The big picture: Companies have been talking about DEI less, and reframing the narrative when they do.

• Mentions of DEI and "diversity equity and inclusion" in earnings calls have dropped roughly 82% since Q2 of 2021.
• The Society for Human Resource Management (SHRM) dropped the word "equity" from its strategy, while corporate communicators have started to lean more heavily on terms like "belonging" and "diversity of thoughts and perspectives."

Zoom in: Brown-Forman, Lowe's, Meta and McDonald's have publicly cited the legal environment — due to the Supreme Court's 2023 decision to strike down affirmative action at colleges — as the basis for their DEI policy changes.

• Meanwhile, anti-DEI activist and Trump ally Robby Starbuck has taken credit for the reversal of many corporate diversity commitments.

What they're saying: "Of course, the Supreme Court decision was one of the sparks that made movement in terms of having companies reconsider DEI," says Ann O'Leary, partner and co-chair of government controversies and public policy litigation practice at Jenner & Block.

• Yes, but: "If you take it from a purely legal perspective, I think that the legal risk mitigation is low in terms of continuing to be able to do DEI practices," she added.
• "What we're seeing is companies looking at the holistic picture — like social media campaigns that have been run against companies and the political environment in which you have not only Trump, but his closest advisors, such as Elon Musk, going after particular companies around DEI. But we're also seeing companies really taking a close look at why they're doing what they're doing."

Companies that have abandoned or rolled back their commitments or programs related to diversity, equity and inclusion include:

Accenture

The company is ending its diversity goals and career development programs for "people of specific demographic groups," according to a memo from CEO Julie Sweet, obtained by the Financial Times. Sweet cited "the evolving landscape in the United States, including recent Executive Orders with which we must comply" as a reason for the company's retreat.

Amazon

In a December memo to employees, Amazon said it was "winding down outdated programs and materials" related to its efforts around DEI.

Boeing

Boeing dismantled its global diversity, equity and inclusion department in October 2023.

Booz Allen Hamilton

The defense contractor is shuttering its DEI programs and "employees will no longer be allowed to use pronouns or bathrooms that differ from their sex assigned at birth," per Bloomberg.

• The company has also pulled sponsorship of external events like WorldPride.

Brown-Forman

The Jack Daniels maker sent an internal note announcing an end to several diversity, equity and inclusion programs in response to a shifting "legal and external landscape."

Caterpillar

Caterpillar will no longer participate in the Human Rights Campaign equality index and has new guidelines for donations and sponsorships. The manufacturer also requires senior management approval for external speakers and all training programs should focus on "fostering high performance."

Disney

Disney told employees it will replace the "Diversity & Inclusion" performance factor that it used to evaluate executive compensation with a new "Talent Strategy," which is more focused on how values drive business success, Axios' Sara Fischer first reported.

• Disney is ending its Reimagine Tomorrow initiative, and the corresponding website, which was used to highlight stories and talent from underrepresented communities. The company has also rebranded its employee resource groups.

Ford

The automaker will no longer participate in the Human Rights Campaign surveys and has rescoped its employee resource groups.

Goldman Sachs

Goldman Sachs announced it will no longer require corporate boards of directors to include women and members of minority groups, per The New York Times.

Google

Google is ending its goal to boost its ranks of people from historically underrepresented groups and will also review its other diversity efforts as it looks to comply with various Trump administration rules for government contractors, Axios' Ina Fried reports.

Harley-Davidson

The company dismantled its DEI team before April 2024, does not have hiring quotas or supplier goals, and has rescoped its employee resource groups, training, and sponsorships.

John Deere

In response to "feedback," Deere said it "will no longer participate in or support external social or cultural awareness parades, festivals, or events;" would not include "socially motivated messages" in training materials; and would ensure it's not using "diversity quotas" in hiring.

Lowe's

Lowe's told employees it would revise its resource groups, stop participating in Human Rights Campaign surveys, and stop sponsoring or participating in festivals and parades.

Molson Coors

The beverage wholesaler put an end to supplier diversity quotas and DEI-based training programs. It will no longer participate in Human Rights Campaign surveys.

McDonald's

In a letter to franchise owners, suppliers and current employees, McDonald's said it would modify some practices after conducting a "civil rights audit," including an end to "aspirational representation goals" — like hiring targets — and "external surveys," which could include participation in the Human Rights Campaign's Corporate Equality Index.

