DEI policies brought no financial penalty for companies that kept them, study finds

A new study finds that keeping diversity, equity and inclusion (DEI) policies didn’t lead to financial penalties for S&P 500 companies during the second Trump administration. Researchers compared company performance before and after President Trump signed Executive Order 14173, “Ending Illegal Discrimination and Restoring Merit-Based Opportunity,” in January 2025. Corporations that maintained DEI programs had no meaningful difference in stock abnormal returns or revenue versus firms that rolled back efforts. The paper examined consumer reaction too, finding no detectable differences. Companies cited as keeping DEI included Apple, Costco, Delta Air Lines and Dollar Tree, while Target and Walmart reduced programs.