The numbers are in, the press release is out, and the words “exceptional,” “unrelenting,” and “quality and distinction” were used by Deloitte’s No. 1 cheerleader, Global CEO Punit Renjen, to describe the firm’s 2018 fiscal year. I have no doubt that Green Dots around the world yesterday celebrated (i.e., sat half asleep at their desks) Deloitte’s global revenue of $43.2 billion for the fiscal year ended May 31, 2018.
Deloitte’s revenue is up 11.3% from FY 2017’s $38.8 billion, which was the highest among the Big 4 firms last year. Deloitte took the title of “biggest of the Big 4” away from PwC in 2016.
The region with the biggest revenue growth was Europe, Middle East, and Africa (EMEA) at 15.9%, followed by Asia Pacific at 13.3% and the Americas at 8%.
Of the firm’s five practice areas, consulting had the highest revenue growth at 15.7% (10.2% in 2017), which isn’t that surprising as the Big 4 firms have placed more of an emphasis on boosting their consulting businesses in recent years. In fact, Deloitte Consulting placed No. 4 in Vault’s 2019 ranking of the top 50 consulting firms to work for in North America.
Here’s how the other four practice areas fared in 2018:
- Audit and assurance: 7.7% growth (1% in 2017)
- Financial advisory: 8% (5.8% in 2017)
- Risk advisory: 12% (12.9% in 2017)
- Tax and legal: 8.7% (6.6% in 2017)
As of May 31, there were a whopping 286,200 men and women with Deloitte business cards around the world, with more than 77,000 newbies hired in 2018. Consulting saw the biggest increase in personnel at 14.7%.
So, 2018 was a hell of a year for Deloitte, wasn’t it, Punit?
“FY2018 was exceptional for Deloitte as we continued to deliver a measurable impact for clients, our people, and society. These results reflect Deloitte’s unrelenting commitment to serving clients with quality and distinction while embracing important public-interest responsibilities. Over the past year, we have increased strategic investments in the capabilities and services most sought-after by clients in the fastest-growing markets in the world. We also have expanded our efforts and investments to drive audit quality and innovation while achieving strong financial results.”
And how could this next quote not make y’all proud to work for Deloitte:
“At the core of Deloitte’s business model is the fundamental belief that working with a sense of purpose and serving with quality and distinction make a positive impact on our clients, our people, and our communities. It is through our work that we contribute to building a more equitable and sustainable world,” says Renjen.
Let’s all sing it together, shall we: “Deloitte is calling, is calling, is calling out your name. Deloitte is calling, is calling, is calling out your name.”
We’ll see if PwC leapfrogs back over Deloitte into first place when it releases its revenue numbers in a few weeks. KPMG usually releases its numbers in December. Last week, EY announced its global revenue totaled $34.8 billion in FY 2018.
Image: Shutterstock/Lester Balajadia