Deloitte’s lead in the global Big Four firm revenue race has widened after PwC announced today that its revenue for fiscal year 2023 grew to $53.1 billion for the year ending June 30, an increase of 5.6% in U.S. dollars and 9.9% in local currency terms over last year’s $50.3 billion.
Deloitte, which has been the largest of the Big Four firms in terms of revenue since 2016, had a $9 billion lead over second place PwC in 2022 but increased its global revenue to a whopping $64.9 billion in 2023, stretching its lead over PwC to roughly $11.8 billion.
PwC also had the smallest year-over-year revenue increase of the Big Four firms that have released their 2023 revenue results thus far. Deloitte’s revenue increased 9.3% in 2023, as did EY’s, which topped out at $49.4 billion during its fiscal 2023. KPMG will release its FY 2023 revenue results in December.
Despite the smaller revenue growth compared to its competitors, PwC Global Chair Bob Moritz said he is proud of the hard work and dedication the firm’s employees have shown over the last year.
“Our focus on delivering the quality services that our stakeholders need to prosper today and to prepare their organizations for the future has driven another year of growth for us,” he said in a statement. “As we come up to our 175th anniversary, we continue to invest in the future of our network with strategic acquisitions in key growth areas and a drive to expand our workforce and continue to acquire a broad and diverse range of talent. Providing the best quality services we can is the focus of all of my colleagues around the world and the foundation of our success.”
PwC’s revenue in the Americas region went up by 10.7% in 2023, with the U.S. growing by 11.2%.
Among the firm’s three core service lines, advisory had revenue of $22.6 billion, an increase of 13%. The revenue growth was driven by clients wanting to digitally transform their business models, PwC said.
Assurance revenue grew 8.9%, from $18 billion last year to $18.7 billion this year. PwC said there was increasing demand for assurance services over a range of non-financial information, such as cyber and ESG disclosure, as companies seek to build trust with their stakeholders in new areas. PwC said it expects this trend to continue in future years.
Revenue in the firm’s tax and legal services business increased 12.5% to $11.8 billion, driven mostly by tax compliance services as companies across the world continue to grapple with added regulatory complexity and increasing compliance responsibilities, according to PwC.
Approximately 364,000 professionals currently work for PwC in 151 countries around the world, and the firm said it is on course to meet its target of creating 100,000 new jobs by 2024, two years ahead of schedule.
Across its global network of firms, PwC said it is investing nearly $2 billion to grow and scale its artificial intelligence capabilities by launching partnerships with multiple AI leaders, as well as rolling out AI tools across all of its lines of service.
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Tags: Accounting, Firm Management
