Grant Thornton Reaches Record Revenue of $2.3 Billion in 2022

Chicago-based Grant Thornton raked in a firm record $2.3 billion in revenue for the year ending July 31, up nearly 17% over last year’s revenue of $1.97 billion.

“Our FY 2022 revenues demonstrate how effectively we’re delivering against our firm’s purpose: to make business more personal and build trust into every result,” said Grant Thornton CEO Seth Siegel, who succeeded Brad Preber as the firm’s chief executive on Aug. 1. “Not only are we providing clients with high-quality solutions and a peerless experience across our Audit, Tax and Advisory service lines, but we’re doing it by supporting and caring for our people―enabling record-setting business performance in the process.”

Grant Thornton remains the seventh largest accounting firm in the U.S. by revenue, behind the Big Four firms, RSM US, and BDO USA. BDO overtook Grant Thornton for sixth place in the revenue standings in 2021.

Here are some other highlights from Grant Thornton’s fiscal year 2022:

New innovations

The firm continued its ongoing focus on quality and innovation by introducing qm.x, a cloud-enabled application that facilitates accounting firms’ efforts to implement new international quality guidelines such as ISQM 1. In addition, Grant Thornton received a patent from the U.S. Patent and Trademark Office for innovations related to its proprietary Whole Ledger Analytics system.

Supporting people and communities

In FY 2022, Grant Thornton maintained what it calls a compassionate and comprehensive approach to creating a post-pandemic workplace. For example, it rolled out enhanced benefits, including several geared toward mental wellness and workplace flexibility. The firm also absorbed employee premium increases associated with its medical health plans. Further, Grant Thornton gave its professionals more time off through extended holiday weekends and half-day Fridays in the summer.

Grant Thornton’s focus on creating a people-centric workplace garnered the firm several awards in FY 2022: It achieved a 100 percent score on the Human Rights Campaign Foundation’s annual assessment of LGBTQ+ workplace equality—and it notched a top score on the Disability Equality Index. It also landed on Seramount’s list of 100 Best Companies for working parents.

Additionally, Grant Thornton continued to support and invest in the broader community through its Purple Paladin program, which helps emerging nonprofit organizations grow and thrive. In FY 2022, Grant Thornton named four new nonprofits to the program: Free Mom Hugs, WeaveTales, Warrior Reunion Foundation and Go Team Therapy Dogs.

The firm also demonstrated its focus on environmental, social and governance (ESG) efforts by committing to net zero greenhouse gas emissions by 2030, and by issuing reports on sustainability and diversity, equity, and inclusion. Grant Thornton’s efforts in FY 2022 helped it achieve Gold status from EcoVadis, one of the world’s largest providers of business-sustainability ratings.

Providing insights for clients and the market

Finally, Grant Thornton rolled out a range of research and reports in FY 2022 to help clients and the market thrive in today’s tumultuous business environment. For example, it released regular surveys gauging CFO optimism and the state of work in America, as well as research covering issues ranging from tax strategies to ESG fraud.

“Moving forward in FY 2023 and beyond, our firm will continue to find novel ways to serve our clients and go beyond what’s expected,” Siegel said. “Our ongoing success ultimately comes down to our dedicated people who continuously rise to new heights across our entire firm.”