AI Is Starting to Deliver Measurable Profits for US Companies, Morgan Stanley Finds

A growing number of U.S. companies are providing tangible evidence that investments in artificial intelligence are translating into measurable financial returns and productivity gains, according to a new analysis by Morgan Stanley. The findings suggest the corporate world is moving past the initial hype cycle and into a phase of concrete implementation and value creation.

From Hype to Quantifiable Gains

In a report analyzing over 17,000 corporate earnings calls and conference presentations, Morgan Stanley found that discussions of quantifiable AI benefits continued to rise in the second quarter. The bank noted that 40% of companies it classifies as "AI adopters" cited at least one measurable benefit, up from 37% in the prior quarter and nearly double the 21% recorded a year earlier.

This trend extends to the broader market as well. Across the S&P 500, approximately 25% of companies discussed quantifiable AI benefits during the quarter, a significant increase from 14% a year ago. According to the report, executives are increasingly highlighting concrete business outcomes like revenue generation and cost savings rather than focusing on experimental use cases.

Business Impact Across Sectors

Financial benefits—including revenue growth, lower operating costs, and capital efficiency—accounted for the largest share of AI-related commentary, followed by productivity improvements. Technology companies remain the most vocal, with 51% citing quantifiable gains, but adoption is spreading. Communication services firms followed at 44%, with financial companies at 37%.

Ad

Specific examples cited in the report illustrate how this value is being realized:

• HP Inc (HPQ): Is targeting $1 billion in annual savings from AI-enabled operations.
• Verizon Communications (VZ): Reported more than $200 million in energy savings attributed to AI.
• Airbnb (ABNB): Has successfully used AI to reduce customer-service costs.
• Exxon Mobil (XOM): Is leveraging AI to analyze drilling data in weeks instead of years.

The Emerging Labor Narrative

Discussions around AI's impact on employment are also becoming more common, though they still lag behind commentary on productivity. The analysis found that roughly 10% of S&P 500 companies discussed labor implications in the second quarter, up from about 6% a year ago.

However, the narrative is not centered on widespread job cuts. Instead, companies are increasingly describing AI as a tool to slow hiring, automate routine tasks, and boost revenue without a corresponding increase in staff. Morgan Stanley identified "revenue-headcount decoupling"—where businesses use AI to increase output while keeping team growth flat—as the fastest-growing theme in corporate commentary on the topic.