Deloitte doubles global revenues to $65 billion in space of a decade

Doubling its global take in just one decade, professional services firm Deloitte has posted 2023 revenues of $65 billion, following its previous 22 percent growth with another 15 percent jump.

Global accounting and advisory firm Deloitte is well and truly pulling away from its Big Four rivals. Despite the slight, general slowdown, the firm posted a whopping $65 billion in global revenues for its 2023 financial year to June, an increase of almost 15 percent on the year prior.

Denying talks of a sluggish market, the firm’s consulting division – Deloitte Consulting, Monitor Deloitte and Deloitte Digital – grew by 19%.

“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,” said Deloitte’s Global CEO Joe Ucuzoglu. “This is an environment that places increasing value on diversity of thought and interdisciplinary solutions, playing directly to our strengths.”

Already its biggest money spinner – and generating the highest proportion of income among the Big Four – Deloitte’s consulting division also continues to be its fastest growing, up by almost a fifth over the past year.

Indeed, the firm noted its sixth consecutive number one Gartner ranking among worldwide consulting service providers by revenue, with the practice bringing in almost $30 billion of the firm’s total revenues alone.

While the 19% growth in consulting revenue was a slight slowdown on the 25% achieved over the previous financial period, Deloitte pointed to the “bold investments” made in its digital capabilities during the past twelve months, with a focus on disruptive technologies such as generative AI, quantum computing, 5G, and the metaverse. This included the launch of its metaverse offering Unlimited Reality and a global GenAI practice.

Also as a sign of the times, Deloitte’s Risk Advisory division – which includes its Cybersecurity and Sustainability & Climate offerings – was the firm’s second fastest growing, up by 17% to almost $8 billion. Audit & Assurance followed, accelerating by five points to 14% growth to bring in over $12 billion, while financial advisory hit a brick wall, dropping from over 20% growth to under 5%. Tax & Legal was up by 9%.

While consulting has been a consistent growth driver among all of the Big Four in recent times, geographical trends have swung over the past few years away from the Asia Pacific and back toward the US. Deloitte’s Americas region grew by 18% over the past year, following 22% growth the year prior. The firm’s EMEA (Europe, the Middle East and Africa) geography also outpaced the Asia Pacific, growing by over 12%.

This year’s figures neatly demonstrate Deloitte’s remarkable rise, the $64.9 billion total almost exactly double the $32.4 billion sum from precisely a decade ago. However, growth remained ‘relatively’ steady up until 2018 – with the firm posting $38.8 billion in revenues – before exploding. Including a slight blip in the first year of Covid-19, Deloitte has added a massive $26 billion to its annual takings over just the past six years, pulling well ahead of its closest rivals.