Forvis Mazars Reports 4% Revenue Growth Amid Industry Decline

What's Happening?

Forvis Mazars, a Top 10 accounting firm, reported a 4% increase in U.S. revenue, reaching $2.24 billion in 2025. This growth, detailed in their 2025 Integrated Report, marks a slowdown compared to previous years, aligning with a broader decline in consulting services across the industry. The firm's organic growth was primarily driven by its tax practice, which grew by 6.6%, followed by assurance at 5.1%, and consulting at 1.5%. Key sectors contributing to this growth include construction and real estate, private client services, private equity, technology, and nonprofit sectors. The firm expanded its workforce by adding over 1,000 employees, bringing the total to 7,000, and increased its leadership with over 100 new partners and managing directors. Strategic acquisitions, such as the audit, tax, and consulting firm MSL in Florida, have bolstered its presence in 76 U.S. markets across 30 states.

Why It's Important?

The reported revenue growth, although modest, highlights Forvis Mazars' resilience in a challenging economic environment where consulting services are experiencing a decline. The firm's strategic expansion through acquisitions and increased workforce indicates a robust approach to maintaining growth and enhancing service capabilities. This development is significant for stakeholders in the accounting and consulting sectors, as it reflects broader industry trends and the firm's ability to adapt to changing market conditions. The focus on sectors like construction, real estate, and technology suggests potential areas of opportunity and growth, which could influence future business strategies and investments.

What's Next?

Forvis Mazars is likely to continue its expansion strategy, focusing on acquisitions and strategic investments to strengthen its market presence. The firm may explore further growth opportunities in sectors that have shown resilience, such as technology and real estate. Additionally, the integration of enhanced capabilities as part of their service offerings could attract new clients and retain existing ones, positioning the firm for sustained growth. Stakeholders will be watching how Forvis Mazars navigates the evolving landscape of the accounting industry, particularly in light of the profession-wide decline in consulting services.

Beyond the Headlines

The restructuring of Forvis Mazars into a global accounting network reflects a significant shift towards international collaboration and resource sharing. This move could lead to increased competitiveness and innovation within the firm, as it leverages global capabilities to address client needs. The integration of diverse teams and enhanced service offerings may also foster a more dynamic and adaptable organizational culture, potentially setting a precedent for other firms in the industry.