Numerous US corporations have eliminated references to “diversity, equity and inclusion” from their annual reports, marking a swift retreat from the corporate values now targeted by President Donald Trump’s administration.
According to data from FactSet and analyzed company filings by the Financial Times, over 200 of America’s largest corporations have removed mentions of DEI and related terms like “diversity.”
Of the leading 400 companies in the S&P 500 index, 90 percent that have filed an annual report since Trump’s election have reduced or entirely omitted references to DEI.
This data pertains only to annual reports reflecting companies’ financial years that concluded post-election, highlighting the rapid and extensive impact of Trump’s campaign against what he has labeled as “illegal and immoral discrimination programs.”
Moreover, many corporations have stopped including statistics that detail their workforce by race, or have eliminated references to accolades for DEI initiatives and internal affinity groups, such as networks for Black professionals.
Additional information from the recruitment platform Indeed reveals that US job listings featuring DEI-related titles have decreased by half since their peak in mid-2022, with some firms scrapping diversity programs altogether.
The count of companies opting to omit DEI or its specific elements in their latest annual reports significantly surpasses those that have publicly declared modifications to their workplace policies or values.
Companies such as Mastercard, Salesforce, S&P Global, Palantir, and American Express altered the language surrounding diversity in their annual filings published for 2024 and 2025.
Instead, many of these firms are now emphasizing “inclusion” or “belonging,” conveying their desire for a culture where “all employees” can flourish.
In a statement to the FT, Salesforce affirmed its commitment to its “long-standing core value of equality.” The other companies either did not respond to requests for comment or chose not to comment.
The analysis of corporate filings indicates that the president’s attacks on DEI have led to a broad withdrawal from public discussions regarding diversity and inclusion initiatives, as executives hurriedly evaluate whether to cancel or modify these programs.
Shortly after taking office in January, Trump issued executive orders banning DEI “discrimination” in federal agencies and mandating that federal government contractors certify they do not engage in inclusion programs that contravene federal anti-discrimination laws.
The orders lacked clear definitions of which policies the administration considers illegal, forcing companies to navigate how to comply. For instance, Deloitte instructed its staff in the US government consulting division to eliminate gender pronouns from their email signatures.
Executives view supplier diversity initiatives and programs tailored for specific groups, like women’s mentoring schemes, as particularly high-risk, according to Joelle Emerson, CEO of Paradigm, a consultancy that advises companies on culture and inclusion.
Trump also directed federal agencies to identify “potential civil compliance investigations” into publicly traded companies and other organizations as part of a strategy to curb DEI programs seen as “illegal discrimination or preferences.”
Emerson remarked that this has induced a “chilling effect” across corporate America, with companies spending excessive time attempting to decipher government plans, discouraging them from actions that are in their best interests and perfectly lawful due to fear.
Luke Hartig, president of consultancy Gravity Research, which advises firms on reputational issues, indicated that the threat of investigations into DEI initiatives is causing executives “serious anxiety” and is their “number one ‘up at night’ concern.”
Even prior to Trump’s election, at least 20 S&P 500 companies had already eliminated some DEI-related terms in annual filings between 2021 and 2024, according to FT analysis.
In its latest annual filing, published last month, Meta included a section titled: “The Strength of Our Workforce and People Processes.” Earlier reports had different titles like “Diversity, Equity and Inclusion” or “Diverse and Inclusive Workplace.”
Rightwing activists have pressured companies to cease diversity programs, with Walmart and Harley-Davidson being actioned by activists last year.
Progressives have criticized some DEI initiatives for superficially promoting diversity without making substantive improvements in equality or representation for disadvantaged groups.
Nonetheless, proponents argue that these programs facilitate better opportunities and career advancement for historically underrepresented groups while enhancing business performance.
While many corporations have been cutting back references to DEI, some have added language that emphasizes merit-based hiring, such as Morgan Stanley, whose most recent annual filing emphasizes: “Meritocracy is at the heart of Morgan Stanley’s talent development.”
Some companies, like Costco, continue to pursue diversity and equity initiatives despite opposition, with shareholders recently voting overwhelmingly to uphold the company’s policies.
Chuck Robbins, CEO of the telecommunications group Cisco and chair of the influential Business Roundtable of US corporate leaders, robustly defended his company’s DEI initiatives in January, even as the group omitted a reference to “diversity” in its latest quarterly filing in February.
“You cannot argue with the fact that a diverse workforce is better,” he told Axios in January. “There’s too much business value.”
Additional data visualization by Jana Tauschinski and reporting by Chris Cook
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