May 13, 2025

Growth Gains Are Positive, But Are They Sustainable?

We polled 1,000 senior leaders of privately held companies spanning industry sectors across the nation to take stock of actions, concerns, and challenges in key areas including financial performance. Our 2025 Private Company Performance Report sheds light on the growth trends and challenges reported by our survey respondents.

Revenue Growth

2024 revenue growth looked sound in a vacuum compared to the top line in 2023 but dropped roughly 5% from 2023’s big picture growth numbers. Eighty-six percent of respondents report growth in revenue compared to the previous year. Just under 1 in 3, or 30%, of companies polled say revenue grew significantly. However, these revenue growth numbers were at 92% and 35% last year.

EBITDA Growth

Earnings growth mirrored revenue growth. Eighty-three percent of respondents report some/modest or significant growth in EBITDA (earnings before interest, taxes, depreciation, and amortization). Thirty-one percent say EBITDA grew significantly. The year-to-year revenue and EBITDA performance is good, but not as positive as in last year’s numbers.

Direct and Payroll Costs

The complete revenue and earning stories unfold, in part, with rising costs. Moderate or significant net increases in payroll costs were 76%. Seventy-three percent of respondents say direct costs increased moderately or significantly. At the bottom line, as is often the case, the pressure to grow the top line is compounded by the pressures to manage rising costs.

Citrin Cooperman’s Private Company Performance Report

Citrin Cooperman has been serving and advising middle-market, private companies and high net worth individuals for over 40 years and created an annual Private Company Performance Report to discuss what is top of mind for business leaders across the country. Access our report to discover valuable insights into the trends, opportunities, and challenges facing businesses today.

Access the 2025 Private Company Performance Report