PYMNTS Intelligence surveyed 60 CFOs at US middle-market goods and services firms and found 41% at goods companies reported falling operating margins in 2025, against just 12% who saw improvement. Uncertainty, not company size, was the deciding factor: 76% of CFOs at high-uncertainty firms saw margins fall, more than three times the rate at low-uncertainty firms.
Source: PYMNTS Intelligence: How Middle-Market Business Uncertainty Rewrote 2025 →