Alliance Perspectives

October 09, 2025

Case categories include: CEO Survey   

Introduction

The Business Barometer was created to provide a real-time pulse from business leaders who are at the helm of businesses in every industry and market sector around the world as they navigate increasing complexity across the global economy. At a time of acute economic and geopolitical volatility, executive decision-making cannot rely on lagging indicators.

Read the full Q3 2025 Business Barometer report here 
(demographics and anonymous, direct quotes from leaders that capture the current mindset)

Summary

This Q3 2025 Business Barometer includes responses from 225 business leaders across every major industry sector who are largely based in the U.S. but also includes leaders in 16 countries.

Global economic conditions remain volatile as policy shifts in trade, immigration, AI investment, geopolitical negotiations and government spending reshape markets.

The insights reveal that CEOs are increasingly frustrated by prolonged uncertainty but are no longer waiting for clarity. They’re taking action, redefining business models, reinforcing core strengths, and seizing opportunities where disruption creates advantage.

3 Areas of Focus

• Sentiment
• Economic Pressures (across 12 key business categories)
• Actions being taken and plans being made

3Q Insights

The 3Q Business Barometer reveals a blend of optimism and caution as unpredictability becomes the new norm. Confidence ticked up from 2Q in several sectors, especially Financial Services, Consumer & Retail, and among Public and Private Equity–backed companies. Yet regulation, talent gaps, and softer AI expectations continue to temper outlooks. Even with signs of progress, most leaders agree: uncertainty now defines the business landscape.

Strategic Insights by Segment

(Confidence change from June > September 2025) 

Industry Perspectives

• Healthcare & Life Sciences: Life Sciences faced the steepest headwinds in June but confidence improved slightly in September as interest rates and market pressures eased. However, regulatory burdens intensified, and funding remains a critical challenge.
• Semiconductor & Hardware: Confidence declined amid rising pressure from tariffs, regulation, and geopolitical tensions.
• Industrial & Energy:Confidence was steady with support from lower rates, resilient markets, and AI investment, though tariffs, regulation, and inflation continues to weigh.
• Financial Services: Confidence rose as pressure from regulation, interest rates, and geopolitics eased, though the funding environment remains a concern.
• Consumer & Retail: Confidence rose, supported by stronger markets and investments in AI investment.
• Professional Services: Confidence declined in September amid persistent talent shortages, inflation concerns, and increased regulatory pressure.
• Real Estate & Construction: Confidence held steady in September, supported by stronger consumer spending and easing interest rates.
• Software & Digital Technology: Confidence held steady in spite of rising regulatory and inflation pressures and tempered expectations for AI investment.

Capital Structure Perspectives

• Privately-Held Companies (no institutional investors): Confidence held steady in September, supported by lower interest rates, stronger consumer spending, and easing tariff pressures, though regulation and talent challenges remain.
• Private Equity–Backed: Confidence rose sharply, driven by consumer spending and favorable rate trends, though talent pressures and softer AI expectations persist.
• Venture Capital–Backed: Confidence rose on consumer spending and interest rate trends, though pressure from regulation, talent shortages, and slightly less enthusiasm for AI investment.
• Public Companies: Confidence rose sharply in September, driven by easing interest rates, strong markets, renewed AI optimism, and solid consumer spending.

Why It Matters

These longitudinal trends are not intended to forecast, but to reveal the real-world pressures shaping executive decisions today. We hope the Business Barometer continues to serve as a trusted signal for leaders navigating uncertainty and complexity. We’d love to hear your feedback - and to include your perspective in future surveys. To contribute to the next edition or share your ideas, contact us at info@allianceofceos.com. Be sure to also join the broader dialogue by following the Alliance’s LinkedIn page.

Participating Organizations & Members

This Q3 2025 Business Barometer includes insights from the members of the following leadership organizations: Alliance of Chief Executives, Athena Alliance, BenchBoard Executive Coaching and Advisory, Board Harbor Foundation, CEO Roundtable (Boston), CEO Roundtable (Minneapolis), Directors Academy, Global Data Innovation, The Institute for Entrepreneurship (Atlanta), Operators Guild, and Virginia Council of CEOs.