EY Revenue Rises with AI Consulting Growth
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EY Reports Revenue Growth Amidst Headcount Shift
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Published October 16, 2025, 02:42 AM EDT | Updated October 16, 2025, 02:42 AM EDT
Overview
EY (Ernst & Young) announced a 4% increase in global revenue for the fiscal year ending June 30, 2024, reaching $53.2 billion, up from $51.2 billion the previous year as reported by the Financial Times. This growth was driven by a resurgence in consulting work fueled by artificial intelligence, but partially offset by a decline in strategy and deal advisory services. Notably, EY experienced it’s first headcount reduction in over a decade, with a net increase of 3.4% to 406,209 employees, as the strategy and transactions buisness streamlined its workforce.
Financial Performance Breakdown
The revenue increase represents a continuation of growth, albeit at a similar rate in constant currency terms. The firm’s consulting arm benefited substantially from increased demand for AI-related services, indicating a strategic shift in client priorities. However,the strategy and transactions business faced challenges,leading to a reduction in headcount within that specific division. This suggests a recalibration of resources towards higher-growth areas.
| fiscal Year | Global Revenue (USD Billions) | Year-over-Year Growth (%) |
|---|---|---|
| 2023 | $51.2 | – |
| 2024 | $53.2 | 4.0 |
Headcount Adjustments
Despite overall revenue growth, EY’s total headcount increased by 3.4% to 406,209 employees. This increase was unevenly distributed, with the strategy and transactions business being the only segment to experience a reduction in staff. This targeted reduction suggests a strategic move to optimize costs and improve efficiency within that specific area of the firm. The overall increase in headcount likely reflects growth in the consulting and assurance practices.
The Rise of AI in Consulting
The surge in demand for AI-driven consulting services highlights a broader trend across the industry. Companies are increasingly seeking assistance with implementing AI solutions to improve efficiency, reduce costs, and gain a competitive advantage. EY’s ability to capitalize on this trend demonstrates its adaptability and investment in emerging technologies. McKinsey’s 2024 report on the state of AI indicates that AI adoption is accelerating, with critically important implications for businesses across all sectors.