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At least a dozen of the largest U.S. companies have deleted some, or all, references to “diversity, equity and inclusion” and “DEI” from their most recent annual reports to investors, an NPR analysis of regulatory filings has found.

A year ago, all of these companies made references to diversity and inclusion in their disclosures — but in their new reports, all of these companies have rewritten at least some of this language. In some cases, they no longer mention “diversity” at all.

Most of these companies have filed these annual reports in the past two weeks. That’s usually when their reports – which are meant to provide a comprehensive financial review of the past year and update investors on the current business environment – are filed. But these updates are also coming at a time when President Trump 

 to DEI in the federal government — and for its contractors, which includes many private companies.

Companies are also under pressure from conservative critics who say DEI programs are themselves discriminatory against non-minorities.

The companies that have recently deleted or softened their DEI language include Disney, Google, GM, GE, Pepsi, Intel, PayPal, Chipotle, Comcast, 3M, Regeneron and Philip Morris, according to the NPR analysis. Most companies have not disclosed the reasons for the changes, although some told NPR that they are re-evaluating some of their DEI programs as well as examining Trump’s executive orders.

, Target, Amazon, Meta, Ford and other big companies have made headlines for ending or changing some diversity programs. Now NPR’s analysis finds that many more companies are quietly changing how they talk about DEI to investors.

For most companies, “it makes very little sense to issue a press release saying, ‘I’m going to stop’ — because that’s like waving a red flag to a bull,” says Shiva Rajgopal, a professor of accounting and auditing at Columbia University. “Whenever practices change, the folks who drop them silently are usually in the majority.”

Many companies are indeed being silent about these changes. 

, for example, automaker General Motors devoted three paragraphs to a section that began: “At GM, we are committed to fostering a culture of diversity, equity and inclusion.”

, filed last week, GM doesn’t mention “diversity” once. (The carmaker does, however, tout its “diverse EV lineup.”) GM, which is a 

, did not respond to requests for comment.

Disney, meanwhile, shortened its “diversity, equity and inclusion” section in its 

, filed in November. Among other changes, it removed the 

“for amplifying underrepresented voices” and highlighting “some of Disney’s DE&I commitments and actions.” A Disney spokesperson declined to comment.

And Pepsi eliminated almost all references to diversity, a year after 

 that “our culture of diversity, equity and inclusion is a competitive advantage.” In its 

 this week, Pepsi only mentions diversity in reference to a board committee focused on “sustainability, diversity and public policy.” The company did not respond to a request for comment.

Slipping DEI changes into the fine print 

Publicly-traded companies are required to file annual reports and other investor disclosures with the Securities and Exchange Commission. Many companies end their financial years in late December or soon after, and file these reports starting in late January (although some companies are on different financial calendars).

These annual reports can run more than 100 pages long, and are typically written in dense, lawyered corporate-speak. So it’s relatively common for companies to use these filings to quietly disclose lawsuits or government investigations they are facing — or to slip in other information that they are required to tell investors but don’t wish to announce separately.

In this case, companies are eliminating information and rhetoric that has become politically toxic. There’s no regulatory requirement for companies to disclose their DEI goals or philosophy. Many companies voluntarily did so in the past, especially to please investors, employees, and customers — but now the political environment has changed.

“We have seen companies start to decide that the reward is not necessarily outweighed by the risk anymore,” says Becky Baker, an employment lawyer with Vinson & Elkins.

It isn’t the first time that companies have stealthily backtracked from their DEI pledges — or used their annual reports to quietly unveil the changes.

 analysis found that dozens of companies had “altered descriptions” of DEI initiatives in their annual reports. 

, the Journal reported, “In general, companies say they aren’t cutting back on their programs or longer-term goals.”

But today, some companies are changing more than just their rhetoric. Google on Wednesday 

 that it was ending some diversity hiring targets and re-evaluating some DEI efforts that “raise risk, or that aren’t as impactful as we’d hoped,” the 

The tech giant also removed references to diversity from its 

 filed that day. It even went so far as to rename a website focused on its DEI efforts: 

, Google told investors that more information could be found at the website “diversity.google.” But now that website redirects to “

“We’re committed to creating a workplace where all our employees can succeed and have equal opportunities,” a Google spokesperson told NPR by email. She added that as a federal contractor, “our teams are also evaluating changes required following recent court decisions and executive orders on this topic.”

Other companies identified by NPR’s analysis have also deleted the specific diversity goals they had previously announced.

 in its 2023 annual report that it wanted women to account for 25 percent of its senior executives by the end of the decade.

“Diversity and inclusion are core elements of Intel’s values,” the tech giant said back then. But in its 

 filed last week, Intel deleted the goals. It also erased “diversity” from that sentence, and said instead that “inclusion is a core element of Intel’s values.”

NPR reached out to all of the other companies discovered in the analysis to have deleted DEI language from their annual reports. PayPal and Philip Morris declined to comment. Chipotle, GE, Comcast and Regeneron did not respond to requests for comment.

Trump is ramping up the pressure on companies

Some big companies were retreating from DEI before President Trump, a longtime critic of DEI, was re-elected. But now Trump has 

 ending DEI in the federal government, calling them “illegal” as well as “radical and wasteful.”

 on contractors with “illegal” DEI programs. Trump also directed federal agencies to identify up to nine publicly traded companies or other large private institutions for “potential civil compliance investigations.”

These actions are adding to the pressure facing many private employers that have made public promises around diversity, equity, and inclusion. The stakes are especially high for those that – like Google,

GM and Intel – do business with the federal government and are directly affected by the executive orders.

The manufacturing conglomerate 3M, for example, is also a 

. It recently renamed a section on “Diversity, equity and inclusion,” in the part of its 

 that discussed its workforce, to just “Inclusion” in its 

“We will continue to monitor and comply with any changes to our legal obligations as a federal government contractor,” a 3M spokesperson told NPR, adding that the company is “committed to maintaining a work environment where all our people are respected, supported and encouraged to take individual initiative.”

Companies once embraced DEI, and pledged that creating a more diverse, inclusive workforce 

 employees, customers, and the bottom line. But things have changed a lot since the Supreme Court in 2023 

 at colleges and universities. That ruling handed a new legal tool to critics of DEI.

Since then, right-wing politicians, lawyers, and other activists have been ramping up their pressure on companies that have embraced DEI — even before President Trump was re-elected. 

 are also introducing shareholder proposals to pressure various companies into ending their diversity pledges.

But not all companies are bowing to the pressure. Costco, for example, has stood up for its DEI efforts — and last month its shareholders overwhelmingly 

 in October. A section on diversity, equity and inclusion tweaks a few words, but is mostly unchanged from 

: “The commitment to ‘Take Care of Our Employees’ includes promoting diversity, equity and inclusion and creating an inclusive and respectful workplace,” Costco said in its latest annual report.

Google, Amazon, Meta, Comcast, and Ford are among NPR's corporate funders.

Maria Aspan

Author

Some companies have announced diversity rollbacks — but many more are deleting or softening language from their investor disclosures, an NPR analysis finds.

GM, Pepsi, Disney, 3M, others scrub some DEI references from investor reports

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