KeyBanc AI x Software Benchmark finds AI-native ARR up 34%
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SAN FRANCISCO -- November 13, 2026 -- Software companies selling AI as their primary product reported median ARR growth of 34% in 2025, 12 percentage points ahead of peers embedding AI in broader products, according to KeyBanc Capital Markets' 17th annual AI x Software Benchmark. The same core AI companies reported a median EBITDA margin of negative 12%, against negative 1% for the embedded group.
KeyBanc Capital Markets, the investment banking unit of KeyCorp, has renamed the survey, previously the SaaS Survey, and widened it to cover AI's effect on product strategy, monetization, unit economics and operating models. The bank did not disclose how many companies responded.