HLB joins the $6 billion global revenue club in return to double-digit growth
Global accounting and consulting firm HLB has grown its revenues by 12% to $6.7 billion in 2025, with its advisory practice continuing to outperform the firm’s audit and tax divisions.
The firm’s $6.67 billion take to the end of last year sees HLB cross the $6 billion mark for the first time, having now added over $1 billion in revenues over the past two years alone. The figures, up by 12 percent, also mark a return to double digit growth.
“Delivering such growth in a year defined by ongoing uncertainty demonstrates the strength and resilience of our network, and reflects not only the trust clients place in us but the relevance of our offering as their needs evolve,” stated global CEO Marco Donzelli.
While down as a ratio on recent years, HLB’s advisory practice nevertheless continues to provide the largest share of the accounting and consulting firm’s annual revenues, contributing 29 percent of the total sum ahead of audit & assurance and tax at respectively 27 percent and 24 percent. Accounting added a further 16 percent, with the remainder attributed to ‘other services’.
The firm said that the balanced contribution from its major service lines highlighted its ability to support clients across both compliance and in their increasingly complex strategic needs, with Donzelli adding; “We are seeing a clear shift towards more integrated, advisory-led support, particularly in areas such as artificial intelligence, transformation, and risk.”
Donzelli also noted HLB’s continued investments in these areas and into digital capability building, with 1,200 of its professionals in more than 50 countries – albeit a tiny fraction of its almost 60,000 worldwide – last year participating in HLB’s ‘AI Masterclass’, a global learning initiative aimed at strengthening the network’s ability to support clients navigating technology-driven change.
HLB in Australia
Meanwhile, according to the annual AFR accounting rankings, HLB Mann Judd, the network’s Australian branch, contributed $140 million to the global total last year following 5 percent growth, placing the firm in 15th spot locally a tick behind Nexia and Bentleys – both of which it outpaced – albeit with the more ‘franchise-modelled’ Count and Kelly+Partners rapidly gaining ground.
Still, 2025 was a big year for HLB Mann Judd, with two acquisitions of its own; Perth based business advisory A Plus, and the audit & assurance practice of Cutcher & Neale in Newcastle. Steve Grivas was also appointed as Sydney managing partner, with Mark Muller more recently taking over as Australasian chair, while the firm continues to add new partners to its ranks.
Global rankings
Previously self-touted as the eighth-largest global organisation of its kind, gauging where HLB currently sits within the lower mid-tier log-jam and its comparative performance is getting trickier, with various restructurings, splits, and altered reporting regimes taking place among its competitors. Notably, the firm dropped any reference to its ranking in its latest annual global report.
Last year, the Big Four collectively generated over $200 billion, with Deloitte eclipsing the $70 billion mark and KPMG letting the team down somewhat by not quite managing to scrape together $40 billion. BDO and RSM also sit above the $10 billion mark, while Grant Thornton reported global revenues of $8.5 billion last year despite currently being split in two.
Outside of those seven (with RSM slipping down the list following a North American divestiture), the long-running battle for next in line now marginally sits with Baker Tilly, which has jumped HLB on the back of 21 percent growth and a $6.8 billion take. Rounding out the top ten behind HLB would appear to be Crowe, which pulled in $6.5 billion and likewise grew by 12 percent.
