Ernst & Young generated revenues of $49.4 billion during the 12 months ended June, which works out to a year-over-year increase of 14.2% when measured in local currency.

EY is not a publicly traded company. It doesn’t break out detailed information on which subsidiary generated how much revenue and in which regions, but the firm did share some insight into its sales growth roadmap.

Partnerships, like alliances with software vendors to resell their applications, are a big part of EY’s go-to-market strategy. EY said that it inked 17 new business alliances in 2023, which should open additional revenue opportunities for the consultancy heading the next fiscal year.

Employee training is also an important element of the EY leadership team’s growth strategy. The company spent $385 million in fiscal 2023 to provide 24 million hours’ worth of training to employees, which works out to 61 hours per staffer.

EY currently has 395,442 workers worldwide, up about 8% from the same time a year ago. In a sign of how important IT consulting has become to EY’s business, 70,000 of those employees are technology professionals focused on areas such as cloud computing and AI.

EY originally focused almost exclusively on providing accounting services. Its top rivals in the accounting space, namely KPMG, Deloitte and PwC, have likewise moved into the IT services space in recent years.

EY can be expected to keep hiring more AI professionals in the coming years as part of its IT consulting strategy. The company is making heavy investments in the technology and has even developed its own large language model, EYQ, to automate manual chores for employees.

At the rate EY is growing, fiscal 2024 will likely be the year it exceeds $50 billion in revenue.

text

text