Several companies are starting to put numbers on the financial benefits of artificial intelligence as third-quarter earnings season gets underway. Santander said AI generated €194 million ($216 million) in business value in the first nine months of 2026, while Novartis said AI was beginning to improve its P&L and Standard Chartered said it was helping generate more income.
The reports follow a surge in corporate AI investment, which reached $581.7 billion in 2025, a 130% increase from the previous year, according to the Stanford HAI 2026 AI Index. Hyperscalers including Microsoft, Amazon, Google and Meta are expected to spend a combined $700 billion on AI infrastructure this year.
Santander Chief Financial Officer José García Cantera said the bank is now at a point where it can directly link AI to a positive contribution. "This affects both revenue and costs, so we are actually in the quarter where we can actually link directly to AI a positive contribution," he told CNBC. He noted that AI is embedded across all the bank's processes and is improving the quality of services to clients, though it is difficult to separate its exact impact.
Novartis CEO Vas Narasimhan also pointed to AI's growing impact. Although the company did not quantify how much of its $6.04 billion third-quarter core operating income was attributable to AI, Narasimhan said: "I think this is the first quarter I've really seen AI start to improve actually our P&L on a tangible basis." He added that the company is already seeing productivity gains in marketing and sales.
Standard Chartered CFO Manus Costello said AI is appearing everywhere across the business. The bank reported third-quarter operating income growth of 14% at constant currency, excluding notable items, and Costello said AI has helped managers drive better customer relationships and generate more income. He said the bank is seeing strong operating leverage where income grows faster than costs, partly because of AI tools deployed to improve core processes.
Not all companies are seeing benefits at scale. Carlsberg CEO Jacob Aarup-Andersen said the company is not seeing AI benefits at scale, though the technology has impacted internal processes, cost efficiency, commercial and pricing processes, marketing and its supply chain. The company's revenue grew 4.9% in the third quarter.
In Big Tech, Meta reported that its AI investments are delivering "substantial incremental advertising revenue," with total revenue up 26% in the quarter ended September 30. Google Cloud revenue more than doubled to nearly $31 billion in the third quarter, though Google Search revenue growth slowed amid concerns about AI competition.
Analysis
Why This Matters
- The ability to quantify AI returns is a key test of whether massive corporate investment in the technology is justified; these early signs suggest some payoff is emerging.
- The range of experiences, from Santander's direct measurement to Carlsberg's acknowledgement of no scale yet, shows the uneven pace of AI adoption across industries.
- As more companies report AI-linked earnings, pressure may grow on others to demonstrate similar gains.
Background
Corporate AI investment has surged dramatically. According to the Stanford HAI 2026 AI Index, spending reached $581.7 billion in 2025, up 130% from 2024. The largest technology companies are expected to spend $700 billion combined on AI infrastructure this year. This earnings season is the first time many companies are attempting to link AI spending to financial results.
Key Perspectives
Santander CFO José García Cantera: AI is being embedded across the bank's processes, improving service quality and contributing positively to both revenue and costs, with €194 million in business value generated in the first nine months of 2026.
Novartis CEO Vas Narasimhan: This is the first quarter where AI has tangibly improved the company's profit and loss, with productivity gains in marketing and sales and potential for R&D.
Standard Chartered CFO Manus Costello: AI is appearing across the business, helping drive top-line growth and operating leverage, where income grows faster than costs.
Carlsberg CEO Jacob Aarup-Andersen: The brewer is not yet seeing AI benefits at scale, though the technology has improved internal processes, cost efficiency, marketing and supply chain.
Meta: AI investments are delivering substantial incremental advertising revenue, with total revenue up 26%.
What to Watch
- Whether other major companies across sectors begin to quantify AI's impact in upcoming earnings reports.
- The trajectory of Google Cloud revenue, which more than doubled, against slower search growth as AI competition intensifies.
- How long it takes for companies like Carlsberg, which report no scale benefits, to start seeing measurable returns.
Checked
12 claims in this story checked against 1 source: 12 supported.
Show each claim
- SupportedCompanies are beginning to show AI gains in third-quarter earnings.Tech: “Now, with third-quarter earnings season underway, some companies are beginning to put numbers around those benefits.”
- SupportedSantander said AI initiatives generated €194 million ($216 million) in business value in the first nine months of 2026.Tech: “Santander said Wednesday that it saw AI initiatives generate 194 million euros ($216 million) in business value in the first nine months of 2026.”
- SupportedSantander CFO José García Cantera said: “This affects both revenue and costs, so we are actually in the quarter where we can actually link directly to AI a positive contribution,”Tech: “"This affects both revenue and costs, so we are actually in the quarter where we can actually link directly to AI a positive contribution," Cantera said.”
- SupportedCorporate AI investment reached $581.7 billion in 2025, up 130% from the previous year.Tech: “Corporate AI investment has surged as companies look to boost efficiency and become more profitable, reaching $581.7 billion in 2025, up 130% from the previous year”
- SupportedMicrosoft, Amazon, Google and Meta are expected to spend a combined $700 billion on AI infrastructure this year.Tech: “hyperscalers like Microsoft, Amazon, Google and Meta are expected to spend $700 billion combined this year on its infrastructure”
- SupportedNovartis CEO Vas Narasimhan said: “I think this is the first quarter I've really seen AI start to improve actually our P&L on a tangible basis.”Tech: “"I think this is the first quarter I've really seen AI start to improve actually our P&L on a tangible basis."”
- SupportedNovartis did not quantify how much of its $6.04 billion third-quarter core operating income was attributable to AI.Tech: “Novartis reported third-quarter core operating income of $6.04 billion, up 10% year-on-year at constant currencies. The company did not quantify how much of that was attributable to AI”
- SupportedStandard Chartered reported third-quarter operating income growth of 14% at constant currency, excluding notable items.Tech: “The bank reported third-quarter operating income growth of 14% at constant currency, excluding notable items.”
- SupportedStandard Chartered CFO Manus Costello said AI helped managers drive better customer relationships and generate more income.Tech: “Costello said, adding that AI is helping managers drive better relationships with customers and generate more income.”
- SupportedCarlsberg CEO Jacob Aarup-Andersen said the company was not seeing AI benefits at scale.Tech: “Carlsberg CEO Jacob Aarup-Andersen said on "Squawk Box Europe" this week that it's not seeing AI benefits at scale”
- SupportedMeta said its AI investments were delivering “substantial incremental advertising revenue.”Tech: “Meta said in its Oct. 21 earnings that its AI investments were delivering "substantial incremental advertising revenue"”
- SupportedGoogle Cloud revenue more than doubled to nearly $31 billion in the third quarter.Tech: “Google Cloud revenue more than doubled to nearly $31 billion in the third quarter”
