PwC recently announced revenues of $35.9 billion for the fiscal year ended June 30, 2016. This is only a slight growth from their 2015 revenue. PwC Revenue for 2015 was $35.4 billion in 2015.
Revenue by line of service
Their revenue breaks down by line of service as follows:
Assurance revenues of $15.3 billion. This represents a growth of 1%.
Advisory revenues of $11.5 billion. This represents a growth of 2.6%
Tax revenues of $9.1 billion. This represents a growth of 1.6%.
Advisory enjoyed the largest growth at 2.6% in US dollars.
PwC blamed the low growth on the strong US dollar. You can see this in their results from their overseas regions.
PwC Revenue by Region
Change in revenue by region:
PwC’s revenue grew the most in developing countries like India and China. In those regions, PwC enjoyed US dollar growth of 6.8%.
PwC also had growth in their North America region of 6.3%.
PwC has 223,000 employees as of the fiscal year ended June 30, 2016. That is pretty strong growth from the 208,000 employees they had in 2015.
They added 58,081 people in 2016. This only netted to net employee growth of 15,000 employees. This means that about 43,000 people left the firm in 2016.
The growth of 15,000 employees represents 7% growth in 2016.
PwC admitted 665 partners in 2016. 27% of those new partners were females.
2016 PwC Partner Admits
How many people work for PwC
PwC has over 15,800 employees to support their clients with technology services.
PwC invested over $500 million in enhancing their audit quality and service to their clients.
Employees partook in over 11 million hours of training.
Over 50% of new graduate employees were female employees.
27% of new partners were females.
Named the strongest global b2b brand.
83% of employees say that they are proud to work at PwC
PwC donated $63 million to social responsibility causes in 2016. By comparison, Deloitte donated $75 million.
PwC donated 820,000 hours of services to social causes in 2016. They did not place a monetary value on the service hours like Deloitte did. By comparison, Deloitte provided 1.3 million hours to pro bono projects and volunteerism.
It’s interesting that PwC’s revenues had such little growth year over year. I wonder if part of this has to do with PwC’s damaged reputation due to cases like Taylor Bean. Clients might be afraid of headline risk of doing business with them.
PwC has a lot of large lawsuits pending while Deloitte had one whistleblower case.
Deloitte just signed a huge deal with Apple as well. That deal with Apple will help Deloitte win other large projects. Deloitte can use the Apple consulting work to their other clients to win more work. They can show new clients that the largest company in the world trusts Deloitte with their brand.
PwC on the other hand will have to be out in the market beating the audit quality drum in order to maintain their brand. That is why they are speaking about the amount they invested in audit quality in this press release. They want to combat the negative press they have received from all the recent lawsuits.
Additionally, PwC needs to calculate a monetary value for their community service hours to receive a positive impact to their brand. 820,000 hours is a significant amount of time, but it doesn’t seem significant until you say it is $X hundreds of millions of dollars. For example, Deloitte stated that their volunteer service hours were worth $225 million.
We will need to keep an eye on the results for PwC for the coming year and see if they dip due to headline risk. Deloitte revenue for 2016 was $36.8 billion which is almost a billion dollars more than PwC. Subscribe to our newsletter to get updates about PwC and their revenue.