PwC Hits $45 Billion In Global Revenue In ‘New Equation’-less FY 2021
The FY 2021 numbers are in at PwC and global revenue rose 4.9% to $45.1 billion for the year ending June 30. Hey, nice job, everyone. And as you’d expect, Bob Mortiz is #PwCProud:
“I’m tremendously proud of all we achieved in a challenging year, and the way we did it, leading with our values and people-first approach. Our top priority has been safeguarding the health, safety and well-being of our colleagues. With their resilience and steadfast commitment, we have remained focused, working together to deliver quality work and innovative solutions for our stakeholders across the world.”
“We also concluded on and launched our new global strategy, “The New Equation”, in June which uniquely positions PwC to address the two critical, interconnected needs of every organisation – the need to build trust with stakeholders and deliver sustained outcomes. Our strategy is bold and we believe it is transformational. We will be driving it with more than US$12 billion in investments over the next 5 years and the creation of over 100,000 net new jobs,” said Bob Moritz, PwC’s Global Chairman.
PwC is putting all its eggs in this New Equation basket in order to achieve world domination (i.e., catch and surpass Deloitte as the biggest of the Big 4, a title PwC lost in 2016). But just because you throw around the word “trust” multiple times in a press release or in video messages on your website and say “New Equation this” and “New Equation that,” it doesn’t mean PwC is some unique entity in the world of professional services, that it’s the only firm with the goals of providing great client service, building trust with stakeholders, and delivering sustained outcomes. Sorry, PwC, but all of your competitors have those same goals too. The only difference is instead of calling it “The New Equation,” they usually call their global strategies “Vision [INSERT YEAR HERE].”
And Deloitte Global CEO Punit Renjen seems like a competitive guy. You know he’s not going to let Deloitte give up that No. 1 spot in Big 4 global revenues without a fight.
Anyhoo, back to PwC’s 2021 revenue results. Revenue in the Americas region stayed flat in 2021, only growing 0.1% due to a “significant downturn in disbursements and expenses recharged to clients, which particularly impacted PwC US where revenues were static year on year, as well as some challenging economic conditions especially across Central and South America,” the firm said. But hey, PwC Canada kicked ass—its revenue rose by more than 5.1%.
Here’s a chart showing which regions overperformed and underperformed in 2021:
All three of PwC’s core service lines—assurance, advisory, and tax—had year-over-year revenue growth in 2021, with advisory leading the way with a 5.8% increase, as the following chart shows:
PwC hired 90,273 warm bodies in 2021, bringing its total headcount worldwide to more than 295,000.
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