Good morning. Trade policy uncertainty, competitive pressures, and supply chain disruptions are pushing chief financial officers to rethink how they set prices.
Deloitte’s latest North American CFO Signals survey finds that 95% of finance chiefs surveyed have adjusted their pricing strategies in the past six months, and 86% expect pricing to play an even greater role in financial performance over the next year.
Those are striking numbers, Steve Gallucci, global and U.S. leader of Deloitte’s CFO Program, told me. “You can say with conviction that those statements are unequivocally true,” Gallucci said.
The six-month window roughly aligns with the introduction of new reciprocal tariffs earlier this year—one of several factors prompting CFOs to revisit pricing strategies. However, according to the survey, competitive pressure is the top factor influencing pricing decisions, cited by 50% of CFOs. Thirty-four percent said trade policy uncertainty, and 43% said supply chain disruptions (in some cases, triggered by trade policy).
The research found that 44% of CFOs said their companies plan to absorb some or most tariff costs, while 48% expect to pass them on to consumers and another 48% plan to offset them through operational savings. The findings are based on a survey of 200 North American CFOs from companies with revenues above $1 billion.
Courtesy of Deloitte
As companies navigate higher costs and market volatility, CFOs are playing a more direct role in pricing strategy, Gallucci said. The shift reflects how the finance chief’s role continues to evolve, increasingly encompassing aspects of commercial leadership. Pricing decisions now demand input from finance, operations, and marketing alike, as companies weigh margin protection against customer retention, he said.
In reviewing earnings so far this week, I think that the Coca-Cola Company’s (No. 97 on the Fortune 500) third-quarter 2025 results illustrate the trend. Net revenues rose 5% year over year to $12.5 billion, with organic revenue up 6%. A 6% price/mix gain—driven by four points of pricing actions and two points of favorable mix—was a key contributor, President and CFO John Murphy said on Tuesday’s earnings call. Although inflationary pressures have largely eased, the company continues to benefit from disciplined revenue growth management and a balanced product mix, Murphy noted.
In the quarter, Coca-Cola benefitted from stronger performance among premium brands such as Smartwater and Topo Chico, which the company noted were favored by higher-income consumers—an indicator that those segments may have been more willing or able to accept higher price points.
Data and strategy
Deloitte’s survey highlighted the causes of challenges in adjusting prices quickly. About 55% of respondents cited a lack of accurate or accessible data, and 54% pointed to the absence of a cohesive pricing strategy. Additionally, half said they lack adequate pricing tools or technology.
Moving fast without solid data can be just as risky as moving too slowly, Gallucci said.
Despite these challenges, 81% of CFOs describe their organizations’ pricing processes as mature or very mature, which could be a sign that many finance teams are investing in better systems, data analytics, and coordination across functions.
For many finance chiefs, pricing is about more than responding to tariffs—it’s a core measure of business health.
Galagher Jeff, EVP and CFO of Murphy USA Inc. (No. 231 ) has departed the company, effective Oct. 14, and the company made the announcement on Oct. 17. Jeff’s exit was not the result of any disagreement regarding the company’s operations, financial performance, or condition, according to an SEC filing. Donald R. Smith Jr., the company’s current VP, chief accounting officer and treasurer, will serve as interim CFO. Smith has been with Murphy USA since its 2013 spin-off from Murphy Oil Corporation, initially serving as VP and controller.
Every Friday morning, the weekly Fortune 500 Power Moves column tracks Fortune 500 company C-suite shifts—see the most recent edition.
More notable moves
Ram Paudel was promoted to CFO of KeyData Cyber, an identity and access management provider. Previously serving as VP of finance, Paudel has been a member of the executive leadership team for the past seven years. He joined KeyData Cyber in October 2018 as financial controller.
Melissa Van Huss was promoted to CFO of Luttrell Staffing Group, effective October 2025. Van Huss joined the organization in 2020. She was most recently the controller and previously served as director of finance. Before joining Luttrell, Van Huss worked as an auditor for a regional public accounting firm for seven years.
Big Deal
“State of Crypto 2025: The Year Crypto Went Mainstream” is a comprehensive industry report released by a16z Crypto. The report underscores the growing integration of crypto into various sectors, including finance, technology, and global markets. For example, major financial institutions and corporations are increasingly embracing cryptocurrency, with many Fortune 500 companies launching blockchain initiatives and investing in crypto assets, according to the report.
Going deeper
“Tesla reports record sales, record storage—but profit slips as tax-credit rush pulls demand forward” is a Fortune report by Ashley Lutz.
