Grant Thornton CFO survey: Finance leaders remain agile amid economic turmoil

— 46% of CFOs are pessimistic about the U.S. economy

— 46% are adjusting supply chains to reduce tariffs’ impact

— 53% are increasing sales and marketing spend

— 51% are highly focused on customer acquisition and retention

A new survey from Grant Thornton, one of America’s largest brands of professionals providing end-to-end audit, assurance, tax and advisory services, highlights the agility of today’s chief financial officers (CFOs) amid economic turmoil.

Grant Thornton’s CFO survey for the second quarter of 2025 revealed that while tariff-inspired economic turmoil drove finance leaders’ pessimism to new heights (46%), the more than 260 respondents moved quickly to deploy a variety of different strategies to protect their businesses.

Supply chain adjustments were the most common response, but solutions varied by industry. For example, asset managers and construction and real estate respondents were more likely to be implementing technology to reduce costs — and conducting proactive, high-frequency scenario planning. Ultimately, the challenges led to a range of innovative, industry-specific strategies.

According to Paul Melville, national managing principal of CFO Advisory for Grant Thornton Advisors LLC, while finance leaders welcomed a respite from tariffs, the continuing uncertainty left CFOs in a position to rethink their business strategy.

“CFOs are relieved that, for example, tariffs on imports from China aren’t 145%, but they certainly can’t put their feet up and relax,” Melville said. As we navigate an era of unreliability, fast actions may differentiate winners from losers. Whether it’s a 90-day tariff reprieve or court rulings and appeals, the unpredictability of the economic environment doesn’t help finance leaders with long-term planning.”

Forty-six percent of respondents are adjusting supply chains to reduce tariffs’ impact, 42% are conducting high-frequency proactive scenario planning, 39% are implementing technology to reduce costs and 35% are raising prices.

Additionally, CFOs are focusing their attention on serving customers — and pursuing them. The 53% of finance leaders who are increasing sales and marketing expenses marked a jump of 13 percentage points over the previous quarter. In addition, customer acquisition and retention ranked among the top three areas of focus for 51% of finance leaders, up from 38% in Q1.

Preparing for shifting tax requirements

As Congress works to develop new tax legislation, finance leaders are split evenly in their assessment of the potential effects on their companies — even though the legislation is designed to be business-friendly. While 42% expect the changes to be beneficial, 33% said tax changes would harm their businesses’ financial position.

The survey was in the field during the early stages of tax bill discussions. David Sites, national managing principal and head of the Washington National Tax Office and International Tax Solutions, said CFOs might be more optimistic about the legislation if polled today. But he added that some businesses might suffer negative consequences from possible limits on state and local tax business deductions for pass-throughs, as well as the potential elimination of clean energy credits.

Business leaders and legislators also are concerned about the effects of the ballooning U.S. debt on the economy.

“Our interest expense has grown to be one of the highest government expenditures,” Sites said. “Anybody who has run a household budget knows that if the interest on your debt is one of your largest expenditures, your financial picture is not very healthy.”

In addition, international tax issues continue to present significant challenges for businesses and should be examined closely.

“Until we have certainty on the treatment of key items such as the research and capital expenditures, companies will need to weigh their investment decisions carefully,” said Dana Lance, national Tax Solutions leader for Grant Thornton Advisors LLC.

She added, “The competing pressures of a desire to create incentives for investment in U.S. business operations with the need to raise revenues will certainly be a key element of the ongoing legislative debate — especially if the government's tariff revenue is uncertain.”

Analyzing strategies across industries

Finance leaders have pursued different tariff mitigation strategies depending on their industry. Grant Thornton has observed impacts across the board — some directly tied to tariffs, while others resulting from the broader economic consequences of those tariffs.

In banking, executives are more likely to conduct proactive scenario planning. One key tariff-related concern in the banking and financial services industries is the slowing of M&A deal flow — which may be temporary but has a ripple effect across industries.

Meanwhile, respondents in manufacturing have adjusted their supply chains to reduce the impact of tariffs. Where price volatility poses one of the greatest challenges, some companies are renegotiating existing contracts at renewal to deal with rising cost pressures.

Finance leaders are also focused on implementing technology, automation and AI to reduce costs in the technology and telecommunications industries. However, some of their clients may be scaling back discretionary spending due to economic uncertainty.

Navigating a path forward

Finance leaders can help their organizations weather a difficult environment by considering a variety of strategies in addition to scenario planning and supply chain adjustments.

Tightening their grip on costs is crucial. Cost optimization rose 16 points as an area of focus in the survey, showing that CFOs are carefully monitoring spending. Survey results show vendor/supplier costs and headcount and compensation as top areas for potential cost cuts, but in today’s environment, no expense category is off limits when it comes to tightening the belt.

Additionally, companies that ignore the benefits from generative AI are falling behind. More than three-fourths (77%) of finance leaders who calculate their return on generative AI expenditures are getting at least two times the return on those investments. That’s a marked increase from 68% in Q1, and it shows the value this technology can provide. ​

“As businesses adjust their supply chains, engage in rigorous scenario planning and implement transformative technology, CFOs are finding ways to deliver revenue and profits”, said Melville. “They won’t be deterred by difficult economic conditions, and they’re determined to lead the way to growth.”

To see additional findings from Grant Thornton’s Q2 2025 CFO survey, visit: https://www.grantthornton.com/insights/survey-reports/cfo-survey/2025/cfos-adjust-quickly.

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