U.S. business leaders are entering 2026 with renewed confidence and a strategic mindset focused on growth, according to JPMorgan Chase’s recently released 2026 Business Leaders Outlook survey. The annual survey, which gathers insights from thousands of small and mid-sized business executives across the country, reveals a resilient business climate shaped by adaptability, innovation, and cautious optimism, even as economic and geopolitical uncertainties persist.
The findings mark a notable rebound in sentiment among middle market companies, which had shown signs of unease in mid-2025 amid inflationary pressures, supply chain disruptions, and global tensions. At the start of 2026, 71 percent of middle market business leaders expressed optimism about their companies’ performance, reflecting a significant uptick from the 58 percent who shared the same view just six months earlier. This improvement suggests that many firms are beginning to find stability and recalibrate their strategies for long-term success.
Revenue expectations have also risen. Nearly three-quarters of surveyed middle market executives anticipate revenue growth this year, and about half reported plans to increase hiring. The data underscores a forward-looking approach, with companies aiming to expand their footprint, explore new markets, and invest in talent acquisition. While optimism about their individual businesses is strong, executives remain more guarded about the overall national and global economic outlooks, signaling that while internal operations are stabilizing, external uncertainties still weigh heavily on strategic decisions.
Small businesses, which often feel economic fluctuations more acutely, also demonstrated a strong sense of cautious positivity heading into 2026. While inflation and wage pressures remain pressing concerns, many small business owners reported that they are adapting successfully by revisiting pricing strategies, investing in efficiency-focused technologies, and strengthening their financial planning. These adjustments have allowed them to remain competitive and agile in a fast-evolving economic landscape.
About 80 percent of small business respondents expect revenue or profit growth this year, and a significant portion are planning new investments in digital tools and platforms. Many business owners are particularly focused on artificial intelligence and automation as ways to boost productivity, reduce operational costs, and improve customer engagement. While there is enthusiasm around the potential of AI, there is also a growing awareness of the challenges it brings — including the need for upskilling the workforce and addressing ethical concerns around data use and automation.
Technology investment is emerging as a defining theme across both small and middle market businesses. Business leaders see it as an essential lever for innovation and resilience. Artificial intelligence, in particular, has gained traction as a transformative force that companies are eager to harness. From customer service enhancements to streamlined back-office operations, AI tools are being integrated more intentionally across sectors. Companies are also investing in cybersecurity measures to protect against the growing threat of data breaches and cyberattacks, which remain a major concern in an increasingly digital business environment.
Despite a generally upbeat outlook, the survey reveals that many leaders are proceeding with a measured approach when it comes to hiring. While some firms plan to grow their workforce, others are taking a more conservative stance, weighing the cost of labor against productivity gains from automation and outsourcing. Some executives noted that while talent acquisition remains a priority, they are also focused on workforce optimization, employee retention, and offering flexible work arrangements to stay competitive in a tight labor market.
Geopolitical uncertainty continues to pose challenges, particularly for companies with international exposure. Ongoing trade tensions, energy market volatility, and regional conflicts are among the top external risks cited by respondents. However, rather than adopting a defensive posture, many firms appear to be turning uncertainty into opportunity by forging new strategic partnerships and rethinking supply chain strategies. The move toward domestic sourcing, greater supply chain transparency, and resilience planning are now central to many corporate agendas.
As 2026 unfolds, the survey paints a picture of a business community that is determined to grow despite external pressures. Leaders are focused on adaptability, leveraging technology, and strategic expansion. They are balancing confidence in their own operations with a realistic view of the broader economic landscape. The prevailing sentiment is not one of blind optimism, but of calculated ambition — a belief that with the right tools, talent, and partnerships, American businesses can thrive in a complex and evolving world.
The 2026 Business Leaders Outlook survey results offer a valuable snapshot of how business leaders are thinking about the future and how they plan to navigate it. While no year is without challenges, the prevailing theme for 2026 appears to be one of strategic momentum, fueled by lessons learned over the past few years and a readiness to innovate, adapt, and lead.
