The number of chief executives confident about revenue growth in the year ahead is the lowest it’s been in five years, with AI failing to make a significant impact on corporate finances, according to new research from PwC.

The British multinational professional services firm PwC surveyed 454 chief executives from 95 countries across the world, finding that just 30 per cent believe that the revenues of their firms will grow in 2026, compared to 38 per cent last year and 56 per cent in 2022.

While AI continues to be touted by many as the saving grace of firms amid difficult economic conditions and growth fears by increasing cross-business efficiencies, the study suggests that only 12 per cent of chief executives are seeing both cost and revenue gains from their firms’ AI investments. Overall, 33 per cent have seen AI deliver either cost or revenue gains for their businesses.

Less confident in AI’s business transformation potential is the 56 per cent of respondents who say their firms have gained zero major benefits from AI adoption.

The companies that claim to be getting the most out of AI are going all out on the technology. According to PwC, chief executives who say AI has improved costs and revenues at their businesses are two or three times more likely to have integrated the technology in multiple areas of their business, from products and services to demand generation and business strategy.

Mohamed Kande, global chairman of PwC, said: “2026 is shaping up as a decisive year for AI. 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.”

PwC explains that translating AI into business scale isn’t just about investing in dozens of AI tools and rolling them out throughout the business. Instead, it says that implementing the right foundations, such as ethics guidelines and agile IT environments that make it easier to scale AI over time, is vital, with chief executives that do so three times more likely to see genuine monetary gains from their AI investments.

Although most chief executives aren’t seeing the fruits of AI, adoption of the technology continues to be a major focus for companies and their leaders.

PwC found that 42 per cent of chief executives are conscious of their companies undergoing internal transformation so that they remain up-to-date with the latest technologies. This is compared to 29 per cent of chief executives who are more concerned about the actual capabilities and long-term viability of the technologies that their firms are investing in.

Taking steps to secure AI seems more important than ever, with PwC finding that cyber risk is a major worry of chief executives in 2026. Thirty one per cent of chief executives see it as one of the biggest issues faced by their businesses today, increasing from 24 per cent in 2025. As such, nearly all chief executives (84 per cent) are taking steps to shore up their companies' cyber defences.

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