- 14.2% increase in revenue growth, marking one of the most successful years in the organization’s history
- A $3.6 billion investment in audit quality, innovation, technology and people, including a $1.4 billion investment to launch EY.ai, a unifying platform which will help organizations confidently adopt artificial intelligence (AI).
- More than 127 million lives positively impacted through the EY Ripples Corporate Responsibility Program
- Absolute emissions have been reduced by 43% globally while increasing EY global revenue by more than 40% since 2019.
The Global EY (EY) organization today announced combined global revenue of US$49.4 billion for the financial year ending June 2023 (FY23), an increase of 14.2% in currency terms. local (9.3% in US dollars). This marks one of the most successful years in the organization’s history, with record global revenues and continued significant growth.
EY also today published its Realized Value Report, a detailed annual report detailing financial performance; environmental, social and governance (ESG) efforts; and key areas of collaboration to generate long-term value.
Carmine Di Sibio, Chairman and CEO of EY Global, said:
“I am very proud of EY’s growth this year. Guided by its commitment to creating long-term value for all stakeholders, the organization is seeing the results of its investments in critical alliances, cutting-edge technologies and, more profoundly, the continuous development of the skills of its employees. EY.
“EY teams have helped thousands of clients navigate challenging global economic conditions, working with them to overcome obstacles and transform their businesses for success. At the same time, EY people are playing their part in tackling societal challenges – from progress in reducing carbon emissions to positively impacting 46 million lives this year through responsibility initiatives business.
Continued investments in innovation and artificial intelligence
EY invested $3.6 billion in FY23 in audit quality, innovation, technology and people, part of a $10 billion commitment of dollars over three years announced in FY21, of which $1.4 billion was specifically dedicated to AI and the launch of the unifying platform EY.ai.
EY.ai combines EY capabilities, AI and curated ecosystems. EY also announced the rollout of an extensive language model – EY.ai EYQ – the EY.ai Trust Index and specialist AI training for all EY employees. This follows the launch of numerous AI tools, including EY Tax Co-Pilot, increasing the capabilities of EY tax professionals.
Harnessing technology, data and partnerships across ecosystems
The EY organization harnesses the transformative power of collaboration to create an ecosystem of businesses, delivering a blend of capabilities, technology, data and relationships. From driving innovation to accelerating time to market, the EY ecosystem helps clients drive growth and deliver value.
Over the past 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 on track to achieve the ambition of becoming carbon neutral by 2025. The EY organization has reduced absolute emissions globally by more than 43%; while at the same time, the organization experienced growth (both in terms of revenue and staff) of over 40% compared to the FY2019 baseline.
EY continues to be recognized as a leader in sustainability services. In FY23, EY Climate Change and Sustainability Services (CCaSS) teams saw exceptional combined revenue growth of over 40% and EY was recently ranked #1 in change consulting climate by the independent analyst firm Verdantix. There are currently around 5,000 dedicated sustainability professionals across the EY organization, comprised of engineering, scientific and broader sustainability specialists.
Investment and impact in sustainability and technology training
In FY23, EY invested a record $385 million in training, resulting in a record 24 million training hours, an average of 61 hours per employee .
The EY organization offers 227 learning accreditations – known as EY badges – in a range of disciplines including AI, supply chain planning, diversity, equity and inclusion (DE&I) and sustainability, in addition to technical training in accounting and tax . More than 430 badges are earned by EY employees every day and, to date, more than 410,000 have been earned since the program launched in 2017.
Following the success of EY Technology MBA In 2020, last year the EY organization launched another new fully accredited qualification in association with Hult International Business School: the EY Master in Sustainable Development. This year, the sixth and largest ever EY Technology MBA cohort was celebrated with 74 graduates in addition to the very first cohorts of EY Master in Sustainable Development graduates, totaling 274 graduates across all EY degrees.
Today, EY has more than 70,000 technology professionals, ranging from data scientists to AI engineers to 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, EY global leadership signed the Global Statement on Leadership Diversity, Equity and Inclusionand will promote representation of the wide range of differences within the EY organization globally at the most senior levels.
In FY23, 36% of associate, director, executive director and director (PPEDD) promotions were women. Overall, this year’s class of 2,216 total cohorts at PPEDD was one of the largest cohorts on record, reflecting the strength of the EY organization and its confidence in the future.
Headcount across the global EY organization also continued to grow, with the total number of partners and associates at EY member firms up 8.2% to 395,442 people worldwide. . This year, 4.7 million people applied to EY, of which 122,000 were hired, with an overall retention rate of 79.3%. 93% of recent hires reported having an exceptional recruiting experience.
Building a better working world
The global EY organization has set an ambitious goal to positively impact a billion lives by 2030 through the EY Ripples corporate responsibility program. Since the inception of EY Ripples in November 2018, more than 127 million lives have been positively impacted, including 46 million in FY23 – the highest number ever impacted in a single year.
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Notes to editors
About EY
EY exists to build a better working world, helping to create long-term value for clients, people and society and building trust in financial markets.
Using data and technology, EY’s diverse teams across more than 150 countries deliver confidence through assurance and help clients grow, transform and operate.
Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers to the complex problems facing our world today today.
EY refers to the global organization and may refer to one or more member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation is available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.
This press release has been issued by EYGM Limited, a member of the global EY organization which also does not provide any services to clients.
