What are CFOs and CROs publicly acknowledging as headwinds? 20 recurring themes across 135 mentions.
75 companies acknowledged this.
"With the turbulence in the markets with trade wars, tariffs, etc., how do you feel your customer base is going to behave?"
"material scarcity, supply chain disruption and resulting inflationary pressures, higher interest rates"
"Continued weakness in the sale of new mobile devices is likely to continue to impact our business"
"macroeconomic conditions have affected customers’ renewal decisions, which has impacted our dollar-based net retention"
"Economic uncertainty driven by rapidly evolving tariff proposals... drove sentiment during the first three months"
"We are seeing signals that businesses are managing their spend more closely by making fewer transactions"
"The current macro environment creates some uncertainty around consumer spending"
"As a result of economic uncertainty, we have seen customers delay and defer purchasing decisions"
23 companies acknowledged this.
"We believe such factors are negatively influencing customer spending and provider pricing decisions"
"Headwinds: Comps of non-core businesses; Macro environment (devices)"
"we experienced lower productive sales capacity due to longer hiring times combined with higher attrition"
"we continue to see longer deal cycles compared to historical results along with an elevation in degree of budget scrutiny"
"at some point, kind of macro headwinds subsiding, both of those should benefit NRR"
"We continue to see increased budget scrutiny, particularly in our commercial segment."
"This has contributed to heightened customer churn relative to historical levels... particularly pronounced for smaller"
"macroeconomic environment, which has elongated the software sales cycle, increased deal scrutiny, and made renewal discussions more challenging"
14 companies acknowledged this.
"We believe such conditions are impacting customer spending and provider pricing decisions resulting in decreased demand"
"Macroeconomic Conditions have and may continue to create supply chain disruptions, inventory disruptions"
"Adverse changes in macroeconomic conditions can significantly harm demand for our products"
"our expectations regarding global macro-economic conditions, including the effects of inflation"
"Recent macroeconomic conditions... have, and may continue to, put pressure on overall spending..."
"opened 150,000 new HSAs from sales in the quarter, down from Q1 of our record-setting last year, reflecting softer macroeconomic conditions."
"Macroeconomic conditions... may adversely affect the buying patterns of our customers and prospective customers"
"unfavorable macroeconomic conditions, such as recession or slowed economic growth, bank failures"
12 companies acknowledged this.
"the currency headwind we saw in Q1 from the strengthening dollar has continued in Q2."
"Net retention rate, or NRR, was 102% this quarter, which included about a two-point headwind from FX."
"expected headwind from FX of approximately 530 basis points"
"the US dollar... got weakened significantly. Vis-à-vis the Israeli shekels... negative effect of this weaker dollar"
"NDR is still, it's such a laggy metric. It's going to be a little stubborn to improve"
"operating margin had an approximately 180 basis points negative FX impact, mainly from the appreciation of the Israeli shekel"
"This reflects an incremental $175 million FX headwind since the end of September"
"NRR and net new ARR in any given quarter can be affected by the net impact of ARR contributions from deals"
10 companies acknowledged this.
"The uncertainty around tariffs likely prompted some of our service provider partners to build their product inventories."
"the second half holds significant ambiguity related to the tariff scenarios"
"The one caution in all of this, however, is tariffs. There is tremendous uncertainty and chaos in the market"
"a little more caution there as we kind of got exposed to the tariffs here over the last week"
"increased uncertainty that tariff negotiations will have on client short-term decision-making"
"experienced a few elongated sales cycles in Q1 following Liberation Day"
"continuing to grow over 100% year-over-year despite the ongoing volatility due to tariff uncertainty."
"anything that impacts our clients does impact us... it would have to have an impact on employee count"
10 companies acknowledged this.
"we're operating against a challenging macro backdrop that is pressuring consumer behavior."
"operating results have fluctuated... due to a variety of factors... including the effects of inflation"
"The macroeconomic climate has seen... pressure from global developments... had and may continue to have an adverse effect"
"We have experienced longer sales cycles for certain products and enhanced budget scrutiny by our customers"
"I do think macro weighs heavy on Magnite DV+ particularly... automotive and technology were our weakest"
"Inflation and rising food and labor costs prompted some businesses... to raise prices, which led to lower guest traffic"
"reduced spending and extended sales cycles... have resulted and may in the future result in decreased revenue"
"Such macroeconomic conditions... could continue to adversely affect our payment volumes from the consumer loan market"
9 companies acknowledged this.
"There's still a lot of moving pieces out there in a pretty challenging environment."
"navigate the current macroeconomic environment... which may affect the buying patterns of our customers."
"fluctuations have had an impact on the real estate market in the U.S... which has had a negative impact on our U.S. Mortgage business."
"decrease in our Dollar-Based Net Retention Rate... was primarily a result of the macroeconomic environment"
"we're still in a pretty depressed macroeconomic environment that's been consistent for some time."
"navigating a challenging macroeconomic environment characterized by subdued customer spending"
"strong adjusted EBITDA performance exceeding rigorous performance targets despite a challenging macroeconomic environment"
"compensation of our named executive officers reflects the Company’s performance in a challenging macro-economic environment"
9 companies acknowledged this.
"current funding environment, interest rates, regulatory uncertainty, which all seem to have a cooling effect"
"some customers have been scrutinizing their spending more carefully and reducing their consumption"
"Macroeconomic challenges such as inflation... generally have a negative impact on ad budgets"
"macroeconomic pressures, such as inflation and changes in interest rates, impact our clients' hiring practices"
"macroeconomic factors and uncertainty have resulted in cautious customer spending and increased customer pricing sensitivity"
"Uncertainties around market and economic conditions may impact revenue growth... through fluctuations in client employee counts"
"we have and may continue to see delays in our sales cycle, failures of customers to renew at all"
"Small and medium-sized businesses tend to be more susceptible than larger businesses to general economic conditions"
7 companies acknowledged this.
