Deloitte UK publishes 2025 financial results

• Revenue for the year ended 31 May 2025¹ down 1% at £5.68bn (FY24: £5.75bn), with differing performance across businesses
• Distributable profit² up 4% on last year at £789m (FY24: £756m). Average profit per equity partner increased 4% to £1.051m (FY24: £1.012m)
• Continued focus on our people and partners – 3,160 new colleagues hired, over 5,500 colleagues promoted – including 60 new partners - plus £317m invested in reward and learning
• New family policies in place – including 26 weeks’ fully paid leave for all new parents
• One year on from opening, Deloitte University EMEA has now trained over 4,600 Deloitte UK participants across various programmes
• £158m technology investment, including in AI tools and UK delivery centres

Richard Houston, Deloitte UK Senior Partner and CEO, said:

“This is a robust set of results in a complex market. 

“Geopolitics and continued economic headwinds meant that many organisations have been carefully managing their costs and delaying certain investments. 

“In light of this, we have had to review and make changes to the shape of our firm, but we’ve remained resilient with notable client successes across our businesses. 

“We have continued our investment across the UK in technology and client services and opened four new technology delivery centres in Belfast, Cardiff, Manchester and Newcastle, alongside other new offices in Bristol and Aberdeen.

“We continue to make a significant contribution to public finances, through taxes paid by the firm and its partners, as well as taxes collected on behalf of HMRC. Our total UK tax contribution was £1.78bn in FY25 and consisted of £1.14bn of taxes collected on behalf of HMRC (VAT, PAYE and employee national insurance) and £643m of taxes related to equity partners (income taxes, national insurance, corporation tax and employer’s national insurance).”

Our distributable profit² for the year ended 31 May 2025 was up 4% on last year’s profit at £789m [2024: £756m]. Average profit per equity partner increased 4% to £1.051m [2024: £1.012m].

Business performance

Revenue for the year ended 31 May 2025 saw a decrease of 1% to £5.68bn [2024: £5.75bn].

Our Tax & Legal business recorded 7% revenue growth from £1.25bn in FY24 to £1.33bn. This was a result of working with clients on their transition to technology-based solutions, onboarding of new tax and legal regulations and strong demand for transactions tax advice.

Audit & Assurance maintained its commitment to quality, sustaining its market-leading Financial Reporting Council quality scores. Revenue grew by 3% from £941m to £969m, building on the previous year's strong performance but reflecting a more challenging market and slower growth.

In terms of our Consultative businesses, Technology & Transformation has seen a tougher market, which as a result saw revenue contracting 10% - from £1.86bn in FY24 to £1.67bn, as clients held back investments in large scale change programmes. There was, however, ongoing strong demand for ERP implementation, Cyber, and Operate services – all recording positive revenue growth, reflecting a greater focus on transformation and technology implementation.  The business has established new onshore technology delivery centres to address this evolving portfolio of work and respond to a growing demand from clients for their data to reside in the UK. 

Meanwhile our Strategy, Risk & Transactions Advisory business delivered 3% revenue growth, from £874m in FY24 to £901m, despite the ongoing local and global uncertainty that resulted in subdued markets for Advisory Services. There was stronger performance across all the M&A service offerings and continued high demand in our financial services risk & regulatory suite of services. Growth in Sustainability services was lower due to fewer than anticipated regulatory changes.

Investments in technology, our people, regions and communities

In response to continued economic headwinds we have not only focused on the effective use of technology and our ability to transform at scale - but also on operating more cost effectively.

Alongside this, we have continued to hire in areas of growth, with 3,160 new people in the UK, including more than 1,900 graduates, apprentices and interns joining the firm. 5,500 UK colleagues of our 26,000 people were promoted this year – 60 of them to partner. Our partnership remains critical to our firm’s culture and success in the market. In a sign of confidence in our firm’s future and the growth opportunities ahead, we converted 77 people from salaried to equity partner – nearly three times as many as the 29 we converted the previous year.

We also invested £253m in salary increases and bonus payments, as well as over £64m in learning and development (up from nearly £63m in 2024).

In June our EMEA leadership centre in Paris (Deloitte University EMEA) celebrated one year of its new campus in France. Over the past year more than 4,600 Deloitte UK participants had the chance to experience this bespoke learning facility.

In January we introduced our new family policies, which now include 26 weeks fully paid family leave for all new parents – in addition to policies around bereavement, maternity, fertility and caring responsibilities, highlighting Deloitte’s aim to become the UK’s leading family-friendly employer.

We continue our commitment to the UK’s nations and regions with new offices in Bristol and Aberdeen, alongside four new technology delivery centres in Belfast, Cardiff, Manchester and Newcastle. These centres are part of our accelerated investment in technology (£158m invested in FY25 vs £135m in FY24), which also includes our own GenAI platform, PairD. Following its roll-out to tens of thousands of our people across Europe and the Middle East in FY24, it is now generating over one million prompts per month from Deloitte UK employees alone.

Our investment in communities across the UK was £10.8m, up from £10.7m in FY24, working with nearly 100 society partners through volunteering, fundraising, charitable donations and pro-bono projects. For example, since 2021 we’ve donated 20,000 refurbished IT devices to schools and charities, helping thousands of people continue education, find employment and connect with loved ones through technology.

We are continuing to embed sustainability across our firm. Our refreshed sustainable delivery framework and responsible procurement policy are creating opportunities to work with our clients and suppliers on collectively progressing to net-zero.

Outlook

Richard Houston concluded:

“The pace of change in our markets, technology and client expectations mean we must continue to transform our firm for the future. This includes accelerating technology adoption and strengthening our collaboration with Deloitte member firms across EMEA to increase our collective market impact. I'm confident that we have the agility and resilience to ensure our firm, and our clients, successfully navigate the year ahead.”

Revenue by business

Notes to editors

• ¹All revenue numbers presented herein, unless otherwise noted, represent UK and Switzerland consolidated, and have been prepared in accordance with International Financial Reporting Standards (‘IFRS’) and IFRS Interpretation Committee interpretations, as issued by the International Accounting Standards Board.
• ²Distributable profit differs from profit as reported in the firm’s Statutory Financial Statements as a consequence of, among other things, the treatment of member annuities under IFRS 17, the firm’s defined benefit pension schemes and distributable capital profits. Average profit per member is based on distributable profit and was £1,051,000 per equity partner in the year ended 31 May 2025 (2024: £1,012,000).
• ³The five Businesses reported in the prior year, being Audit & Assurance, Consulting, Financial Advisory, Risk Advisory and Tax & Legal, have been reorganised into four Businesses. Following this reorganisation the four businesses are (1) Audit & Assurance (2) Strategy, Risk & Transactions Advisory, (3) Tax & Legal and (4) Technology & Transformation. For further commentary on these changes, refer to our Financial Statements.
• Deloitte’s Annual Review (our ‘Yearbook’) for the year ended 31 May 2025 has been published. This Review discusses the firm’s performance, alongside a wider review of the impact we have made for our people, clients and the communities we work in. Links have been provided to the firm’s Tax Impact Report, Pay & Inclusion Report, Audit Transparency Report, ESG report and Financial Statements. The Pay & Inclusion report includes our new target for female partners (37% by 2030) as well as our new ethnicity partner target of 16% and Black partner target of 25 partners by 2030.