A comprehensive new survey from PwC reveals a sobering reality about artificial intelligence investments: the vast majority of CEOs are still waiting to see meaningful financial returns. The consulting giant’s Global CEO Survey, released at the World Economic Forum in Davos, questioned 4,454 chief executives across 95 countries and territories between late 2024 and November 2025.
The headline finding is stark: 56% of CEOs reported that AI hasn’t produced revenue or cost benefits for their businesses to date. While some companies are seeing partial gains—approximately one-third reported revenue increases and 26% noted lower costs from AI—only a small fraction are experiencing comprehensive success. Just 12% of surveyed CEOs said they achieved both decreased costs and increased revenue using AI in the last 12 months.
This data aligns with recent Morgan Stanley analysis of S&P 500 companies, which showed that AI-driven returns vary significantly by sector. Technology, communication services, and financial sectors are leading the pack in measurable AI benefits, while energy companies are rapidly climbing the rankings.
Mohamed Kande, PwC’s global chairman, emphasized the growing divide in the market: a small group of companies are converting AI investments into tangible financial returns, while many others remain stuck in pilot programs. This gap is beginning to impact both confidence and competitiveness, and threatens to widen for companies that fail to act decisively.
The survey identified critical success factors for AI implementation. The 12% of CEOs reporting dual cost and revenue gains were two to three times more likely to have built a strong AI foundation, embedding the technology extensively across products, services, demand generation, and strategic decision-making. Success requires balancing business strategy, robust data architecture, and appropriate talent strategies.
Employee engagement emerged as another crucial factor. A recent EY survey found that companies are missing out on 40% of potential AI productivity gains due to inadequate implementation strategies. Against this backdrop of AI uncertainty and geopolitical volatility, CEO confidence has declined significantly. Only 30% expressed very or extremely confident about revenue growth over the next 12 months, down from 38% last year and a peak of 56% in 2022.
Key Quotes
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.
Mohamed Kande, PwC’s global chairman, highlighted the growing divide between AI leaders and laggards in the press release. This statement underscores the urgency for companies to move beyond experimentation and implement AI strategically, or risk falling permanently behind competitors.
The companies that succeed will be those willing to make bold decisions and invest with conviction in the capabilities that matter most.
Kande emphasized that success in the AI era requires decisive action and strategic investment. This quote reflects PwC’s finding that companies embracing reinvention, including dealmaking and venturing into new sectors, are better positioned to navigate uncertainty and achieve growth.
Our Take
This survey data punctures the AI hype bubble with hard numbers, revealing that implementation challenges far exceed the technology’s theoretical promise for most organizations. The 12% success rate for comprehensive AI ROI is surprisingly low given the massive investments flowing into the sector. What’s particularly telling is the correlation between success and organizational integration—AI isn’t a plug-and-play solution but requires fundamental business transformation. The declining CEO confidence despite AI investments suggests growing frustration with the gap between promise and reality. However, the sector-specific success in technology, communications, and finance indicates that AI value is real but requires the right conditions: strong data infrastructure, technical talent, and business models suited to AI enhancement. The widening gap between leaders and laggards could accelerate industry consolidation and create lasting competitive moats for early AI adopters who execute well.
Why This Matters
This survey represents a critical reality check for the AI industry at a pivotal moment. Despite unprecedented hype and investment in artificial intelligence, the data reveals that most organizations are struggling to translate AI spending into bottom-line results. This matters because it could influence future investment decisions, potentially slowing the AI boom or forcing a more strategic, measured approach to implementation.
The stark divide between AI winners and laggards suggests we’re entering a phase of market consolidation where early advantages compound rapidly. Companies that have successfully embedded AI across their operations are pulling ahead, while those stuck in pilot purgatory risk falling permanently behind. This has profound implications for competitive dynamics across industries.
For businesses and workers, the findings underscore that AI success isn’t just about technology—it’s about organizational transformation. The emphasis on employee engagement, data infrastructure, and strategic integration suggests that companies need comprehensive change management, not just new tools. The 40% productivity gap identified by EY represents billions in unrealized value, highlighting the urgent need for better implementation strategies as AI continues reshaping the global economy.
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