Deloitte, the professional-services firm, announced a 9% increase in global revenue for the fiscal year ending on May 31. The company's total revenue reached $64.9 billion during this period, reflecting its efforts to expand its offerings in generative artificial intelligence and sustainability.
Audit Revenue Declines as Consulting and Financial Services Thrive
While audit revenue rose by 8% to $12.3 billion, it represented a smaller portion of overall revenue. Audit now accounts for approximately 19% of Deloitte's total revenue, down from around 31% ten years ago.
On the other hand, Deloitte's consulting and financial and risk-advisory businesses experienced substantial growth, collectively increasing by 11% to $42.5 billion compared to the previous year. These sectors now make up about 66% of the company's revenue, up from approximately 50% a decade earlier.
Positive Performance in Tax and Legal Services
Revenue from tax and legal services also saw a 2% increase, reaching $10.1 billion, according to Deloitte.
Deloitte Leading the Big Four
Deloitte is the first among the Big Four accounting firms (Ernst & Young, PricewaterhouseCoopers, and KPMG) to report its annual revenue. However, EY expects to announce $50 billion in global revenue for the fiscal year ending on June 30, representing a 10% increase from the previous year.
