Key Takeaways:

  • An analysis by AI software company Metal shows that 85% of Fortune 500 companies now mention artificial intelligence in their annual 10-K filings submitted to the U.S. Securities and Exchange Commission (SEC), up from just 29% in 2022, reflecting the technology's rapid rise over the past few years.
  • However, the report notes that AI remains largely an "operational tool" and has not yet become a primary revenue driver for most organizations using the technology.
  • "For CFOs who can measure and quantify AI benefits, this will undoubtedly make them stand out," said Pablo Rios, a software engineer at Metal and author of the report, in an interview. New York-based Metal provides an AI platform for private market investors.

Deep Dive:

This research aligns with findings released the previous month by Big Four accounting firm and consultancy PwC.

Among surveyed CEOs, only 12% said AI has delivered benefits in both cost and revenue. Overall, 33% of respondents reported gains in either cost or revenue, while 56% said they have yet to see significant financial benefits so far.

Rios noted that companies claiming specific returns on AI investment in their 10-K filings are almost all major infrastructure providers in the field, such as NVIDIA, Broadcom, and Micron. He said most other organizations use vague language when mentioning AI "productivity" and "efficiency," providing almost no quantified impact.

Rios said he found more than 20 instances in Fortune 500 filings where the phrase "no assurance" was used to hedge expected AI investment outcomes. One example is fintech company Fiserv, which stated it "cannot assure that our use of artificial intelligence will enhance our products or services or achieve any improvements in innovation or efficiency."

"CFOs seem to be caught in a dilemma: on one hand, they are forced to invest in AI to stay competitive, and on the other, they have to use very cautious language when disclosing these initiatives," Rios said. "If you claim you saved 20% in costs and ultimately fail to deliver, that could trigger shareholder lawsuits."

According to Metal's analysis, in 2022, nearly one-third of companies mentioning AI in their 10-K filings discussed it only as an opportunity—without acknowledging any risks. By 2025, that share had fallen to just 4%. Over the same period, the proportion of companies mentioning both the risks and opportunities of the technology jumped from 58% to 78%.

The research also found that among the various AI risks mentioned in 10-K filings, cybersecurity is currently the most frequently cited, followed by regulatory uncertainty and competitive threats.

Costco noted in its most recent annual 10-K filing that some of its competitors "have greater financial resources and technological capabilities," including faster adoption of AI.

"Our inability to effectively respond to competitive pressures, changes in the retail market, or customer expectations could result in loss of market share and negatively impact our financial performance," the wholesale retailer said.

Meanwhile, financial services holding company Lincoln National reported that complying with existing and emerging AI regulations could lead to increased costs. The company also warned that challenges in AI deployment could result in reputational, competitive, or liability harm.