Good morning, CFOs. What’s your top forecast for 2026?; charting the gains to Netflix from its Warner Bros. buy; plus, IBM nears a big deal.

As we begin to close out 2025, we’ve been asking CFOs we talk to about your plans and forecasts for 2026. ServiceNow CFO Gina Mastantuono told us that she sees 2026 as the year enterprises shift from AI pilots to AI at scale.
 
Three things will define the year, she says:

• AI moves from experimentation to scaled impact. Companies across industries will redesign critical processes with AI at the center instead of layering AI on top of legacy ways of working. This shift will touch everything from supply chain planning to risk management to customer operations, she says.
• Data and governance become board-level priorities. High-quality, well-governed data will separate the companies that get real value from AI from those that struggle. Leaders who invest early in strong data foundations will have a meaningful advantage.
• The productivity gap will widen across the economy. Companies that use AI to expand capacity, increase speed, and support better decision-making will outperform those that treat AI as a cost exercise. The gap will show up in growth, margins, and time-to-market, according to Mastantuono.

“Leaders will need to bring together technology, talent, and financial strategy, and make bold but disciplined decisions. The organizations that do this well will be the ones that separate themselves from the pack,” Mastantuono says.

✏️ CFOs, what’s top of mind for you for the rest of the year, or your top forecast for 2026? Hit reply to this newsletter, and we may share your thoughts in a future story or newsletter.

Meanwhile, here's a heads up for the week ahead. Tune in to this space this week as we monitor highlights from the WSJ CEO Council Summit in Washington, Dec. 8-9, for insight that may be relevant to CFOs and other C-suite leaders.

Check out the details here.

Monday

Earnings: Toll Brothers

Tuesday

Earnings: AeroVironment, AutoZone, Campbell’s, Casey’s General Stores, Ferguson Enterprises and GameStop

The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey for both September and October.

The National Federation of Independent Business releases its Small Business Optimism Index for November.

Wednesday

Earnings: Adobe, Chewy, Nordson, Oracle and Synopsys

The FOMC announces its monetary policy decision. The FOMC is widely expected to cut the federal-funds rate by a quarter of a percentage point to 3.5%-3.75%. The central bank also releases its quarterly Summary of Economic Projections.

Thursday

Earnings: Broadcom, Ciena, Costco Wholesale and Lululemon Athletica

Not so fast, Netflix…

President Trump said Netflix’s $72 billion deal to acquire Warner Bros. “could be a problem” because it would result in a large market share for the streaming giant, signaling possible government resistance in his first public comments about the sale.

“They have a very big market share,” Trump said Sunday night of Netflix. “And when they have Warner Brothers, that share goes up a lot.” He added, “I’ll be involved in that decision.”

Here’s a visual look at what Netflix stands to gain:

• In Charts: What Netflix Gains From Buying Warner Bros.

📰 Other headlines

• Exclusive: IBM Nears Roughly $11 Billion Deal for Confluent
• Exclusive: Trump Tasks Top Advisers With Finding Way to Lower Soaring Beef Prices
• Millions of Defective Air Bags Have Been Recalled—but They’re Still Not Fixed
• Tim Higgins: AI’s Next Challenge: Take the CEO’s Job
• Sephora Is the Biggest Name in Beauty. Can It Hold the Crown?
• Five Reasons Investors Are Feeling Good About Stocks Again
• Streetwise: Why Nvidia and Other AI Stocks Have Lost Their ‘Quality’ Status
• A Financial Watchdog’s Fate Is in Limbo. Idled Employees Are Still Being Paid.
• Heard on the Street: The Accounting Uproar Over How Fast an AI Chip Depreciates
• 401(k)s Are Minting a Generation of ‘Moderate Millionaires’

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The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy.

Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.

You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.