‘DEI' as a dirty word: Companies are saying a lot less about diversity and equity in public filings

Good morning!

The DEI as a dirty word trend continues. A new report from The Conference Board shows a sharp decline in usage of the words “diversity,” “racial,” “gender,” or “DEI” in corporate filings of the largest U.S. public companies.

More than a third of S&P 100 companies have stopped using the term “equity” altogether. And use of “DEI” declined 68% from 2024 to 2025 in the major filings of S&P 500 companies, according to the report. The study was based on an analysis of public companies’ 2025 Form 10-Ks, the legally required annual reports that provide a summary of a company’s financial performance and business operations.

It’s not surprising at a time when many large companies have announced rollbacks of their DEI programs in response to President Donald Trump’s recent execu