Forvis grows revenue 13% in first year

Top 10 Firm Forvis reported annual revenue of $1,685,539,000 for the fiscal year ending May 31, 2023, a 13% increase a year after merging together two Top 25 Firms, BKD CPAs and Advisors and Dixon Hughes Goodman.

Prior to the merger, BKD ranked No. 16 on Accounting Today's 2022 list of the Top 100 Firms, with $758.12 million in annual revenue, while DHG ranked No. 17, with $504 million in annual revenue. The merger took effect on June 1, 2022, and the combined firm rebranded as Forvis. The firm estimates it would now be ranked as the eighth largest accounting firm.

Forvis released an integrated report Wednesday and said revenues grew in each of its three major service lines and its 10 core industry practices. The firm has seen an increase of about 10% in the number of team members, to approximately 6,000 people overall.

Courtesy of Forvis

"It's been a thrilling year for our firm and our people," said Forvis CEO Tom Watson in a statement. "Since Forvis was created in June of 2022, we have accomplished so much together. I'm continually inspired — but not surprised — by what our people are doing each day. We're fulfilling our purpose by unlocking potential for our clients and for each other. And as our integrated report clearly shows, we're just getting started."

The firm also released a 2023 quality report earlier this year, focusing on its assurance practice.

Over the course of the past year, Forvis promoted 40 new partners and principals and 25 new managing directors in May. It also opened new offices in South Florida and Toronto, bringing its total number of offices to 72. The firm also did more M&A deals, adding ProBank Austin and James R. Minnix CPAs. More recently, it acquired Thales Consulting, a software and consulting company focused on state and local government financial reporting.

Through the Forvis Foundation, the firm has donated to communities around the country, including a $500,000 gift to the United Way of Collier and the Keys to support hurricane recovery efforts on Florida's southwest coast. It also noted that it recently earned a net promoter score of 83 from independent client surveys, far higher than the industry's average of 39.