Partner Confidence Index: North America – Q4 2025

High confidence early this year has given way to a general unease as demand weakens, operating costs increase, and competition intensifies.

The results of the Channelnomics Q4 Partner Confidence Index (PCI) paint a sobering picture of the North American channel as partners face headwinds from multiple directions.

While confidence among North America’s partners surged early this year, it has steadily eroded across every major indicator as inflation, tariffs, and policy volatility reshape the business landscape. Hiring, profitability, competitiveness, and revenue expectations have all trended downward as partners operate in an increasingly unstable environment. Weaker demand, rising operating costs, and intensifying competition now undermine both short-term planning and long-term strategic execution, leaving many partners in a defensive position.

Here’s what vendors and channel practitioners can expect going into 2026.