The elite quartet of global professional services firms—Deloitte, EY, KPMG, and PwC—collectively employ approximately 1.5 million individuals worldwide and generate substantial revenues through a diverse spectrum of consulting and accounting offerings.
After benefiting from a surge in demand during the pandemic years, the consulting sector faced a notable deceleration in client spending in 2025. This reshaped the growth dynamics across these firms, with incremental revenue growth observed, albeit at rates significantly lower than the double-digit increases seen previously.
In 2025, workforce movements diverged among the Big Four: Deloitte, EY, and KPMG expanded their headcounts, while PwC scaled back its global employees. The industry is concurrently undergoing rapid evolution amidst the proliferation of artificial intelligence (AI), which is fundamentally altering client needs and the consulting services provided.
Leading firms are investing billions to demonstrate proficiency in AI integration internally and to assist clients in adopting similar advances. Analyzing the recent financial disclosures highlights how these factors manifest differently across the Big Four.
Deloitte
Deloitte experienced recovery in revenue growth during its fiscal year ending May 31, 2025, rebounding from a dip the previous year when growth slipped from 14.9% to 3.1%. In 2025, the firm reported $70.5 billion in global revenue, marking a 4.8% increase year over year.
Structural adjustments were undertaken early in the period, consolidating its business lines from five to four to enhance operational focus. However, Deloitte's government engagement faced setbacks when numerous contracts were cut as part of the U.S. government's cost-reduction efforts under the Trump administration's DOGE initiative in February 2025.
Employee numbers expanded by 10,000, representing a 2% gain to reach 470,000 worldwide.
The revenue growth by service segment was as follows: Tax and Legal services grew by 5.4%, Audit and Assurance by 3.8%, Consulting encompassing Strategy, Risk, and Transactions increased 5.5%, while Technology and Transformation Consulting saw growth of 4.7%.
PwC
PwC posted a continued slowdown in revenue growth, marking the third consecutive year of deceleration, making it the sole Big Four firm experiencing this trend. Despite these pressures, the firm characterized its $56.9 billion revenue as a "solid performance in a challenging economic climate."
Contrary to workforce expansion goals set in 2021 under former leadership aimed at reaching approximately 400,000 employees, PwC reduced its headcount by 5,600 to 364,000 during the 2025 fiscal year ending June 30.
Revenue growth by category was uneven: Tax and Legal services rose by 1.1%, Assurance by 1.9%, and Advisory services showed stronger growth at 4.6%.
EY
EY maintained stable overall revenue growth year over year, totaling $53.2 billion for the fiscal year ended June 30, 2025. While the firm's consulting revenue experienced a significant uplift of 5.2%, it contrasted with no growth in this segment the previous year.
The firm highlighted robust demand for AI-related services, reporting a 30% revenue increase in areas such as enterprise-wide transformations and AI governance frameworks, signaling emerging strength in this market niche.
Workforce dynamics shifted positively, with a 3.4% increase in employees, bringing EY’s global count to 406,206 after a prior year reduction.
Segment-specific revenue changes included Assurance up 3.5%, Tax advancing 5.5%, Strategy and Transactions rising marginally by 0.4%, and Consulting contributing 5.2% growth.
KPMG
KPMG, the smallest of the Big Four in both revenue and employee base, demonstrated steady performance with 5.1% annual revenue growth to $39.8 billion for the fiscal year ending September 30, 2025.
A standout in KPMG’s portfolio was its Tax and Legal segment, which expanded by 7.5%, outpacing similar divisions at EY and Deloitte, and substantially exceeding PwC’s growth in the area.
In a strategic move, KPMG inaugurated a legal division in the United States in February 2025, becoming the first among the Big Four to do so.
The firm’s workforce increased modestly by 1%, totaling 276,030 employees.
Other revenue segments grew as follows: Audit increased by 6%, and Advisory by 2.9%.
Together, the 2025 financial results of these firms illustrate a global professional services market in transition, shaped by technological innovation and changing economic conditions impacting client spending and talent management.