PwC announces record global revenues of US$50 billion




LONDON, Oct. 4, 2022 /PRNewswire=KYODO JBN/ --


    - Revenues up 13.4% with increasing demand for services globally

    - Workforce grows to nearly 328,000 people, creating 32,000 net new jobs

    - The New Equation strategy rolled out globally; helping clients build

trust and deliver sustained outcomes

    - US$3.1 billion of investment in capabilities building


    PwC firms around the world achieved gross revenues of US$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 US$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


    Across our network, PwC's community of solvers is bringing our strategy,

The New Equation, to life, helping clients with what they tell us they need

most – to build trust and deliver sustained outcomes. The growth numbers for

the full FY22 year (

) reflect an increase in activity as the COVID-19 pandemic abated and as our

firms managed challenges from geopolitical conflicts, including our decision to

cease operations in Russia.

      - 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



    Growth reflected in all businesses


    The New Equation strategy, built on our multidisciplinary model, enables us

to bring the breadth of our capabilities from across our network to better

serve our clients, helping them build trust for their stakeholders and deliver

sustained outcomes. In a challenging and complex environment, The New Equation

is delivering results for our clients and growth for PwC.


    For example, the strong Deals environment has driven demand across all

businesses as we supported transactions and helped acquirers create and

preserve value as they sought to move from 'transact to transform'. Leveraging

our broader community of solvers, working with our alliance partners, we have

enabled organisational transformations, ensuring change is sustained with the

support of colleagues in our workforce business.


    Assurance: Revenues from our Assurance business grew by 7.6% to US$18

billion (FY21: US$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 US$20.7 billion (FY21:

US$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



    Tax & Legal Services (TLS): Revenues from our Tax, Legal and People

business grew by 6.8% to US$11.6 billion (FY21: US$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



    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 US$3.1

billion across our network in the last 12 months, including US$507 million

invested in training and upskilling our people to solve the challenges of

tomorrow. We are also investing US$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.


    Building trust with a relentless focus on quality


    Quality is at the heart of what we do. We continually strive to improve and

enhance the quality of our services. Across our global network, we continue to

foster a culture rooted in our PwC values and emphasise that integrity and

quality are everyone's responsibility. Having partners and staff in PwC with a

wide range of talent and experiences, whether it be audit, accounting, tax,

actuarial, technology or other capabilities, is key to delivering high-quality

work, which is why PwC is fully committed to remaining a multidisciplinary



    Quality and trust go hand-in-hand. Building trust is central to our

strategy and to our clients' needs. This past year we opened our Trust

Leadership Institute (

) in the US as a way to create powerful learning opportunities to embed a

culture of trust across organisations. Our Asia Trust Leadership Institute is

scheduled to open in FY23.


    As part of our Global Annual Review, we publish our internal audit

inspection results. For the 2022 inspection cycle, of the 1,615 audit reviews

completed to date through our internal inspection process, 58 (3.6%) were rated

as non-compliant. We continue to invest in enhancing audit quality, and we

remain fully committed to a culture of continuous improvement. We believe that

the continued involvement of a broad range of skills and expertise is critical

to ensuring audit quality, underscoring the importance of our community of

solvers to all of our business areas.


    Enabling our workforce


    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.


    We are investing heavily in our people both in terms of remuneration and

benefits as well as offering flexibility and opportunities for growth.

Following the launch of our digital upskilling initiative in 2019, over 206,000

of our people have received digital training.


    Today, ESG skills are increasingly like digital skills; everyone needs to

have a certain level of competency. To date, more than 100,000 PwC people have

undertaken ESG training through our Global ESG Academy. In addition, we are

expanding our global ESG Centres of Excellence to better enable our people to

learn and to support them in their work.


