Big Four accounting firm PwC said on Tuesday that it reached $56.9 billion in global revenue for the 2025 fiscal year ending June 30, as the last 12-month period featured, among other things, a rebranding and a $3.1 billion investment across its global network.
However, PwC’s year-over-year revenue growth of 2.7% in local currency terms and 2.9% in U.S. dollar terms was lower than that of its biggest competitors, Deloitte and EY.
Deloitte reported global revenue of $70.5 billion for 2025, a 4.8% increase in local currency terms and 4.9% increase in U.S. dollar terms. EY posted global revenue of $53.2 billion for 2025, an increase of 4% in local currency terms and 3.9% in U.S. dollar terms.
The remaining Big Four accounting firm, KPMG, will publish its 2025 revenue results in December.
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In 2021, PwC committed to creating more than 100,000 net new jobs over a five-year period, with an emphasis on hiring specialists in areas such as cybersecurity, cloud, climate, transformation, and supply chain. In last year’s global revenue announcement, PwC said it has reached three-quarters of its target hiring goal in just three years, adding 6,161 jobs in 2024 and 68,681 over the prior two years, taking the firm’s workforce to more than 370,000 people around the world.
But that target hiring goal was nowhere to be found in PwC’s global revenue announcement today, nor in its 2025 Global Annual Review report. PwC reported a global headcount of 364,000 people in 2025, down significantly from 2024.
The Financial Times reported today:
The Big Four accounting and consulting firm’s global chair, Mohamed Kande, quietly scrapped the pledge made by his predecessor in 2021 that PwC would add 100,000 to its worldwide headcount by the middle of next year.
Instead, PwC cut staff numbers by 5,600 in the 12 months to June 30, according to its annual report, published on Tuesday, pushing its headcount below 365,000. The firm would need to add more than 30,000 jobs in the current financial year to meet the target, which was not mentioned in the report.
“We continue to hit our investment targets, and we continue to hire,” Kande told the Financial Times. “We have rolled out AI tools and upskilled over 315,000 in AI which is boosting the productivity of our people.”
In the “Chairman’s Letter” portion of the PwC report, Kande emphasized the firm’s $3.1 billion investment across the PwC network, saying, “We invested in our people, expanded our technological offerings, and continued to build leading-edge capabilities to help our clients thrive.”
“For example, PwC firms completed 12 acquisitions and strategic investments to expand our offerings in key areas, particularly AI and technology, consulting, business strategy, and tax,” he wrote. “We accelerated our nearly $1.5 billion investment to scale next-generation AI capabilities across our network. Our efforts included building out our global AI factory, establishing AI hubs and Centres of Excellence around the world and launching agent OS, our AI enterprise command centre which seamlessly connects and scales AI agents into business-ready workflows for our clients.”
Kande also brought up the firm’s rebranding, announced last spring, which “reflects who we are and the bold, tech-focused, client-centric mindset that guides us forward.”
“Our brand now represents a more connected, agile PwC built to help our clients create momentum in a constantly changing world,” he added.
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Overall revenues continued to grow year-on-year across most of the PwC network:
- Americas: Revenues were up by 5.1% in U.S. dollar terms to $25.5 billion, including strong revenue growth in the U.S. and Brazil, PwC said.
- Europe, Middle East and Africa (EMEA): Revenues were up by 3.7% in U.S. dollar terms to $22.5 billion, with particularly strong growth in Central and Eastern Europe and Spain.
- Asia Pacific: Revenues rose strongly in a number of countries, such as Japan, India, and South Korea, though revenues as a whole in the region declined 4.9% in U.S. dollar terms to $8.8 billion, the firm noted.
Earlier scandals in China and Australia prompted global executive to impose stricter controls on the businesses in the firm’s Asia Pacific region, the Financial Times noted today:
In Australia, a partner leaked confidential information from his work as an adviser to the government, prompting a wide-ranging review of the Big Four’s role in the public sector and in the Australian economy. In China, PwC was auditor of Evergrande, the heavily indebted property developer, which was found to have overstated revenues.
Each of PwC’s lines of business—advisory, assurance, and tax and legal services—saw revenues grow in 2025:
- Advisory: Revenues were up 4.6% in U.S. dollar terms to $24.3 billion.
- Assurance: Revenues were up 1.9% in U.S. dollar terms to $19.8 billion.
- Tax and legal services: Revenues were up by 1.1% in U.S. dollar terms to $12.7 billion.
“The coming year will bring more change and complexity. AI adoption will accelerate. Regulatory expectations will increase. Climate volatility will intensify,” Kande said. “At PwC, we’re ready to tackle these challenges and turn them into opportunities for our clients. We’re optimistic about the future—not because it will be easy, but because we have the people, purpose, and values to help shape what comes next.”
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Tags: Accounting, Firm Management, firm revenue, PwC, revenue
