EY achieves highest growth in nearly two decades, reports record global revenue of US$45.4b | EY

  • $3.2 billion invested in exam quality, innovation, technology and people in FY22 – part of a three-year $10 billion commitment announced in FY21
  • More than 81 million lives have been positively impacted by the EY Ripples corporate responsibility program
  • Carbon negative status achieved in FY21, on track to reach net zero in 2025
  • Looking ahead, EY leaders have made the decision to proceed with partner votes for the initiative to split into two distinct, multidisciplinary organizations

EY today announced total global sales of $45.4 billion for the fiscal year ended June 2022 (FY22), an increase of 16.4% in local currency (13.7% in US dollars). This is one of the most successful years in the organization’s history, with the fastest growth in nearly two decades attributed to the EY NextWave strategy to create long-term value for EY people, customers and society.

EY also today released its Value Realized report, an enhanced annual report detailing financial performance; environmental, social and governance (ESG) efforts; and key areas of collaboration to achieve social impact.

Carmine Di Sibio, Chairman and CEO of EY Global, says:

“EY has achieved significant growth and continues to operate from a place of strength. I am proud that our growth is based on the delivery of stakeholder value implemented as part of the EY NextWave strategy. We have tremendous momentum right now, and growth means opportunity – for EY people, clients and broader stakeholders.”

Strong performance in all service lines

All EY service lines saw strong revenue growth in FY22. Consulting saw exceptional growth of 27.1% (local currency) and 24.5% (USD) to $13.9 billion. Strategy and Transactions also grew a notable 25.4% (local currency) and 22.8% (USD) to $5.9 billion.

Assurance grew 8.9% (local currency) and 6% (USD) to $14.4 billion. Tax service revenue increased 10.5% (local currency) and 7.9% (USD) to $11.3 billion.

Continuous investment in innovation

This year, EY invested $3.2 billion in exam quality, innovation, technology and people — part of a three-year $10 billion commitment announced in FY21. This includes $1 billion for a next-generation assurance technology platform, part of an ongoing focus on delivering quality assurance and responding quickly to changing expectations from regulators, governments, standard-setters, audit committees and boards of directors.

Growing investment in sustainability and technology training

In FY22, EY invested $300 million in training, which averaged more than 59 hours of training per employee. The EY organization now offers more than 250 learning accreditations – known as EY badges – across a range of disciplines: including artificial intelligence (AI), blockchain, impact entrepreneurship, supply chain planning, DE&I and sustainable business practices, in addition to technical training in accounting and Steer.

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This year, EY announced two new master’s degrees in partnership with Hult International Business School. The new qualifications – in business analytics and sustainability – are open and free to all EY employees alongside the EY Tech MBA by Hult. 95 people graduated this year with an EY Tech MBA and 10 people in the first cohort of the Masters in Business Analytics. A total of 130 people have completed the Tech MBA and Masters programs. EY also opened EY Tech University in Palo Alto, California, which offers programs in disruptive technology for executives and clients.

Driving the sustainability agenda

EY went carbon negative globally in FY21, a key and significant step towards the organization’s goal of becoming net zero by 2025. EY remains carbon negative and remains on track to meet this net zero target with a 56% reduction in emissions recorded in FY22 compared to the baseline set in FY19.

In addition to progressing towards becoming more sustainable, the EY organization is focused on developing alliances and creating innovative ecosystems to address the world’s biggest climate-related challenges. EY employees have delivered EY sustainability solutions to more than 3,000 clients, including technology-enabled solutions through alliances with Enablon, IBM, Microsoft and SAP.

In addition, EY has developed a dedicated methodology to audit non-financial reporting based on the globally recognized International Standard on Assurance Engagements (ISAE 3000) issued by the International Auditing and Assurance Standards Board (IAASB). The organization has also issued new financial reporting audit guidance to help EY’s audit teams consider the impact of climate-related risks on the financial statements.

