Financial performance

Global revenue

For the 12 months ending 30 June 2025, PwC firms around the world recorded gross revenues of US$56.9 billion, an increase of 2.9% in US dollars and 2.7% in local currency over the previous financial year’s gross revenues of US$55.3 billion.

This is a solid performance in a challenging economic climate and reflects the high quality of the work our 364,000 people delivered for our clients in 136 countries across the world. Our work with 82% of the Fortune Global 500 and every major industry means we can help our clients connect signals across markets and sectors — and solve challenges — as only a global network can.

This year, we invested US$3.1 billion across our network to expand our capabilities in key areas, particularly AI & technology — including Next Generation Audit, consulting, business strategy and tax. In addition, we have launched services to help clients meet their most urgent challenges — for example, Assurance for AI, the first solution of its kind to empower businesses with trust and confidence in their AI systems.

Aggregated revenues of PwC network (US$ millions)

Revenue by region

References to growth rates in the following text refer to growth in local currency terms unless otherwise stated.

• Revenues were up by 5.5% across the Americas to US$25.5 billion including strong revenue growth in the US and Brazil.
• Revenue rose by 2.5% in Europe, Middle East and Africa (EMEA) to US$22.5 billion including particularly strong growth in Central and Eastern Europe and Spain.
• In Asia Pacific, revenue rose strongly in a number of countries such as Japan, India, and South Korea, though revenues in the region as a whole declined 4.1% to US$8.8 billion.

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

_{The percentage changes at constant exchange rates reflect local currency growth without the impact of US dollar exchange rates.}

Revenue by line of service

Revenue grew in each of our lines of service including Assurance, Advisory, and Tax and Legal Services.

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

_{The percentage changes at constant exchange rates reflect local currency growth without the impact of US dollar exchange rates. Revenues are the aggregated revenues of all PwC firms expressed in US dollars at average exchange rates. FY24 aggregated revenues are shown at average FY24 exchange rates.}

Important note on revenue growth by line of service

During the year, within our member firms there were a number of business sales and changes in business structures and categories which involved the movement of revenue between our lines of service.

In the table above, no adjustments have been made to the FY24 comparative numbers to reflect these changes in FY25. If adjustments are made to the FY24 comparative numbers to ensure a “like for like” comparison of revenues, the growth rates for each line of service in FY25 would be as follows:

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

Advisory

Revenues from our advisory operations were up by 4.5% to US$24.3 billion or 4.4% if adjusted for changes in business structures. We started the fiscal year with strong momentum but growth decelerated towards year-end, primarily due to geopolitical and economic uncertainties in key markets.

Our reputation is built on reliability and trust. We continually enhance our deep industry knowledge and broad portfolio of multidisciplinary advisory capabilities, which are designed to support clients across their entire value chain with strategic insights and tailored solutions.

We remained committed to forming strategic, market-driven alliances that promote sector-centric and AI-driven innovation while delivering robust outcomes for our clients. Our collaboration with alliance partners resulted in strong growth in wins via our alliances in FY25, cementing these partnerships as a core engine of our business.

In the last three years, we doubled the size of our Managed Services business. We continue to invest in this vital segment of our business which is anticipated to remain a significant growth driver moving forward.

Assurance

Revenues from our assurance practices grew by 1.7% to US$19.8 billion without adjusting for changes in business structures. Our work remains grounded in quality and trust. Growth is accelerating across new areas of assurance — from sustainability to AI — and we are expanding our capabilities to meet rising expectations.

Our audit businesses continue to grow, supported by talent development, investments in technology, and a sustained focus on quality. Audit services account for approximately 74% of total Assurance revenues, with the remainder largely coming from our digital and risk services, as well as our capital markets and accounting advisory offerings. Together, these services enable us to support clients ranging from the world’s largest organisations to emerging innovators, all with the same commitment to building trust in society.

In FY25, we continued to scale our US$1 billion investment in our Next Generation Audit platform, using AI, automation and cloud-enabled delivery to transform how we deliver trusted, future-ready audits.

Tax and Legal Services

Revenues from our Tax and Legal Services businesses were up by 1.0% to US$12.7 billion, or 2.8% if adjustments are made to reflect changes in business structures during the year.

Technological disruption and evolving regulatory requirements — including increasingly complex reporting requirements in areas from Pillar Two to sustainability — continued to fuel our largest growth area in tax, Connected Tax Compliance.

Demand for consulting services grew strongly in FY25. We supported clients as they underwent mergers and acquisitions, explored the impact of the evolving global trade policy on their business, and managed broader business transformation and workforce planning efforts. Our work was underpinned by an assessment of the impact of artificial intelligence on clients’ people, processes and businesses.