The petals on the Purple Rose of Chicago were in full, fragrant bloom in 2022 as Grant Thornton posted revenue for its fiscal year ending July 31 of $2.3 billion, a nearly 17% increase over the $1.97 billion the firm brought in last year.
2022 was clearly one of the best years GT has had revenue-wise in quite a while, if not ever, as 2021 revenue grew just 2.6%, 2020 grew only 1%, 2019 grew 5.4%, and 2018 grew 3.4%.
“Our FY 2022 revenues demonstrate how effectively we’re delivering against our firm’s purpose: to make business more personal and build trust into every result,” said Grant Thornton CEO Seth Siegel, who moved into the corner office on Aug. 1 after Brad Preber retired. “Not only are we providing clients with high-quality solutions and a peerless experience across our audit, tax and advisory service lines, but we’re doing it by supporting and caring for our people—enabling record-setting business performance in the process.”
Unfortunately, Grant Thornton likes to keep revenue by service line hush-hush. We’ll refer back to a statement we received from a GT spokesperson in 2018 about why the firm doesn’t publish any revenue information for its service lines:
“We’ve decided to share revenues only at the firm-wide level as part of our effort to present ourselves to the market as one single firm, so unfortunately, there’s no additional detail I can share with you when it comes to the service lines.”
Whatever.
Grant Thornton remains the seventh largest accounting firm by revenue in the U.S., behind the Big 4, RSM US, and BDO USA.
i am confused, should GT be the 7th largest firm if behind big 4, RSM and BDO?
Yes, you’re right. I f’d that up. It’s been fixed.
I miss Chipman69 🙁
An interesting point about 2018: According to a GT tax partner, the firm’s US tax revenue was flat from 2017 to 2018. The same partner said that with all of the changes from the Tax Cuts Jobs Act that was enacted at the end of 2017, the head of the tax service line was incredibly incompetent.