Big Four firm PwC banks $53 billion in global revenues

26 October 2023 Consultancy.com.au 3 min. read
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Big Four professional services firm PwC has banked global revenues of $53 billion for 2023, while continuing to invest in talent and strategic acquisitions.

Professional services firm PwC has posted record global revenues of $53 billion for its 2023 financial year, with its growth marginally shy of double-digit figures in local currency terms, and 6 percent in US dollar terms.

Commenting on the results, global chair Bob Moritz pointed to the firm’s recent investments, noting that the focus was on sustainable rather than top-line growth.

Global revenue of PwC 2010-2023

“As we come up to our 175th anniversary, we continue to invest in the future of our network with strategic acquisitions in key growth areas and continue to acquire a broad and diverse range of talent,” Moritz commented. “Providing the best quality services we can is the focus of all of my colleagues around the world and the foundation of our success. I am proud of the hard work and dedication our PwC people have shown over the last year.”

Figures-wise, the firm says that it backed up its $3.1 billion spend in 2022 with a further $3.7 billion investment outlay over the past twelve months, including on 17 acquisitions completed around the world.

As to talent, PwC last year created 36,000 new positions as part of a concerted five-year recruitment drive to add 100,000 fresh faces, with the firm’s current headcount now standing at 365,000 professionals based in over 150 countries.

In terms of countries, India was noted for its world-leading growth of 24 percent, yet the Asia Pacific as a whole grew by just 7 percent, with last year’s double-digit rise in Australia set to significantly contract over the current period due to the sale of its public sector practice. The firm’s UK and Middle East branch was its stand-out performer, growing by 16 percent, while the Americas also achieved double-digit growth, including an 11 percent gain in the US.

Overall growth was led by PwC’s Advisory line despite a marked slowdown from the previous period’s bumper 24 percent figure, contributing $22.6 billion of the total revenues at a gain of 13 percent courtesy of its ongoing work in digital transformations. Described as the cornerstone of its brand, Audit & Assurance was the next biggest money-spinner, pulling in $18.7 billion, while Tax & Legal was up by 12.5 percent to add a further $11.8 billion.

Global revenue of the Big Four

PwC this year also included a break-down of the industries it serves, with the financial services sector accounting for a significant 28 percent slice of its business, followed by industrial manufacturing & automotive and consumer markets at one fifth and a sixth. The technology, media and telecommunications sector represented a further 10 percent of the firm’s work, with government & public services the next biggest segment at 7 percent.

Addressing the Australian government tax scandal directly, Moritz continued to promote the firm’s trust-building mantra. “This year, deep changes are afoot that represent turning points for humanity, from explosive advances in AI deployment to the accelerating impacts of climate change. The New Equation is our strategy to help business leaders enhance trust with their stakeholders and achieve sustained outcomes amidst turbulent change.”

Globally, PwC remains the second largest of the Big Four accounting and consulting groups, with Deloitte the market leader having opened a $10 billion gap in just the past six or so years.