PricewaterhouseCoopers (PwC) has announced record global revenues of 56.9 billion United States dollars for the financial year ending 30 June 2025, marking a 2.7 percent growth in local currency terms and 2.9 percent in dollar terms compared to the previous year’s 55.4 billion dollars. The professional services giant now serves 364,000 people across 137 countries and territories, working with 82 percent of the Fortune Global 500 companies.
The revenue increase comes amid significant workforce reductions, with PwC cutting 5,600 staff positions during the fiscal year. This brings total headcount down from over 370,000 in 2024, falling short of a 2021 pledge to add 100,000 jobs by mid 2026. Global Chairman Mohamed Kande quietly abandoned the hiring target set by his predecessor, though he maintains the firm continues to meet investment goals and hire strategically.
Regional performance varied considerably across the network. The Americas region posted the strongest growth at 5.5 percent, reaching 25.5 billion dollars with particularly robust expansion in the United States and Brazil. Europe, Middle East and Africa saw revenues climb 2.5 percent to 22.5 billion dollars, driven by Central and Eastern Europe alongside Spain. The Asia Pacific region experienced a 4.1 percent decline to 8.8 billion dollars overall, despite strong individual country performances in Japan, India and South Korea.
All three business lines achieved growth, though at different rates. Advisory services led with 4.5 percent growth to 24.3 billion dollars, supported by alliance partnerships that doubled the Managed Services business size over three years. Assurance revenues increased 1.7 percent to 19.8 billion dollars as the firm continued scaling its Next Generation Audit platform. Tax and Legal Services grew 1.0 percent to 12.7 billion dollars, with demand fueled by complex regulatory requirements including sustainability reporting and Pillar Two compliance.
PwC invested 3.1 billion dollars across the network during the year, including 12 acquisitions and strategic investments heavily focused on artificial intelligence capabilities. Nearly 1.5 billion dollars went specifically toward AI development, establishing a global AI factory, regional hubs, and Centres of Excellence. The firm launched Agent OS, described as an AI enterprise command centre connecting and scaling AI agents into business workflows. A strategic collaboration with Microsoft aims to transform industries using autonomous AI agents capable of performing tasks, analyzing data and supporting decision making.
The company introduced Assurance for AI, positioned as the first solution providing independent verification of AI systems to ensure responsible design, deployment and operation aligned with regulatory expectations. More than 315,000 PwC employees have participated in AI upskilling programs since July 2023, many through the firm’s Network AI Academy.
Kande acknowledged the challenging environment facing professional services. He emphasized that artificial intelligence, environmental shifts and geopolitical realities are reshaping the global economy faster than ever before, requiring organizations to reinvent themselves rather than simply adapt. PwC has simultaneously accelerated its own transformation while maintaining a network first strategy focused on people investment, technology advancement and quality improvement.
The firm’s growth rate lagged behind major competitors during the period. Deloitte reported 4.8 percent local currency growth reaching 70.5 billion dollars in global revenue, while Ernst & Young posted 4.0 percent growth to 53.2 billion dollars. KPMG’s 2025 results remain pending release in December.
Environmental progress continued with PwC achieving a 73 percent reduction in scope 1 and 2 greenhouse gas emissions compared to FY19 levels, already exceeding the 50 percent reduction target set for FY30. The network now uses 99 percent renewable electricity across its territories.
The firm also refreshed its visual brand identity for the first time in over a decade, reflecting what executives describe as positioning at the forefront of business, technology and industry change. The updated look aims to convey speed, sharpness and forward focus aligned with how the organization operates.
Challenges persist following recent scandals in China and Australia that prompted stricter controls across the Asia Pacific region. In Australia, a partner leaked confidential government information, triggering comprehensive reviews of Big Four accounting firms’ roles in public sector work. In China, PwC served as auditor for Evergrande, the heavily indebted property developer found to have overstated revenues.
