US Corporations Increasingly Report Measurable AI Profits, Morgan Stanley Finds

A growing number of U.S. companies are moving beyond promises and reporting measurable financial and productivity gains from artificial intelligence, according to a new Morgan Stanley report. This trend provides investors with stronger evidence that significant corporate spending on AI is beginning to generate tangible returns.

From Hype to Tangible Returns

The bank's analysis of more than 17,000 corporate earnings calls and presentations found that discussions of concrete AI benefits continued to rise in the second quarter. The report highlighted that executives are increasingly focusing on specific business outcomes rather than experimental use cases.

Key findings from the report include:

• 40% of companies classified by Morgan Stanley as "AI adopters" cited at least one measurable benefit in Q2, up from 37% in the prior quarter and nearly double the 21% recorded a year earlier.
• Across the broader S&P 500, approximately 25% of companies discussed quantifiable AI benefits, a significant increase from 14% a year ago.
• Financial benefits—such as revenue generation, cost savings, and capital efficiency—were the most frequently cited gains, followed by productivity improvements.

Sector Adoption and Business Impact

While technology companies remain the most vocal about AI's impact, adoption is broadening across sectors. Morgan Stanley noted that 51% of tech companies cited quantifiable benefits, followed by communication services firms at 44% and financial companies at 37%.

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Companies are providing specific examples of AI-driven results:

• HP Inc. is targeting $1 billion in annual savings from AI-enabled operations.
• Verizon Communications reported over $200 million in energy savings attributed to AI.
• Airbnb has used the technology to reduce customer-service costs.
• Exxon Mobil is leveraging AI to analyze drilling data in weeks instead of years.

Shifting Labor Dynamics

The report also found that AI's effect on employment is a growing part of the corporate conversation. While less common than discussions on productivity, about 10% of S&P 500 companies addressed labor implications in the second quarter, up from 6% a year ago. Among AI adopters, the figure rose to 18%.

Instead of signaling widespread job cuts, management commentary increasingly points to AI as a tool to slow hiring, automate routine work, and boost revenue without a proportional increase in staff. Morgan Stanley identified "revenue-headcount decoupling"—using AI to increase sales while keeping employee growth flat—as the fastest-growing theme in these discussions.