Revenues and investments

Global Annual Review 2020

For the 12 months ending 30 June 2020, PwC firms around the world had gross revenues of US$43 billion – up 3% in local currency and 1.4% in US dollars. 

During the first nine months of FY20 to the end of March 2020, revenues grew by nearly 7% over the same period last year with increases across all lines of business and in every major market. From April to June 2020, revenues were significantly impacted by slowing economies as countries around the world fought the COVID-19 pandemic. Compared to the same three months in 2019, revenues were down from April to June 2020 by 6%.

Across the world

In the Americas, revenues rose by 3% with a particularly good performance from businesses in the United States and Canada. Revenues in Western Europe were up by 2%, while in Central and Eastern Europe, revenues grew by 4%.

Revenues from the Middle East and Africa rose by 10% with a strong result from the Middle East where revenues were up 14%.  Across Asia, revenues grew by 5% while in Australasia and the Pacific, revenues were down 1% reflecting difficult trading conditions throughout FY20.

Regional growth numbers for the full year FY20 mask the impact of COVID-19, with all regions performing as anticipated up to the end of March 2020 and then feeling the full impact of the economic restrictions caused by the pandemic. For the last three months of FY20, in most markets around the world we experienced declines in revenues compared with the same period in FY19 with falls in revenues of up to 30% in certain countries.

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Lines of business

Around the world, our businesses are focused on providing high quality services that help our clients respond to an ever more complex and challenging environment and address current and future opportunities. While all our lines of business continued to grow in FY20, each was impacted by the economic effects of COVID-19 and we expect market conditions to be challenging for all our operations throughout FY21.

Assurance: Assurance remains PwC’s largest operation across the world and our brand defining business, serving key stakeholders and helping to build trust in the world’s capital markets. In FY20, revenues from our assurance operations grew by 3% to US$17.6 billion, driven by continued strong demand for our core audit. As management and other stakeholders seek insight into operations, risks and performance, and to increase confidence and resilience in business, we have seen continued strong growth in our broader assurance services, such as internal audit and governance, risk and controls. Demand for our digital risk solutions has also remained strong as companies look for support as they accelerate their transition to the Cloud. 

Advisory: PwC Advisory operations grew by 4% to US$14.7 billion. This growth was driven by high demand across the world for advice on strategy, business transformation and value creation in the first nine months of the financial year. Our advisory business differentiates by bringing together consulting, deals and cybersecurity professionals, and our operations benefited from increased teaming with our tax and risk assurance colleagues to provide a more integrated service for our clients that gives the advice and support they need from strategy right through to execution.

Tax & Legal Services: PwC Tax & Legal revenues grew by 2% to US$10.7bn, with demand for tax reporting and strategy, people and organisation and legal services in the first nine months of the year offset by the impact of the pandemic in the final three months. Guided by our PwC Global Tax Code of Conduct, the professionals in our Tax & Legal Services teams use their knowledge and expertise to help clients – ranging from individuals to the largest global corporations – to navigate complex and challenging environments, address people and legal issues, and comply with their tax and reporting responsibilities.

Investing in the future

Despite the economic challenges of the past few months, we have continued to invest heavily in the training and development of our people, new products and services, technology and in enhancing the quality of the work that we do. Across the PwC network, we invested over US$3bn during FY20 in building the PwC of tomorrow.

As part of that programme of building the PwC of the future in FY20, PwC firms completed three acquisitions and four strategic investments around the world in our Advisory practice – expanding our professional capabilities in strategic areas such as cybersecurity and digital transformation.

Aggregated revenues of PwC firms by geographic region (US$ millions)
  FY20 at FY20 ex. rates FY19 at FY19 ex. rates % change % change at constant ex. rates
Americas 18,286 17,798 2.7 3.0
Asia 6,382 6,103 4.6 5.0
Australasia and Pacific Islands 1,721 1,847 -6.8 -1.0
Central and Eastern Europe  950 948 0.2 3.8
Middle East and Africa 1,766 1,651 6.9 9.6
Western Europe 13,927 14,101 -1.2 1.6
Gross Revenues 43,032 42,448 1.4 3.0
Aggregated revenues of PwC firms by service line (US$ millions)
  FY20 at FY20 ex. rates FY19 at FY19 ex. rates % change % change at constant ex. rates
Assurance 17,603 17,382 1.3 2.8
Advisory 14,681 14,369  2.2 3.8
Tax 10,748 10,697 0.5 2.0
Gross revenues 43,032 42,448 1.4 3.0
Expenses and disbursements on client assignments (2,268) (2,538) -10.6 -9.0
Net revenues 40,764 39,910 2.1 3.7

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

Aggregated revenues of PwC firms by service line (US$ millions)

% change at constant exchange rates reflects local currency growth without the impact of US dollar exchange rates.
FY20 revenues are the aggregated revenues of all PwC firms and are expressed in US dollars at average FY20 exchange rates.
FY19 aggregated revenues are shown at average FY19 exchange rates. Gross revenues are inclusive of expenses billed to clients.
Fiscal year ends 30 June.

Contact us

Mike Davies

Director, Global Corporate Affairs and Communications, PwC United Kingdom

Tel: +44 7803 974136

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