“Tesla’s Q3 2025 update reports record vehicle deliveries and record energy storage deployments, alongside higher revenue, but earnings pressure persisted due to margin headwinds and a likely pull-forward of demand before U.S. EV tax credits expired in September,” Lutz writes. The company delivered 497,099 vehicles in Q3 2025, a new quarterly record, with total production at 447,450 units, reflecting inventory drawdown to meet demand surge before tax credit expiry. You can read more here.
Overheard
“Your biggest risk isn’t market volatility – it’s how you respond to it. Rather than be reactive and try to time the market, it’s important to stay the course.”
—Thasunda Brown Duckett, president and CEO of TIAA, writes in a Fortune opinion piece titled, “Time in the market is more powerful than timing the market.”
SpaceX is preparing to sell insider shares in a transaction that would value Elon Musk’s rocket and satellite maker at as much as $800 billion, people familiar with the matter said, reclaiming the title of the world’s most valuable private company.
The details, discussed by SpaceX’s board of directors on Thursday at its Starbase hub in Texas, could change based on interest from insider sellers and buyers or other factors, said some of the people, who asked not to be identified as the information isn’t public. SpaceX is also exploring a possible initial public offering as soon as late next year, one of the people said.
Another person briefed on the matter said that the price under discussion for the sale of some employees and investors’ shares is higher than $400 apiece, which would value SpaceX at between $750 billion and $800 billion. The company wouldn’t raise any funds though this planned sale, though a successful offering at such levels would catapult it past the record of $500 billion valuation achieved by OpenAI in October.
Elon Musk on Saturday denied that SpaceX is raising money at a $800 billion valuation without addressing Bloomberg’s reporting on the planned offering of insiders’ shares.
“SpaceX has been cash flow positive for many years and does periodic stock buybacks twice a year to provide liquidity for employees and investors,” Musk said in a post on his social media platform X.
The share sale price under discussion would be a substantial increase from the $212 a share set in July, when the company raised money and sold shares at a valuation of $400 billion. The Wall Street Journal and Financial Times earlier reported the $800 billion valuation target.
News of SpaceX’s valuation sent shares of EchoStar Corp., a satellite TV and wireless company, up as much as 18%. Last month, EchoStar had agreed to sell spectrum licenses to SpaceX for $2.6 billion, adding to an earlier agreement to sell about $17 billion in wireless spectrum to Musk’s company.
The world’s most prolific rocket launcher, SpaceX dominates the space industry with its Falcon 9 rocket that lifts satellites and people to orbit.
SpaceX is also the industry leader in providing internet services from low-Earth orbit through Starlink, a system of more than 9,000 satellites that is far ahead of competitors including Amazon.com Inc.’s Amazon Leo.
Elite Group
SpaceX is among an elite group of companies that have the ability to raise funds at $100 billion-plus valuations while delaying or denying they have any plan to go public.
An IPO of the company at an $800 billion value would vault SpaceX into another rarefied group — the 20 largest public companies, a few notches below Musk’s Tesla Inc.
If SpaceX sold 5% of the company at that valuation, it would have to sell $40 billion of stock — making it the biggest IPO of all time, well above Saudi Aramco’s $29 billion listing in 2019. The firm sold just 1.5% of the company in that offering, a much smaller slice than the majority of publicly traded firms make available.
A listing would also subject SpaceX to the volatility of being a public company, versus private firms whose valuations are closely guarded secrets. Space and defense company IPOs have had a mixed reception in 2025. Karman Holdings Inc.’s stock has nearly tripled since its debut, while Firefly Aerospace Inc. and Voyager Technologies Inc. have plunged by double-digit percentages since their debuts.
SpaceX executives have repeatedly floated the idea of spinning off SpaceX’s Starlink business into a separate, publicly traded company — a concept President Gwynne Shotwell first suggested in 2020.
However, Musk cast doubt on the prospect publicly over the years and Chief Financial Officer Bret Johnsen said in 2024 that a Starlink IPO would be something that would take place more likely “in the years to come.”
The Information, citing people familiar with the discussions, separately reported on Friday that SpaceX has told investors and financial institution representatives that it’s aiming for an IPO of the entire company in the second half of next year.
A so-called tender or secondary offering, through which employees and some early shareholders can sell shares, provides investors in closely held companies such as SpaceX a way to generate liquidity.
SpaceX is working to develop its new Starship vehicle, advertised as the most powerful rocket ever developed to loft huge numbers of Starlink satellites as well as carry cargo and people to moon and, eventually, Mars.
