EY's Global Revenue Up Only 3.8% to $51.2 Billion in 2024

A year after posting nearly double-digit revenue growth, EY said on Oct. 17 that its global revenue increased 3.8% in U.S. currency terms in 2024 to $51.2 billion for the year ending June 30.

That represents 3.9% revenue growth in local currency terms, the Big Four accounting firm said.

In 2023, EY hauled in revenue of $49.35 billion globally, an increase of 9.3% in U.S. currency terms and 14.2% in local currency terms from $45.4 billion in 2022.

Deloitte, the first of the Big Four firms to release its revenue results for 2024, had similar year-over-year growth as EY: 3.6% in U.S. currency terms and 3.1% in local currency terms. Deloitte is still the largest accounting firm in the world with global revenue of $67.2 billion this year.

The meager 2024 revenue growth at both firms can be attributed to a growing number of clients shelving longer-term investments as they navigate an uncertain macroeconomic environment, meaning there’s less work for their consultants to come in and advise companies on. It’s a stark contrast to just a few years ago when a pandemic-induced boom in demand spurred hiring sprees across the industry.

Janet Truncale

“Over the past year, EY teams have demonstrated extraordinary resilience in a challenging economic climate with growth across all service lines. This resilience is driven by sustained investment in EY capabilities through a broad spectrum of services, such as leading AI and tech,” EY Global Chair and CEO Janet Truncale, who became the big cheese at EY on July 1, said in a statement. “We are also creating new value for EY people, with an unwavering commitment to continuous learning and diversity, equity, and inclusion to prepare our workforce for the future. That is why EY has launched a new strategy called ‘All in,’ which demonstrates that together with EY people, clients, and communities we can help shape the future with confidence.”

EY did see revenue growth across its core service lines this year but only in local currency terms. Tax achieved a growth of 6.3% in local currency (6.7% in U.S. currency) and assurance showed a 6.3% increase in local currency (5.8% in U.S. currency), while strategy and transactions recorded a 2.3% rise (2.8% in U.S. currency). However, consulting grew by a miniscule 0.1% in local currency terms and had no revenue growth in U.S. currency terms.

Data courtesy of EY.

The Americas region continued to lead the way in total revenue with $24.1 billion, up 2.2% in U.S. currency terms from last year. The region with the biggest revenue growth year over year was EMEIA (Europe, the Middle East, India, and Africa) with 8.8%.

Data courtesy of EY.

EY’s total global headcount actually decreased in 2024 by 0.6% and by 2.8% in the Americas region alone. The firm reduced headcount in its tax, consulting, and strategy and transaction practices, and hired more people in assurance.

Data courtesy of EY.

According to the Financial Times, this was the first time in 14 years that EY has cut headcount.