Good morning. This year will likely be a defining one for how CFOs navigate cost volatility, global economic shifts, and their ripple effects through supply chains—factors that can translate into profit losses.

As we move further into the final quarter of  2025, companies are facing more expenses than many had budgeted for at the start of the year.

Fortune ’s Nino Paoli   reported on striking new research from  S&P Global, which found that corporate expenses are projected to rise by at least  $1.2  trillion in  2025  compared with expectations set in January.

So, how did analysts arrive at that figure? S&P Global estimates that global corporate margins have contracted by roughly 64  basis points, representing $907  billion in lost profit among companies covered by sell‑side analysts.

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