331 S&P 500 companies mention AI on Q2 2026 earnings calls

If you played a drinking game every time a CEO said “AI” on an earnings call this quarter, you’d need a new liver by mid-July. A FactSet analysis covering June 15 through September 14 found that 331 out of 493 S&P 500 earnings calls mentioned artificial intelligence, meaning 67% of America’s largest public companies felt compelled to talk about it.

That’s not just a lot of buzzword-dropping. It’s the third consecutive quarter where AI mentions exceeded the 65% threshold.

The numbers behind the AI obsession

To appreciate how quickly this shifted, consider the historical baseline. The five-year average for AI mentions in S&P 500 earnings calls sits at 178. The ten-year average is just 114. At 331 mentions, the current quarter nearly doubles the five-year norm and triples the decade-long average.

The previous quarter, Q1 2026, actually saw slightly more mentions at 337.

Sector breakdown tells a predictable story with a few surprises. Information Technology led the pack with 72 calls mentioning AI, which translates to 97% of the sector. Financials came in second with 67 mentions, covering 91% of the sector. Communication Services hit 90%, rounding out the top three sectors.

The more interesting data point sits in the stock performance gap. Companies that mentioned AI during their earnings calls posted an average price gain of 15.7% from December 31, 2025, through September 17, 2026. Companies that stayed silent on the topic managed 8.1% over the same period.

From boardroom buzzword to balance sheet reality

Goldman Sachs estimates that AI investments contributed nearly half of S&P 500 earnings-per-share growth in 2026. Goldman Sachs had previously flagged that around 65% of management teams were referencing AI, a figure that the latest FactSet data now shows has ticked up to 67%.

What the AI earnings gap means for investors

The fact that Q2 mentions dipped slightly from Q1’s 337 to 331 could signal that the raw mention count has plateaued. For the broader market, Goldman’s estimate that AI contributed nearly half of S&P 500 EPS growth means the index’s performance is increasingly concentrated around a single technological thesis.

Disclosure: This article was edited by Diego Almada Lopez. For more information on how we create and review content, see our Editorial Policy.