As always happens some time in December, KPMG has announced global revenue for the fiscal year now behind us: $36 billion USD for the fiscal year ending September 30, 2023, an increase of eight percent from FY22’s $34.6 billion (five percent in US currency). “The figures reflect robust year-on-year growth, bolstered by a multi-disciplinary approach that combines world-leading expertise and integrated capabilities,” says the press release we don’t care about.
Growth by service line was modest but decent considering the year advisory has had:
- Audit: Local growth 9% (6% US$)*
- Advisory: 7% (4% US$)
- Tax & Legal: 10% (7% US$)
Obligatory explainer on the difference between local and US$ growth:
*Local growth percentages maintain consistent US$ exchange rates in FY23 and FY22 and therefore do not reflect exchange rate changes between the years. US$ growth rates are derived from underlying revenue numbers and not rounded figures used for presentation purposes.
Headcounts across the globe saw single-digit increases except Americas where the headcount shrunk by six percent.
| Regions | FY23 | FY22 | Growth |
| Americas | 62,781 | 66,892 | -6% |
| Asia Pacific | 57,465 | 56,386 | 2% |
| EMA | 153,178 | 142,368 | 8% |
| Total | 273,424 | 265,646 | 3% |
KPMG global revenue by region:
| Regions | FY23 | FY22 | Local Growth | US$ Growth |
| Americas | 14.6 | 13.7 | 8% | 7% |
| Asia Pacific | 6.1 | 6.3 | 4% | -3% |
| EMA | 15.7 | 14.6 | 11% | 7% |
| Total | 36.4 | 34.6 | 8% | 5% |
And service line:
| Functions | FY23 | FY22 | Local Growth | US$ Growth |
| Audit | 12.6 | 11.8 | 9% | 6% |
| Tax and Legal Services | 7.9 | 7.4 | 10% | 7% |
| Advisory | 15.9 | 15.4 | 7% | 4% |
| Total | 36.4 | 34.6 | 8% | 5% |
Global partners, directors, leadership, and others:
| Level | FY23 | % Men | % Women |
| Partners | 13,221 | 76.8% | 23.2% |
| Directors | 11,711 | 64.9% | 35.1% |
| Leadership | 24,932 | 71.2% | 28.8% |
| Other employees | 248,492 | 49.0% | 51.0% |
| Total | 273,424 | 51.0% | 49.0% |
With this announcement, all four Big 4 firms have now posted their numbers for FY23 and Deloitte once again came out on top. Not a single person is surprised.
- Deloitte: $64.9 billion (FY22 $59.3 billion)
- PwC: $53.1 billion (FY22 $50.3 billion)
- EY: $49.4 billion (FY22 $45.4 billion)
- KPMG: $36 billion (FY22 $34.6 billion)
Further reading (including “Big 3??” jabs): KPMG growth lags that of Big Four rivals as it posts global revenues [FT]
Not that impressive honestly, I have heard that EY has a vision to exceed $50 billion in revenue by the year 2020