The last of the Big 4 firms to release its global revenue results for fiscal year 2021 did so last night, as KPMG posted $32.1 billion, an increase of 10% over its 2020 revenue of $29.2 billion.
Things could only get better for the House of Klynveld in 2021, as KPMG was the only Big 4 firm in 2020 that saw its revenue decrease from the previous year (-1.8%) because of the economic strife caused by the COVID-19 pandemic. KPMG was the first Big 4 firm since EY in 2010 that had a year-over-year decline in global revenue. And the last time KPMG had a year-over-year decrease in revenue was in 2009, when it fell 11% from 2008 during the global financial crisis.
But 2021 was a bounce-back year for KPMG, as its 10% year-over-year increase in global revenue for the fiscal year ending Sept. 30 was higher than Deloitte (5.5%), PwC (4.9%), and EY (7.3%). Bill Thomas, global chairman and CEO for KPMG, said about 2021’s results:
“2021 was a strong year for KPMG. We achieved outstanding growth in a challenging business climate, unveiled KPMG: Our Impact Plan to help drive sustainable change across our organization, and launched a new global ESG plan to support our clients in achieving their goals of addressing the most existential challenges—while making a difference in the world.
“I am thankful to our talented teams who have worked tirelessly, in difficult circumstances, to ensure we met the rapidly evolving needs of our clients. We have focused first and foremost on enhancing quality and building trust. We have also worked with our leading ecosystem of alliances to support business and technology transformation. This year’s financial success is the result of KPMG firms coming together to chart a new trajectory for the global organization with a commitment to a bold ambition to become the most trusted and trustworthy professional services firm.”
Once again, the firm’s Europe, Middle East and Africa (EMA) region led the way with $14.3 billion in revenue, up 12.1% over last year. Next was the Americas region, which brought in $11.9 billion, up 5.9% over 2020. Lastly, Asia-Pacific finished up the year with nearly $6 billion in revenue, an increase of 13.5% over last year.
All three of KPMG’s core service lines brought in significantly more revenue than in 2020:
Advisory’s revenue increased about 17%, audit’s rose 3.5%, and tax and legal saw a 8.3% increase in revenue. And there are now 236,257 Klynveldians around the world, up 4.1% over 2020.
As the Financial Times noted today, the Big 4 firms totaled $167.3 billion in revenue for the financial year ended 2021, a 7% increase. That is the strongest collective result since the Enron scandal led to the collapse of Arthur Andersen in 2002 and reduced the Big 5 to the Big 4.
Great job, everyone.