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Annual report · 2025

The state of the CPA exchange.

AFX's full 2025 report — closing volume, multiples by service mix, regional breakdown, and the twelve trends shaping the next year of accounting-firm transactions. 64 pages, analyst-built from the platform's own closings.

$2.10B▲ 28% YoYClosed volume · YTD

1,840▲ 142 q/qActive listings

104d▼ 11d fasterMedian close

2.7×stableMedian multiple · tax

Inside the report

01Multiples by service mix & revenue bandp. 06

02Regional breakdown across 38 statesp. 18

03Buyer profile & capital concentrationp. 31

04Succession-event pipeline & 2026 forecastp. 44

05Methodology & comp-set constructionp. 58

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