KPMG Posts Global Revenue of $36.4 Billion in 2023

Global revenue for KPMG grew 5% in 2023 as the Big Four firm topped out at $36.4 billion for the fiscal year ending Sept. 30.

Among their Big Four brethren, KPMG had the smallest year-over-year revenue increase in 2023. PwC’s revenue grew 5.6% to $53.1 billion, and Deloitte and EY both had 9.3% revenue increases to $64.9 billion and $49.4 billion, respectively.

KPMG also announced today that Global Chairman and CEO Bill Thomas had his term extended to Sept. 30, 2026. The Canadian-born Thomas has been in that role since October 2017.

Bill Thomas

“As the world faces economic and geopolitical uncertainty and increasing complexity, KPMG has remained focused on harnessing the full breadth of our multidisciplinary model, which has enabled us to deliver sustainable growth across all areas of the business,” he said in a statement. “Guided by shared values, purpose, and a strong KPMG culture, we remain driven to make a positive difference for clients, our people, and society more widely. KPMG firms are investing significantly in areas important to clients, including technology and ESG services, and in attracting and retaining the best talent in the market.”

The Americas region and the Europe, Middle East and Africa (EMA) region both had revenue growth of 7% over 2022; however, the Asia Pacific region saw a decrease in revenue compared to last year—$6.3 billion in 2022 to $6.1 billion in 2023.

All three of KPMG’s core service lines—advisory, tax and legal, and audit—had year-over-year revenue growth in 2023, with tax and legal showing the biggest increase of 7%.

Source: KPMG

The recent announcement of a $2 billion investment over the next five years in artificial intelligence and the expansion of its global collaboration with Microsoft has helped the firm secure early access to the latest advancements in AI, such as Microsoft Copilot and Azure OpenAI Service, KPMG said.

The firm said it plans to invest further in areas such as Digital Gateway for Tax, its cloud-based tax platform; KPMG Clara, its audit technology platform; and the KPMG Advisory client product suite to harness the latest AI and data modernization capabilities.

KPMG’s global headcount increased in 2023 by 3% to 273,424, and the firm said it will heavily invest in specialist roles in areas including ESG, tax, and technology. Nearly 29% of the leadership positions (partner or director) at KPMG worldwide are held by women, but the firm still has a ways to go to reach its goal of 33% by 2025.

“We set out our ambition in 2018 to build trust in our business and drive growth, and with that foundation in place, I believe we are poised to accelerate our growth through major investments across our member firms,” Thomas said. “Our success will continue to come from the incredible efforts and dedication of our more than 273,000 KPMG colleagues around the world, and I’m grateful for the role they’ve played in building a stronger KPMG over the last year.”