US Companies Increasingly Report Measurable AI Profits, Morgan Stanley Says

A growing number of U.S. companies are moving beyond promises and are now reporting measurable financial and productivity gains from artificial intelligence, according to a Morgan Stanley analysis. The findings, based on over 17,000 corporate earnings calls and presentations, suggest that significant corporate investment in AI is beginning to translate into tangible returns, addressing a key investor concern.

The Shift to Quantifiable Results

Morgan Stanley found that corporate executives are increasingly highlighting concrete business outcomes rather than experimental use cases. The bank's report noted a significant rise in companies discussing quantifiable benefits from AI over the past year.

• Among companies classified as AI adopters, 40% cited at least one measurable benefit in the second quarter, up from 37% in the prior quarter and nearly double the 21% from a year earlier.
• Across the broader S&P 500, approximately 25% of companies discussed quantifiable AI benefits, a notable increase from 14% a year ago.

Financial benefits—including revenue generation, lower operating costs, and improved capital efficiency—were the most frequently cited gains, followed by productivity improvements.

Sector Leaders and Corporate Examples

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The trend is most pronounced in the technology sector, where 51% of companies reported measurable AI gains. However, adoption is broadening, with communication services firms (44%) and financial companies (37%) also showing strong results.

The report highlighted several specific examples of AI's impact. Airbnb noted reduced customer-service costs, while HP Inc. is targeting $1 billion in annual savings from AI-enabled operations. Elsewhere, Verizon reported over $200 million in energy savings, and Exxon Mobil is using AI to analyze drilling data in a fraction of the time previously required.

Emerging Labor Trends

Discussions about AI's effect on employment are also becoming more common, though they still lag behind commentary on productivity. Morgan Stanley found that 10% of S&P 500 companies mentioned labor implications in the second quarter, up from 6% a year prior.

Instead of widespread job cuts, companies are framing AI as a tool to slow hiring and automate routine work. The report identified "revenue-headcount decoupling" as the fastest-growing theme, where businesses use AI to increase output and sales while maintaining relatively flat employee growth.