Deloitte reported a substantial slowdown in its global revenue growth for the fiscal year ending May 31, 2024, achieving only 3.1% growth to reach $67.2 billion. This marks the weakest growth rate for the Big Four accounting firm in 14 years. The decline is primarily attributed to a sharp drop in demand for its technology consulting services, which historically have been a major driver of growth for the firm and represent over 40% of its global revenue.
This slowdown follows a period of robust growth for Deloitte, which saw its revenues increase by 14.9% in the previous fiscal year. The current sluggish demand for consulting services has impacted the firm's overall performance. While other regions such as the Americas and Asia Pacific saw growth in local currency at 7.1% and 4.9% respectively, the overall global figure indicates a challenging environment.
In the subsequent fiscal year (FY2025), Deloitte reported a rebound, with global revenue increasing by 5% to $70.5 billion. This improvement was driven by various segments, including Audit & Assurance with 3.8% growth, Strategy, Risk & Transactions (SR&T) with 5.5% growth, Technology & Transformation (T&T) with 4.7% growth, and Tax & Legal (T&L) with 5.4% growth. Deloitte also expanded its workforce to over 470,000 globally during FY2025. This rebound suggests a recovery from the weakness experienced in FY2024, despite some regional variations such as a reported revenue decline in Deloitte UK for the first time in 15 years.
