After a period of relative caution, US business leaders are entering 2026 with a renewed appetite for growth through acquisition. According to the latest EY-Parthenon CEO Outlook Survey, 62% of US CEOs plan to actively pursue mergers and acquisitions (M&A) over the next 12 months. This represents a significant 27-percentage-point surge from the 35% recorded in September 2025.

"US CEOs are moving from a defensive posture to a proactive growth strategy," said Mitch Berlin, EY Americas Vice Chair, EY-Parthenon. "The dramatic rise in M&A intent suggests that leaders are no longer waiting for perfect market conditions. Instead, they are leveraging transactions to acquire the technology, talent and scale necessary to advance their enterprise-wide transformation agenda and outpace competitors in an increasingly complex environment."

The quarterly survey of global CEOs included 320 US CEOs, revealing that US leaders are significantly more bullish on dealmaking than global CEOS, where global M&A intent stands at 53%. US CEOs are embracing transformative transactions that redefine operations, strategies, market positions and financial trajectories.

Turning uncertainty into transformation
While CEOs are optimistic about growth, they remain vigilant about the challenges ahead. Geopolitical and trade policy developments continue to influence strategy, with 85% of leaders reporting they have made alterations to their strategic investment plans over the past 12 months. These shifts are significant: 46% accelerated a planned investment, 39% of CEOs have delayed a planned investment and 11% have stopped a planned investment entirely due to these global tensions.

Rather than slowing momentum, the ongoing uncertainty and disruption is prompting CEOs to strategically transform their organizations with greater urgency. Most US CEOs (97%) said they were currently undergoing or planning a significant enterprise-wide transformation initiative. The primary goal of these efforts is to accelerate top-line growth (19%), with optimizing operations and improving productivity (17%) as second priority and improving customer engagement and retention as the third priority (14%). These priorities highlight that transformation now spans the entire enterprise – from growth and operations to culture.

AI as a transformative force
Central to these transformation efforts is artificial intelligence (AI). Nearly half of US CEOs (44%) said that accelerated adoption of AI is the single biggest positive factor for their company's growth in 2026. When prioritizing AI initiatives, CEOs cite rising cybersecurity risks (28%) and distinguishing hype from commercially viable opportunities (25%) as their biggest hurdles. Successful CEOs will be able to deploy AI strategically for growth, not just efficiency, as 91% of US CEOs see AI as a transformative force reshaping value creation, operations, and/or business success.

For more insights, please visit the EY-Parthenon CEO Outlook Report.