Deloitte’s tech consulting arm curbs global revenue growth

Deloitte’s tech consulting business was the slowest-growing division at the Big Four firm in the past year even as it invested heavily in AI services and efforts to help clients adapt to the new technology.

The weaker performance of its largest business unit led to a slowdown in Deloitte’s global revenue growth in the 12 months to May 31, according to figures posted by the accounting and consulting firm on Thursday.

Deloitte reported record annual revenues of $74.5bn, a 3.8 per cent increase in constant currency terms, down from a 4.8 per cent rise in the previous 12 months.

Growth was held back by Deloitte’s two consulting businesses. Advisory work on strategy, risk and transactions grew 4.4 per cent, down from 5.5 per cent, while consulting on technology and transformation grew 2.5 per cent compared with 4.7 per cent the previous year.

The figures, from one of the world’s largest consultants, come as AI creates uncertainty over the sector. Leading consultants have lauded the technology and predicted it will lead to significant new business advising clients on how to use it.

But shares in Deloitte’s publicly listed rivals such as Accenture have fallen sharply over the past two years as investors have taken a more negative view. Some are worried that AI is proving less easy to implement than hoped in the short term and, in the long run, could drive down prices or even eliminate the need for consultants in some areas.

Deloitte’s audit and tax businesses both increased revenues more quickly than the year before, increasing at a faster rate than the consulting arm. The firm does not publish exact revenue figures for its individual business lines, releasing only details of revenue growth.

Deloitte said it had expanded its workforce over the past year and now employed almost 500,000 people globally, up from about 470,000 in May 2025.

Recommended

It said it would continue to invest heavily in technology platforms and alliances with AI providers and other tech companies. It committed to spending $3bn by the end of 2030 to modernise its business and develop products and services to help clients transform their own operations.

“In a time of rapid change and technology-fuelled disruption, organisations around the world continue to place their trust in Deloitte to successfully navigate this historic reshaping of markets and industries,” said Joe Ucuzoglu, Deloitte’s global chief executive.

Deloitte said that its global revenues of $74.5bn represented 5.7 per cent year-on-year growth in US dollar terms. The firm said that Asia Pacific was its fastest-growing region, stripping out the effect of exchange rate movements.

The figures represent aggregate revenues of the individual firms across Deloitte’s global network, which are owned by the partners in each country with profits retained locally. Deloitte and its Big Four rivals — EY, KPMG and PwC — do not publish details of their global profits.