Forvis Mazars Reports $2.32 Billion US Revenue, Up 3.5% in FY 2026

Forvis Mazars reported US revenue of $2.32 billion for the fiscal year ended May 31, 2026, up 3.5% from more than $2.24 billion a year earlier, the firm said in its 2026 Integrated Report on October 1.

Forvis Mazars revenue growth of 3.5% is slower than the 4% the firm posted a year earlier and well behind several rivals that have grown through acquisitions and outside capital. The gain is roughly $80 million on the prior-year base.

For partners and finance leaders choosing an adviser or benchmarking their own firm, the figure matters because it shows where a top 10 partner-owned firm is growing, and where it is not. Assurance and tax carried the year. Consulting did not.

Forvis Mazars revenue growth slows to 3.5%

Assurance and tax each grew 5%, the firm said in the release announcing the report. Consulting revenue was flat, which the firm attributed to industrywide softening and continued investment in capabilities meant to drive later growth.

Forvis Mazars did not publish revenue totals for each service line, so the dollar split between audit, tax and advisory is not available.

A year earlier the picture was different. The firm’s 2025 Integrated Report showed tax up 6.6%, assurance up 5.1% and consulting up 1.5%, for total US revenue of more than $2.24 billion. Tax and assurance growth has therefore edged down, and consulting has stalled.

“This year’s accomplishments reflect our continued commitment to stewarding Forvis Mazars for the long term,” said Tom Watson, chief executive of Forvis Mazars US. He described the aim as building a firm that is “partner-owned and partner-led”.

What drove Forvis Mazars revenue growth

Growth was strongest in three sectors: nonprofit, education and public sector; private equity; and technology, media and telecommunications. In fiscal 2025 the strongest areas were construction and real estate, private equity, technology and services, and public sector.

The firm opened offices in Minneapolis and Seattle during the year. It also acquired The Innova Group, a healthcare consultancy, in March 2026. Terms were not disclosed.

Forvis Mazars promoted 50 partners and managing directors and added 20 direct-admit partners and managing directors. A year earlier it advanced and added more than 100. US headcount is about 7,000, against more than 7,000 in fiscal 2025, when more than 1,000 people joined as legacy practices were combined.

The firm also reported a net promoter score of 85 in its Annual Client Relationship Survey, with a record response rate.

Spending on technology continues. The firm lists AI tools including the Technical Assurance Research Assistant (TARA), Tax ProAssist and Kascade 360, a proprietary platform for partnership tax compliance and fixed asset accounting. An AI Center of Excellence oversees use cases, adoption and governance. The firm also has a partnership with Klarity AI.

Quality controls received attention as well. The report describes refinements to the quality management system and the ASSURE methodology, new formal risk and quality committees, and updated client acceptance and continuance procedures.

How rivals’ growth compares with Forvis Mazars

The comparison is imperfect, because fiscal years differ and not every firm has reported for 2026. Even so, the peers with outside capital or large deals are expanding faster.

BDO USA reported fiscal 2025 revenue of $3.018 billion, up 4.6%, in a March 2026 release. Tax grew 7.7%, advisory 3.2% and assurance 2.2%. BDO adopted an employee stock ownership plan in 2024.

Baker Tilly International reported global revenue of $6.8 billion for 2025, up 21.3%. North America grew 37.5%, a result the network tied to the merger of Baker Tilly US and Moss Adams in June 2025. Baker Tilly is among the firms behind the private equity shift reshaping accounting.

Grant Thornton’s route is the clearest example of capital-led expansion. On July 29, 2026, Grant Thornton Advisors agreed to acquire CBIZ for $5 billion, in a transaction supported by New Mountain Capital. The combined US business would have more than $5 billion in annual domestic revenue and rank fifth by size.

Against that, a 3.5% rise looks modest. Forvis Mazars has added roughly $80 million of revenue. Grant Thornton is buying a business large enough to reorder the top 10.

Forvis Mazars revenue growth and the partner-owned model

Forvis Mazars has not taken private equity capital in the way some rivals have. Its chief executive framed the firm as partner-owned and partner-led, and the Integrated Report does not describe any outside investment in the firm. The release mentions private equity only as a client sector, one of the three that grew fastest.

That choice has consequences for pace. Firms with outside capital can fund acquisitions, technology and partner buyouts on a scale that retained earnings cannot match. The trade-off is ownership and governance, a question many mid-sized practices are weighing as they explore private equity investment.

The year was also the first full fiscal period after the integration of the Forvis and Mazars practices in the US, which the firm described in fiscal 2025 as combining legacy practices. The 2026 release does not disclose integration costs or margins, so the effect on profitability cannot be assessed from the published figures.

The firm’s size ranking, in the top 10, is unchanged in its own description. How it holds that position depends on rivals’ deals as much as its own results.

Consulting softness is not only a Forvis Mazars issue

Flat consulting revenue is the weakest line in the report. The firm said the softness reflects the wider market, and the 1.5% growth in fiscal 2025 suggests the slowdown began earlier.

The Innova Group purchase gives the firm a healthcare consulting base, and AI investment is aimed at lifting efficiency in assurance and tax. Both are bets that service lines other than consulting, and acquired capability, will carry growth.

Technology is also changing the cost base of the largest firms. Reduced demand for entry-level work is already visible, as top accounting firms cut graduate roles while building out AI tools. Headcount at Forvis Mazars held at about 7,000 in a year when revenue rose 3.5%.

What comes next for Forvis Mazars

The firm’s next fiscal year ends May 31, 2027, and its next Integrated Report is due in autumn. Whether consulting returns to growth will be the first test.

The nearer event is the Grant Thornton and CBIZ deal, which is expected to close in the fourth quarter of 2026. Once it does, the top 10 table will look different, and Forvis Mazars will be measured against a larger rival.