BDO USA reports 25% jump in revenue in FY 2022

BDO USA, a Top 10 Firm based in Chicago, reported revenue Tuesday of $2.4 billion for the fiscal year ending April 30, 2022, a 25% increase from fiscal year 2021.

The increase represents a decade of continued year-over-year growth under CEO Wayne Berson’s leadership.

Each practice area at BDO saw gains, with advisory leading the way with a 34.6% increase, tax growing 26.8%, and assurance going up 16.3% year over year. In the past year, the firm launched BDO Global Value Chain Solutions, a set of services that addresses the individual elements of global supply chain strategy, helping increase revenues. BDO has also been getting more involved in the environmental, social and governance area. In January, BDO appointed an ESG strategy and services leader, Christopher Tower, and launched a dedicated Center of Excellence made up of professionals with knowledge about ESG and sustainability issues (see story). On the audit side, BDO restructured its audit practice and formed an Audit Quality Advisory Council (see story). 

“It’s been an exciting and meaningful decade building a purpose-driven business, growing and providing value for our clients while working toward a better tomorrow for our people and our communities — and we’ve only just begun,” Berson said in a statement Tuesday. “As a firm, we look forward to the next 10 years and beyond, continuing to invest in building a truly sustainable business worthy of the next generation.” 

Photo: Richard Falco

BDO also did some mergers, adding Lowery Asset Consulting, LLC in Chicago in October and Culbert Healthcare Solutions in Woburn, Massachusetts in December. The firm also inducted the largest partner class in its history.

In April, the firm appointed its first chief diversity, equity and inclusion officer and released its inaugural DEI transparency report. 

“Wayne and the entire BDO USA leadership team identified and integrated services that have made BDO the leading advisor for the middle market,” said Kelly Johnson, chair of the board of directors of BDO USA, in a statement. “In addition to excelling at the traditional fundamentals of our business to drive sustainable growth, BDO is taking thoughtful action aimed at protecting our resources and bettering our society.”