A focus on EY employees

This year, EY has evolved its approach to diversity and inclusion by explicitly including equity. This is now referred to as Diversity, Equity and Inclusiveness (DE&I) and drives the organization’s commitment to creating an inclusive environment and removing barriers to equal results so all can thrive. EY remains a purpose-driven organization with a culture strongly committed to DE&I.

In FY22, 35% of promotions from partners, directors, officers and directors (PPEDD) were women. Overall, there were more than 2,400 promotions to PPEDD this year – the largest cohort ever for the EY organization.

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To better understand and support the needs of EY employees and to ensure hidden injustices are uncovered and addressed, EY has enhanced global self-identification (Self-ID) capabilities. This increased range of choices for EY employees to complete under Personal Information provides EY with a deeper understanding of the EY population and strengthens EY’s commitment to promoting more equal opportunity in areas of career development by monitoring and analyzing demographic trends and gaps .

building a better world of work

EY’s global organization has set itself the ambitious goal of positively impacting one billion lives by 2030 through EY Ripples’ corporate responsibility program. Since EY Ripples’ founding in November 2018, more than 81 million lives have been positively impacted, including 27 million in FY22. FY22 saw a total investment of $159 million in projects to empower local communities, with EY employees Invested more than 1.1 million hours in a variety of initiatives and real value projects.

EY and Microsoft launched a Social Impact Alliance in FY22 to increase social equity in the digital economy and help millions of people enter or re-enter the workforce or build new businesses by 2025. An ongoing cross-industry collaboration with Unilever and the UK Commonwealth and Development Office (FCDO) has also positively impacted the lives of 6 million people from low-income households in 13 countries through TRANSFORM since 2015.

The EY organization continues to work together to make progress on environmental challenges. EY joined over 90 organizations in the Alliance to End Plastic Waste and became a signatory to the Carbon Call to encourage more organizations to report their emissions regularly, transparently and comprehensively.

looking ahead

EY executives have now recommended that the organization evolve into two distinct, multidisciplinary organisations. One of these would be a global network of multidisciplinary member firms dedicated to providing assurance, tax and advisory services with all the skills needed to perform quality assurance, serve the public interest and address the CFO agenda and sustainability to concentrate; and the other would be a new global business unit that would include Consulting, Strategy and Transactions (SaT), most of Tax and Managed Services.

This bold move enables EY to better serve EY employees, customers and broader stakeholders and provides a unique opportunity to redefine the future of professional services. This move will create better and more dynamic career opportunities; People can learn more, take on new roles and explore different mobility options.

It would mean improved access to capital to reinvest in people and customer services and solutions, with a clear focus on the issues that matter most to customers and stakeholders.

It would also mean greater choice for clients in both assurance and transformation services and an even greater focus on ESG priorities, as well as more opportunities to develop new corporate responsibility programs – such as co-investments in “green” projects we can make an even greater impact in the communities in which we operate.

Both organizations will be values ​​and purpose driven and both will retain the strong EY culture and commitment to DE&I.

EY will now engage more closely with EY member firm partners, whose votes will determine whether we move forward.


About EY

EY exists to create a better world of work, to help create long-term value for customers, people and society, and to build trust in capital markets.

Backed by data and technology, diverse EY teams in over 150 countries provide confidence through security, helping clients grow, transform and operate.

Across insurance, consulting, legal, strategy, tax and transactions, EY teams are asking better questions to find new answers to the complex problems facing our world today.

EY refers to the global organization and may refer to one or more of Ernst & Young Global Limited’s member firms, each of which is a separate legal entity. Ernst & Young Global Limited, a UK limited company, does not provide services to clients. Information about how EY collects and uses personal information and a description of the rights individuals have under data protection laws is available at ey.com/privacy. EY member firms will not exercise any right where prohibited by local law. For more information about our organization, visit ey.com.

This press release has been issued by EYGM Limited, a member of the global EY organization which also does not provide services to clients.

B-roll recordings

To see Carmine Di Sibio, Chairman and CEO of EY Global, discuss the results of EY FY22, please visit here.

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