Working Capital Index Finds Adaptive Mid-Market CFOs Turning Risk Into Growth

By the close of this year, the persona to watch in corporate finance may not be the cost-cutting controller or the risk-nothing gatekeeper. It will be the adaptive CFO or treasurer: the leader whose playbook treats volatility not as a shock to absorb, but as a competitive runway.

That’s according to findings from the 2025/2026 Growth Corporates Working Capital Index, a Visa report in collaboration with PYMNTS Intelligence, which shows that a growing number of finance leaders are approaching market volatility not solely as a threat to be contained but as an opening to move more decisively.

The report documents an increase in companies that use working-capital solutions to act on unplanned opportunities: accelerating payments to strategic suppliers, securing just-in-time inventory ahead of rivals, and locking in favorable terms when market windows are brief.

The shift in CFO posture also raises a broader question: Is this merely a fleeting adaptation to recent turbulence in supply chains and capital markets, or could it be the start of a longer-term evolution in financial leadership?

Working capital has traditionally been thought of as a buffer: the reserve companies draw on in a crisis. What stands out in Visa’s findings is how some organizations are repositioning it as an active lever. Among surveyed “Growth Corporates,” the share using at least one working-capital solution rose sharply last year, and those that leaned in more heavily reported outsized improvements in efficiency and cost savings.

Rather than waiting for external financing or risking a supply bottleneck, some CFOs appear to be deploying liquidity to secure production slots, guarantee delivery of scarce inputs, or capture early-payment discounts. The goal is less about defensive hoarding of cash and more about buying time, certainty, and sometimes even market share.

The other striking shift revealed in the Working Capital Index is technological. The most efficient working-capital performers have embraced a set of tools — virtual and corporate cards, embedded payment platforms, AI-driven forecasting engines — that allow them to unlock liquidity at speeds unthinkable only a few years ago.

Usage of corporate or virtual cards for working-capital purposes has reportedly tripled year-over-year. More than half of surveyed firms use such cards specifically to accelerate receivable cycles, enabling earlier collection of cash without eroding supplier relationships. 60% of respondents say they have integrated artificial-intelligence tools into forecasting and cash-management processes, using generative or agent-based models to improve visibility and reduce the latency of decisions.

Read more: Study Finds Working Capital Efficiency Unlocks $19M Average Savings for Middle Market Companies

For the CFO, these innovations are not mere add-ons to the treasury stack. They are redefining how the role itself is exercised.

The adaptive CFO’s approach is less about sweeping strategic bets than about being ready to pivot when the moment arises. Instead of a static annual plan, the emphasis is on options: which suppliers merit faster payments, which contracts to renegotiate early, which raw materials to stockpile ahead of a surge.

In decades past, working capital performance was often judged by familiar ratios, such as Days Sales Outstanding or the cash conversion cycle. Now, many finance executives argue that the more telling measure is responsiveness — how quickly capital can be mobilized to capture a fleeting opportunity or head off a threat. Decision windows are shortening; liquidity options are becoming as dynamic as market opportunities.

In effect, the modern CFO is being asked to merge the prudence of the treasurer with the opportunism of the venture investor. That redefinition is reshaping internal dynamics in the C-suite. When working-capital performance can swing the pace of expansion, the finance function can no longer remain a back-office service; it becomes a frontline collaborator with product, sales and strategy teams, especially when growth bets are on the table.

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