"assuming that second half seasonality will be minimal this year due to macro uncertainty."
"Uncertainty remains the constant... we are seeing a sharper focus on value."
"the last couple of months, there has been a higher level of uncertainty and anxiety that comes along with that."
"While the global macro environment remains as variable and as uncertain as ever"
"Macro, however, remains uncertain. We are therefore taking a prudent approach in guiding for the remainder of 2025."
"mindful of rising macro uncertainty and the potential impact it could have on the health of our customers"
"the macro environment is more uncertain today... largely caused by the dynamics in the U.S. administration"
6 companies acknowledged this.
"U.S. government announced a baseline tariff of 10% on all products imported into the United States"
"Gross margins declined 110 basis points, and most of that was from the tariff impacts at National Pen"
"potential impact of that on non-federal customers. Those are the things we are watching"
"in 2025, the U.S. imposed tariffs on a wide variety of products manufactured in multiple foreign jurisdictions"
"The decrease in margin year-over-year was substantially driven by increased supply chain costs resulting from tariffs"
"The total impact adds approximately $10 million per quarter to our cost of goods in the field systems segment."
6 companies acknowledged this.
"we are closely watching the volatility and macroeconomic uncertainty that was present in the first four months."
"emerging markets remain volatile... key exposures include the evolving Brazilian tax environment, Argentine FX"
"Will customers, if the macroeconomic gets worse, pull back on fixing non-critical things potentially?"
"The past few months have been quite dynamic on the macro front... the overall demand for freelancing has been stable"
"year-over-year decline in services revenue reflects customary budgetary constraints"
"some softness in April as macroeconomic volatility increased"
6 companies acknowledged this.
"This is a hard decision... The reduction will involve colleagues who have helped build BILL."
"This latest reduction reflects a 30% decrease in our workforce... to operate sustainably"
"reducing its full-time workforce by 17 percent to simplify its organizational structure"
"In March 2023, we implemented a reduction-in-force affecting approximately 8% of our global workforce."
"On October 1, 2025, we announced a workforce reduction affecting approximately 540 employees"
"We're reducing Block from over 10,000 people to just under 6,000."
5 companies acknowledged this.
"expect an approximate $200 million headwind to FY25 revenue as a result of the effect of foreign exchange"
"changes in foreign exchange rates may significantly affect revenue and expenses."
"dollar-based net revenue retention rate decreased... due primarily to the impact of unfavorable foreign exchange rates"
"impact of foreign exchange rates on our business... particularly the Japanese Yen"
"Our non-GAAP operating margin guidance now absorbs an incremental expense headwind of approximately $10 million"
5 companies acknowledged this.
"Historically, a limited number of customers have accounted for a significant portion of our revenue."
"A significant portion of our revenue is derived from a limited number of wireless carriers and customers."
"We recognized an aggregate of approximately 65% of our revenue from our top two customers"
"during the year ended December 31, 2025, our top five customers accounted for approximately 47% of our revenues."
"In the prior year, we had well over 90% of our revenue from just five customers."
5 companies acknowledged this.
"supply chain inflation and material scarcity, such as the tightening of supply conditions in the memory and silicon"
"we are affected by temporary delays related to a third-party data center developer who is behind schedule"
"especially with memory, we're seeing potentially 25%-75% increases year-on-year on that pricing"
"continue to be challenged by supply constraints around certain managed switch products"
"longer lead times, largely driven by lack of CPU availability, have been a significantly bigger challenge"
5 companies acknowledged this.
"companies around the world grapple with tariff uncertainty and the impact on their business"
"companies we serve continue to navigate a challenging and uncertain macroeconomic, regulatory and geopolitical environment"
"macroeconomic and/or global manufacturing climates may not improve or may deteriorate due to... military conflict in Iran"
"less visibility on the hardware business and in light of the conflict we see in the Middle East and uncertainty"
"The macro environment has certainly become more complex in 2026. Geopolitical tensions have increased."
5 companies acknowledged this.
"we continued to see an impact from additional customer scrutiny being placed on larger deals"
"longer and more unpredictable sales cycles, increased scrutiny of prospective sales, slowing consumption"
"we have recently experienced increased scrutiny for certain potential projects, particularly for our professional services"
"we saw some scrutiny, no losses, but additional scrutiny in some geographies... partial abatement to that in Q2"
"We continue to see customer scrutiny of and elongated approval processes for transactions, particularly larger deals"
5 companies acknowledged this.
"the turbulent global macro environment could impact our performance... FX volatility continues to impact us."
"the world is a more volatile place today than it was even a quarter ago."
"an important geography like the U.S. is held back by greater uncertainty among many advertisers."
"Q4 capped off a year of steady, disciplined execution during a volatile market environment."
"taking into consideration the macro factors that, you know, geopolitical conditions today, we do see some potential headwinds."
5 companies acknowledged this.
"the ongoing government shutdown may impact deal timing in our U.S. federal business in Q4"
"If you look at the uncertainty in the second half, potential uncertainty is the shutdown."
"with the current situation of the government not being open right now, certainly there is impact to our clients."
"potential for short-term administrative delays due to the federal government shutdown."
"First, the impact of the U.S. Federal government shutdown... quantified as single digit millions in the back half"
4 companies acknowledged this.
"In the fourth quarter, we typically experience lower used vehicle auction volume"
"Q1 typically marks our seasonal low point, with fewer calendar days and reduced online activity"
"July payment members were 641,000. July is usually a pretty soft month... We saw that seasonality this quarter."
"We experience seasonality in our financial technology solutions revenue, which is largely driven by the level of GPV"