PwC reported a substantial slowdown in its global revenue growth for the fiscal year ending June 30, 2025, with an increase of just 2.9% to $56.9 billion. This marks the third consecutive year of decelerating growth for the firm, following a 9.9% increase in FY23 and 3.7% in FY24. The company described these results as a "solid performance in a challenging economic climate" but the growth rate lags behind its Big Four rivals, Deloitte and EY, which reported growth rates of 4.8% and 4% respectively after currency fluctuations.
In response to the slower growth and challenging market conditions, PwC made significant workforce adjustments, cutting 5,600 jobs globally during FY25. This move contradicts a previous ambitious strategy set in 2021 by former leader Bob Moritz to increase the global workforce by 100,000 by mid-2026. The current global chair, Mohamed Kande, has quietly abandoned this target, as achieving it would require adding approximately 40,000 workers in the next 12 months. This is the first time since 2010 that PwC has reduced its workforce.
The slowdown affected various business lines and regions. While the firm's assurance business grew by 0.9% and its tax business by 2.8% globally (after reorganizations), its advisory business saw a 4.4% increase following a strong first half, which then gave way to weaker demand. Geographically, revenue growth accelerated to 5.1% in the Americas but slowed to 3.7% in Europe, the Middle East, and Africa, and continued to shrink for a second year in Asia due to factors including past scandals in China and Australia. PwC also pulled out of 13 countries, mostly in Africa, leading to a decrease in its total client count from 180,000 to 175,000 as it focused on client portfolio quality.
