Firm Management
Deloitte Global Hauled in $67.2 Billion in Revenue This Year
That's a 3.6% increase in U.S. dollar terms and 3.1% in local currency terms from 2023's global revenue of $64.9 billion.
Sep. 13, 2024
Deloitte is first out of the gate among the Big Four to announce global revenues for 2024 with $67.2 billion for the fiscal year ending May 31, the firm said on Thursday.
That’s a 3.6% increase in U.S. dollar terms and 3.1% in local currency terms from 2023’s revenue of $64.9 billion.
Deloitte is the largest accounting firm in the world by revenue, followed by PwC, EY, and KPMG. PwC and EY will likely release their 2024 revenue results within the next month, while KPMG usually makes its announcement in December.
“In a complex global environment over the past year, Deloitte successfully sustained a growth trajectory while investing heavily in the next generation of capabilities aligned to emerging areas of client demand,” Deloitte Global CEO Joe Ucuzoglu said in a statement. “Our unrivaled breadth of capabilities spanning advanced technologies, sector depth, and expertise in critical business functions positions Deloitte uniquely to help clients, markets, and society at large maximize the value of tech-driven transformation.”
Among the regions, EMEA (Europe, Middle East, Africa) grew the fastest at 8.5% in local currency terms, followed by the Americas at 1.4%.
Among Deloitte’s five core service lines, tax and legal had the most revenue growth at 8.7% in local currency, followed by audit and assurance at 4.1%, risk advisory at 3.2%, and consulting at 1.9%. However, revenue in the firm’s financial advisory business decreased 3.8%, as Deloitte and its main competitors have faced a slowdown in demand for certain advisory services over the past year.
As a result, Deloitte laid off 1,200 professionals in the U.S. in April 2023, including 3% of its employees in risk and financial advisory, while Deloitte’s U.K. arm cut more than 800 jobs last September.
Deloitte announced last March that it was “modernizing and simplifying” its structure by consolidating its main business units from five to four ahead of its 2025 fiscal year, which began on June 1, 2024. Those four units are audit and assurance; strategy, risk and transactions; technology and transformation; and tax and legal.
Over the past 12 months, the firm’s global workforce increased from approximately 457,000 to more than 460,000.