Morgan Stanley AI Benefits Report – Q2 2026
Morgan Stanley examined more than 17,000 corporate earnings calls and conference presentations from U.S. listed firms for the second quarter of 2026. The analysis found that 40 % of companies it classifies as AI adopters referenced at least one measurable benefit from artificial intelligence, up from 37 % in the prior quarter and nearly double the 21 % share recorded a year earlier. Across the broader S&P 500 index, roughly one‑quarter of companies discussed quantifiable AI outcomes, compared with 14 % in the same quarter of 2025.
Executives are moving beyond experimental projects, with financial benefits—revenue generation, lower operating costs and capital efficiency—constituting the largest share of AI‑related commentary, followed by productivity improvements. Technology firms were the most vocal, with 51 % citing measurable AI gains; communication‑services firms followed at 44 % and financial companies at 37 %.
Discussion of AI’s impact on employment appeared in about 10 % of S&P 500 companies during the quarter, up from roughly 6 % a year earlier, and rose to 18 % among AI adopters. The dominant narrative was “revenue‑headcount decoupling,” where firms use AI to boost output and sales while keeping employee growth relatively flat, rather than pursuing large‑scale layoffs.
Specific corporate examples highlighted in the report include Airbnb Inc. (NASDAQ: ABNB), which said AI reduced customer‑service costs; HP Inc. (NYSE: HPQ), which targets $1 billion of annual savings from AI‑enabled operations; Verizon Communications Inc. (NYSE: VZ), which reported more than $200 million in energy savings; and Exxon Mobil Corp. (NYSE: XOM), which uses AI to analyse drilling data in weeks instead of years.
Overall, the findings provide stronger evidence that AI spending is beginning to translate into tangible profit and productivity improvements for U.S. corporations.