Covid-19? Deloitte’s global revenue cracks the $50 billion mark

20 September 2021 Consultancy.eu 4 min. read
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While the global pandemic has laid waste to an untold number of businesses around the world, Deloitte isn’t one of them – the professional services giant recording a record-breaking $50.2 billion in revenues.

Global accounting and consulting firm Deloitte has shrugged off any concerns about Covid-19 to smash through the $50 billion revenue mark for the first time, its 2021 financial year take up by five percent on its pre-Covid return of $47.6 billion. Once again, the firm’s Asia Pacific business led the charge, growing by 14 percent, with Deloitte’s Financial Advisory division also proving the strongest performer during the Covid-stressed era.

“Events of this past year have had an unprecedented impact on the world and our organisation,” said global CEO Punit Renjen, who has overseen a $15 billion increase in Deloitte’s revenues during his six years at the helm. “While the past year was difficult and defined by uncertainty, it has shown what can be achieved at speed and scale when businesses, governments, and society work together to tackle tough global challenges.”

Global revenue of Deloitte

Deloitte’s consulting business is now its biggest money spinner by some margin, bringing in more than $20 billion of its total take and eclipsing the combined revenues of its audit & assurance ($10.5 billion) and tax & legal ($8.9 billion) departments. At 5 percent, growth in consulting was however slower than elsewhere, with financial advisory, aided by the business complications of Covid-19, the stand-out, to be up by almost 13 percent.

Geography-wise, North America is still Deloitte’s prime earner, contributing more than $24 billion to this year’s revenues, followed by $16.7 billion from its EMEA (Europe, the Middle East and Africa) region. Still, the combined Asia-Pacific was the firm’s hottest growth spot once again, up by 14 percent to $8.5 billion – or, a massive $3.5 billion increase during Renjen’s tenure. Deloitte’s Australian business contributed $2.3 billion over the past year.

The consulting versus accounting mix

In terms of industry, the ongoing disruption to the financial services sector equated to a $13.3 billion boon to Deloitte, followed by $10.4 billion derived from its ‘consumer’ services practice. Yet, in supporting the public health response to Covid-19 in various countries around the world, Deloitte’s $8.4 billion government & public sector practice has now shot past its resources and technology, telecom & media businesses, growing by more than $3 billion in just two years.

“Our focus during the past year has been on deploying our global capabilities to help clients respond, recover, and thrive during the pandemic; enabling mental and physical wellness for our professionals to perform at the highest levels; helping communities address the need for greater health equity and better educational opportunities; and prioritising the environment as we move closer toward our net-zero target,” said Renjen.

Global revenue of the Big Four

The Big Four compared

The $50.2 billion total haul cements Deloitte as the biggest of the Big Four, a position it has held since 2016. With PwC and KPMG yet to report (the latter being still below the $30 billion mark as of the end of last year), Deloitte has now opened what would seem as an insurmountable gap on its rivals, despite EY this year bringing in $40 billion globally with growth of 7.3 percent.

From its humble origins in 1845, when William Welch Deloitte opened the firm’s firs office in London, Deloitte has grown into an international network of more than 334,000 professionals in more than 150 countries and territories. The company still is headquartered in London, the United Kingdom.

Earlier this year, Deloitte was named the world’s most valuable brand in the professional services industry.