The National Park Service will offer free admission to U.S. residents on President Donald Trump’s birthday next year — which also happens to be Flag Day — but is eliminating the benefit for Martin Luther King Jr. Day and Juneteenth.
The new list of free admission days for Americans is the latest example of the Trump administration downplaying America’s civil rights history while also promoting the president’s image, name and legacy.
Last year, the list of free days included Martin Luther King Jr Day and Juneteenth — which is June 19 — but not June 14, Trump’s birthday.
The new free-admission policy takes effect Jan. 1 and was one of several changes announced by the Park Service late last month, including higher admission fees for international visitors.
The other days of free park admission in 2026 are Presidents Day, Memorial Day, Independence Day, Constitution Day, Veterans Day, President Theodore Roosevelt’s birthday (Oct. 27) and the anniversary of the creation of the Park Service (Aug. 25).
Eliminating Martin Luther King Jr. Day and Juneteenth, which commemorates the day in 1865 when the last enslaved Americans were emancipated, removes two of the nation’s most prominent civil rights holidays.
Some civil rights leaders voiced opposition to the change after news about it began spreading over the weekend.
“The raw & rank racism here stinks to high heaven,” Harvard Kennedy School professor Cornell William Brooks, a former president of the NAACP, wrote on social media about the new policy.
Kristen Brengel, a spokesperson for the National Parks Conservation Association, said that while presidential administrations have tweaked the free days in the past, the elimination of Martin Luther King Jr. Day is particularly concerning. For one, the day has become a popular day of service for community groups that use the free day to perform volunteer projects at parks.
That will now be much more expensive, said Brengel, whose organization is a nonprofit that advocates for the park system.
“Not only does it recognize an American hero, it’s also a day when people go into parks to clean them up,” Brengel said. “Martin Luther King Jr. deserves a day of recognition … For some reason, Black history has repeatedly been targeted by this administration, and it shouldn’t be.”
Some Democratic lawmakers also weighed in to object to the new policy.
“The President didn’t just add his own birthday to the list, he removed both of these holidays that mark Black Americans’ struggle for civil rights and freedom,” said Democratic Sen. Catherine Cortez Masto of Nevada. “Our country deserves better.”
A spokesperson for the National Park Service did not immediately respond to questions on Saturday seeking information about the reasons behind the changes.
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon called out slow bureaucracy in Europe in a warning that a “weak” continent poses a major economic risk to the US.
“Europe has a real problem,” Dimon said Saturday at the Reagan National Defense Forum. “They do some wonderful things on their safety nets. But they’ve driven business out, they’ve driven investment out, they’ve driven innovation out. It’s kind of coming back.”
While he praised some European leaders who he said were aware of the issues, he cautioned politics is “really hard.”
Dimon, leader of the biggest US bank, has long said that the risk of a fragmented Europe is among the major challenges facing the world. In his letter to shareholders released earlier this year, he said that Europe has “some serious issues to fix.”
On Saturday, he praised the creation of the euro and Europe’s push for peace. But he warned that a reduction in military efforts and challenges trying to reach agreement within the European Union are threatening the continent.
“If they fragment, then you can say that America first will not be around anymore,” Dimon said. “It will hurt us more than anybody else because they are a major ally in every single way, including common values, which are really important.”
He said the US should help.
“We need a long-term strategy to help them become strong,” Dimon said. “A weak Europe is bad for us.”
The administration of President Donald Trump issued a new national security strategy that directed US interests toward the Western Hemisphere and protection of the homeland while dismissing Europe as a continent headed toward “civilizational erasure.”
JPMorgan has been ramping up its push to spur more investments in the national defense sector. In October, the bank announced that it would funnel $1.5 trillion into industries that bolster US economic security and resiliency over the next 10 years — as much as $500 billion more than what it would’ve provided anyway.
Dimon said in the statement that it’s “painfully clear that the United States has allowed itself to become too reliant on unreliable sources of critical minerals, products and manufacturing.”
Investment banker Jay Horine oversees the effort, which Dimon called “100% commercial.” It will focus on four areas: supply chain and advanced manufacturing; defense and aerospace; energy independence and resilience; and frontier and strategic technologies.
The bank will also invest as much as $10 billion of its own capital to help certain companies expand, innovate or accelerate strategic manufacturing.
Separately on Saturday, Dimon praised Trump for finding ways to roll back bureaucracy in the government.
“There is no question that this administration is trying to bring an axe to some of the bureaucracy that held back America,” Dimon said. “That is a good thing and we can do it and still keep the world safe, for safe food and safe banks and all the stuff like that.”
Politics8 years ago