EY reports global revenue of US$51.2b for fiscal year 2024

• Records FY24 revenue of US$51.2b, a 3.9% increase in local currency
• Releases ‘Value Realized’ report, with updates on how EY is providing long-term value for EY people, clients and society
• Launches new global strategy ‘All in’ and introduces tagline, ‘Shape the future with confidence’

The global EY organization (EY) today announces combined global revenues of US$51.2b for the financial year ending June 2024 (FY24), an increase of 3.9% in local currency.

All EY Service Lines reported revenue growth. Tax achieved a growth of 6.3% in local currency (6.7% in USD). Assurance also showed a 6.3% increase in local currency (5.8% in USD), while Strategy and Transactions (SaT) recorded a 2.3% rise (2.8% in USD). Consulting experienced a 0.1% increase in local currency (unchanged in USD).

Today also sees the release of Value Realized, the integrated EY annual report on financial and non-financial performance, including environmental, social and governance (ESG) initiatives and disclosures, as well as strategic collaborations aimed at generating long-term value for EY clients, people and society.

Janet Truncale, EY Global Chair and CEO, says:

“Over the past year, EY teams have demonstrated extraordinary resilience in a challenging economic climate with growth across all Service Lines. This resilience is driven by sustained investment in EY capabilities through a broad spectrum of services, such as leading AI and tech.

“We are also creating new value for EY people, with an unwavering commitment to continuous learning and diversity, equity and inclusion to prepare our workforce for the future. That is why EY has launched a new strategy called ‘All in,’ which demonstrates that together with EY people, clients and communities we can help shape the future with confidence.”

Investing in technology and artificial intelligence

EY continues to invest in award-winning technology platforms and artificial intelligence (AI) to assist clients to transform, grow and tackle complex global challenges. EY Fabric, a core technology platform, is now deployed across 180 countries with over 2m unique client users.

In September 2023, EY launched EY.ai, a unifying platform bringing together human capabilities and artificial intelligence. EY.ai leverages leading-edge EY technology platforms and AI capabilities, with deep experience in strategy, transactions, transformation, risk, assurance and tax, all augmented by a robust AI ecosystem. At the same time, the global organization also launched EYQ, one of the world's largest private and secure large language models (LLM), which has been rolled out across the EY global workforce this past year. To date, 70% of all EY people have been trained in the responsible use of AI. Over 75% of EY people have used EYQ, generating 68m prompts since September 2023. EYQ has also won multiple industry awards for AI and innovation excellence.

In FY25, EY plans to further incorporate AI platforms throughout EY operations and integrate AI into its ways of working. EY teams are proactively assisting clients in their transformation efforts, helping them become AI-powered businesses by safely and responsibly utilizing emerging technologies.

In line with the EY audit transformation journey, EY has invested US$1b in a leading-edge technology platform aimed at boosting trust, transparency, and transformation. Recently, the EY organization introduced over 25 new Assurance technology features, incorporating integrated AI technologies, all supported by EYQ and EY Fabric.

Strengthening impact through alliances and ecosystems

EY continues to leverage a strategic network of ecosystem partners to create new value for clients through a blend of capabilities, technology, data and connections. Over the past five years, EY has established more than 100 ecosystem relationships and alliances, 20 of which are new in FY24 as we swiftly expand our AI and sector-based ecosystems. Collectively, these ecosystems and alliances account for 48% of overall EY growth in FY24.

Over the past five years, EY has grown alliance partner revenues at 31% (compound annual growth rate).

Supporting sustainability choices and services

There are 4,000 EY professionals dedicated to supporting sustainability and climate change services around the world. As clients continue to need our help solving this complex challenge, 50,000 EY professionals have applied their skills to contribute to engagements that help EY clients advance their sustainability agendas.

EY is committed to reducing its greenhouse gas (GHG) emissions. This is reflected in the 40% reduction in GHG emissions and a 42% reduction in Scope 3 travel emissions against an FY19 baseline.

Numerous initiatives have been implemented to assist EY people in making informed travel choices, and these initiatives are already demonstrating a positive impact. In FY24, these initiatives prevented an additional 98,000 tons of CO2e emissions, equivalent to almost 20% of all EY travel emissions.

Ongoing learning and development

EY continues to prioritize investment in learning and development. In FY24 EY reached a major milestone with over half a million learning accreditations – known as EY Badges - issued since the program was launched. This has included advanced learning in sustainability, data visualization, AI and transformational leadership.

The uptake in AI learning has been extraordinarily rapid, with over 250,000 individuals completing AI learning courses within six months of training being rolled out.

Prioritizing diversity, equity and inclusiveness

EY has prioritized social equity across all areas of diversity, equity and inclusiveness (DE&I), through employing storytelling to raise awareness, initiate discussions and scrutinize processes and systems via the award-winning Uplift social equity campaign.

Positively impacting lives

Since its start in 2018, EY Ripples has positively affected over 192m lives, and we are on track to achieve an ambition to positively impact 1b lives by 2030.

In FY24 more than 168,000 EY participants contributed to initiatives that benefited over 64m people. EY invested US$169m and devoted 934,000 hours to community-strengthening projects and various in-kind initiatives.

A new “All in” strategy to shape the future with confidence

On 1 July, EY launched “All in” the EY global strategy. This strategy aims to shape the next US$50b in EY revenue through purposeful growth and targeted investments in areas like transformation, managed services and sustainability, while maintaining a strong focus on audit quality.

This ambition is encapsulated in the new tagline, ‘Shape the future with confidence,’ which will build upon the iconic EY purpose, “Building a better working world."

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About EY

EY exists to build a better working world, helping create long-term value for clients, people and society and build trust in the capital markets.

Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate.

Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.

This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.

EY FY24 June YTD Global revenues and headcount

EY revenues by Service Line – US$ millions

EY revenues by Geographic Area – US$ millions

EY people by Service Line

EY people by Geographic Area

Revenues are aggregated revenues of the individual EY member firms that have been combined for presentation purposes and include expenses billed to clients. For purposes of reporting combined global revenues, revenues between member firms have been eliminated. Headcount numbers reflect personnel as at the end of June of each financial year.

Global Entities in the People Section represents Global services and functions including the Global Delivery Services (GDS) organization. GDS entities support EY member firms across the world by providing support capabilities to their client-serving account teams as well as internal enablement support services.

The FY23 revenue and headcount shown in the above table includes restatement for internal reorganization of service lines. This ensures that the FY23 Service Lines revenues and headcount are comparable to that reported for FY24, and hence growth is calculated on a like for like basis. No change to the overall total FY23 revenues and headcount.