What PwC's CEO Survey Reveals About AI Return on Investment

As fears of an AI Bubble are floated, global CEOs face mounting pressures as they navigate an increasingly complex business landscape where technological transformation, geopolitical uncertainty and cyber threats are reshaping corporate strategies and testing confidence levels across industries.

According to PwC's newly-released Global CEO Survey, presented at the World Economic Forum's Annual Meeting in Davos, leaders are reporting their lowest level of revenue confidence in five years.

The survey of more than 4,000 CEOs across 95 countries and territories reveals that, while challenges persist, leaders are seeking to mitigate them by focusing on multi-year opportunities and accelerating investment in AI.

However, a small cohort of organisations are beginning to demonstrate how AI can deliver measurable returns when deployed strategically across entire operations.

Mohamed Kande, Global Chairman of PwC, says 2026 is "shaping up as a decisive year for AI". 

He continues: "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."

The AI implementation gap

PwC reveals a growing divide between those companies successfully deploying AI and those still struggling to move beyond pilot programmes.

Only 12% of CEOs report that AI has delivered both cost savings and revenue benefits over the past year.

The research suggests these leaders are two to three times more likely to have embedded AI extensively across products, services, demand generation and strategic decision-making.

The majority of CEOs surveyed report a different reality. More than half (56%) have seen neither revenue gains nor cost benefits from AI investments, while 30% report increased revenue and 26% have seen costs decrease.

For CEOs, the question of whether they are transforming fast enough to keep pace with AI, ranks as their top concern as cited by 42% of respondents.

Sachin Agrawal, Managing Director for Zoho UK, says: "The decline in CEO revenue confidence highlights the scale of change businesses are navigating, from geopolitical uncertainty to rapid technological transformation.

"Strong digital health and end-to-end digital transformation are now critical for building resilience and positioning organisations to weather the ongoing polycrisis.

"AI is already delivering meaningful value for companies embedding it into core operations, but its success depends on robust data management. High-quality, well-governed data ensures that advanced technologies like AI operate securely, responsibly and at scale."

Reinvention and innovation strategies

To mitigate many of the perennial challenges businesses face, CEOs are employing different strategies beyond AI implementation.

The research shows that 42% of leaders say their company has begun competing in new sectors over the past five years.

PwC states that companies generating higher percentages of revenue from new sectors report larger profit margins and their CEOs express greater confidence in growth prospects.

Half of all CEOs say innovation is central to their company's business strategy, yet execution gaps remain. Only one in four agree that their organisation tolerates high-risk innovation projects, has disciplined processes to stop underperforming initiatives or operates a defined innovation centre.

Fewer than one in 10 CEOs (8%) say their company has implemented at least five of six innovation-friendly practices to a large extent. Yet PwC's survey data shows that companies employing these practices achieve higher percentages of sales from new products, faster overall revenue growth and higher profit margins.

Digital transformation imperative

Kenny MacAulay, CEO at Acting Office, a software platform for accounting practices, comments: "As businesses grapple with increasingly challenging trading conditions, it's crystal clear that AI and tech investment is now a make-or-break investment for companies seeking to initiate growth.

"It's not just an issue of increasing revenue and reducing overheads; it's about having the digital systems in place to optimise customer communications, compliance and digital invoicing to improve the performance of the business from top to bottom.

"Those that recognise the need for digital change will thrive; those who fail to read with warning signs may struggle to survive."

Looking ahead at the wider business context, Mohamed adds: "In periods of rapid change, the instinct to slow down is understandable, but it's also risky.

"The value at stake across the global economy is increasing and the window to capture it is narrowing. The companies that succeed will be those willing to make bold decisions and invest with conviction in the capabilities that matter most."