Confidence among chief executive officers (CEO) in their company’s revenue has hit a five-year low amid concerns over uneven returns from artificial intelligence (AI), rising geopolitical risks, and growing cyber threats, PwC has revealed.

PwC’s Global CEO Survey found that just 30 per cent of CEOs felt confident about revenue growth over the next 12 months, down from 38 per cent in 2025 and 56 per cent in 2022.

The firm said this suggested many companies were yet to translate investment into consistent financial gains as CEOs navigate a complex environment shaped by accelerated technological change, geopolitical uncertainty, and economic pressure.

Nearly half (42 per cent) of CEOs cited worries over whether they were transforming fast enough to keep pace with technological change, including AI, as a top concern.

This was well ahead of concerns about innovation capability and medium- to long-term viability, which were each cited by 29 per cent of CEOs.

Only 12 per cent of CEOs said AI had delivered both cost and revenue benefits, with 33 per cent reporting gains in either cost or revenue and 56 per cent stating they had seen no significant financial benefit to date.

PwC highlighted a growing divide between companies piloting AI and those deploying the technology at scale.

CEOs that reported both cost and revenue gains were two to three times more likely to say they had embedded AI extensively across products and services, demand generation, and strategic decision making.

Furthermore, those with established strong AI foundations were three times more likely to see meaningful financial returns.

"2026 is shaping up as a decisive year for AI,” commented PwC global chair, Mohamed Kande.

“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."

Confidence among CEOs had fallen further as risks around tariffs and cybersecurity intensified.

One in five (20 per cent) CEOs said their firm was highly or extremely exposed to the risk of significant financial loss from tariffs over the next 12 months, although this varies widely by region.

Almost a third (31 per cent) of CEOs saw cyber risk as a major threat, up from 24 per cent last year, with 84 per cent planning to strengthen enterprise-wide cybersecurity as part of their response to geopolitical risk.

Other concerns cited by CEOs were macroeconomic volatility (31 per cent), inflation (25 per cent), technology disruption (24 per cent), and geopolitics (23 per cent).

CEOs increasingly saw reinvention as essential to growth, with 42 per cent saying their company had entered new sectors over the past five years, and 44 per cent of those planning major acquisitions set to invest outside their current industry.

Over half (51 per cent) expected to make international investments this year, with the US remaining the most popular destination, followed by the UK, Germany, and India.

However, only one in four CEOs said their organisation tolerated high risk in innovation projects, had disciplined processes to stop underperforming initiatives, or operated a defined innovation centre or corporate venturing function.

"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."

---