EY achieves record $45bn in revenues ahead of breakup vote
EY has announced combined global revenues of $45.4 billion (£40bn) for the financial year ending June 2022.
With an increase of 16.4% in local currency (13.7% in US dollars), this marks one of the most successful years in the history of the organisation with the highest growth seen in nearly two decades. The firm attributes its success to its NextWave strategy.
Carmine Di Sibio, EY global chairman and CEO, said: “EY has achieved significant growth and continues to operate from a place of strength. I am proud that our growth has been grounded in delivering stakeholder value, executed under the EY NextWave strategy.
“We have tremendous momentum right now, and growth means opportunity – for EY people, clients and broader stakeholders.”
The results come after EY leaders recommended that the organisation evolves into two distinct, multidisciplinary organisations. One would be a global network of multidisciplinary member firms committed to assurance, tax and advisory services with all the capabilities required to deliver high-quality audits, serve the public interest and focus on the CFO agenda and sustainability; and the other would be a new global corporate entity comprising consulting, strategy and transactions (SaT), the majority of tax, and managed services.
The firm’s leaders believe going ahead with a breakup would allow greater growth in revenues as the two distinct organisations are freed from currently limiting conflicts of interest.
EY will now engage in more detail with EY member firm partners, whose votes will determine whether the split moves forward.