KPMG delivers 5.1% rise in global revenue

KPMG says the financials in the release are combined results of independent member firms for FY25 (Oct. 1, 2024–Sept. 30, 2025), presented as US$ gross revenues including client reimbursable expenses; local growth percentages are calculated at constant US dollar exchange rates and reported US$ growth rates are derived from underlying (unrounded) revenue numbers. Headcount figures reflect partners and staff as of Sept. 30, 2025, and the firm notes that legal services may not be offered to SEC‑registrant audit clients or where prohibited by law. The statement reiterates that KPMG International is a private English company limited by guarantee, does not provide client services, and that each member firm is a separate legal entity that cannot bind other firms or KPMG International.

Analysis

The release clarifies that FY25 figures represent combined results of independent KPMG member firms for the year 1 Oct 2024–30 Sep 2025 and that reported US$ gross revenues include client reimbursable expenses. Local growth percentages are presented at a constant US dollar exchange rate and therefore do not reflect year‑over‑year foreign‑exchange moves, while the reported US$ growth rates are calculated from underlying (unrounded) revenue numbers. Headcount is reported as partners and staff employed as of 30 September 2025.

The statement emphasizes legal and governance boundaries: KPMG International is a private English entity that does not provide client services, member firms are separate legal entities, and no member firm can bind others. It also notes that Legal Services may be restricted for SEC‑registrant audit clients or where prohibited by law, which directly limits service scope for certain client segments. These disclosures are procedural but material to revenue attribution and legal risk assessment.

For financial analysis, the combined presentation, inclusion of reimbursables and constant‑USD normalization reduce comparability to prior-year, local‑currency or net‑revenue metrics and can inflate headline growth. Investors should demand underlying, net‑of‑reimbursables revenue detail and member‑firm level performance before adjusting valuation assumptions, and factor regulatory constraints on legal services into revenue diversification and risk models.

Key Decisions for Investors

• Treat headline FY25 growth as presentation‑level and request underlying net‑of‑reimbursables and local‑currency revenue series before increasing exposure
• Require member‑firm level disclosures and headcount trend data to assess operational capacity and margin drivers rather than relying on the combined aggregate
• Monitor regulatory disclosures about Legal Services restrictions for SEC registrants as a potential constraint on client mix and future revenue diversification
• Avoid repositioning based solely on the combined headline metrics; only revise estimates after receiving unrounded underlying revenue figures and reconciliation of FX effects