Asger Risom
Artificial intelligence has been sold to workers as an unavoidable revolution, reshaping jobs and productivity. But a major new global survey suggests the executives driving that shift are still struggling to turn AI investment into real financial gains.
Companies around the world have spent heavily on artificial intelligence, even as employees worry about job losses and disruption. Yet many of the executives pushing AI into workplaces now concede it has yet to deliver meaningful returns.
According to PwC’s latest Global CEO Survey, most business leaders say AI investments have not produced the revenue growth or cost savings they expected. The findings, released to coincide with the World Economic Forum meeting in Davos, highlight a growing gap between AI’s promise and its impact.
Big spending, limited payoff
PwC surveyed 4,454 chief executives across 95 countries and territories in the year to November 2025. More than half of respondents, 56%, said AI had not delivered any revenue or cost benefits so far.
Some companies reported partial gains. Around a third said AI contributed to higher revenue over the past year, while 26% said it helped reduce costs. But only 12% said they had achieved both outcomes at the same time.
The results suggest that while AI adoption is widespread, success remains limited to a small group of firms.
Winners and laggards
PwC said the divide between companies seeing results and those still experimenting is becoming clearer. “A small group of companies are already turning AI into measurable financial returns, while many others are still struggling to move beyond pilots,” said Mohamed Kande, PwC’s global chairman.
Separate analysis cited by Business Insider shows that returns are concentrated in specific sectors. Technology, communications services and financial firms are leading the way, while other industries lag behind.
What makes the difference
The survey found that companies reporting both revenue growth and cost reductions were far more likely to have built a strong AI foundation. That includes embedding AI across products, services, demand generation and strategic decision-making.
PwC said these companies were two to three times more likely to have invested heavily in data infrastructure and talent. Other research points to missed opportunities. An EY survey found businesses may be losing up to 40% of potential AI productivity gains due to weak implementation and limited employee adoption.
Confidence slips
As AI returns remain uncertain and global risks mount, executive confidence is fading. Only 30% of CEOs surveyed said they were very or extremely confident about revenue growth over the next 12 months, down from 38% last year and a peak of 56% in 2022.
PwC found that leaders who pursued reinvention, including entering new sectors and striking deals, tended to report stronger margins and higher confidence.
“The companies that succeed will be those willing to make bold decisions and invest with conviction in the capabilities that matter most,” Kande said.
For now, the survey paints a stark picture: while AI continues to reshape workplaces and unsettle employees, many of the leaders championing the technology are still waiting for it to justify the upheaval.
Sources: Business Insider, PwC Global CEO Survey, Morgan Stanley, EY
