Nine years of climb, one cycle of retreat

LGBTQ+ representation across OutQUORUM report cycles, and how disclosure moved from the 2024 baseline to the 2025–26 filings read for the OutQUORUM 2026 report cycle.

LGBTQ+-inclusive board disclosure by report cycle

Two kinds of points. ◯ hollow = figure exactly as published in an OutQUORUM report (2015–2023, never restated); ● filled = measured by this project (the restated 2024 baseline and the 2025–26 detection); ◇ diamond = the 2024 figure as originally hand-published, shown beside the restated point it became. Log scale; hover any point for exact values.

Read this chart with care. The Fortune 500 series opens in 2015 with the 2 companies Out Leadership found in its first hand read of every Fortune 500 proxy — the figure the OutQUORUM 2024 report states as “2 → 155 since 2015.” No report cycles ran between 2015 and 2021, so the line connects those two real observations directly. Figures for 2015–2023 are taken from Out Leadership's published reports (OutQUORUM 2021, Visibility Counts 2022, and Progress & Possibility 2023), whose company universes and methodology evolved between cycles — the 2021 report covered the Fortune 500 only, NASDAQ coverage begins in 2022, and ASX 200 in 2023. Gaps mean no comparable figure was published for that cycle and are deliberately left unconnected. The 2024 filled point is this site's restated 2024 baseline (hand-verified, then corrected against companies' own 2024 filings), shown next to the hand-published 2024 figure (◇) it restates; the current cycle is labeled 2026 because it reads 2025–26 filings for the OutQUORUM 2026 report cycle. The Fortune 500 series is a derived subset: the 2024 report's Fortune 500 tickers tracked inside the Fortune 1000 dataset. Published figures are reproduced as-is and are never restated.

Every tracked dimension fell — LGBTQ+ fell hardest

2024 baseline vs 2025–26 filings, index-constituency totals across all ten indices.

Dimension	2024	2025–26	Change
LGBTQ+	3,847	1,117	-2,730
Gender	7,072	4,930	-2,142
Race	6,166	3,340	-2,826
Ethnicity	6,170	3,117	-3,053
National Origin	3,299	904	-2,395
Age	5,042	3,625	-1,417
Veteran Status	0	250	+250

Counts are index-constituency totals (a company in multiple indices is counted in each). Veteran status was not tracked in the 2024 baseline, so its 2024 total is near zero by construction.

Methodology note on year-over-year changes. Every 2024 figure is a re-verified baseline: each classification was checked against the company’s own 2024 filing before any comparison was run (3,178 documentary corrections, most of them raising the 2024 count — a conservative correction that makes the decline starker, not milder). The Russell 3000 uses a 2024 baseline read from each company’s own 2023–24 filings by the same classifier used for 2025–26. Every apparent gain was checked against the company’s 2024 documents and only confirmed additions are counted; international increases are labelled wherever they reflect broader source coverage rather than new disclosure. Removals were confirmed by re-reading the current filing: of 12,419 sampled changes, 97.5% of LGBTQ+ removals are confirmed absent from the current document. Read the full methodology before citing.

2024 baseline

2,596

boards with LGBTQ+ disclosure (43.2% of 6,010 companies)

2026 report cycle (2025–26 filings)

878

boards with LGBTQ+ disclosure (14.6% of 6,010 companies)

Fortune 1000 LGBTQ+

8.1%

of Fortune 1000 companies disclose LGBTQ+-inclusive board diversity in 2025–26 filings (vs 38.8% in the 2024 baseline)