Baker Tilly US
Baker Tilly US is the 6th-largest US CPA and advisory firm, PE-backed since 2024.
On the record
Checkpoint: Deutsche Bank-led $3B syndicated loan refinancing expected to close
The call
Baker Tilly US has the licenses and scale to keep winning audit work, but its owners are loading the firm with debt while three mergers are still being digested.
Baker Tilly US provides accounting, audit, and tax services to businesses and is hard to replace because it holds official licenses to sign off on company audits, has substantial size, and uses AI to work faster. However, the company has borrowed heavily to buy other firms like Moss Adams, and owners are considering taking on even more debt to pay themselves dividends. The main risk is whether the company can smoothly combine all these newly bought firms and keep employees happy while servicing all that debt, which could show cracks within the next year or two.
Why
01
AI pressure: AI audit and tax copilots like EY.ai and Thomson Reuters CoCounsel. AI cuts hours needed for routine audit and tax work, pressuring the billable-hour model that funds Baker Tilly's debt payments. Could AI do the core job? Unlikely.
02
Bigger players: CBIZ (post-Marcum) and RSM US. Rival PE-backed rollups are chasing the same mid-market clients and talent, squeezing pricing as Baker Tilly digests three mergers at once. Could a giant copy it? No, they are blocked.
03
What protects it. Only CPAs can sign audit opinions, so regulated audit work can't be replaced by software or bought by a non-licensed rival.
What would change this call
H&F/Valeas execute the up to $1B dividend recapitalization. Would confirm equity holders are extracting cash while leverage stays high.
Deutsche Bank's $3B syndicated loan refinancing closes (targeted Q3-Q4 2026). Would show debt terms improved or worsened versus the original private credit deal.
Partner departures or client attrition reported during Moss Adams/Anchin/Berkowitz Pollack Brant integration. Would indicate integration stress is undermining the firm's scale advantage.
Deutsche Bank's $3B syndicated loan refinancing closes (targeted Q3-Q4 2026). Would show debt terms improved or worsened versus the original private credit deal.
Partner departures or client attrition reported during Moss Adams/Anchin/Berkowitz Pollack Brant integration. Would indicate integration stress is undermining the firm's scale advantage.
Key numbers
- $7B Moss Adams merger closed June 3, 2025
- $1.5B private credit priced ~4.5pts over benchmark
- Up to $1B dividend recap under review
Named risks
- Up to $1 billion dividend recapitalization would add leverage while integrating multiple mergers.
- $3 billion refinancing must transition cleanly from private credit to syndicated loan market.
- Simultaneous integration of Moss Adams, Berkowitz Pollack Brant and Anchin under new CEO since Jan 2026.
- Billable-hour advisory and routine accounting work exposed to AI-driven automation via Basis and Fieldguide.
- Publicly available headcount estimates conflict sharply between data vendors, obscuring real workforce trend.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| RSM US | contesting | RSM US had $4B revenue vs Baker Tilly's $1.71B as of Aug 2024, per CPA Practice Advisor |
| BDO USA | gaining on | Moss Adams merger (closed June 2025) pushed Baker Tilly ahead of BDO USA in US rankings |
| CBIZ (with Marcum) | contesting | CBIZ's 2024 Marcum acquisition expected to push it above Grant Thornton, reshuffling mid-tier rankings |
| Grant Thornton | contesting | Grant Thornton had $2.36B revenue vs Baker Tilly's $1.71B as of Aug 2024, both pursuing PE-style consolidation |
Questions people ask
- Is Baker Tilly US profitable in 2026?
- Baker Tilly does not publicly disclose profit, but its network reported record $6.8 billion global revenue in FY2025 (up 21.3%), while the US firm carries heavy leverage from its 2025 Moss Adams merger and a $3 billion debt refinancing was being marketed in July 2026, per Investing.com.
- Who owns Baker Tilly US?
- Private equity firms Hellman & Friedman and Valeas Capital Partners took a strategic stake in February 2024, the largest PE investment in the US CPA sector at the time. As of July 2026 they were reportedly considering a dividend recapitalization of up to $1 billion, per Investing.com/Bloomberg.
- Could AI replace Baker Tilly's accountants?
- Baker Tilly is deploying AI tools like Basis (April 2026) and Fieldguide for routine accounting and audit tasks, but licensed CPA audit-signing authority cannot be automated. The firm's July 20, 2026 Ode with Anthropic initiative frames AI as augmentation, not replacement, of professional judgment.
- Who is Baker Tilly's biggest competitor?
- In the US mid-tier CPA space, closest peers are RSM US, BDO USA, Grant Thornton, and CBIZ (post-Marcum merger). As of August 2024, RSM had $4B revenue and BDO $2.88B versus Baker Tilly's $1.71B, per CPA Practice Advisor, though the 2025 Moss Adams merger pushed Baker Tilly past BDO.
- Did Baker Tilly merge with Moss Adams?
- Yes. Baker Tilly announced a merger with Moss Adams in April 2025 valued at roughly $7 billion; the deal closed June 3, 2025, making the combined firm the 6th-largest US CPA firm, per Bloomberg Law.
- How many employees does Baker Tilly have?
- Baker Tilly International's global network headcount rose 16% to 50,443 people, including 3,905 partners, in FY2025 (ended Dec 31, 2025), per Accounting Today, January 14, 2026. Third-party vendor estimates for the US entity alone vary widely and conflict.
Timeline
- 2026-07-23H&F and Valeas reported considering up to $1B dividend recapitalization from Baker Tilly
- 2026-07-20Baker Tilly launched Ode with Anthropic AI initiative for governed AI across services
- 2026-07-17Deutsche Bank began marketing $3B debt refinancing to replace private credit
- 2026-06Acquisition of Anchin, Block & Anchin (New York) reported closed
- 2026-04-28Baker Tilly announced AI partnership with Basis for managed accounting services
- 2026-01-14Baker Tilly International reported record $6.8B FY2025 revenue, up 21.3%
- 2026-01-01Eric Miles became Baker Tilly CEO; Berkowitz Pollack Brant acquisition closed
- 2025-06-03Moss Adams merger closed, valued at roughly $7 billion
- 2024-02-05Hellman & Friedman and Valeas Capital Partners announced strategic investment
Revision history
23 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Baker Tilly US Number of Employees 2026 (2026-06-29)
- Baker Tilly Secures Strategic Investment Led by Hellman & Friedman (2024-02-05)
- Baker Tilly investment puts partnership model under spotlight (2024-02-19)
- Baker Tilly Looks to Build National Brand With Moss Adams Merger (2025-06-04)
- Baker Tilly seeks $3 billion debt refinancing to replace private credit (2026-07-17)
- Fresno's top CPA firm eases into new name expanded services with global merger (2025-10-02)
- Baker Tilly to acquire Berkowitz Pollack Brant (2025-12-15)
- Hellman & Friedman moves Baker Tilly's $3bn debt (2026-07-20)
- Hellman & Friedman, Valeas consider $1B dividend from Baker Tilly (2026-07-23)
- Baker Tilly Gets Big Private Equity Boost (2024-02-05)
- Moss Adams (2026-05-30)
- Baker Tilly Int'l revenue grows 21.3% to $6.8B (2026-01-14)