Grant Thornton achieves record revenues of $2.4 billion in FY 2023

 

CHICAGO — Grant Thornton LLP, one of America’s largest audit, tax and advisory firms, today announced revenues of $2.4 billion for the fiscal year ending July 31, 2023.

 

Grant Thornton’s record revenues reflect significant actions taken by the firm to advance its business strategy and accelerate its growth for the benefit of clients and team members. Notably, Grant Thornton is focused on empowering growth and quality across its core business segments, while further enhancing its capital position — including through the divestiture of its Public Sector Advisory practice in August 2022.

 

When adjusted for this divestiture, Grant Thornton's year-over-year revenues grew 11.6%, on a pro-forma basis.

 

“In FY 2023, we trained our focus on strategic appointments and decisions that have provided high-quality results and personalized service to our clients, while also accelerating growth for our firm at a time of unprecedented change in the accounting and consulting industry,” said Seth Siegel, CEO of Grant Thornton. “By working holistically across our service lines, industry teams and geographic markets, our talented teammates will continue to bring the full strength of our firm to everything we do.”

 

 

 

A new leadership team

 

Grant Thornton commenced FY 2023 under the leadership of recently-elected CEO Siegel, who, in November, elevated key professionals to the firm’s Senior Leadership Team. The refreshed executive team, drawn almost entirely from Grant Thornton’s ranks, is executing a new long-term growth strategy focused on quality, integrated capabilities and a commitment to innovation — all designed to deliver a peerless and distinctive experience to the firm’s clients. Key changes included the appointment of a chief transformation officer to steer enterprise-wide change initiatives, and a newly-created chief strategy officer position to accelerate Grant Thornton’s enterprise growth. Likewise, the firm established a national managing partner of Geography who will help coordinate a go-to-market execution plan in Grant Thornton’s almost 50 markets across the nation.

 

The firm also announced an additional slate of leaders, including regional heads to align geographic service with industry and service line solutions, a new chief people and community officer and senior appointments on its Audit Quality and Risk team, among others.

 

Several of the newly promoted and appointed leaders have recently been recognized for their skills by news outlets such as Consulting Magazine. They include Wade Kruse, national managing partner for Advisory Services; Lisa Walkush, national managing principal for Industry; and Rashada Whitehead, national managing principal for Culture, Immersion & Inclusion.

 

 

 

A clear focus on people

 

Throughout the fiscal year, Grant Thornton secured a number of distinctions for its people-focused culture. For example, the firm was recognized by Seramount as one of the country’s “100 Best Companies” — and it earned a fourth-straight top score of 100% on the Disability Equality Index.

 

These honors reflect the firm’s compassionate and comprehensive approach to employee well-being — an approach that includes a variety of thoughtful benefits and enhanced compensation measures.

 

Grant Thornton’s focus on people extends beyond the firm, as well. In FY 2023, it named four new nonprofits to its Purple Paladins program, which provides funding, business advice and volunteer support to emerging nonprofits. Further, it continued its work in the diversity, equity and inclusion (DE&I) space. Those efforts included announcing a renewed commitment to support the Thurgood Marshall College Fund.

 

Grant Thornton also published an extensive Environmental, Social and Governance Report, illustrating the firm’s progress toward its goals in those areas. Among other highlights, the report detailed Grant Thornton's momentum aligning its stated climate goals with the Science Based Targets initiative’s Net-Zero Standard. The report also highlighted Grant Thornton’s Gold Medal rating from EcoVadis, one of the world’s largest providers of business sustainability ratings.

 

 

 

Building the brand with a first-of-its-kind golf tournament

 

Earlier this year, Grant Thornton announced a first-of-its kind professional golf tournament: the Grant Thornton Invitational. The inaugural mixed-team Challenge Season event will take place in December, televised on NBC and the Golf Channel, featuring LPGA Tour and PGA TOUR players competing together in a unique co-sanctioned tournament for equal prize money and visibility. The format, which is new to the current era of professional golf, will include a 32-player field comprised of 16 PGA TOUR and 16 LPGA Tour professionals competing in two-person teams for a $4 million purse. Grant Thornton’s sponsorship of the annual tournament reflects its continued commitment to golf as a pathway to break down barriers and build inclusive communities.

 

 

 

Timely insights and data

 

In FY 2023, the firm continued publishing in-depth analyses of some of the most complex and important topics in business. Grant Thornton’s regular research output includes surveys on dealmaking trends, CFO sentiment across industries and trends in employee attitudes, desires and concerns.

 

“Throughout the year, our team members found innovative ways to expand the boundaries of what clients should expect from their professional services firm,” concluded Siegel. “In sum, this was another successful year for our firm, our clients and our community. I’m continuously inspired by the energy, passion and wealth of knowledge our Grant Thornton teammates showcase every day.”

 

 

About Grant Thornton

Grant Thornton” is the brand for two professional-services entities: Grant Thornton LLP, a licensed, certified public accounting (CPA) firm that provides audit and assurance services ― and Grant Thornton Advisors LLC (not a licensed CPA firm), which exclusively provides non-attest offerings, including tax and advisory services. With revenues of $2.4 billion for the fiscal year that ended July 31, 2023, and dozens of offices nationwide, Grant Thornton represents a community of more than 9,000 problem solvers, relationship builders, and industry specialists who know that how we serve matters as much as what we do.

 

Grant Thornton LLP, Grant Thornton Advisors LLC and their respective subsidiaries operate as an alternative practice structure (APS). The APS conforms with applicable laws, regulations and professional standards, including those from the American Institute of Certified Public Accountants.

 

Grant Thornton LLP and Grant Thornton Advisors LLC serve as the U.S. member firms of the Grant Thornton International Ltd (GTIL) network. GTIL and its member firms are not a worldwide partnership and all member firms are separate legal entities. Member firms deliver all services; GTIL does not provide services to clients.

 

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