Citi Hildebrandt shows revenue growth powered more by rates than productivity

The 2026 Citi Hildebrandt Client Advisory reports 11.3% revenue growth through the first nine months of 2025, driven by 1.9% demand growth and a 9.6% rate increase, while productivity declined 0.6%. That combination is commercially powerful but fragile: firms are asking clients to accept higher prices while the underlying productivity story is moving in the wrong direction.