Disney Excludes “Diversity” from Annual Report for First Time

UPDATE: Disney has officially excluded the term “diversity” from its 2025 annual report, marking the first time since 2019 that the company has made such a significant omission. This move has sparked immediate discussions about the company’s evolving stance on diversity, equity, and inclusion (DEI) in a politically charged environment.

In a recent SEC filing reviewed by Business Insider, Disney did not mention the terms “diversity,” “DEI,” or “D&I.” This is a notable shift following a revamp of its DEI initiatives earlier this year, which included the launch of a “Global Belonging Week” event series scheduled for October. Under this new framework, Disney has opted for language emphasizing “inclusion” and “belonging,” distancing itself from the politically sensitive vocabulary surrounding DEI.

The 10-K form, essential for public companies to disclose financial and operational information, revealed that while “equity” appeared 130 times—primarily in financial contexts—there was a conspicuous absence of any discussions around DEI objectives. Instead, the report mentioned “inclusive” only in relation to human capital: “Our human resources programs are designed to develop talent and enhance the Company’s culture through efforts aimed at making the workplace more engaging and inclusive.”

This strategic pivot aligns with a broader trend in corporate America. Mita Mallick, a workplace strategist and author, indicated that many companies are favoring terms like “belonging” and “culture” over DEI, which have come under scrutiny amid the political climate surrounding Donald Trump‘s second term.

Data from Gravity Research highlights this trend, showing a staggering 98% decrease in the usage of the term “DEI” year-over-year among Fortune 100 companies as of May 2025. Mallick emphasized, “It’s the reality of doing business,” suggesting that companies are adapting their language to navigate the current political landscape.

Historically, Disney has prominently featured DEI in its annual reports, showcasing numerous initiatives aimed at fostering diversity. In the 2024 report, the company outlined its DEI objectives, which included building teams that reflect the varied life experiences of its audiences. Past initiatives such as the “Executive Incubator” and the “Heroes Work Here” program aimed to support U.S. military veterans and engage underrepresented creative talent.

However, the latest report represents a stark departure from these commitments. While Disney’s focus on “inclusion” remains, the lack of explicit mention of diversity raises questions about the company’s future direction regarding its diversity initiatives.

As Disney navigates this complex landscape, industry observers will be closely watching the implications of this shift, especially considering the company’s influence in the entertainment sector. The absence of “diversity” in its annual report could signal a broader trend among corporations reassessing their DEI strategies in response to political pressures.

What happens next for Disney remains to be seen. Stakeholders, employees, and the public are eager to understand how this change will impact the company’s culture and its commitment to fostering an inclusive workplace. As the discourse around diversity continues to evolve, Disney’s next moves will be pivotal for its reputation and business strategy.

Stay tuned for further updates as this story develops.