AI Payoff Still Elusive for Most Companies as CEOs Warn Returns Remain Uneven

For all the money, hype, and strategic urgency surrounding artificial intelligence, most corporate leaders are still waiting to see it meaningfully pay off.

The wait and the tension that came with it sit at the heart of PwC’s latest Global CEO Survey, released this week as business and political leaders gathered in Davos. After polling 4,454 chief executives across 95 countries and territories up to November 2025, the consulting firm found that AI’s promise is running well ahead of its balance-sheet impact for much of the corporate world.

More than half of the CEOs surveyed, 56%, said AI has not yet generated meaningful revenue growth or cost savings for their businesses. A smaller group reported partial gains: roughly one in three said revenue rose over the past year due to AI, while 26% pointed to lower operating costs. Only 12% said they achieved both revenue growth and cost reductions from AI in the last 12 months.

The numbers underline a growing split between companies that have pushed AI beyond experimentation and those still stuck at the pilot stage.

“A small group of companies are already turning AI into measurable financial returns, while many others are still struggling to move beyond pilots,” PwC global chairman Mohamed Kande said in a statement. “That gap is starting to show up in confidence and competitiveness—and it will widen quickly for those that don’t act.”

Where AI Is Paying Off First

External data backs up PwC’s findings. Recent Morgan Stanley analysis of S&P 500 companies shows that technology, communication services, and financial firms are seeing clearer, more measurable returns from AI investments than other sectors. Energy companies, while historically slower adopters, are climbing the rankings as AI is increasingly applied to exploration, maintenance, and trading operations.

These early gains point less to flashy generative tools and more to targeted deployment. Companies seeing returns are using AI in pricing, fraud detection, customer acquisition, logistics planning, and software development—areas where efficiency gains translate quickly into profit.

PwC’s survey found that CEOs reporting both cost and revenue benefits were two to three times more likely to have built what it calls a strong AI foundation. That means AI is embedded across products and services, sales and demand forecasting, and senior-level decision-making, rather than isolated in innovation labs or IT departments.

The survey also highlights why many firms are falling short. AI returns depend on more than enthusiasm or budget size. PwC points to a three-part challenge: aligning AI with business strategy, fixing fragmented data systems, and preparing workers to use the tools effectively.

That people gap remains significant. A recent EY survey found that companies are missing out on about 40% of potential AI productivity gains because employees lack training, trust in the tools, or clarity on how AI fits into their roles. In many organizations, AI has increased workloads rather than reduced them, as staff double-check outputs or juggle new systems alongside old processes.

Executives acknowledge the tension. Many CEOs told PwC that uncertainty around regulation, data security, and geopolitical risks has made them cautious about scaling AI aggressively, even as competitors push ahead.

Confidence Is Slipping

AI uncertainty is feeding into a broader sense of caution at the top. Only 30% of CEOs said they are very or extremely confident about revenue growth over the next 12 months, down from 38% a year ago and well below the 56% peak recorded in 2022.

PwC found that leaders with stronger confidence tend to share one trait: a willingness to reinvent their businesses. That reinvention often involves dealmaking, entering new sectors, or reshaping product lines rather than squeezing incremental gains from existing operations.

There is a clear link between diversification and optimism. Companies generating a higher share of revenue from new sectors tend to post stronger margins and report greater confidence in future growth, the survey found.

The Divide Is Likely to Widen

In its message, PwC is bluntly saying that AI is no longer a uniform bet across corporate America and beyond. A small cohort is converting technology spending into tangible financial outcomes, while a larger group is still searching for a workable model.

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

As AI spending continues to climb in 2026, the pressure on CEOs is expected to intensify—not just to invest, but to prove that those investments are delivering something shareholders can see.