Meta

Citing "the legal and policy landscape," Meta is cutting its DEI team, ending equity and inclusion programs, sunsetting supplier diversity efforts, ending the "Diverse Slate Approach" to hiring, and ending representation goals.

Nissan

The automaker scaled back its U.S. commitments by no longer participating in LGBTQ+ surveys and events and ending mandates for diversity-related training.

PBS

America's public broadcaster has terminated its DEI team, citing Trump's recent executive order.

• "In order to best ensure we are in compliance with the President's executive order around Diversity, Equity, and Inclusion we have closed our DEI office. The staff members who served in that office are leaving PBS. We will continue to adhere to our mission and values. PBS will continue to reflect all of America and remain a welcoming place for everyone," PBS said in a statement.

Stanley Black & Decker

The company scrubbed references to diversity, equity and inclusion from its website. A rep for the company did not return Axios' request for comment.

Target

Target has concluded its "three-year diversity, equity and inclusion goals" and "Racial Equity Action and Change (REACH) initiatives in 2025 as planned." It has stopped "all external diversity-focused surveys, including HRC's Corporate Equality Index," and is evolving its "supplier diversity team" to "supplier engagement" to "better reflect our inclusive global procurement process across a broad range of suppliers, including increasing our focus on small businesses."

Tractor Supply

Tractor Supply eliminated DEI roles and abolished its DEI goals, stopped submitting data to the Human Rights Campaign, stopped sponsoring Pride festivals, and withdrew carbon emission goals.

Toyota

Toyota told employees it would not participate in external DEI measurements or surveys.

Walmart

Walmart will phase out the description "diversity, equity and inclusion" and the term "Latinx," stop participating in Human Rights Campaign surveys, re-evaluate supplier diversity programs, and wrap up its commitment to the Center for Racial Equity.

Companies that have publicly defended their diversity, equity and inclusion policies include:

American Airlines, Southwest Airlines and United Airlines

American First Legal filed complaints against the airline carriers in 2023 and 2024. Following a compliance conference, the Department of Labor did not name any policies that violated the law or needed to change.

Apple

The tech giant says it remains committed to diversity, equity and inclusion and has urged shareholders to reject anti-DEI proposal put forth by the National Center for Public Policy Research, a conservative think tank.

Cisco

Cisco CEO Chuck Robbins defended DEI initiatives at the company during an Axios interview in Davos, Switzerland, saying: "I think the pendulum swings a little wide in both directions. And for us, it's about finding the equilibrium ... You cannot argue with the fact that a diverse workforce is better. There's too much business value ..."

Costco

Costco shareholders voted to reject the National Center for Public Policy Research's anti-DEI proposals. The wholesaler also pushed back on some of the conservative group's claims, calling them "misleading, at best."

Delta

In a recent earnings call, Delta's chief legal officer and corporate secretary, Peter Carter, said the airline remains committed to DEI and environmental, social, and governance (ESG) policies because "they are critical to our business."

JPMorgan Chase

In Davos, CEO Jamie Dimon said the company would not back away from DEI, but added: "Now if you point to something we're doing that's wrong, I'd change it. And we will make modifications going forward, but we're very proud of what we've done..."

McKinsey & Company

"We will continue to boldly pursue both, because these two things together — our diverse meritocracy — is what makes us distinctive and has defined who we are over our nearly 100 years," global managing partner Bob Sternfels wrote in an internal memo obtained by Bloomberg News.

Microsoft

In October, Microsoft published its annual DEI report, stating that these values are core to the company's mission.

Nasdaq

CEO Adena Friedman said that DEI is good for business adding: "Diversity of views, and diversity of backgrounds, actually makes us a better company and makes us perform better. So we're going to continue to operate in that way."

NFL

"We got into diversity efforts because we felt it was the right thing for the National Football League, and we're going to continue to do those efforts. We're not in this because it's a trend to get into it or a trend to get out of it," NFL commissioner Roger Goodell told the Wall Street Journal ahead of the 2025 Super Bowl.

Pinterest

Pinterest CEO Bill Ready doubled down on the company's commitment to DEI while speaking in Davos saying, "We're not [changing anything], and the reason is we've seen it's actually leading to better engagement, there's consumer demand for it, it's good for our business."

Salesforce

Salesforce CEO Marc Benioff said he'll continue to support a diverse workforce during an Axios interview in Davos, saying if "somebody's going to come after our employees or discriminate against them in any way, we'll do everything we can to help them, support them."

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Editor's note: This story has been updated on a rolling basis with new developments.