A new study, “Markets Do Not Punish Firms for Maintaining DEI,” found that S&P 500 companies that continued their diversity, equity, and inclusion (DEI) programs after Executive Order 14173 in January 2025 did not experience a financial disadvantage compared with companies that reduced or eliminated their DEI efforts. Researchers found no meaningful difference in stock-market returns or revenue between the two groups.

Companies such as Apple, Costco, Delta Air Lines, and Dollar Tree maintained their DEI policies, while Target and Walmart scaled back some initiatives. The findings suggest that companies have significant flexibility to continue DEI programs without necessarily facing financial losses. However, researchers noted that businesses may still consider potential government, regulatory, legal, and political risks when making DEI decisions.