    Key to building a strong community of solvers is making PwC a great place

to work. We continue to try to improve the quality of our employees'

experiences with us. We've developed new ways to support, care for and upskill

our people as the world of work recalibrates to a new normal following the

COVID-19 pandemic. In the last financial year, for example, we supported our

people with more flexible and hybrid working options, better access to

training, more competitive remuneration, and a continued push to enhance

inclusion and diversity.


    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 US$5.3 million in

financial aid to causes that support Ukraine.


    Our people give their time and skills every year to support the communities

where they live and work, supporting organisations from small local charities

to national and global NGOs. This past year, PwC volunteers across our network

gave 789,000 hours of their time to good causes. Since 2018, we have reached

more than 20 million beneficiaries.


    We strive to be accountable for our own performance as a network and in our

Global Annual Review we are reporting on the World Economic Forum's Stakeholder

Capitalism Metrics – both core and expanded – that are relevant to our

business. We fully or partially comply with 35 of 42 relevant metrics. In

addition, we're reporting on our global climate performance using the rigorous

framework of the Taskforce for Climate-Related Financial Disclosures (TCFD).


    We are on track to meet our net zero commitment by 2030, which includes a

50% reduction in scope 1 & 2 greenhouse gas emissions vs FY19 and also cutting

indirect scope 3 emissions from business travel by 50% vs FY19. We have

transitioned to 100% renewable electricity in our 21 largest firms and from

next year, all of our firms have committed to offsetting 100% of energy and

mobility emissions.


    We are engaged in a wide range of strategic alliances and global forums,

shaping strategic discussions while sharing our ESG and climate expertise. In

FY22 we convened business leaders and participated in strategic alliances to

advance progress on ESG issues.


    "PwC strives to be a force for good. We believe business has a

responsibility to be part of the solution to society's challenges. We are

dedicated to working together with our clients, communities and all of our

stakeholders to have a positive impact, building public trust in society,

fueling progress on ESG to create sustainable outcomes, and helping all of our

people to reach their potential," said Bob Moritz.


    Economic Outlook


    Our economists expect the remainder of 2022 and 2023 to be challenging for

the global economy. We project that global real GDP will increase by around 3%

for the full year 2022 in market exchange rates, with growth slowing in 2023 to

just over 2%, though there remains considerable uncertainty.


    However, the challenging economic conditions are driving our clients to

confront challenges and think of new ways to build trust with their

stakeholders. We remain confident in our strategy to support them. PwC's

performance for the first two months of FY23 remains strong in all businesses

with a growing pipeline of opportunities.


    Aggregated revenues of PwC firms by geographic region (US$ millions)


                            FY22 at FY22      FY21 at FY21                      % change at constant

                            exchange rates   exchange rates   % change   exchange rates

Americas             21,336                 18,309                 16.5            16.3

Asia Pacific         9,862                   8,862                   11.3            14.0

EMEA    19,096   17,971                 6.3                       10.0

Gross revenues   50,294                45,142                  11.4            13.4



    Aggregated revenues of PwC firms by business (US$ millions)


                           FY22 at FY22     FY21 at FY21                        % change at constant

                           exchange rates   exchange rates   % change   exchange rates

Assurance          18,009                 17,073                 5.5              7.6

Advisory             20,708                 17,029                 21.6            23.5

Tax and Legal

Services             11,577                 11,040                 4.9              6.8

Gross revenues  50,294                 45,142                11.4            13.4



    The percentage changes at constant exchange rates reflect local currency

growth without the impact of US dollar exchange rates. FY22 revenues are the

aggregated revenues of all PwC firms. They are expressed in US dollars at

average FY22 exchange rates. FY21 aggregated revenues are shown at average FY21

exchange rates. Gross revenues are inclusive of expenses billed to clients.

FY21 figures have been restated to reflect current business structures in

operation in FY22. Interterritory revenues are not included in the aggregated



    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 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 for further details.


To learn more, read PwC's 2022 Global Annual Review (

) or to watch PwC's Global Chairman Bob Moritz's video.


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    Source: PwC