The Big Four consulting firms—Deloitte, EY, KPMG, and PwC—navigated a year of significant change in 2025, adapting to evolving market demands and the rapid integration of artificial intelligence (AI) into their operations. While growth resumed for many, the pace was notably slower than during the pandemic years, highlighting a transformative moment for these industry giants.
Despite the challenges posed by a post-pandemic economy, all four firms reported revenue increases in their latest financial years. However, the strong growth rates seen during the pandemic have not fully returned. The firms collectively employ approximately 1.5 million people globally and generate billions through various consulting and accounting services.
Deloitte Leads with Revenue Growth
Deloitte experienced a rebound in revenue growth in its financial year ending on May 31, 2025. Following a significant drop from 14.9% to 3.1% in the previous year, Deloitte’s latest figures showed a revenue increase of 4.8%, bringing its total to $70.5 billion. The firm restructured its core business lines, reducing them from five to four, and expanded its workforce by 10,000 employees to reach a total of 470,000.
The breakdown of revenue growth by category is as follows:
– Tax and legal: 5.4%
– Audit and assurance: 3.8%
– Consulting—strategy, risk, and transactions: 5.5%
– Consulting—technology and transformation: 4.7%
Despite the positive growth, Deloitte faced challenges, including the loss of government contracts due to a cost-cutting initiative by the Trump administration.
PwC Faces Ongoing Challenges
In contrast, PwC reported a third consecutive year of slowing growth, with a revenue increase of just 2.7%, amounting to $56.9 billion. The firm characterized its performance as “solid” amidst economic difficulties. PwC made the difficult decision to reduce its global workforce by 5,600, resulting in a total of 364,000 employees, a reversal of a previous goal to expand its headcount.
Revenue growth across different categories included:
– Tax and legal: 1.1%
– Assurance: 1.9%
– Advisory: 4.6%
EY Maintains Steady Growth
Meanwhile, EY achieved a steady revenue growth rate of 4%, with total revenues reaching $53.2 billion. After a year of downsizing, EY expanded its workforce by 3.4%, bringing the total to 406,206 employees. The firm noted a strong uptick in its consulting business, which grew by 5.2% compared to the previous year.
EY also reported a substantial increase in demand for AI-related services, with revenues rising 30% due to initiatives such as “enterprise-wide transformations” and “AI governance frameworks.” This highlights the growing importance of AI in shaping the future of consulting services.
KPMG Sees Consistent Growth
Lastly, KPMG recorded an annual revenue growth of 5.1%, resulting in total revenues of $39.8 billion. The firm noted that its tax revenues grew by an impressive 7.5%, outpacing its larger competitors. KPMG also made headlines by establishing a legal division in the United States, marking a significant expansion in its service offerings.
KPMG’s global workforce increased by 1% to a total of 276,030 employees, reflecting its commitment to growth in a competitive landscape.
The mixed results among the Big Four underscore the dynamic nature of the consulting industry, particularly as firms invest in AI and adapt to changing client demands. As they navigate this transformative period, the focus on innovation and efficiency will likely shape their strategies in the years to come.
