Deloitte reported global revenue today and no one will be surprised to hear that it once again broke a record: $64.9 billion for the 2023 fiscal year ended May 31, 2023. That’s a 14.9% increase from Deloitte’s 2022 revenue, not quite as big a jump as the 19.6% increase between 2021 ($50.2 billion) and 2022 ($59.3 billion) but still impressive given the state of the economy. *insert golf clap here* To think, it was only two years ago that Deloitte became the first Big 4 firm to surpass $50 billion in revenue.
In his first revenue release since he took the big chair as CEO of Deloitte Global last December, former Deloitte US CEO Joe Ucuzoglu said:
“In an environment of increasing complexity and an accelerated pace of technology-driven change around the globe, Deloitte’s unrivaled breadth of expertise within our multidisciplinary model continues to differentiate us in the marketplace. This is an environment that places increasing value on diversity of thought and interdisciplinary solutions, playing directly to our strengths. Amidst transformative advances in technology and a dynamic economic and geopolitical landscape, our people take great pride in upholding the public’s trust and helping clients and communities successfully navigate many of the most complex challenges of our time.”
There’s a whole lot of bullshit in the press release after that, I mean A LOT. We get it, you guys navigated a difficult talent market, rising interest rates, cheap clients, and technological diSRupTiON. Calm down, everyone did.
Deloitte’s business success is underpinned by our commitment to embedding our purpose—to make an impact that matters—in everything we do. We also draw strength from our multidisciplinary model, which brings together the breadth and depth of experience and capabilities across our global organization to address both the near- and long-term forces reshaping business and society. This integrated approach enables us to bring our purpose to life and deliver significant impact for our stakeholders.
Note the above is a thinly veiled jab at EY.
The self-fellating gibberish keeps going in the revenue by service line breakdown.
Among Deloitte’s businesses, Consulting revenue grew fastest at 19.1% in local currency, followed by Risk Advisory, which grew 17.5%. Among the regions, the Americas grew the fastest at 17.5%, followed by EMEA at 12.6%.
Consistent with the critical importance to society of the work we do across our practices, we strive to execute with the highest ethics and integrity and set the standard for quality in everything we do.
Can you please stop.
Audit & Assurance continued its commitment to delivering high-quality audits with integrity and professionalism and upholding Deloitte’s vital role in the effective functioning of the capital markets. Our practitioners have supported organizations in navigating the changing landscape of stakeholder needs for more holistic reporting on their business model resilience and broader societal objectives. We delivered a broad range of environmental, social, and governance (ESG) services, including materiality and gap readiness assessment, disclosure preparation, and assurance. We have been recognized for our leading-edge technology and innovative culture, with Deloitte Omnia’s ESG capabilities receiving recognition as a data-fueled solution that helps us transform ESG information into insights for clients and deliver with greater quality, effectiveness, efficiency, and perspective. Audit & Assurance revenue grew 13.8% in local currency.
OK you know what, I’m not doing this. Here are the revenue growth numbers by service line without the sales pitch. As mentioned above, consulting continues to carry the team to a W.
- Consulting: 19.1%
- Risk Advisory: 17.5%
- Audit & Assurance: 13.8%
- Financial Advisory: 4.7%
- Tax and Legal: 9.1%
After a bunch more self-congratulatory fluff, Deloitte wraps the press release by noting its 2023 Global Impact Report will be released later this year. Here’s last year’s if you’re blocked up and need something to read. Oh and the workforce expanded to approximately 457,000 people globally, it was 411,951 at the end of FY22. That number would have been slightly higher but Deloitte US laid off 1,200 people in April.
PwC or EY should be next out of the gate with revenue results. Will Deloitte continue to take the crown as the biggest baller of the Big 4? Probably. EY’s definitely not coming for them.