The Walt Disney Co. has removed the terms related to diversity, equity, and inclusion (DEI) almost entirely from its annual report to U.S. securities regulators for the first time in at least five years, even as the company faces an investigation into its DEI policies and pressure from investors after a disappointing quarter.
In Disney’s 2025 Form 10-K filed on Nov. 14, the words “diversity,” “inclusion,” “DEI,” or “diversity, equity, and inclusion” do not appear at all, according to a review of the filing. The word “equity” appears roughly 130 times, but only in a financial sense, such as shareholder equity and equity investments.
