top of page
Logos DealMaker 2023_Logo Branco.png

AI IN EARNING CALLS: FROM NARRATIVE TO REAL IMPACT

  • Writer: Fernanda Bezerril
    Fernanda Bezerril
  • Oct 14
  • 1 min read

Since the launch of ChatGPT in 2022, mentions of “AI” in public SaaS companies’ earnings calls have skyrocketed — reaching 94% in 2025.


Stacked area chart titled “AI in Earnings Calls: From Narrative to Real Impact.” It shows the percentage of earnings calls from publicly traded SaaS companies that mention AI keywords, segmented by type of mention, from Q2 2022 to Q1 2025. Legend and values in Q1 2025 (from bottom to top): Infrastructure (dark purple): 5% Agent (light purple): 17% Implementation (blue): 26% Investment (teal): 45% AI (dark green): 94% The AI mention area (dark green) dominates, growing steadily and reaching 94% in Q1 2025. Investment mentions (blue-green) also show an upward trend, reaching 45% in Q1 2025. The graph indicates an increase in the relevance and specificity of AI discussions in earnings calls over time. The source of the information is “ICONIQ.”

More than just investment or infrastructure, the recent focus is on AI agents, reflecting growing expectations for automation at scale.


But this movement comes with an important caveat:

  • Narrative vs. Execution: mentioning AI has become almost mandatory, but few players show clear monetization.

  • Inflated Valuations: there’s a risk that multiples are being driven more by buzz than by actual operational results.

  • Natural Selection: companies that truly embed AI into their core products will capture value; the rest will lose credibility fast.


For investors and strategic buyers, the question is no longer “who’s talking about AI” — it’s who’s turning the talk into margins, efficiency, and new revenue streams.


IA EM EARNING CALLS: DA NARRATIVA AO IMPACTO REAL



By DealMaker Insights | DealMaker

bottom of page