2Q26 CIO Survey – Budget Support Improves, But Winners Remain Selective

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2Q26 CIO Survey – Budget Support Improves, But Winners Remain Selective

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July 16, 2026 02:18 AM GMT

Morgan Stanley & Co. LLCMUS Tech | North America Sanjit K Singh

Equity Analyst

2Q26 CIO Survey – Budget Sanjit.Singh@morganstanley.comJames E Faucette +1 415 576-2060

James.Faucette@morganstanley.com +1 212 296-5771

Support Improves, But Winners Meta A Marshall

Meta.Marshall@morganstanley.com +1 212 761-0430

Remain Selective Erik W Woodring

Erik.Woodring@morganstanley.com +1 212 296-8083

2026 IT budget growth expectations ticked higher Q/Q to Brian Nowak, CFA

+3.8%, coupled with strong inflection in 1-year up-to-down ratio, EquityBrian.Nowak@morganstanley.comAnalyst +1 212 761-3365

pointing to a healthier budget environment. However, winners Adam Wood

remain selective as CIOs are more discerning about where EquityAdam.Wood@morganstanley.comAnalyst +1 212 761-3656

dollars flow: MSFT and Security screen clearest. Josh Baer, CFA

Josh.Baer@morganstanley.com +1 212 761-4223

Elizabeth Porter, CFAMIs IT Budget Air Cover Finally Arriving? Equity Analyst

Elizabeth.E.Porter@morganstanley.com +1 212 761-3632

Our latest CIO Survey, fielded between May 8th and June 8th, points to a more Chris Quintero

constructive budget backdrop for 2026, with CIOs expecting IT budget growth EquityChris.Quintero@morganstanley.comAnalyst +1 212 761-1686

to accelerate modestly to +3.8% in 2026 from +3.7% in 2025, a +14 bps YoY Cameron McVeigh, CFA

improvement and modest uptick versus the +3.7% growth expectation in our 1Q26 Equity Analyst

Cameron.McVeigh@morganstanley.com +1 212 761-4209

survey, though still below the +4.1% 2010-2019 average ( Exhibit 3 ).

• Software remains the fastest-growing industry in the Technology sector