The last Big 4 firm to report revenue every year reported revenue today and it’s a modest $39.8 billion for the year ended 30 September 2025 for KPMG member firms across the world. The announcement comes with a fairly significant asterisk attached to their 5.1% growth (in local currency terms, 5.4% in US currency) that’s explained under the “note for editors” section of the news release:
All revenues and growth rates have been restated on a continued operations basis, to exclude FY24 and FY25 revenues from businesses sold or from which KPMG exited during this period, including the divestment of RYDGE Conseil from KPMG France in June 2025. On a full basis, FY25 revenues are US$40.2 billion vs. FY24 revenues of US$38.4 billion.
Last year:
“Our results show that the multi-billion dollar investments we’ve made are driving sustainable growth across KPMG globally,” said Bill Thomas, KPMG International Global Chairman and CEO. “I am proud of our teams’ commitment to delivering high-quality services and making a positive impact for clients, people, and society. At a time of unprecedented change and volatility, KPMG’s combination of deep local presence and strong global connectivity means we are well positioned to support clients with highly complex, interconnected challenges — both now and into the future.”
As with last year’s revenue, Tax & Legal was the strongest of the service lines. We’ll let them tell it:
- Tax & Legal Services grew by 7.5%, driven by client demand for our AI-enabled managed service and transformation capability, and assisting clients in navigating global tax reform.
- Audit grew 6.0%, underpinned by continued investments in audit quality and transformative AI capabilities, and growing demand for assurance services.
- Advisory grew 2.9%, with continued demand for our managed services and rapid growth in the number of client projects delivered jointly with alliance partners this year.
Here’s revenue by service line (in USD billions) and growth. Shout-out to KPMG for including these tables in their revenue news releases so we don’t have to make tables by scratch:
| Functions | FY25 | FY24 | Local Growth | US$ Growth |
|---|---|---|---|---|
| Audit | 14.1 | 13.3 | 6.0% | 6.4% |
| Tax & Legal | 9.3 | 8.6 | 7.5% | 7.8% |
| Advisory | 16.4 | 15.9 | 2.9% | 3.4% |
| Total | 39.8 | 37.8 | 5.1% | 5.4% |
Growth by region saw Americas up the most at 5.6% with Asia Pacific and EMA tied at 4.7% each. Not great, not awful.
The chart below shows regional performance (in USD billions) and growth:
| Regions | FY25 | FY24 | Local Growth | US$ Growth |
|---|---|---|---|---|
| Americas | 15.9 | 15.2 | 5.6% | 4.8% |
| Asia Pacific | 6.2 | 6.0 | 4.7% | 4.1% |
| EMA | 17.7 | 16.6 | 4.7% | 6.5% |
| Total | 39.8 | 37.8 | 5.1% | 5.4% |
KPMG ended their 2025 fiscal year with a worldwide headcount of 276,030, slightly up from 2024’s 275,288. And a breakdown by region that shows Americas and Asia Pacific shrunk.
| Regions | FY25 | FY24 | Growth |
|---|---|---|---|
| Americas | 61,942 | 62,121 | (0.3%) |
| Asia Pacific | 55,616 | 55,873 | (0.5%) |
| EMA | 158,472 | 153,236 | 3.4% |
| Total | 276,030 | 271,230 | 1.8% |
And partners, directors, and others with an intriguing footnote at the bottom of the chart. Can you guess what it is?
| Level | FY25 | % Men* | % Women* |
|---|---|---|---|
| Partners | 13,360 | 75.7 | 24.3 |
| Directors | 12,653 | 63.6 | 36.4 |
| Other employees | 250,017 | 48.8 | 51.2 |
| Total | 276,030 | 50.7 | 49.3 |
