Deloitte Becomes the First Firm to Surpass $70 Billion in Revenue

Seems like just yesterday we were wondering who would be the first firm to cross the $50 billion mark. It was actually around 2020 that we wondered that, which does in fact feel like yesterday, and the question would be answered for revenue season 2021 when Deloitte jumped from $47.6 billion to $50.2 billion in global revenue.

Here we are five years later and once again Deloitte has broken a record with aggregate global revenue of $70.5 billion for the fiscal year ending May 31 2025 (thanks in small part to cumulative inflation of 19.6% from 2021 to 2025). More impressive, however, is the 4.8% increase in local currency (4.9% increase in USD) from FY24. We were really thinking they’d be in bottom single-digit territory after Deloitte UK’s numbers came in. On top of that, Americas grew the fastest of all global regions (7.1%) which we totally didn’t see coming given how hard the firm got DOGE’d last year.

Deloitte Global CEO Joe Ucuzoglu’s quote in the press release aged like cottage cheese left out on a sunny porch though: “Clients around the world are placing their trust in Deloitte to navigate an unprecedented level of complexity and change. By integrating our unrivaled depth of expertise across key business domains with our modern engineering capabilities and outcome orientation, Deloitte is uniquely positioned to help businesses, governments, and markets capture the full potential of AI.” See: Deloitte to pay money back to Albanese government after using AI in $440,000 report, an embarrassing story out of Australia that popped up just after the Green Dot announced its 2025 performance.

Growth by service line is as follows (in local currency):

• Audit & Assurance: 3.8%
• Strategy, Risk & Transactions: 5.5%
• Technology & Transformation: 4.7%
• Tax & Legal: 5.4%

Deloitte’s global headcount is now at more than 470,000 people around the world.

Next to report will probably be EY with PwC right behind them and KPMG, as usual, wrapping up Big 4 revenue season toward the end of the year due to their September year end. Quick refresher of 2024’s numbers:

• Deloitte: $67.2 billion
• PwC: $55.4 billion
• EY: $51.2 billion
• KPMG: $38.4 billion

We’d be shocked if anyone reports overall growth higher than 6% but hey, we’ve been surprised before. Like last year when KPMG was the only firm to almost hit double-digit growth in any one service line (9.9% in Tax & Legal).