PwC global revenues rise to US$55.4 billion

● Workforce grew to over 370,000 people in 149 countries, who together serve 86% of Fortune
Global 500 companies
● US$3.6 billion of new investment around the world including US$1.5 billion to expand and
scale our AI capabilities
● Wins with our alliance partners grew by 24.5% in FY24

Jakarta, 5 November 2024 – For the 12 months ending 30 June 2024, PwC firms around the world
reported record gross revenues of US$55.4 billion over the FY23 gross revenues of US$53.1 billion.

Mohamed Kande, Global Chairman, PwC said, “It’s been a year full of successes and challenges, in
which we’ve supported our clients and made meaningful contributions to our stakeholders in the
regions and communities where we live and work. Despite a backdrop of economic headwinds, we’ve
seen revenue growth across all of our lines of business, deepened our strategic alliances, and
invested $1.5 billion to expand and scale our AI capabilities.

As a network, we are focused on building trust and delivering quality services that our clients need to
prosper today and to reinvent their businesses for tomorrow. We are focused on collaboration and
innovation to help our stakeholders navigate an increasingly complex global environment, and I am
proud of what our 370,000 people have accomplished this year.”

Revenues grow across the world

While economic growth remains sluggish in a number of countries and political uncertainty dampened
demand in some markets, overall revenues continued to grow year-on-year across the PwC network.

● Europe, Middle East and Africa (EMEA) revenues were up by 8.6%. The consolidated
revenue of the UK and Middle East rose strongly reflecting increasing demand for services in
the Middle East. Germany had a steady year of growth, while there were particularly strong
performances from Sweden and France. Across Africa overall, revenues declined due to
ongoing tough economic conditions, however in South Africa business was buoyant. Central
and Eastern Europe (CEE) had another solid year of growth.
● Some difficult market conditions in Asia Pacific meant revenues were down overall by 5.6%.
Demand was particularly slow in China where revenues fell, and in Australia economic and
business headwinds, as well as the divestment of the firm’s government consulting business,contributed to a decline in revenue over last year. India continued to perform very well with a strong increase in revenues.
● Across the Americas revenues were up by 3.4% reflecting difficult market conditions in the
US. Demand for services continues to be strong in Brazil

Strong results across all lines of business

Each of our lines of business – Assurance, Advisory, and Tax and Legal Services – saw revenues
grow in FY24.

Assurance

Revenues from our assurance operations grew by 3.4% to US$19.5 billion (FY23: US$18.7 billion). In
our 175th year our assurance business remains the foundation of our operations. Demand for our
newer services such as risk and broader assurance in areas such as environmental impact continues
to grow and we continue to invest in the development of these newer services to meet the growing
and changing needs of our stakeholders.

Despite a very competitive market and the impact of audit firm rotation, our core audit business grew
as stakeholders continue to see the value of our commitment to audit quality and investment in the
audit of the future. Audit revenues account for three quarters of our total assurance revenues.

In FY24, working with leading technology companies, we continued our multi-year programme of
investing US$1 billion to develop our Next Generation Audit platform for our assurance services on
financial and broader impact reporting.

Advisory

Revenues from our advisory operations were up by 2.6% to US$23.3 billion (FY23: US$22.6 billion).
A continuing slow market for mergers and acquisitions, sluggish economic growth in a number of key
markets and political uncertainty holding back investment in some key projects meant that the growth
of our advisory operations slowed over the last twelve months.

We have continued to invest in the work that we undertake with our key technology alliance partners
as we help our clients with the ongoing digital transformation of their operations. Wins with our
alliance partners grew by 24.5% in FY24. Our investment in alliances will continue in the coming
years and we see this as an increasingly important segment of our advisory business.

In the past 12 months we also saw healthy and growing demand for our Managed Services business
which now employs 58,000 people across the world. Our work helping organisations in financial
difficulty and facing liquidation also continued to grow with wins from this segment of our business up
by 30% in FY24.

Tax and Legal Services

Revenues from our Tax, Legal and Workforce businesses were up by 6.3% to US$12.6 billion (FY23:
US$11.8 billion).

