‘Tis the season for global professional services firm revenue announcements and PwC has given us theirs today — remember, these numbers aren’t audited so we just have to trust them. PwC is the trustiest of the firms so no worries there.
For the 12 months ending June 30, 2023, PwC firms around the world reported record gross revenues of $53.1 billion, growing by 9.9% in local currency and 5.6% in US dollars over the gross revenues of $50.3 billion for fiscal 2022.
Revenues were up by 10.7% across the Americas with the US growing by 11.2%, Canada by 4.5% (10.9% for Continuing Operations). This is down from 16% growth across the Americas and 17% growth for the US business in 2022. No biggie, it’s been a rough year for everyone.
Revenue by service line in US currency, PwC was even kind enough to include the FY22 figures:
- Assurance grew by 8.9% to $18.7 billion (FY22: $18.0 billion)
- Advisory grew by 13% to $22.6 billion (FY22: $20.7 billion)
- Tax, Legal and Workforce grew by 12.5% to $11.8 billion, PwC notes this growth was strong compared with growth of 8.7% in the previous year but does not include the FY22 number as they did with assurance and advisory: it’s $11.6 billion (is that math not mathing??).
Ah wait, here’s their chart.
Aggregated revenues of PwC firms by line of service (US$ millions)
|FY23 at FY23 exchange rates||FY22 at FY22 exchange rates||% change||% change at constant exchange rates|
|Tax and Legal Services||11,767||11,577||1.6 (7.8*)||5.8 (12.5*)|
|Expenses and disbursements on client assignments||(2,395)||(1,980)||21.0||26.6|
*The growth rates for Tax and Legal services includes revenues from our Global Mobility and Immigration business, which was sold on 29th April 2022 in the prior year comparison. Excluding revenues from the sold business, revenues at constant exchange rates grew by 12.5% instead of 5.8% and at variable exchange rates by 7.8% instead of 1.6%.
Some other stuff per the press release:
Across the PwC network, we invested US$3.7 billion during FY23, following investments of more than US$3.1 billion in FY22.
In addition to investments in attracting experienced teams and people to PwC firms around the world, PwC firms completed 17 acquisitions and five strategic investments around the world in FY23, expanding our professional capabilities in a number of key areas particularly in the areas of technology consulting and cloud.
Across our network we are investing nearly $2 billion to grow and scale our AI capabilities by launching partnerships with multiple AI leaders, as well as rolling out AI tools across all of our lines of service.
The press release also mentions PwC’s 2021 goal to create 100,000 net new jobs by 2026. They say they created more than 32,000 new jobs in FY22 and added more than 36,000 positions in FY23. If they keep up this pace they’ll hit the goal by 2024, two years ahead of schedule. That brings PwC’s global headcount to more than 364,000 professionals in 151 countries.
The firm also said the average amount of time spent on training a PwC person in FY23 was 65.7 hours.
Let’s throw this in, too:
While there is always more to do in making PwC the best place to work for our colleagues, last year eight in 10 of our people said: PwC is a great place to work (80%), a place where they ‘belong’ (79%), a place to apply newly developed skills (82%), and a place they expect to be still working at in a year (78%).
Today’s announcement bumps EY out of the second spot (as expected) in the Big 4 pissing contest of money generating for FY23 and marks the eighth year in a row PwC has watched Deloitte dominate from the top.
Big 4 Revenue Leaderboard:
KPMG always announces last, typically in December, and at $35 billion for 2022 it would be a miracle if they beat out EY to take third.