When you open Disney’s 2025 annual report, you may notice something odd: the word “diversity” doesn’t appear. Neither does “DEI” (Diversity, Equity & Inclusion) or the abbreviation “D&I.” That’s a first for Disney since 2019, marking a subtle but meaningful shift in the company’s publicly articulated values. Documents show that while the word “equity” appears about 130 times, it’s used in a financial sense rather than in workplace or inclusion contexts. “Inclusive” does appear once, in the “human capital” section, describing efforts to build “an engaging and inclusive workplace.”
So what’s going on here? In February 2025, Disney quietly revised its internal diversity and inclusion programs. The company replaced a standalone “diversity and inclusion” metric in executive compensation with a broader “talent strategy” category. The memo said the older diversity language would evolve and newer terms like “belonging” and “inclusion” would take their place. The change reflects a broader trend across U.S. corporations, where mentions of “DEI” in filings have reportedly dropped nearly 98% year-over-year among Fortune 100 companies.
Why it matters: Disney has long been a high-profile champion of workplace diversity and inclusive storytelling, so the lack of the term “diversity” in its 10-K filing raises questions about how committed the company still is to the same language and possibly the same priorities. Internally and externally, this could signal a recalibration of focus less about marching slogans, more about operational language. On one hand, shifting from “diversity” to “belonging” might be a semantic update. On the other, critics say it could reflect a substantive pull-back from previously public commitments.
For employees and consumers who followed Disney’s public diversity statements, this feels like a pause. Disney’s latest report says its 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.” Yet the absence of the word “diversity” suggests the company is de-emphasizing certain language while possibly keeping the underlying goals under other terms.
There are a few possible reasons. One is political: “diversity,” “DEI,” and “D&I” have become loaded phrases in U.S. politics, drawing criticism from conservative commentators who view them as ideological. Companies may be recalibrating language to avoid backlash or regulatory risks. The Guardian reports that some corporations consider rolling back or rebranding their inclusion initiatives to sidestep cultural-political controversy. Another reason may be strategic: Disney is focusing more on business outcomes, aligning talent-strategy metrics with storytelling, synergy, and creativity rather than making “diversity” a separate pillar of its corporate narrative.
What to keep an eye on: Will the language shift also accompany meaningful changes in outcomes? E.g., hiring, representation, creative leadership, storytelling diversity, and employee resource-group support. Will investors or stakeholders ask tougher questions about how Disney measures progress if the “D” in DEI is no longer explicitly referenced? Also, how will employees and creators react especially those who signed on in earlier years under the promise of strong diversity commitments?
In the end, dropping “diversity” from the annual report isn’t just about one missing word. It’s a sign of how corporate language, culture and strategy evolve sometimes quietly, sometimes under pressure. For Disney, a company built on storytelling and global audiences, the change may reflect a move to reshape its identity for a different era. Whether that’s a subtle adjustment or a deeper transformation remains to be seen.
