PwC’s revenue growth has lagged its largest Big Four rivals over the past year after a sharp slowdown in Europe and the Middle East triggered by geopolitical strife.
The accounting and consulting firm on Monday reported global revenues of $60.2 billion (€53.5 billion) for the year to June 30th – a 3.5 per cent increase when adjusted for currency fluctuations.
That represented an acceleration from the previous 12 months, when revenues rose by 2.7 per cent. However, rivals Deloitte and EY have both posted faster year-on-year growth in recent weeks.
“We achieved robust growth, even in the face of geopolitical and economic uncertainty,” said Mohamed Kande, PwC’s global chair.
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Results were held back by the performance of PwC’s Europe, Middle East and Africa region, which grew 0.7 per cent after being affected by the Middle East conflict and a slowdown in consulting work for the Saudi Arabian government.
PwC UK, the legal entity that comprises its British and Middle Eastern businesses, said last month its revenues had declined for the first time in more than two decades.
[ PwC UK revenues slide for first time in more than a decadeOpens in new window ]
Asia-Pacific, PwC’s smallest region, recorded the fastest growth at 7.7 per cent, as it began to recover from scandals in China and Australia that hit business in those markets two years ago.
PwC’s 3.5 per cent revenue growth compared with 3.8 per cent at Deloitte and 4.7 per cent at EY.
After more than five consecutive years of faster growth by EY, its revenues are now just $3.2 billion behind PwC.
Deloitte remains the largest of the Big Four firms, while KPMG – which reports its annual revenue figures later this year – is the smallest.
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Like all the big consulting firms, PwC has been wrestling with the impact of artificial intelligence (AI) on its business, retooling its operations to use the technology and building a suite of new services to clients such as advising on how to implement AI.
However, uncertainty over how the technology fits into existing IT infrastructure has been holding back the consulting industry.
Revenue growth in PwC’s advisory arm, its largest division, slowed to 3 per cent in the past year from 4.5 per cent, totalling $25.8 billion.
Its audit and tax divisions grew at 2.6 and 6.3 per cent, respectively, to $20.5 billion and $13.9 billion.
PwC said it had continued to add to its headcount, which reached almost 370,000 at the end of June, up from 364,000 a year earlier. – Copyright The Financial Times Limited 2026
