- Revenues grew by 2.7% in local currency and 2.9% in US dollars
- 364,000 people across 137 countries and territories serve 82% of the Fortune Global 500
- US$3.1 billion invested across the network, including 12 acquisitions and strategic investments and nearly US$1.5 billion ongoing investment expanding and scaling our AI capabilities
- Continued to scale US$1 billion investment in our AI-enabled Next Generation Audit (NGA) platform
LONDON, 28 October 2025 — For the 12 months ending 30 June 2025, PwC firms around the world reported record gross revenues of US$56.9 billion, growing by 2.7% in local currency and 2.9% in US dollars over the FY24 gross revenues of US$55.4 billion.
Mohamed Kande, Global Chairman, PwC, said:
“This has been a year of extraordinary complexity—but also of progress. I’m proud of the trust our clients continue to place in us as we help them reinvent and respond to the challenges shaping today’s economy. Across regions and all lines of business, our network delivered growth while making bold investments—$1.5 billion this year—to scale our AI capabilities and prepare for the future. Most of all, I’m inspired by our 364,000 people around the world who are leading with innovation, delivering with excellence, and creating lasting value for our clients and communities in 137 countries and regions.”
Revenues grow across the network
Overall revenues continued to grow year-on-year across most of the PwC network.
- Americas: revenues were up by 5.5% to US$25.5 billion, notably including strong revenue growth in the US and Brazil.
- Europe, Middle East and Africa (EMEA): revenues were up by 2.5% to US$22.5 billion, with particularly strong growth in Central and Eastern Europe (CEE) and Spain.
- Asia Pacific: revenues rose strongly in a number of countries such as Japan, India, and South Korea, though revenues as a whole in the region declined 4.1% to US$8.8 billion.
Strong results across all lines of business
Each of our lines of business — Advisory, Assurance, and Tax and Legal Services — saw revenues grow in FY25.
- Advisory: revenues were up 4.5% to US$24.3 billion (or 4.4% if adjusted for changes in business structures). 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, while in the last three years, we doubled the size of our Managed Services business.
- Assurance: revenues were up 1.7% to US$19.8 billion (without adjusting for changes in business structures). 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 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 sustainability to Pillar Two — continued to fuel our largest growth area in tax, Connected Tax Compliance. At the same time, demand for consulting services grew strongly in FY25 as we supported clients undergoing 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.
Accelerating our AI transformation and investing in the PwC of the future
As the global economy continues to face headwinds, and as clients and corporates navigate a climate characterised by heightened uncertainty and technological transformation, PwC continued to invest in its capabilities, workforce and service-offerings to ensure our workforce and clients are enabled by leading-edge technological capabilities and are ready for the Intelligence Age. Highlights include:
- Investments and acquisitions: US$3.1 billion invested across the network, including 12 acquisitions and strategic investments to expand professional capability in key areas, particularly AI & technology, consulting, business strategy and tax.
- Alliances: We continued to evolve and deepen our network of alliances, building on our strong foundation and expanding our collaborations as technology advances. Our partnerships with leading innovators, including SAP, Oracle, AWS, Google Cloud, Microsoft, Workday, Guidewire, Adobe, OpenAI, and Anthropic, are driving the development of cutting-edge, industry-specific solutions that help clients transform and grow with confidence. Together, we’re harnessing the momentum of our alliances to deliver differentiated value as the technology landscape evolves.
- AI Centres of Excellence, agent OS, and AI agents partnership: Continued to invest nearly US$1.5 billion across the network to expand and scale our AI capabilities, including building out our global AI factory, establishing AI hubs and Centres of Excellence around the world, and launching agent OS, our AI enterprise command centre which seamlessly connects and scales AI agents into business-ready workflows. PwC and Microsoft also announced a strategic collaboration aimed at transforming industries with the power of AI agents, sophisticated systems capable of performing tasks autonomously, analysing data and aiding decision-making.
- Trust in AI: We launched Assurance for AI, the first solution of its kind, to empower businesses with trust and confidence in their AI systems. Assurance for AI will complement our existing services by providing independent assurance over AI systems, giving businesses confidence that it is designed, deployed and operated responsibly and transparently, and aligned with regulatory expectations.
- Refreshed brand: We launched a refreshed visual identity to reflect our position at the forefront of business, technology and industry change. Our first global brand update in over a decade, our new look reflects how the firm already works: fast, sharp and focused on what’s next. It embodies our role as a catalyst that helps clients build momentum so they can create, capture and protect value.
- Upskilling our workforce: We invested in upskilling our people’s capabilities with over 315,000 PwC people taking part in AI upskilling since July 2023, many through our Network AI Academy.
- Progress towards net zero: Progressed toward achieving net zero greenhouse gas emissions with 2030 goals. We have already reduced our scope 1 & 2 greenhouse gas emissions by 73% compared to FY19 (our goal is a 50% reduction by FY30). In addition, we already use 99% renewable electricity in our territories.
Mohamed Kande, Global Chairman, PwC, concluded:
“We’re entering a defining moment — the dawn of the Intelligence Age. Artificial intelligence, environmental shifts, and new geopolitical realities are reshaping the global economy faster than ever before. Traditional industries are being reimagined, new ecosystems are forming, and capital is flowing toward innovation at scale. This change brings both pressure and possibility. The leaders who stay curious, ask the right questions, and have the courage to reinvent their organisations won’t just adapt — they’ll unlock new sources of growth, build trust in a changing world, and shape the next era of progress.”
“Over the past year, we’ve accelerated our own reinvention — building real momentum for the next era of professional services. Our commitment to a network-first strategy has never been stronger. We’re investing in our people, advancing technology, and raising the bar on quality across the world. These efforts are about more than transformation — they’re about taking our clients to the leading edge while creating sustainable, long-term growth for our network and the communities we serve.”
Aggregated revenues of PwC firms by geographic region (US$ millions)
| FY25 at FY25 exchange rates | FY24 at FY24 exchange rates | % change | % change at constant exchange rates | |
| Americas | 25,574 | 24,335 | 5.1% | 5.5% |
| EMEA | 22,548 | 21,743 | 3.7% | 2.5% |
| Asia Pacific | 8,846 | 9,303 | -4.9% | -4.1% |
| Gross revenues | 56,968 | 55,381 | 2.9% | 2.7% |
The percentage changes at constant exchange rates reflect local currency growth without the impact of US dollar exchange rates.
Aggregated revenues of PwC firms by line of service (US$ millions)
| FY25 at FY25 exchange rates | FY24 at FY24 exchange rates | % change | % change at constant exchange rates | |
| Advisory | 24,386 | 23,308 | 4.6% | 4.5% |
| Assurance | 19,846 | 19,475 | 1.9% | 1.7% |
| Tax and Legal Services | 12,736 | 12,598 | 1.1% | 1.0% |
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.
Notes to Editors
About PwC
At PwC, we help clients build trust and reinvent so they can turn complexity into competitive advantage. We’re a tech-forward, people-empowered network with more than 364,000 people in 136 countries and 137 territories. Across audit and assurance, tax and legal, deals and consulting, we help clients build, accelerate, and sustain momentum. Find out more at www.pwc.com.
To learn more, read PwC’s 2025 Global Annual Review and PwC’s 2025 Environment Network Report.
Contact us
Ryan Stanton
Managing Director, Global Reputation and Issues Management, PwC United States
Tel: +1 310-367-1045
