U.S.: Leading Accounting Firms, by revenue
Firm (headquarters, fiscal year end)202020212022
Deloitte (New York City, June)23.1622.9327.94
PwC (New York City, June)18.0017.9720.73
Ernst & Young (New York City, June)15.8216.1719.11
KPMG (New York City, September)9.579.9711.44
RSM U.S. (Chicago, December)2.793.133.60
BDO USA (Chicago, April)1.802.002.49
Grant Thornton (Chicago, July)1.921.972.31
CLA (December)1.191.451.66
Forvis (May)1.49
Baker Tilly (Chicago, May)0.791.151.41
Crowe (Chicago, December)0.931.001.25
CBIZ & MHM (Cleveland, December)0.821.081.24
Marcum (New York City, December)0.680.801.22
Moss Adams (Seattle, December)0.820.951.12
Plante Moran (Southfiedl, Mich., June)0.750.810.92
CohnRezick (New York City, January)0.810.90
  • Region:United States
  • Time period: 2020 to 2022
  • Published: Mar 2023

Data Analysis and Insights

Updated: Mar 28, 2024 | Published by: Statistico

Revenue Growth from 2020 to 2022

Deloitte experienced the highest absolute revenue growth among the U.S. accounting firms, with an increase of $4.78 billion from 2020 to 2022. This signifies a substantial expansion, underscoring Deloitte's leading position in the accounting industry.

Top Performers in Revenue Growth Percentage

Baker Tilly showed the most significant percentage increase in revenue over the two years, growing by approximately 78% from 2020 to 2022. This rapid growth indicates Baker Tilly's successful expansion strategies and increasing market share.

Steady Growth Among Major Firms

PwC, Ernst & Young, and KPMG all demonstrated consistent revenue growth from 2020 to 2022, with increases of $2.73 billion, $3.29 billion, and $1.87 billion, respectively. These figures reflect the strong market presence and ongoing demand for the services of these top-tier accounting firms.

Emergence of New Competitors

Forvis entered the ranking in 2022 with a revenue of $1.49 billion, marking its debut as a significant player in the accounting industry. The firm's entrance highlights the dynamic nature of the accounting sector and the potential for new firms to emerge and grow rapidly.

Strong Growth in Mid-Sized Firms

Mid-sized firms such as RSM U.S., BDO USA, and Grant Thornton saw notable revenue increases from 2020 to 2022, with growth rates of 29%, 38%, and 20%, respectively. These increases underscore the competitive landscape beyond the largest firms, indicating healthy growth among mid-sized entities.

Impact of Fiscal Year End on Reporting

Firms with different fiscal year ends, such as KPMG (September) and BDO USA (April) , may have variations in their reporting periods, which can affect the comparability of year-over-year growth. The diversity in fiscal year endings illustrates the varied financial cycles within the industry.

Revenue Per Firm Variation

The range in revenue figures from the largest, Deloitte ($27.94 billion) , to the smallest, CohnRezick ($0.90 billion) in 2022, highlights the significant variation in size and scale among top U.S. accounting firms. This disparity reflects the broad spectrum of services, client bases, and market reach within the sector.

Consistent Growth Despite Economic Fluctuations

All listed firms, except Forvis (due to no data for 2020 and 2021) and CohnRezick (no data for 2020), reported revenue growth from 2020 to 2022. This trend suggests a resilient accounting industry capable of sustaining growth despite potential economic fluctuations.

Frequently Asked Questions

Which U.S. accounting firm experienced the highest absolute revenue growth from 2020 to 2022?

Deloitte had the highest absolute revenue growth with an increase of $4.78 billion.

Which company had the most significant percentage increase in revenue from 2020 to 2022?

The company with the largest percentage increase in revenue was Baker Tilly, growing by roughly 78%.

Which new firm entered the accounting industry ranking in 2022?

The firm Forvis emerged in the ranking in 2022, with a revenue of $1.49 billion.

Which accounting firms demonstrated consistent revenue growth from 2020 to 2022?

The firms PwC, Ernst & Young, and KPMG showed consistent revenue growth, with increases of $2.73 billion, $3.29 billion, and $1.87 billion respectively.

Terms and Definitions

An accounting firm is a business organization that specializes in providing accounting and financial advisory services. These services include audit and assurance, tax planning, financial reporting, business consulting, and corporate finance advice.

Revenue refers to the income earned by a company from its regular business activities, typically from the sale of goods and services to customers. It represents the total gross income before deducting any expenses or taxes.

Audit and assurance are key services provided by accounting firms. An audit is an independent examination of a company's financial statements to ensure accuracy and compliance with accounting standards. Assurance services go beyond audits to include risk assessment, corporate governance, compliance and other areas of business performance.

Tax planning is a service provided by accounting firms where specialists advise companies on the most tax-efficient way to conduct their business. This includes planning for corporate tax, sales tax, excise tax, duties, and other applicable taxes to minimize overall liability.

Financial reporting refers to the periodic disclosure of a company's financial condition and performance. This includes reports like the balance sheet, income statement, and cash flow statement, which provide crucial information for investors, creditors, and regulatory authorities.

Business consulting is a service provided by an accounting firm that taps into their financial expertise to help clients improve their operations and performance. This might include strategic planning, cost reduction, technology optimization, and other operational enhancements.

Corporate finance advice from accounting firms encompasses a range of services related to a company's financial strategies. This includes capital structuring, mergers and acquisitions, investment evaluation, and financial risk management.

Accounting standards are guidelines used for the preparation and presentation of financial statements. These are developed by standard-setting boards to ensure uniformity and comparability of financial information across different companies. Accountants and auditors adhere to these standards while auditing a company's financial records.
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