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Return to: Home > News > EY edges closer to the Big Two as global revenues reach $34.8bn, up 11%

EY edges closer to the Big Two as global revenues reach $34.8bn, up 11%

EY has reported revenues of $34.8bn for the year end 30 June 2018, an 11% increase is USD and a 7.4% growth in local currency terms.

While the rest of the Big Four are still to report their 2018 results, EY’s performance continues the trend of edging closer to the second largest accounting firm PwC ($37.7bn in 2017) and first ranked Deloitte (38.8bn in 2017). Fourth ranked KPMG reported global revenues of $26.4bn last year.

Looking back a decade, in 2008, all of the Big Four firms were reporting about $10bn less in global revenues with the gap between the firms similar to today (see table below)

However the years after the financial crisis hit all the Big Four hard, it increased the gap between EY and second placed Deloitte at the time by just under $5bn in 2010 and in 2013 the gap was even bigger at just under $7bn. If EY results are anything to go by the rest of the Big Four should be reporting similar growth levels in 2018, despite the increase of scrutiny over audit quality across the world, especially in the UK and Australia.

Service line growth

This year by service line EY recorded a 4.4% growth in assurance, 6.4% in tax,10% in advisory and 13.9% in transaction advisory services.

Geographically Asia-Pacific had the strongest growth with 10.5% growth to $4.1bn and Americas with 7.4% growth to $15.6bn.

People

EY’s workforce was 261.559 in 2018, up by almost 6% year-on-year, with most staff employed in assurance services at 88,849.

EY recorded the biggest staff increase in Advisory (11.7%) and in Transactions Advisory Service (11.7%).

By geography EY employs most people in the EMEIA region with 106,775 staff members.

Commenting on the results Chairman and CEO Mark Weinberger said:

“This year more clients turned to EY for support in their digital and transformation strategies, and for our bedrock services across audit and tax. Our significant and innovative investments are driving growth and supporting the delivery of high-quality services. Most of all, our success is driven by the contributions of 260,000 EY people around the world.”

 

Big Four revenues through time:

2018

2013

2008

Firm

Revenue

Firm

Revenue

Firm

Revenue

Deloitte

$38.8bn(2017

PwC

$31.5bn

PwC

$28.2bn

PwC

$37.7bn (2017)

Deloitte

$31.3bn

Deloitte

$27.4bn

EY

$34.8bn

EY

$24.4bn

EY

$24.5bn

KPMG

$24.6bn

KPMG

$23bn

KPMG

$22.7bn

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