Disney doesn’t want to talk about DEI.
The Mouse House didn’t mention “diversity” in its 2025 annual report for the first time since 2019, according to SEC filings reviewed by Business Insider. It also didn’t mention the phrases “DEI” or “D&I.”
This change comes after Disney revamped its DEI initiatives in February and introduced a “Global Belonging Week” event series in October. That event series favored phrases like “inclusion” and “belonging” over “diversity” and “DEI,” which have become hot-button political issues in President Donald Trump’s second term.
Disney’s 10-K form, which it files once a year as a public company, gives investors insight into its business, including information like risk factors and executive compensation. The company reported quarterly earnings on Thursday morning.
“Diversity” wasn’t included in Disney’s latest 10-K, nor were the terms “inclusion,” “DEI” (Diversity, Equity, and Inclusion), or “D&I” (Diversity and Inclusion). The word “equity” was included 130 times, but only in the context of finance.
Disney did mention the word “inclusive” under a section called “human capital.” The company said 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.”
It also mentioned launching “new leadership development opportunities, including new professional coaching opportunities” in its 2025 fiscal year.
Disney isn’t alone in its move away from terms like “diversity.” Workplace strategist Mita Mallick, who authored “Reimagine Inclusion,” previously told Business Insider that there’s a trend of companies using words like “belonging” and “culture” instead of “DEI,” which some view as more political language.
Companies were using the phrase “DEI” 98% less year-over-year in 2025 as of May, according to a report from Gravity Research, based on its analysis of 1,378 public documents from Fortune 100 companies from January 2023 and May 2025.
“It’s the reality of doing business,” Mallick previously said.
Here’s how Disney referred to diversity in its past 10-K forms:
Disney’s 2024 annual report (page 15):
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.
Some of our DEI initiatives and programs are:
- Executive incubator program and creative talent development program designed to engage the next generation of creative executives from underrepresented backgrounds
- Heroes Work Here, an initiative to hire, train and support U.S. military veterans
- Over 100 employee-led groups, which represent and support the diverse communities that make up our global workforce
Disney’s 2023 annual report (pages 2 and 3):
Diversity, Equity and Inclusion (DE&I): Our DE&I objectives are to build teams that reflect the life experiences of our audiences, while employing and supporting a diverse array of voices in our creative and production teams. Our DE&I initiatives and programs include:
- Reimagine Tomorrow, which is the Company’s digital destination for amplifying underrepresented voices and features some of Disney’s DE&I commitments and actions
- Executive Incubator, Creative Talent Development and Inclusion, and the Disney Launchpad: Shorts Incubator, which are designed to create a pipeline of next-generation creative executives from underrepresented backgrounds
- Employee development programs and fellowships for underrepresented talent
- Innovative learning opportunities, which spark dialogue among employees, leaders, Disney talent and external experts
- Over 100 employee-led groups, which represent and support the diverse communities that make up our global workforce
- The Disney Look appearance guidelines, which were updated to cultivate a more inclusive environment that encourages and celebrates authentic expressions of belonging among employees
Disney’s 2022 annual report (page 2):
Diversity, Equity, and Inclusion (DE&I): Our DE&I objectives are to build teams that reflect the life experiences of our audiences, while employing and supporting a diverse array of voices in our creative and production teams. Our DE&I initiatives and programs include:
- The Company’s Reimagine Tomorrow efforts, which build on Disney’s longstanding commitment to diversity, equity and inclusion, and features a website, Disney’s first large-scale platform for amplifying underrepresented voices
- Executive Incubator, Creative Talent Development and Inclusion, and the Disney Launchpad: Shorts Incubator, which are designed to create a pipeline of next-generation creative executives from underrepresented backgrounds
- Development programs, which target underrepresented talent
- Innovative learning opportunities, which spark dialogue among employees, leaders, Disney talent and external experts
- Over 100 employee-led Business Employee Resource Groups (BERGs), which represent and support the diverse communities that make up our workforce
- The Disney Look appearance guidelines, which were updated to cultivate a more inclusive environment that encourages and celebrates authentic expressions of belonging among employees
Disney’s 2021 annual report (pages 1 and 2):
Diversity, Equity, and Inclusion (DE&I): Our DE&I objectives are to build teams that reflect the life experiences of our audiences, while employing and supporting a diverse array of voices in our creative and production teams.
- Announced the Company’s Reimagine Tomorrow endeavor, which builds on Disney’s longstanding commitment to diversity, equity and inclusion. Launched the Reimagine Tomorrow digital destination, Disney’s first large-scale platform for amplifying underrepresented voices
- Created a pipeline of next-generation creative executives from underrepresented backgrounds through programs such as the Executive Incubator, Creative Talent Development and Inclusion, and the Disney Launchpad: Shorts Incubator
- Championed targeted development programs for underrepresented talent
- Hosted a series of innovative learning opportunities to spark dialogue among employees, leaders, Disney talent and external experts
- Sponsored over 75 employee-led Business Employee Resource Groups (BERGs) that represent and support the diverse communities that make up our workforce. The BERGs facilitate networking and connections with peers, outreach and mentoring, leadership and skill development and cross-cultural business innovation
- Added an Inclusion Key to the core set of values to serve as a catalyst for culture change and strengthen DPEP’s traditional Four Keys, Safety, Courtesy, Show and Efficiency
- Reimagined The Disney Look appearance guidelines to cultivate a more inclusive environment that encourages and celebrates authentic expressions of belonging among employees
Disney’s 2020 annual report (pages 1 and 2):
Diversity and inclusion (D&I). Our D&I objectives are to build teams that reflect the life experiences of our audiences, while employing and supporting a diverse array of voices in our creative and production content.
- Established six pillars that serve as the foundation for our D&I commitments — transparency, accountability, representation, content, community, and culture
- Created a pipeline of next-generation creative executives from underrepresented backgrounds through programs such as the Executive Incubator, Creative Talent Development and Inclusion (CTDI), and the Disney Launchpad: Shorts Incubator
- Championed targeted development programs for underrepresented talent
- Hosted a series of culture-changing, innovation and learning opportunities to spark dialogue among employees, leaders, Disney talent and external experts
- Sponsored over 70 employee-led Business Employee Resource Groups (BERGs) that represent and support the diverse communities that make up our workforce. The BERGs facilitate networking and connections with peers, outreach and mentoring, leadership and skill development and cross-cultural business innovation
