Grant Thornton Survey: Over Half of CFOs Expect Operating Expenditures to Increase in the Coming Year
According to a survey released by Grant Thornton on Thursday, 51% of CFOs in the fourth quarter expect their companies' operating expenditures to increase in the coming year, a significant rise from 35% three months ago and the highest level in 20 quarters. This shift indicates that financial leaders are ready for strategic spending after a period of prolonged cost control. The survey also shows that 44% of CFOs anticipate tax benefits from a certain big and beautiful bill, while 52% of CFOs are optimistic about the U.S. economy.
Key Points
- Grant Thornton's fourth-quarter survey of CFOs shows that 51% of respondents expect their companies' operating expenses to increase over the next year, up from 35% three months ago. The consulting firm released the results on Thursday.
- The latest operating expense data reached a 20-quarter high, indicating that most financial leaders are ready to shift from prolonged austerity to strategic spending.
- "They are now deploying capital because these strategic initiatives must move forward even if interest rates are not at ideal levels," said Mike Desmond, Grant Thornton's leader of audit and assurance growth, in a press release.
Deeper Insights
Grant Thornton noted that the results may reflect companies' expectations of tax savings from the One Big Beautiful Bill, as well as growing impatience over delayed interest rate cuts.
Nearly half (44%) of CFOs expect benefits from the bill, while only 18% said it would have a negative impact on their financial situation.
The proportion of finance chiefs planning to cut costs for long-term strategic initiatives fell to 28%, down from 36% in the previous quarter. Both cash and liquidity and cost optimization dropped in CFOs' priority rankings.
Among the more than 230 financial leaders surveyed, 52% expressed optimism about the U.S. economy, roughly flat compared with the previous quarter. This contrasts with the sharp swings in early 2025: optimism fluctuated significantly after the election (68%) and in the second quarter following the Trump administration's tariff announcements (39%).
"CFOs have become accustomed to market volatility and have developed enough resilience that they are not afraid to invest in growth at this time," said Paul Melville, Grant Thornton's managing partner for client and growth in national consulting, in a press release.