AI Investments Yet to Pay Off, CEOs Report

The global business community is grappling with a critical question: when will investments in artificial intelligence translate into tangible financial returns? According to a comprehensive new survey, the answer for most leaders is "not yet."

Consulting giant PwC released its latest Global CEO Survey on Monday, coinciding with the start of the World Economic Forum in Davos. The report, which questioned 4,454 chief executives across 95 countries and territories, reveals a landscape of cautious optimism and significant challenges in harnessing AI's potential.

While the technology promises revolution, the path to profitability remains unclear for a majority of corporate leaders, highlighting a growing gap between ambition and measurable outcome.

For most surveyed executives, the AI revolution has yet to materially impact their bottom line. A clear majority—56%—stated that AI has not produced any revenue or cost benefits for their businesses to date.

The survey, which captured strategic priorities and outlooks from the year up to November 2025, shows a mixed picture. While the majority report no benefits, a significant portion sees value in one area or the other:

• Approximately one-third of CEOs reported revenue increases linked to AI.
• 26% said they were seeing lower operational costs from AI implementation.

However, achieving both goals simultaneously remains a rare feat. Only 12% of the CEOs surveyed said they had successfully decreased costs while increasing revenue using AI over the last 12 months.

The struggle for returns is not uniform across all industries. Recent data from financial analysis firm Morgan Stanley on S&P 500 companies indicates that certain sectors are achieving higher, more measurable AI-driven returns than others.

The technology, communication services, and financial sectors currently lead the pack in realizing AI value. Energy companies, while starting from a lower base, are noted as rising rapidly up the list of sectors seeing measurable returns.

This divergence suggests that the nature of the industry and the specific applications of AI play a crucial role in determining the speed and scale of financial impact.

The uncertainty surrounding AI returns is contributing to a broader decline in CEO confidence. As they navigate AI implementation alongside geopolitical volatility, leaders are less optimistic about their short-term growth outlook than they were a year ago.

Only 30% of surveyed CEOs expressed being "very" or "extremely" confident about revenue growth over the next 12 months. This represents a notable drop from 38% in the previous year's report and a sharp decline from the 56% peak recorded in 2022.

A small group of companies are already turning AI into measurable financial returns, while many others are still struggling to move beyond pilots. That gap is starting to show up in confidence and competitiveness—and it will widen quickly for those that don't act.

This sentiment, expressed by PwC's global chairman, underscores the competitive pressure mounting on companies that delay decisive action.

The survey identifies a clear differentiator between companies that are seeing returns and those that are not: the strength of their AI foundation. The 12% of CEOs reporting both cost and revenue gains were two to three times more likely to have built a robust AI infrastructure.

A strong foundation means AI is not a siloed experiment but is embedded extensively across core business functions:

• Integrated into products and services
• Used for demand generation
• Applied to strategic decision-making

Furthermore, achieving maximum returns requires a balanced approach. Ensuring success depends on a combination of business strategy, strong underlying data architecture, and the right talent strategy. Without getting employees on board, even the most advanced AI tools will fail to deliver their full potential.

In the face of uncertainty, the survey points to a specific strategy for building resilience and driving growth: embracing reinvention. This includes active dealmaking and venturing into new sectors.

PwC found a strong association between a higher percentage of revenue coming from new sectors, bigger profit margins, and greater CEO confidence in company growth prospects. The data suggests that boldness is rewarded.

The companies that succeed will be those willing to make bold decisions and invest with conviction in the capabilities that matter most.

For CEOs, the message is clear. While the AI payoff may be delayed for many, the window for building a competitive advantage is closing. Companies that act decisively to build a solid foundation and explore new opportunities are positioning themselves to lead in the next phase of the digital economy.