# PwC Revenue Growth Trails Competitors Amid Middle East Turmoil

> PwC reported global revenue growth of 3.5% in fiscal year 2026, falling behind Deloitte and EY, as geopolitical instability in the Middle East significantly impacted its operations.

By PrimaryBrief newsroom · Published 2026-10-20T05:13:48.928318Z
Canonical: https://primarybrief.com/article/pwc-revenue-growth-trails-competitors-amid-middle-east-turmoil-cb4e2975

PricewaterhouseCoopers (PwC) announced a global revenue increase of 3.5% in local currency for its fiscal year ending June 30, 2026, reaching US$60.2 billion [16][18][19]. This growth rate lagged behind its main competitors, Deloitte and EY, underscoring how regional conflicts can directly affect global business performance [19].

The slower growth for a major professional services network like PwC signals the tangible economic repercussions of geopolitical events, particularly in vital economic regions. This situation highlights the vulnerabilities global consulting firms face when operating in areas affected by instability, impacting their ability to meet financial targets and sustain competitive momentum.

## What the records show

PwC's reported 3.5% growth to US$60.2 billion contrasted with the performance of its peers. Deloitte achieved a 3.8% increase in local currency, with revenues totaling US$74.5 billion for its fiscal year ending May 31, 2026 [20][21][22]. EY recorded a 4.7% increase in local currency, bringing its global revenues to US$57 billion for its fiscal year ending June 2026 [11][12][13][14][15].

A significant factor in PwC's slower overall growth was its performance in the Europe, Middle East, and Africa (EMEA) region, where revenue saw a minimal increase of just 0.7% at constant exchange rates [19]. This subdued growth in EMEA was largely attributed to a combination of geopolitical instability from the ongoing 'war in Iran,' disruptions in the Strait of Hormuz, and a slowdown in government projects in Saudi Arabia [19].

## The timeline of regional impact

The 'war in Iran' has generated widespread regional conflict and economic fallout [19]. Iran's actions included attacks on at least 15 container ships in the Strait of Hormuz, a crucial waterway for oil supply [1][3][24]. These attacks threatened the navigability of the strait, leading to significant maritime disruptions and a spike in oil prices [1][3][7][25][26]. Additionally, Iranian-backed Houthi militia attacks in Yemen contributed to the regional instability, which led to events such as Saudi Arabia canceling its 2026 'Davos in the Desert' conference [2][5]. The broader conflict and its impact on regional stability directly suppressed business and consulting demand in the Middle East [19][6][8][9][10].

## What changed and for whom

PwC's UK legal entity, which includes its Middle Eastern businesses, faced tougher market conditions across its risk and consulting practices [19]. Consulting revenues were down 9.8%, and risk revenues decreased by 8.9% [19]. Marco Amitrano, senior partner at PwC UK and the PwC Middle East alliance, noted that UK revenue growth was partially offset by “a more difficult trading environment in the Middle East” [19]. Adding to the challenges, Saudi Arabia suspended new contracts for Western consultancies and delayed some payments in May 2026 [29][30][31][32][33]. This decision was part of a reassessment of spending priorities by the Saudi government due to a growing fiscal deficit, exacerbated by the regional conflict, affecting major advisory firms [19][32].

## What PwC has said publicly

PwC Global Chairman Mohamed Kande acknowledged the difficult environment. He stated the firm achieved “robust growth, even in the face of geopolitical and economic uncertainty,” while investing US$3 billion across its network, specifically in AI and technology [19]. Despite these investments, PwC's growth trajectory still lagged behind its competitors, who also reported strong demand for AI-related services [19].

## What we could not confirm

We could not confirm the specific, quantified financial losses PwC incurred from Saudi Arabia's suspension of new contracts or delayed payments. The duration for which Saudi Arabia plans to maintain these contract suspensions also remains unconfirmed. Additionally, the specific details of any revised strategic adjustments PwC may be implementing for the EMEA region in response to the sustained geopolitical instability were not specified in the available records.

