Deloitte reports record $64.9bn revenue for 2023 financial year
Deloitte on Thursday reported aggregate global revenue of US$64.9 billion for the fiscal year ending 31 May 2023 (FY2023), a 14.9% increase in local currency (and 9.3% increase in USD) from FY2022.
“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,” says Joe Ucuzoglu, Deloitte Global CEO. “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.”
Powering business growth
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.
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.
Consulting made bold investments in digital capabilities over the past year, enabling our practitioners to help clients address the challenges and opportunities raised by disruptive technologies such as generative AI, 5G, quantum computing, and the metaverse. We launched Unlimited Reality to guide clients into the era of spatial computing, creating their own metaverse solutions to simulate the future of business, as well as a Generative AI practice to help them to exponentially enhance productivity and accelerate the pace of business innovation. Additionally, Deloitte has been ranked the number one consulting service provider worldwide by revenue, for the sixth consecutive year, in the Gartner Market Share report.
Consulting revenue grew 19.1% in local currency.
Financial Advisory practitioners served as trusted advisors to clients, creating and preserving value in a complex and constantly changing environment. Our Mergers and Acquisitions practice continued to grow despite market volatility, and our Turnaround and Restructuring specialists helped companies navigate banking industry turbulence. Our Forensic practice pioneered digital and AI solutions with public and private sector organizations, addressing financial crime and navigating fraud, waste, and abuse. We have advised clients on strategies to drive sustainability and climate solutions, model net-zero transformations, and strengthen stakeholder trust.
Financial Advisory revenue grew 4.7% in local currency.
Risk Advisory continued to drive transformative change for clients, focused on solutions to address the ever-evolving global risk and regulatory landscape. Our Cyber business employs leading-edge technology to help clients protect against, and respond to, an array of cyber risks, while also building business strategies that embed cyber and enable businesses to stay ahead of those risks. With our latest Cyber offerings—Managed Extended Detection and Response and Digital Identity—we bring together experienced practitioners, processes, and market-leading technology to embed 24/7 vigilance globally for clients. Our Sustainability & Climate offering gives practitioners access to leading-edge technology and smart business solutions while helping enable organizations to succeed in a low-carbon, climate-resilient world.
Risk Advisory revenue grew 17.5% in local currency.
Tax continued to support clients with their increasingly complex tax compliance obligations, while helping them to understand and navigate the impact of the rapidly shifting regulatory, geopolitical, and economic landscape. Among these complex shifts, the Organization for Economic Co-operation and Development’s (OECD) proposed Pillar Two rules to address the digital economy and the digitalization of tax authorities are driving demand for a range of advisory, compliance, and technology consulting services from multinationals. Our practitioners also supported clients with the transformation of tax operating models, including the need for data quality and access, and helped them anticipate the jurisdictional tax implications of M&A activity, supply chain reconfigurations, and other important business change events.
Legal helped clients navigate the pace of regulatory change, which has resulted in more complex legal issues, along with the pronounced impact of digitization on legal solutions across their organizations. Deloitte’s Legal practice also continued to work with clients on workforce policies to accommodate the now permanent reality of remote and hybrid working and to navigate employment laws that could affect employees’ rights and well-being.
Tax & Legal revenue grew 9.1% in local currency.
Delivering impact, embedding purpose in all that we do
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.
