> **来源：[研报客](https://pc.yanbaoke.cn)** Fall 2025 Fortune/Deloitte CEO survey # Survey methodology 69 CEOs representing 19 industries participated in this Fortune/Deloitte CEO Survey. $71 \%$ of respondents are United States- based organizations, and the remainder are from organizations based outside of the United States. Fielded October 3-16, the 10-question survey explored CEO perspectives on the economy and artificial intelligence. The following pages present key findings. Surveyed CEOs include Fortune 500 CEOs, Global 500 CEOs, and select public and private CEOs in the global Fortune community. This Fall 2025 survey is the 16th edition of the Fortune/Deloitte CEO survey series. Information on previous surveys is available here. With renewed optimism this fall, CEOs are focused on stability and growth. After months of uncertainty around policy and economic shifts, they're recalibrating to cut costs where needed, strengthen supply chains, and apply AI to boost efficiency and resilience. —Jason Girzadas, CEO, Deloitte US # CEO Outlook CEO outlook is rebounding from the more negative perspectives seen in the Spring 2025 survey. Pessimism over the global economy dropped to $32\%$ from $58\%$ in the spring while optimism has doubled to $28\%$ from $14\%$ . For the first time, the survey asked CEOs to share their outlook for the U.S. economy, with $41\%$ holding a pessimistic or very pessimistic outlook. The difference in outlook for the US economy vs the global economy likely reflects uneven economic performance, with strong equity markets, thriving AI-driven companies, and high-end consumer spending contrasting with sectors holding back on investment amid weaker demand. While US economic growth is projected to cool amid mounting cost pressures linked to tariffs, $^{1}$ Europe appears poised for moderate growth, and economic conditions in Asia remain strong $^{2}$ . Despite these mixed signals, CEOs continue to show growing optimism about their industries and company performance, with optimism rising to $71 \%$ from $60 \%$ for company performance and to $47 \%$ from $32 \%$ for their industries. As tariffs continue to make headlines months after the reciprocal tariff announcement in April, CEOs are reacting, adjusting, and continuing to refine their strategy. Most surveyed CEOs (78%) expect tariffs to have fewer benefits than risks for the US economy. Yet, over half surveyed see an equal mix of benefits and risks for their organizations. CEOs are continuing to feel the effects of new policy measures on supply chains, costs, and prices: a majority $(80 \%$ " say they are likely to implement cost-cutting measures over the next 12 months, while $64 \%$ are likely to raise prices. # CEO outlook for the global and US economy is mixed Optimism for their industry and company performance rebounds compared to April 2025. What is your personal outlook toward the following areas over the next 12 months? October 2025 responses Comparison to past surveys: Optimistic/Very optimistic Comparison to past surveys: Pessimistic/Very pessimistic Global economy Your industry Your company # CEOs believe tariffs could pose more risks than benefits to the US economy However, half of CEOs surveyed see roughly an equal mix of benefits and risks from tariffs for their own company. # What do you think the impact of tariffs will be? Tariffs will have: # CEOs are prioritizing supply chain resilience and cost management amid economic uncertainty Over $60\%$ of CEOs are maintaining current investment plans without significant changes. Supply Chain Given the dynamic economic and trade policy landscape, how likely are you to implement each of the following strategies in the next 12 months? Redesign the supply chain to localize operations within my headquartered country Invest in maintaining current supply chains Expand and diversify the supply chain to mitigate risks Costs/Prices Raise prices on goods/services for customers Implement cost-cutting measures to offset increased costs Absorb increased costs for short term Investments Increase investments for the next 3-6 months Postpone major new investments for the next 3-6 months Maintain current investment plans without significant changes # Strategy and Workforce Models in the Age of AI As AI adoption continues, surveyed CEOs expect the greatest impact on core processes and resource allocation, followed by talent strategy and long-term vision and direction. Nearly a quarter see opportunities for transformational impact in shaping long-term vision and direction. CEOs anticipate the least impact on M&A partnerships and strategy and on risk and resilience. When assessing AI's impact, CEOs are looking across multiple dimensions. Most are tracking cost savings and operational efficiency measures (84%) and employee adoption and use (64%), while one in three CEOs say they are assessing AI's impact through top-line growth measures. At the same time, leaders are setting expectations for responsible AI use and governance from the top: $69\%$ are developing clear AI usage policies, and $56\%$ are working to cultivate a culture of ethical AI. As AI becomes more embedded in strategy and operations, CEOs are also considering implications for their talent strategies. When asked about the desired skills in an AI-driven future, most CEOs cited human-centered skills such as agility, curiosity, and continuous learning. # CEOs anticipate moderate to significant impact on core processes and strategy due to AI Core processes, resource allocation, talent strategy and long-term vision & direction are the key activities expected to have a significant impact due to AI. How significantly do you expect AI to impact the following aspects of your enterprise strategy over the next 1-3 years? Transformational impact Significant impact Moderate impact Minimal to no impact CEOs report minimal to no impact on M&A partnerships and strategy (37%) and risk and resilience (20%). # CEOs are measuring AI's impact through efficiency Operational improvements and employee adoption emerge as leading success metrics for AI initiatives. What metrics are you using to assess the impact of AI on your business? # 84% Increased operational efficiency and cost savings # 64% Increased employee adoption and use # 55% Improved customer satisfaction and loyalty # 42% Enhanced decision-making and strategic insights # 33% Increased top-line growth # 11% We have not yet established metrics for AI impact # A majority of CEOs are emphasizing clear policies and guidelines for AI use Over half of leaders surveyed are building cultures around responsible AI. What is your approach to ensuring responsible AI use and governance within your organization? # CEOs see “growth mindset” as a top skill in an AI-driven future Curiosity and adaptability are also top skills, according to CEOs. In a word or phrase, what skill do you believe will matter most for your workforce in an AI-driven future? # Growth Mindset 33% Curiosity Growth mindset Critical thinking # Emotional Intelligence 27% Empathy Collaboration Passion Balance # Adaptability 21% Agility Adoption # Technical Skills 16% Re-skilling Transferable skills # CEO Reflections The top challenges for CEOs centered on the pace and degree of change; one CEO shares "unprecedented degree of unprecedented changes" while another is concerned about "employees coping with the level of change." Uncertainty also remains top of mind for surveyed CEOs, especially regarding the policy and geopolitical landscape. CEOs also shared concerns for talent as another top challenge, including gaps in skillsets. # "Pace of Change" emerges as a top challenge for CEOs Uncertainty across the geopolitical, regulatory, and economic landscapes continues to be top of mind. The biggest challenge I face as a CEO today is: "Understanding to what extent as an organization we can benefit from AI/digital transformation and what would be our prioritization in such transitional journey" "Unprecedented degree of unprecedented changes" "Driving underlying growth in current environment" Cash flow Capital allocation AI Asset management Culture Value generation Partnerships Uncertainty Demand Talent Stakeholder management Cost management Pace of change Regulatory uncertainty Organization structure Geopolitical Growth uncertainty Economic uncertainty Technology Balancing the dichotomy of cultivating a change-ready culture as AI continues to progress and influence all areas of our business "Talent shortage," and "Finding talented, driven leaders" "Talent issues; Employees coping with level of change" "Managing geopolitical risks" # Get in touch # Benjamin Finzi Managing Director, Leader Chief Executive Program Deloitte Services LP bfinzi@deloitte.com # About the Chief Executive Program Deloitte's Chief Executive Program, part of Executive Accelerators, is dedicated to advising chief executives throughout their careers — from navigating critical points of inflection, to designing a strategic agenda, to leading through personal and organizational change. # Deloitte. # Together makes progress This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. 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