PwC announces record global revenues of USD 50 billion

PwC firms around the world achieved gross revenues of USD 50.3 billion – up 13.4% in local currency and 11.4% in US dollars for the 12 months ending 30 June 2022. Revenue growth was strong throughout the year, following the rebound in the last quarter of FY21 as the impact of the COVID-19 pandemic subsided. 

“In a year of rapid change and numerous challenges globally, our talented people used their broad and diverse range of capabilities to support our clients and stakeholders and to make positive contributions to society. The results we achieved in FY22 are a direct outcome of our strategy, The New Equation, which we launched in June 2021. Its impact is apparent in our financial performance. For the first time, PwC firms across the world earned gross annual revenues of more than USD 50 billion. During a difficult year for the global economy, we achieved growth in all businesses while also repositioning our portfolio including 17 acquisitions and the disposal of our Global Mobility & Immigration business,” said Bob Moritz, PwC’s Global Chairman.

Strong performance across the world 

• Our revenues in the Americas showed strong growth of 16%, after a flat performance in FY21. The US grew by 17%. Revenue growth across South and Central America was strongest in Brazil, which reported an increase of 21%. 

• Asia Pacific revenues were up 14%, with strong performance from South Korea, which posted a year-on-year revenue increase of 23%, India which posted growth of 21%, China which recorded growth of 13%, and Australia which reported growth of 17%.

• Europe, Middle East and Africa (EMEA) revenues were up by 10%. In the UK and Middle East combined revenues rose by 12%, in Germany they increased by 14%. 

Growth reflected in all businesses

Assurance: Revenues from our Assurance business grew by 7.6% to USD 18 billion (FY21: USD 17.1 billion). Audit remains the cornerstone of our brand and the key driver for growth in our Assurance business. Our audit business continued to grow over the last year as we managed complex market dynamics such as auditor rotation, regulation and intensifying competition. We see increasing demand for assurance over a range of nonfinancial information such as ESG disclosure as companies seek to build trust in new areas. We expect this trend to continue in the future.

Advisory: Our Advisory revenues rose by 23.5% to USD 20.7 billion (FY21: USD 17 billion). This growth was driven by strong demand for technology-enabled business transformation, both enterprise-wide and within specific business functions, such as finance, the front office and human resources. This included helping many clients migrate to cloud environments. Demand for sustainable and tax efficient supply chain transformation was high, given widespread disruptions. 

Tax & Legal Services (TLS): Revenues from our Tax, Legal and People business grew by 6.8% to USD 11.6 billion (FY21: USD 11 billion). Due to the changing tax landscape, companies continue to face challenges in meeting their reporting obligations, which is driving demand for integrated compliance services and managed services. The current year’s results included only 10 months of our Global Mobility & Immigration business. Its sale reduced year-on-year revenue growth from 8.7%. We expect accelerated growth in the future as the transaction has already enabled increased investment and prioritisation of capabilities to be built in our TLS business and the wider network.

Investing in a sustainable future

Continuing to invest in our business is central to The New Equation strategy. Across our network we invest in our people to build their skills and capabilities, in new technologies that enable us to better serve clients, in the quality of our work and in new products and services. We invested USD 3.1 billion across our network in the last 12 months, including USD 507 million invested in training and upskilling our people to solve the challenges of tomorrow. We are also investing USD 1 billion in a multi-year program to deliver a new audit ecosystem for our next generation audit.

As part of our investment programme in FY22, PwC firms completed 17 acquisitions (FY21: nine) around the world, expanding our professional capabilities in key areas.  

A diverse workforce of talented motivated people is what drives our strategy and our growth. Our global community of solvers grew to nearly 328,000 professionals in 152 countries around the world in FY22. We created more than 32,000 net new jobs, welcoming 148,000 new joiners in FY22 including interns – up 90,273 from the prior year. We are ahead of pace with our target set last year to hire 100,000 (net) additional professionals by 2026.

Helping achieve positive outcomes for society

We believe that PwC has an important role to play in helping to address society’s challenges. One of the most difficult situations in the past year has been Russia's invasion of Ukraine. Along with many multinational organisations, we made the decision to cease our operations in Russia. Further, PwC employees and member firms across the globe have donated approximately USD 5.3 million in financial aid to causes that support Ukraine.                                  

To learn more, read PwC’s 2022 Global Annual Review or to watch PwC’s Global Chairman Bob Moritz’s video. 

https://www.pwc.com/annualreview

About PwC

At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 152 countries with nearly 328,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.