Baker Tilly hits record $6.8bn revenue following surge in tax advice
Baker Tilly International has reported a landmark year, with 2025 revenues surging 21 per cent to $6.8bn (£5.05bn), but it was its tax division that stood out.
Over 2025, North America was the fastest-growing region at 37.5 per cent, underpinned by the Baker Tilly (US) and Moss Adams merger in June 2025, followed by EMEA (12 per cent), Latin America (7 per cent), and Asia Pacific (0.3 per cent).
Of its major service lines, tax grew by 31 per cent, to which Francesca Lagerberg, CEO of Baker Tilly International, told City PM, said there has been “a huge amount of change” over the last two years, which has led to an increase in tax advice.
“Half the world’s population went to the polls [over the last two years], and no politician comes in and doesn’t mess with the tax system,” she added.
Other lines were audit and assurance (19 per cent), advisory (16 per cent), and legal services (15 per cent).
The increase in advisory comes as the broader sector has been suffering from a decrease in profitability as a result of market uncertainty and increased costs.
Lagerberg noted that Baker Tilly’s advisory is a range of businesses, with some sections doing well in downtime, such as recovery and insolvency, while others do well in up times, such as transactions.
“What we found is actually the businesses in the mid market, which is our core area, businesses can’t wait forever for things to get perfect, so we’ve seen advisory do very well in those entrepreneurial areas where you just need good advice,” she explained.
Double growth in five years
Back in June, the US arm merged with Moss Adams in a $7bn deal, which took the firm from number 11 in the US to number six. While in the UK, its British and Irish arm, MHA, is listed on the London Stock Exchange.
“But we’ve had very strong organic growth as well… and looking ahead, there will absolutely be more organic growth this coming year.”
Lagerberg added, looking ahead over the next five years, “We have got the real potential to grow our business” to double it, “because we’ve got all these different opportunities coming through”.