Q3 earnings: First hard numbers for AI spending

Third-quarter earnings reports now include specific dollar figures for the value generated by artificial intelligence. For investors and business leaders, this marks a shift from discussing potential efficiency to accounting for realized revenue and cost savings in official financial statements.

The shift follows a massive surge in corporate AI investment. According to the Stanford HAI 2026 AI Index report, companies spent $581.7 billion on AI in 2025, a 130% increase from the prior year. With major technology firms expected to spend $700 billion on infrastructure this year, executives are now tasked with proving that spending translates to profit.

Santander provided one of the first quantified examples this quarter. The Spanish bank reported that AI initiatives generated 194 million euros, or $216 million, in business value during the first nine months of 2026. Chief Financial Officer José García Cantera stated that AI allows employees to focus on high-value work by removing low-value tasks. He noted that this impact affects both revenue and costs, allowing the bank to link a positive contribution directly to AI in the current quarter.

Novartis also reported tangible benefits from its technology stack. The Swiss pharmaceutical company posted third-quarter core operating income of $6.04 billion, up 10% year-over-year at constant currencies. Chief Executive Vas Narasimhan told CNBC that this is the first quarter he has seen AI improve the company’s profit and loss statement on a tangible basis. While the company did not assign a specific dollar amount to AI, Narasimhan said the technology is improving research and development productivity and marketing efficiency.

Other financial and consumer companies reported similar qualitative gains. Standard Chartered saw operating income growth of 14% at constant currency. Chief Financial Officer Manus Costello said AI tools help managers build better customer relationships and scale processes efficiently. Carlsberg reported revenue growth of 4.9% for the quarter, with Chief Executive Jacob Aarup-Andersen noting that AI has impacted internal processes, pricing, and the supply chain, though the company is not yet seeing benefits at scale.

Technology giants continue to post strong growth figures. Meta reported that its AI investments delivered substantial incremental advertising revenue, with total revenue jumping 26% in the quarter ended Sept. 30. Google Cloud revenue more than doubled to nearly $31 billion in the third quarter, even as Google Search revenue growth slowed due to competition.

The reporting period for these figures is the third quarter of 2026. The data reflects the immediate financial impact of AI integration in banking, pharmaceuticals, and technology sectors. These results provide a baseline for how companies are valuing artificial intelligence in their current fiscal performance.