Regulatory uncertainty and technological disruption continued to fuel our largest growth area in tax,
Connected Tax Compliance. This includes both Pillar Two and Sustainability which have increasingly
complex reporting requirements.

Demand for our Legal and Workforce services grew strongly in FY24. We focused on supporting
clients as they undergo mergers and acquisitions, business transformation and workforce planning
efforts - all underpinned by an assessment of the impact of artificial intelligence on their people,
processes and business.

Investing in the PwC of tomorrow

Across the PwC network, we invested US$3.6 billion during FY24, following investments of more than
US$3.7 billion in FY23.

In addition to investments in attracting experienced teams and people to PwC firms around the world,
PwC firms completed 8 acquisitions and 7 strategic investments in FY24, expanding our professional
capabilities in a number of key areas from product engineering to supply chain to data governance.

The PwC network continues to make significant investments in our audit tools, technologies and
methodologies globally to further standardise, simplify, and automate our work to drive quality and
enable our teams to deliver a faster and better experience for our clients. AI, including Generative AI,
is a strategic priority for our network, reflected in our US$1.5 billion investment in AI initiatives and in
May 2024, our US and UK firms signed an agreement with OpenAI making PwC OpenAI’s first
reseller for ChatGPT Enterprise and the largest user of the product.

Building the workforce of the future

In 2021 we committed to creating over 100,000 net new jobs over a five year period, with a clear
emphasis on hiring specialists in increasingly critical areas such as cybersecurity, cloud, climate,
transformation, and supply chain. We have reached three quarters of our target in just three years,
adding 6,161 jobs in FY24 and 68,681 over the prior two years, taking our workforce to over 370,000
people around the world.

Training and upskilling our people and giving them the skills to build successful careers as part of a
community of solvers, is key to the current and future success of PwC. We invested in our people’s
capabilities to help address the challenges of the 21st century with over 198,000 active PwC
employees completing sustainability upskilling and over 50,000 active PwC employees have
undertaken Inclusive Mindset training.

We have continued to invest nearly US$1.5 billion to expand and scale our AI capabilities across our
network, and rolled out the AI platform ‘ChatPwC’ to over 200,000 people in member firms across the
PwC network, enabling our people to use ChatGPT technology in a secure environment and always
with human oversight.

While there is always more to do in making PwC the best place to work for our colleagues, last year
our people said: PwC is a great place to work (84%), a place where they ‘belong’ (76%) and a place
where their personal values align with the values demonstrated at PwC (82%).

Playing our part in the societies and communities where we live and work

For the second year in a row, we are separately publishing a Global Transparency Report that
includes how we are performing against the 55 World Economic Forum’s (WEF) Stakeholder
Capitalism Metrics, along with our Network Environment Report. Reporting on the broader impact we
have as an organisation allows our stakeholders to evaluate us not just on the revenues we generate,
but on our impact on people, society and the planet.

Of the 39 WEF metrics that are relevant to our business, we fully or partially comply with 35. We have
made progress on our reporting against these metrics in recent years and will continue to look at
ways we can increase our transparency in future years.

We believe strongly in the value of robust disclosures of companies’ impact on society. We supported
the World Economic Forum to develop its Stakeholder Capitalism Metrics, a rigorous way for
companies to measure their impact on people and the planet. We were an early adopter of the
metrics, and our latest report is here. We believe the metrics heighten transparency and
accountability, helping to build stronger communities and a healthier environment.

We have continued to make progress toward achieving net zero greenhouse gas emissions in line
with 2030 goals. For example, we have already reduced our scope 1 & 2 greenhouse gas emissions
by 71% compared to FY19 (our goal is a 50% reduction by FY30). In addition, we already use 95%
renewable electricity in our territories.

Supporting and helping the communities in which we live and work is very important to our people all
around the world. We contribute to our local communities by volunteering and offering our services on
a pro-bono or discounted basis. Last year, more than 54,000 PwC people contributed more than
860,000 hours to activities supporting charities, NGOs and local organisations, reaching over 1.5
million beneficiaries and providing over US$220 million of community investment.

Notes to editor