Robust growth across PwC’s core businesses helped the firm surpass the $50 billion revenue mark for the first time in its 2022 fiscal year.

PwC’s 2022 fiscal year encompassed the 12 months ended June 30. The firm releases its annual financial results once a year in October.

PwC is one of the world’s four largest accounting and tax service providers. It’s organized as a collection of largely separate accounting firms that each focus on a different regions, but operate under the same brand name and share corporate resources.

PwC’s member firms collectively grew their revenue by $50.3 billion in 2022. When measured in local currencies, that constitutes a 13.4% increase from the previous fiscal year.

Core business units

PwC’s fastest growing business in fiscal 2022 was its advisory division. The division provides IT services, as well as business consulting services in areas such as HR and sales.

According to PwC, its advisory revenues ballooned 23.5% in fiscal 2022 to $20.7 billion. That’s nearly twice the growth rate achieved by the firm as a whole.

PwC’s second fastest growing business is its assurance division. It audits the reliability of publicly traded companies’ earnings reports and provides related financial services.

The assurance division grew revenues by 7.6% to $18 billion, PwC said. Employees at the division completed 1,615 audits for clients in fiscal 2022.

The remainder of the $50.3 billion in revenue that PwC generated during the 12 months ended June 30 came from its aptly named tax and legal services division. The business unit generated revenues of $11.6 billion, which works out to an increase of 6.8% from the year-ago period.

Business growth initiatives

PwC expanded its workforce by about 10% to nearly 328,000 people in 2022 to support its revenue growth.

As part of the same growth effort, the firm made 17 acquisitions and invested $3.1 billion back into enhancing its business operations. A significant portion of that investment took the form of employee training: PwC spent $507 million in 2022 to equip its employees with new skills.

Many of PwC’s recent growth initiatives were carried out as part of a strategy that the firm refers to as the New Equation. The strategy places an emphasis on equipping employees with new skills and using software to help clients run their businesses more efficiently.

“The results we achieved in FY22 are a direct outcome of our strategy, The New Equation, which we launched in June 2021,” commented PwC global chairman Bob Moritz. “Its impact is apparent in our financial performance.”

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