Chief executives’ confidence in revenue growth has fallen to its lowest level in five years as most companies struggle to convert artificial intelligence investments into tangible financial returns, according to a global survey by PwC.
The 2026 Global CEO Survey, released on Monday, shows that only 30 per cent of CEOs are confident about revenue growth over the next 12 months, down from 38 per cent in 2025 and 56 per cent in 2022, reflecting mounting pressure from uneven AI outcomes, geopolitical uncertainty and rising cyber risks.
Based on responses from 4,454 CEOs across 95 countries and territories, the survey finds that AI has become a defining fault line between companies that are pulling ahead and those falling behind.
Only 12 per cent of CEOs said AI has delivered both cost savings and revenue growth. Another 33 per cent reported gains in either cost or revenue, while 56 per cent said they have yet to see any significant financial impact.
Companies deploying AI at scale are outperforming peers, as CEOs reporting financial gains are two to three times more likely to have embedded AI across products, services, demand generation and strategic decision-making.
Strong foundations are proving critical. Organisations with responsible AI frameworks and enterprise-ready technology environments are three times more likely to report meaningful returns.
External risks are intensifying the strain on confidence. One in five CEOs globally said their organisations face high exposure to potential financial losses from tariffs over the next year, while concern over cyber threats rose to 31 per cent, up sharply from previous years.
Despite the subdued outlook, reinvention is gaining momentum. More than 40 per cent of CEOs said their companies have entered new sectors over the past five years, and just over half plan international investments in the year ahead.
The United States remains the top destination for global investment, while interest in India has nearly doubled year on year, signalling shifting growth priorities among global business leaders.
PwC Global Chairman Mohamed Kande said companies that fail to move beyond AI pilots risk losing competitiveness quickly, as the gap between leaders and laggards widens.
