November 12, 2018

EY Global Revenue Up 11% in Fiscal Year 2018

Here we go, folks. It’s that time of year when we start seeing the Big 4 firms releasing their global revenue numbers for the most recent fiscal year. And EY is first out of the gate.

According to the numbers Mark Weinberger and company want the public to know about, fiscal year 2018 was a good one, as EY’s global revenue rose to $34.8 billion, up 11% in U.S. dollar terms from the previous fiscal year, the firm announced today. In local currency terms, revenue in the fiscal year that ended June 30 increased 7.4%.

In fiscal 2017, EY boasted revenue of $31.4 billion, up 3.4% in U.S. dollar terms and 7.8% in local currency terms from the previous fiscal year.

EY Americas earned $15.6 billion in 2018, up 7.4% from 2017. But the region with the highest year-to-year revenue increase was Asia-Pacific, up 10.2% from 2017 to $4.1 billion.

In the United States specifically, EY reported $14 billion in revenue, an increase of 7.3% over 2017. The firm states:

The Transactions business led the growth in the US buoyed by a strong M&A market and increased demand for strategic consulting, integration, diligence and other services. Its double-digit Advisory growth was driven by areas including cyber services, digital, analytics and technology transformation, while Assurance continued a steady flow of new audit engagements, including two Fortune 500 corporations.

While EY is touting “strong growth” in all of its service lines worldwide in 2018, most services lines had bigger revenue growth last year:

  • Assurance: 4.4% growth (4% in 2017)
  • Advisory: 10.1% (10.4% in 2017)
  • Tax: 6.4% (7.9% in 2017)
  • Transaction advisory services: 13.9% (15.5% in 2017)

During the course of FY 2018, EY added nearly 14,000 warm bodies, bringing its total headcount worldwide to 261,559.

So, what did Weinberger, EY’s global chairman and CEO, think of FY 2018?

“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.”

Last year, EY sat third in global revenues among the Big 4 firms, ahead of KPMG and behind Deloitte and PwC. Unless PwC had a real shitty 2018 and KPMG had an un-KPMG-like 2018, EY will probably remain in third place. Deloitte usually announces its revenue numbers in mid-September—so soon. PwC usually releases its numbers in early October, and KPMG in December.

Image: Shutterstock/JPStock

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A 4.2% Increase in Revenue Must Give BDO USA All the Happy Feels

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Layoff Watch ’10: Ernst & Young January Edition

Confused doesn’t even begin to describe what were feeling. We are hearing tons of rumors about layoffs in the Ernstiverse this week.

We’ve heard rumors from Denver to the East-Central (fka North-Central) and New York FSO. This includes both client serving professionals and support staff. We have already confirmed that two admins were let go earlier this week in New York.

The timing is especially strange since, you know, it’s January and in some offices the mandatory hours have already rolled out. Even if it were only support staff being let go, the timing is still unheard of. Why wait until January to let people go when having cuts in November? Maybe it’s just us but if we had survived that November cut, we would have thought that our job would be safe until at least the spring.
And since the roundtables seem to be SOP you wouldn’t think they would be anything to worry about but they definitely have people talking and wondering what will go down.

So far, Ernst & Young has not responded to our request for comment.
If you hear anything about your office get in touch in with us and discuss in the comments.

E&Y’s Entrepreneur of the Year Award Just Got a Little More Prestigious

Jim Turley3.jpgFrom what we can tell, the Ernst & Young Entrepreneur of the Year award is a BFD. If the other Big 4 have their own versions of this award, we sure haven’t heard of them.
And even if Deloitte were to start handing out the Uncle Dangle Vigilante of the Year award, it would pale in comparison to the EYEY because, now, a past winner is going to be on The Real Housewives of New York City.
Jennifer Gilbert won her EYEY in 1998 for her business, Save the Date, “A dedicated force of event planners who are in tune with the constantly evolving world of corporate events.” She’s even in the EYEY Hall of Fame. Jesus, this thing has a HoF?
J Dawg has to be bursting over this. Shamelessly up on his desk fist pumping, Tiger Woods style. A soon-to-be reality TV star that, God willing, will name drop E&Y every chance she gets on cable would be the best thing that ever happened to the firm. Sorry, NASCAR HoF.
The Real Housewives of New York Adds a Second New Non-Housewife [Gawker]