PwC revenue growth lags Big Four rivals as EMEA slowdown weighs on results

Highlights

PwC reports global revenue of $60.2bn for the year to June 30, up 3.5 per cent, lagging behind Deloitte's 3.8 per cent and EY's 4.7 per cent growth.
Europe, Middle East and Africa revenue rises just 0.7 per cent as Middle East conflict and reduced Saudi government consulting weigh on results, while Asia-Pacific posts 7.7 per cent growth.
Advisory division revenue growth slows to 3 per cent from 4.5 per cent at $25.8bn, with audit and tax rising 2.6 per cent and 6.3 per cent to $20.5bn and $13.9bn respectively.

Regional performance and annual revenue trends

As reported by the Financial Times, PwC says revenue in Europe, the Middle East and Africa rises just 0.7 per cent after the Middle East conflict and a slowdown in consulting work for the Saudi Arabian government weigh on performance. The accounting and consulting firm reports global revenue of $60.2bn for the year to June 30, up 3.5 per cent on a constant-currency basis.

That marks an improvement from the previous 12 months, when revenue grows 2.7 per cent. Mohamed Kande, PwC’s global chair, says the firm achieves robust growth despite geopolitical and economic uncertainty.

Asia-Pacific, PwC’s smallest region, records the fastest growth at 7.7 per cent as business begins to recover from scandals in China and Australia that hit those markets two years earlier. PwC UK, the legal entity covering its British and Middle Eastern businesses, said last month that revenue had declined for the first time in more than two decades.

Competitive pressure and consulting market challenges

PwC’s 3.5 per cent revenue growth compares with 3.8 per cent at Deloitte and 4.7 per cent at EY, showing that the firm is still trailing its largest rivals. After more than five consecutive years of faster growth by EY, its revenue is now just $3.2bn behind PwC, while Deloitte remains the largest of the Big Four and KPMG, which reports later this year, remains the smallest.

Like other major consulting groups, PwC is retooling its operations around AI and expanding services that help clients implement the technology. But uncertainty over how AI fits into existing IT infrastructure is holding back the consulting industry and weighs on advisory demand.

Within PwC, revenue growth in advisory, its largest division, slows to 3 per cent from 4.5 per cent, reaching $25.8bn. Audit and tax grow 2.6 per cent and 6.3 per cent respectively, to $20.5bn and $13.9bn, while headcount rises to almost 370,000 at the end of June from 364,000 a year earlier.

Our earlier article on the IMF’s warning about the Middle East conflict explained how renewed disruptions to energy production, shipping routes, and trade flows could deepen economic shocks across the wider region. It highlighted the IMF’s outlook for uneven performance, including a potential contraction in 2026 followed by a rebound in 2027, and stressed that limited regional buffers make policymakers’ focus on price stability and fiscal resilience increasingly important.

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