2025: A Year of Significant Shifts in Consulting — Analyzing the Big Four's Performance

2025 witnessed monumental changes in the consulting landscape, especially as the four leading firms — Deloitte, EY, KPMG, and PwC — navigated these shifts.

These firms, collectively known as the 'Big Four', represent the titans of professional services, wielding a combined workforce exceeding 1.5 million globally. These entities generate immense revenue through an extensive array of accounting and consultancy offerings.

The pandemic triggered an unexpected surge in demand, but more recently, there has been a notable deceleration as budgeting constraints emerged among clients. Recent fiscal years have seen growth, albeit at a slower pace compared to the exponential increases experienced during the pandemic.

Notably, Deloitte, EY, and KPMG bolstered their employee numbers, contrasting with PwC's reduction in workforce.

Artificial intelligence is at the forefront of transforming the sector. Consulting giants are aggressively vying to leverage AI technologies effectively and support clients in doing the same, resulting in significant investments.

Deloitte

Deloitte rebounded in the 2025 financial year, overcoming a significant slowdown from the previous year when growth plummeted from 14.9% to 3.1%.

Early in the year, Deloitte streamlined its structure, consolidating its business lines and responding to governmental budget cuts under the Trump administration that led to contract reductions. Employee numbers increased by 10,000, reaching 470,000.

The fiscal year concluded with global revenue amounting to $70.5 billion, showing a 4.8% increase in growth.

PwC

Contrary to its peers, PwC continued to experience a decline in global growth for the third year running, yet described its results as satisfactory amid challenging economic conditions.

The firm reduced its global workforce by 5,600 employees, stepping back from a previously set target to expand to approximately 400,000 employees by 2021.

PwC's fiscal summary showed a total revenue of $56.9 billion, reflecting a 2.7% year-over-year growth.

EY

For EY, revenue growth remained steady, with a noteworthy uplift in its consulting sector, driven by a substantial demand for AI-focused projects.

Having cut back their workforce previously, they expanded again, increasing their numbers to over 406,000 employees. Their revenue hit $53.2 billion, up by 4%.

KPMG

The smallest of the quartet in terms of scale, KPMG maintained stable growth rates similar to the prior year.

KPMG stood out for rapid tax revenue growth, outpacing competitors, partially driven by establishing a legal arm in the U.S. This year saw revenue at $39.8 billion, a 5.1% increase.