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Accounting & Audit

BDO USA Sees Revenue Jump Nearly 25% in Fiscal Year 2022

BDO is the sixth largest public accounting firm in the U.S. in terms of revenue, behind the Big Four and RSM US.

Chicago-based professional services firm BDO USA had revenue of $2.49 billion for the 12-month period ending April 30, 2022, an increase of almost 25 percent from the $2 billion of revenue it registered in its 2021 fiscal year.

Wayne Berson

This is the firm’s 10th consecutive year of revenue growth under CEO Wayne Berson. BDO USA is the sixth largest public accounting firm in the U.S. in terms of revenue, behind the Big Four and RSM US.

Each of BDO’s core service lines experienced revenue gains, with advisory, tax, and assurance increasing 34.6 percent, 26.8 percent, and 16.3 percent, respectively.

“It’s been an exciting and meaningful decade building a purpose-driven business, growing and providing value for our clients while working toward a better tomorrow for our people and our communities—and we’ve only just begun,” Berson said in a written statement. “As a firm, we look forward to the next 10 years and beyond, continuing to invest in building a truly sustainable business worthy of the next generation.”

With the additions of Lowery Asset Consulting LLC in October and Culbert Healthcare Solutions in December—and in inducting the largest partner class in the firm’s history last fall—BDO continued to grow in size and across service offerings last fiscal year. In addition, the firm sought to strengthen its own culture and operations, with two significant milestones of corporate investment occurring within the fiscal year.
 
In January, BDO announced the appointment of an environmental, social, and governance (ESG) strategy and services leader, and launched a Center of Excellence comprising professionals capable of addressing ESG-related needs both within the firm and for its clients. In April, the firm announced the appointment of its first chief diversity, equity, and inclusion (DEI) officer and released its inaugural DEI transparency report.

“Wayne and the entire BDO USA leadership team identified and integrated services that have made BDO the leading advisor for the middle market. In addition to excelling at the traditional fundamentals of our business to drive sustainable growth, BDO is taking thoughtful action aimed at protecting our resources and bettering our society,” Kelly Johnson, chair of the board of directors of BDO USA, said in a written statement. “I could not be more excited for the future of our firm and what that means for our clients, our people, and our communities.”
 
The focus on DEI and ESG—both as core business strategies—are examples of how the firm is continually revisiting and refreshing its strategic priorities, according to Berson.

“We have laid an incredible foundation to achieve remarkable impact,” he said. “The time for action in our business is now. Through our collective efforts, we can achieve the change needed to face the most pressing challenges for our business, our industry, and our society.”