Disney removed the terms "diversity" and "DEI" from its annual business report for the first time in five years Thursday morning.

In the company's 2025 Form 10-K filed after its recent Q4 meeting, the words "diversity," "inclusion," "DEI" or "diversity, equity and inclusion," appeared zero times. While the term "equity" appeared about 130 times, it was only used in a financial context.

By contrast, the company's 2024 SEC filing included a dedicated section on Diversity, Equity & Inclusion (DEI).

"Our DEI objectives are to build and sustain teams that reflect the life experiences of our audiences, while employing and supporting a diverse array of voices in our creative and production teams," the 2024 report read.

Initiatives under that DEI section included programs to engage "creat

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