One year after cracking $2 billion in revenue for the first time, BDO USA added another 25% to that total during its fiscal year 2022 which ended on April 30.
BDO reported revenue of $2,490,400,000 in 2022, up from $2,000,300,000 in 2021. It’s the 10th year of revenue growth under CEO and leader of the Little Dippers Wayne Berson.
BDO will likely remain the sixth largest public accounting firm in the US in terms of revenue, behind the Big 4 and RSM US. According to Accounting Today’s 2022 Top 100 Firms ranking, RSM US reported revenue of $3.13 billion for its 2022 fiscal year, although the firm hasn’t officially released those figures in its 2022 annual report yet. RSM’s 2021 revenue was $2.9 billion. Grant Thornton, the seventh largest accounting firm in the US, still hasn’t released its revenue for 2022. GT’s revenue was $1.97 billion in 2021.
BDO said each of its core practice areas had revenue gains in 2022: advisory (34.6%), tax (26.8%), and assurance (16.3%).
The firm also patted itself on the back for:
- Merging in Lowery Asset Consulting last October and Culbert Healthcare Solutions last December.
- Inducting its largest new partner class in BDO history.
- Appointing an ESG strategy and services leader, and launching an ESG Center of Excellence.
- Appointing its first chief diversity, equity, and inclusion officer, and releasing its inaugural DEI transparency report.
You can read more about all that in the press release, if you’re so inclined.
It’ll be interesting to see if BDO’s big haul for 2022 means big raises for BDOers. We’ll dive into that next week.