CEOs say they are struggling to profit from their company’s use of AI

CEO confidence in their revenue prospects has fallen to its lowest level in five years, as business leaders struggle to turn investment in artificial intelligence (AI) into consistent financial returns, according to PwC. Findings from the consultancy’s 29th Global CEO Survey show that only 30 percent of CEOs are confident about revenue growth over the next 12 months. That compares with 38 percent in 2025 and 56 percent in 2022, suggesting a sharp cooling in optimism as organisations face a mix of economic uncertainty, geopolitical pressure and rapid technological change. The survey is based on responses from 4,454 CEOs across 95 countries and territories.

While AI continues to dominate boardroom agendas, the results suggest many organisations remain stuck in pilot mode. Only 12 percent of CEOs said AI has delivered both cost savings and revenue growth so far. A further 33 percent reported benefits in either cost or revenue, while more than half (56 percent) said they have seen no significant financial impact.

PwC argues this is creating a widening gap between those able to deploy AI at scale and those still experimenting. CEOs reporting the strongest results were two to three times more likely to say they had embedded AI extensively across products and services, demand generation and strategic decision-making. Those with stronger foundations, such as responsible AI frameworks and technology environments that support enterprise-wide integration, were three times more likely to report meaningful returns.

Mohamed Kande, PwC’s global chairman, said 2026 was shaping up to be a decisive year for AI, warning that organisations unable to move beyond pilots risk falling behind.

Alongside the uneven progress on AI, CEOs also reported growing concern about external threats. One in five (20 percent) said their organisation is highly or extremely exposed to the risk of significant financial loss from tariffs in the next year, with exposure varying by region. Cyber risk has also risen up the agenda, with 31 percent of CEOs now describing it as a major threat, up from 24 percent last year. In response, 84 percent said they plan to strengthen enterprise-wide cybersecurity as part of their response to geopolitical risk.

Despite the tougher outlook, PwC said many leaders are pursuing reinvention strategies to drive growth. More than four in ten CEOs (42 percent) said their organisation has begun competing in new sectors over the past five years, while 44 percent of those planning major acquisitions expect to invest outside their current industry. Technology was the most attractive adjacent sector.

International investment remains on the agenda, with 51 percent of CEOs planning to invest overseas in the year ahead. The United States remains the top destination, with 35 percent ranking it among their top three markets. Interest in India has nearly doubled year-on-year, with 13 percent placing it in their top three.

However, PwC said many organisations still lack the structures needed to support innovation. Only around a quarter of CEOs said their business tolerates high risk in innovation projects, has disciplined processes to stop underperforming initiatives, or operates a defined innovation centre or corporate venturing function.

The survey also points to the short-term pressures facing leaders. CEOs reported spending almost half of their time (47 percent) focused on issues with a horizon of less than one year, compared with just 16 percent on decisions looking more than five years ahead.