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Forvis Mazars highlights first-year momentum in annual report

News Release // 08-30-2023

Forvis Mazars, one of the nation’s leading assurance, tax, and consulting firms, today announced revenue of $1,685,539,000 for the fiscal year ending May 31, 2023. This represents a growth rate of greater than 13% over the previous fiscal year and places Forvis Mazars as the eighth largest U.S. firm. Revenues grew in each of the firm’s three major service lines and its 10 core industry practices.

These results and more are detailed in Forvis Mazars’ annual Integrated Report, released today. Read the full report online.

The firm’s momentum in FY23 was evident in measures well beyond revenue growth. Forvis Mazars has seen an increase of approximately 10% in its number of team members, to approximately 6,000 people overall.

Throughout this period of growth, the firm has been recognized for both exceptional client service and operational excellence. Forvis Mazars recently earned a Net Promoter Score of 83 from independent client surveys, significantly higher than the industry’s average of 39. Forvis Mazars also was just named a 2023 Best of the Best Firm by Inside Public Accounting, based on an evaluation of more than 50 financial and operational metrics.

“It’s been a thrilling year for our firm and our people,” said CEO Tom Watson. “Since Forvis Mazars 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.”

Forvis Mazars released its 2023 Quality Report earlier this year, focusing on matters unique to the firm’s assurance practice and its commitment to keeping integrity first.

Additional milestones for the year included:

New leaders – Forvis Mazars announced the advancement of 40 new partners and principals and 25 new managing directors in May.

New offerings – With a keen focus on innovation, Forvis Mazars has launched or significantly enhanced several new products in the market this year and launched a new subsidiary, TALENT SHIFT, aimed at engaging gig workers.

New markets – Forvis Mazars opened new offices to better serve clients in the South Florida and Toronto markets, bringing its total number of offices to 72.

Giving back – Through the Forvis Mazars Foundation, the firm has donated to the communities it serves around the country, including a $500,000 gift to the United Way of Collier and the Keys to support ongoing hurricane recovery efforts on Florida’s southwest coast.

M&A activity – Forvis Mazars integrated ProBank Austin and James R. Minnix CPAs into the firm during FY23. More recently, the firm announced the acquisition of Thales Consulting, a software and consulting company focused on state and local government financial reporting.

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