## Evidence cited
1. Iran war tilts balance of global oil power towards Americas (www.ft.com) — https://www.ft.com/content/cfa976d5-e320-4ee8-8c86-84733471a4a1?syn-25a6b1a6=1
2. Saudi Arabia cancels 2026 ‘Davos in the Desert’ amid Houthi attacks (www.aljazeera.com) — https://www.aljazeera.com/news/2026/10/20/saudi-arabia-cancels-2026-davos-in-the-desert-amid-houthi-attacks?traffic_source=rss
3. People scour strait of Hormuz for spilt cargo after Iran attacks container ships (www.theguardian.com) — https://www.theguardian.com/world/2026/oct/19/strait-of-hormuz-spilt-cargo-iran-attacks-container-ships
4. The Morning Risk Report: Debanking Probe Finds JPMorgan, Banks Cut Off MAGA Sellers and Democrat Groups (www.wsj.com) — https://www.wsj.com/risk-compliance-journal/the-morning-risk-report-debanking-probe-finds-jpmorgan-banks-cut-off-maga-sellers-and-democrat-groups-e2fb04ad?mod=rss_markets_main
5. Houthi Strikes Kill Dozens in Yemeni Desert Military Camp, Officials Say (www.nytimes.com) — https://www.nytimes.com/2026/10/19/world/middleeast/houthis-strike-yemen-military-camp.html
6. Middle East war impact on business confidence — https://thenationalnews.com/news/2026/03/30/middle-east-war-impact-on-business-confidence/
7. Iran war pushes global supply chain pressures to three-year high — https://www.consulting.us/news/1739/iran-war-pushes-global-supply-chain-pressures-to-three-year-high
8. Iran War: Economic Implications — https://www.allianz.com/en/economic_research/publications/specials_fmo/iran-war-economic-implications.html
9. Iran War M&A Dealmaking Impact — https://www.imaa-institute.org/iran-war-m-and-a-dealmaking-impact/
10. Geopolitical Risk: Iran War & Financial Markets — https://www.icgam.com/insights/geopolitical-risk-iran-war-financial-markets/
11. EY announces US$57B revenue in FY26 — https://www.ey.com/en_gl/news/2026/10/ey-announces-us-57b-revenue-in-fy26
12. EY Revenue 2026: Global Growth of 4.7% to $57 Billion — https://www.big4news.com/ey-revenue-2026-global-growth-of-4-7-to-57-billion/
13. EY Global Revenues Increase 4.7% to $57 Billion in Fiscal Year 2026 — https://casesabatini.com/news/ey-global-revenues-increase-4-7-to-57-billion-in-fiscal-year-2026/
14. EY global revenue hits $57 billion, a 4.7% increase in fiscal year 2026 — https://ground.news/article/ey-global-revenue-hits-57-billion-a-47-increase-in-fiscal-year-2026
15. EY Reports Global Revenue of $57B for FY26 — https://www.cpapracticeadvisor.com/2026/10/09/ey-reports-global-revenue-of-57b-for-fy26/82761/
16. PwC reports FY26 revenue — https://www.pwc.com/gx/en/news-room/press-releases/2026/pwc-reports-fy26-revenue.html
17. PwC Global Annual Review 2026 — https://www.pwc.com/gx/en/about/global-annual-review/2026.html
18. PwC Reports Record $60.2B in Global Revenue for FY26 — https://www.cpapracticeadvisor.com/2026/10/19/pwc-reports-record-60-2b-in-global-revenue-for-fy26/82998/
19. PwC revenue growth trails Deloitte and EY as Iran conflict hits Middle East arm — https://www.cityam.com/pwc-revenue-growth-trails-deloitte-and-ey-as-iran-conflict-hits-middle-east-arm/
20. Deloitte reports FY2026 revenue — https://www.deloitte.com/global/en/about/newsroom/deloitte-reports-fy2026-revenue.html
21. Deloitte Revenue Statistics — https://wisevoter.com/country-statistics/deloitte-revenue/
22. Deloitte reports revenue rise as AI and consultancy pressures mount — https://www.cityam.com/deloitte-reports-revenue-rise-as-ai-and-consultancy-pressures-mount/
23. 2026 Iran war - Wikipedia — https://en.wikipedia.org/wiki/2026_Iran_war
24. Iran War: Strait of Hormuz Negotiations — https://www.forbesafrica.com/news/2026/10/19/iran-war-strait-of-hormuz-negotiations/
25. Global Costs of Disruption in the Strait of Hormuz — https://www.policycenter.ma/publications/global-costs-disruption-strait-hormuz
26. Iran War: Economic Impact on the Strait of Hormuz — https://asu.edu/iran-war-economic-impact-strait-of-hormuz/
27. PwC Revenue Growth Trails Deloitte And EY Amid Middle East Turmoil 2026/10/19 — https://tradersunion.com/news/financial-news/brokers/pwc-revenue-growth-trails-deloitte-and-ey-amid-middle-east-turmoil-2026-10-19/
28. Big Four heavyweight PwC's global revenue trails rivals amid Middle East turmoil — https://www.business-live.co.uk/enterprise/big-four-heavyweight-pwcs-global-27940176
29. Saudi Arabia freezes payments and new contracts for consulting firms — https://www.consultancy-me.com/news/10852/saudi-arabia-freezes-payments-and-new-contracts-for-consulting-firms
30. Saudi Arabia Pauses Consultancy Contracts Amid Iran Conflict — https://strongyes.co/news/saudi-arabia-pauses-consultancy-contracts-amid-iran-conflict/
31. Saudi Arabia suspends new contracts for Western consultancies amid Iran conflict: Report — https://www.hindustantimes.com/world-news/saudi-arabia-suspends-new-contracts-for-western-consultancies-amid-iran-conflict-report-101716301323381.html
32. Saudi Arabia tightens consultancy spending amid Iran war fallout and budget pressures — https://arabictrader.com/news/financial-markets/2026/05/22/saudi-arabia-tightens-consultancy-spending-amid-iran-war-fallout-and-budget-pressures/
33. Saudi Arabia freezes new contracts for Western consultancies — https://english.almayadeen.net/news/economy/saudi-arabia-freezes-new-contracts-for-western-consultancies