Source: Press release
EY reports record global revenue results of just under US$50b
► Increase of 14.2% growth in revenues, marking one of the most successful years in the history of the organization
► $3.6b investment in audit quality, innovation, technology and people, with a $1.4b investment enabling the launch of EY.ai, a unifying platform that will help organizations confidently adopt artificial intelligence (AI)
► More than 127m lives positively impacted through the corporate responsibility program EY Ripples
► Absolute emissions reduced globally by 43% while also growing EY global revenue by over 40% since 2019
The Global EY organization (EY) announces combined global revenues of US$49.4b for the financial year ending June 2023 (FY23), an increase of 14.2% in local currency (9.3% in US dollars). This marks one of the most successful years in the history of the organization with record global revenues and continued significant growth.
EY has also published its Value Realized report, an expanded annual report detailing financial performance; environmental, social and governance (ESG) efforts; and key areas of collaboration to drive long-term value.
Continued investment in innovation and artificial intelligence
There has been an EY investment of US$3.6b in FY23 across audit quality, innovation, technology and people, as part of a US$10b three-year commitment announced in FY21 of which US$1.4b has been specifically focused on AI and the launch of unifying platform EY.ai.
EY.ai combines EY capabilities, AI and curated ecosystems. EY has also announced a rollout of a large language model – EY.ai EYQ – the EY.ai Confidence Index and specialized AI training for all EY people. This follows the launch of numerous AI tools including the EY Tax Co-Pilot, augmenting the capabilities of EY tax professionals.
Harnessing technology, data and partnerships through ecosystems
The EY organization harnesses the transformative power of collaboration to create an ecosystem of businesses, offering a mix of capabilities, technology, data and relationships. From sparking innovation to accelerating speed to market, the EY ecosystem is helping clients drive growth and unlock value. Over the last five years, the EY organization has developed 102 ecosystem relationships and 67 alliances. In FY23, 17 new business alliances were established and a total of 35 ecosystem relationships.
Significant progress in reducing absolute emissions
Significant progress is being made on a science-based decarbonization plan, which includes increasing the use of renewable energy and leveraging technology for real-time carbon tracking, as EY remains on track to achieve the ambition of becoming net zero in 2025. The EY organization has reduced absolute emissions globally by more than 43%; while at the same time the organization has grown (both in terms of revenue and people) by over 40% against a FY19 baseline.
EY continues to be recognized as a leader in sustainability services. In FY23 EY Climate Change and Sustainability Services (CCaSS) teams experienced exceptional combined revenue growth of over 40% and EY was recently ranked No.1 in climate change consulting by independent analyst firm Verdantix. There are currently approximately 5,000 dedicated sustainability professionals in the EY organization, comprised of engineering, scientific and wider sustainability specialists.
Investment and impact in sustainability and technology training
In FY23 there were record EY investments of US$385m in training which delivered an all-time-high of 24m training hours, amounting to an average of 61 hours per employee.
The EY organization offers 227 learning accreditations – known as EY Badges – across a range of disciplines including AI, supply chain planning, Diversity, Equity and Inclusiveness (DE&I) and sustainability, in addition to technical training in accounting and tax. More than 430 Badges are earned by EY people each day and to date, more than 410,000 have been earned since the program’s inception in 2017.
Following the success of the EY Tech MBA in 2020, last year the EY organization launched another new fully accredited qualification in association with Hult International Business School ꟷ the EY Masters in Sustainability. This year, the sixth and largest ever EY Tech MBA cohort was celebrated with 74 graduates in addition to the first-ever cohorts of EY Masters in Sustainability graduates, totaling 274 graduates across all EY Degrees.
Today there are more than 70,000 technology professionals in EY – ranging from data scientists to AI engineers and cloud experts.
Investing in EY people and teams is an ongoing priority
DE&I continues to be a strategic priority at EY. To demonstrate this commitment, the EY Global Executive signed the Global Executive Diversity, Equity & Inclusiveness Statement, and will promote representation of the broad range of differences across the EY organization globally at the most senior levels.
In FY23 36% of partner, principal, executive director and director (PPEDD) promotions were women. Overall, this year’s class of 2,216 total promotions to PPEDD was one of the largest ever cohorts, reflecting the strength of the EY organization and confidence in the future.
Headcount across the EY global organization also continued to grow, with 8.2% growth in total EY member firm partners and people to 395,442 globally. This year 4.7m people applied to work at EY, from which 122,000 were hired, alongside an overall retention rate of 79.3%. 93% of recent hires said they had an exceptional recruiting experience.
Building a better working world
The EY global organization set the ambitious goal of positively impacting one billion lives by 2030 through the EY Ripples corporate responsibility program. Since EY Ripples was established in November 2018, more than 127m lives have been positively impacted, including 46m lives in FY23 – the highest number ever impacted in a single year.
Commenting on the global revenue results, Ronald A. Attard, Country Managing Partner, EY Cyprus & Malta, Strategy and Transactions Leader for CESA region, says:
“Our commitment to create long-term value for all stakeholders, combined with our continuous investment in technology and our people have resulted in one more year of impressive growth. I feel very proud of our teams, throughout the world and indeed in Cyprus, who are supporting our clients and working with them to transform their organizations, overcome obstacles and harness opportunities in these challenging global economic conditions. We will continue to strive to secure this excellent service for our clients, while simultaneously positively impacting the lives of millions of people and reducing our environmental impact.”
**EY is a global leader in assurance, tax, strategy, transaction and consulting services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over.