Each Big 4 Firm Set Record Revenues in 2023

As the fiscal year draws to a close, the Big 4 accounting firms—Deloitte, Ernst & Young (EY), PricewaterhouseCoopers (PwC), and KPMG—stand as beacons of success, reporting record-breaking profits in 2023. Notably, this economic triumph is accompanied by a commendable trend: historically low layoffs across the industry.

Deloitte kicks off the success story, unveiling a staggering global revenue of US$64.9 billion for FY2023. Boasting a 14.9% increase in local currency and a 9.3% surge in USD from the previous fiscal year, Deloitte’s multidisciplinary model and breadth of expertise continue to set it apart. Remarkably, Consulting and Risk Advisory recorded impressive growth rates of 19.1% and 17.5%, respectively. The firm’s commitment to ethics and quality remains unwavering, contributing to both societal progress and financial triumph.

EY follows suit, announcing record global revenue results just under US$50 billion. With a growth rate of 14.2%, marking one of the most successful years in the organization’s history, EY’s achievements extend beyond financial metrics. The firm’s investments in audit quality, innovation, technology, and people, including the launch of EY.ai, underscore its commitment to staying at the forefront of industry advancements. Furthermore, EY’s corporate responsibility initiatives, reducing global emissions by 43%, have positively impacted over 127 million lives.

PwC reports record revenue of $53.1 billion for FY 2023, showcasing an 11.8% growth in local currency. The global network of accounting and consulting firms navigated challenges, including the sale of its immigration advisory business and exit from the Russian market. Despite the consulting sector experiencing declining demand amid economic uncertainties, PwC’s growth figure contributes to the industry’s overall success.

In 2023, KPMG generated a record revenue of $36.4 billion, marking an increase of approximately $2.24 billion compared to the previous year. While the smallest in revenue among the Big Four, KPMG’s resilience and steady growth continue to shape its success story. The firm’s service lines, particularly advisory services, have seen significant growth, making it a key player in the industry.

The remarkable success of the Big 4 is not only reflected in their record profits but also in their contribution to historically low layoffs. Amid elevated interest rates imposed by the Federal Reserve, the industry remains resilient. Applications for unemployment benefits have seen only a marginal uptick, standing at 207,000 for the week ending September 30. The overall trend in job additions remains strong, with U.S. businesses adding an average of about 236,000 jobs per month. Notably, layoffs have been minimal, with companies prioritizing workforce retention efforts.

As the Big 4 accounting firms close the chapter on 2023, their record-breaking profits not only define the financial landscape but also exemplify a commitment to societal impact and workforce stability. In navigating prosperity amidst historically low layoffs, these industry leaders set a benchmark for success that extends beyond financial metrics, shaping the future of accounting and consulting on a global scale.