KPMG finished its 2024 financial year with global revenue of $38.4 billion, a 5.1% increase in local currency terms and 5.4% growth in U.S. currency over the previous year, the Big Four accounting firm said last month.
The firm’s financial year spans from Oct. 1 to Sept. 30.
“2024 has been a robust year of growth for KPMG, demonstrating that our collective strategy and our multibillion-dollar investments in aligned global priorities are paying off. Commitment to our multidisciplinary model has also fueled greater synergies, growth, and cross-border collaboration across our network,” KPMG Global Chairman and CEO Bill Thomas said in a statement. “We are seeing seismic shifts in our world. From technological and AI disruption to shifting ESG priorities, the landscape is more complex than ever. I’m proud of how our colleagues have supported our clients to navigate this environment and am confident that the investments we are making today are building a stronger KPMG for the future, making a positive difference for clients, people, and society.”
KPMG’s 5.4% year-over-year revenue growth was the most among the Big Four firms in 2024. PwC’s revenue climbed 4.3% in U.S. currency last year, while EY and Deloitte saw revenue increases of 3.8% and 3.6%, respectively.
The slower growth in Big Four accounting firm revenues in 2024 is being blamed on a slowdown in consulting work over the past 12 to 18 months. By contrast, PwC’s revenue increased 5.6% in U.S. dollars in 2023, while Deloitte and EY both had 9.3% revenue growth that year. KPMG had the smallest revenue growth in 2023 at 5%.
In 2024, KPMG saw revenue gains in U.S. currency across two of its three regions amid challenging global market conditions, with the Europe, Middle East and Africa (EMA) group up 9.4% and the Americas up 4%. The Asia Pacific region’s revenue dipped 1.6% last year.
All three of KPMG’s core service lines—advisory, tax and legal, and audit—had year-over-year revenue growth in 2024, with tax and legal showing the biggest increase of 9.9%. That business’s growth was driven by client demand for the firm’s AI-enabled managed service and transformation capability, as well as helping clients navigate global tax reform, KPMG said.
In 2023, KPMG announced a $4.2 billion investment plan over three years, as part of its collective strategy, focused on building trust and driving growth. Last year, more than $1.7 billion was invested across the KPMG network, with a specific focus on technology and AI, talent, and sustainability-related services.
KPMG’s headcount grew by 1% to 275,288 in 2024, with targeted hiring in specialized roles in areas including tax and technology. About 30% of leadership positions (partner or director) are now held by women.
“We continue to make progress toward our 33% women in leadership ambition by 2025,” KPMG said in a media release.
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Tags: Accounting, Firm Management
