadas, CEO, Deloitte US

"For Fortune, I talk to a lot of CEOs about their unique situations managing through a very tricky time for global and domestic businesses. The survey makes clear that they are dealing with unprecedented change that requires they execute with maximum agility."
          — Diane Brady, executive editorial director, Fortune Live Media and Fortune CEO Initiative

Outlook and disruptors
Once again, geopolitical instability tops CEOs' list of their top five expected disruptors, followed by inflation, and other sources of financial and market volatility, then regulation and supply chain disruption. Notably, CEOs' concerns around supply chain disruption increased to 25% from 11% in summer 2024. There was also a decrease in concerns over environmental matters, which dropped to 2% from 14% in summer 2024. Additionally, CEOs' optimism for their organizations and industries fell from fall 2024: from 84% to 60% for their organizations, and from 61% to 32% for their industries.

Leading through uncertainty
CEOs are responding to an economic environment defined by uncertainty with measured action. With supply chain disruption joining CEOs' list of top five disruptors, 61% of CEOs are reporting plans to expand and diversify their supply chains to mitigate risks. On cost management, 42% of CEOs anticipate implementing cost-cutting measures and 11% plan to absorb increased costs in the short term. A common challenge cited by CEOs was navigating significant uncertainty and rapid change, potentially testing their ability to balance long-term and short-term goals.

CEO role evolution
Growing uncertainty has made resilience both crucial and challenging for CEOs. Many listed resiliency, adaptability and agility as the top leadership attributes needed to respond to unforeseen events both now and in the future. In reflecting on stakeholder management approaches from the past six months, more than half (55%) say they've increased engagement with employees, strengthened relationships with key customers (51%), and enhanced collaboration with their executive team (45%).