Top takeaways from the 2025 financial reporting disclosure season

Talking points

• Financial reporting disclosures in 2025 revealed where Fortune 500 companies saw emerging risks and opportunities. 
• Reporting spotlighted artificial intelligence (AI), global trade, and sustainability as prominent business trends—zeroing in on governance, regulation, tariffs, and supply chain pressure.
• Tax legislation and transparency also emerged as a focus area shaping corporate reporting.

If you want to see where the business world is heading, don’t just follow the headlines. Read the financial disclosures. They’re often a better indicator of what companies are prioritizing and where they see the next risks and opportunities.

In short, corporate disclosures have become a useful business barometer—documenting what happened over the past year and signaling where executives are focused for the year ahead. In this edition of The Pulse, we examine Fortune 500 disclosures from the 2025 reporting cycle to learn what they revealed about business trends such as AI risks, trade realignment, and heightened geopolitical uncertainty. The goal: To understand how companies are communicating to investors about the complexities reshaping the business landscape. 

Disclosure categories

Our analysis organizes financial disclosures into four categories based on required Securities and Exchange Commission (SEC) disclosure sections for public companies:

• Business
• Risk factors
• Management discussion and analysis (MD&A)
• Financial statements

Artificial intelligence

Discussions of AI have been increasing in financial disclosures over the past several years. In 2025, that momentum continued: 95% of companies referenced AI, up from 84% in 2024.¹ Risk factors remained the primary disclosure section for AI, followed by MD&A discussions. Together, these disclosures highlighted risks tied to AI adoption, including falling behind competitors or not realizing a sufficient return on investments.

Companies also underscored legal and compliance challenges. These included the cost and complexity of complying with international rules such as the EU Artificial Intelligence Act, as well as potential federal and state requirements. Many disclosures also flagged the risk of AI-enabled cyberattacks.

Percentage of companies disclosing¹

Percentage of disclosures by sector²

Global trade

Global trade remained a major theme in 2025 disclosures, with 95% of companies mentioning tariff risk.² Since February 2025, President Trump has issued executive orders imposing tariffs on imports from several countries at varying rates under the International Emergency Economic Powers Act (IEEPA), though the Supreme Court ruled in early 2026 that many of those tariffs were invalid. 

This activity helps explain why nearly twice as many companies discussed tariffs in their MD&A year over year.³ Companies highlighted higher costs, supply chain disruption, and new operational and compliance pressures. We expect to see continued disclosure in this area as companies seek refunds for these tariffs throughout 2026. 

Income taxes

Trade policy was not the only area where companies were recalibrating their disclosures in response to policy change. Tax developments also shaped the reporting cycle, as companies assessed the effects of major legislation and prepared for a new era of more detailed income tax transparency.

• One Big Beautiful Bill Act. Tax legislation emerged as a notable disclosure theme in 2025, led by H.R.1, commonly referred to as the One Big Beautiful Bill Act (OBBA) signed on July 4. The centerpiece of the OBBBA is the extension of expiring (or expired) provisions of the 2017 Tax Cuts and Jobs Act. Among the Fortune 500 companies we analyzed, 69% referenced the law, typically in the financial statements or MD&A, either outlining expected material effects or noting that no significant impact was anticipated.⁴
• Enhanced income tax disclosures. Enhanced tax transparency also figured prominently in disclosures with the adoption of ASU 2023-09, which applies to fiscal years beginning after December 15, 2024. The standard requires companies to annually disclose an income tax rate reconciliation, using both percentages and reporting currency amounts, in eight specified categories—with further disaggregation for certain reconciling items. The new rules also require companies to provide more detail about the state and foreign jurisdictions shaping their tax profiles. California was the most frequently cited state, while Canada and the United Kingdom led among foreign jurisdictions.⁵

Sustainability

Sustainability remained a steady feature in 2025 disclosures, even as the regulatory landscape continued to change with the European Commission’s proposed omnibus legislation. Mentions of specific frameworks and rules such as the CSRD, ISSB, and California climate laws became less detailed. But overall discussion of climate-related matters held firm, with 96% of companies referencing them, unchanged from 2024.⁶

Sustainability risks—including physical, reputational, and regulatory risks—were addressed primarily in the risk factors section. In the business section, companies highlighted sustainability initiatives such as net-zero and carbon-neutral commitments, while MD&A discussions centered on potential sustainability impacts on financial condition, operating results, and growth.

What role can Deloitte play?

Deloitte can advise companies as they navigate the business trends reflected in the 2025 reporting cycle. Our professionals bring experience across AI, global trade, tax legislation, and sustainability reporting requirements. To learn more about these financial reporting trends and our services, read our April 2026 Financial Reporting Spotlight, visit our services page, or contact your Deloitte representative. 

Endnotes

1. Deloitte Accounting Research Tool (DART), Financial Reporting Spotlight: Disclosure Trends From the 2025 Reporting Season, April 2026.
2. Ibid.
3. Ibid.
4. Ibid.
5. Ibid.
6. Ibid.

The services described herein are illustrative in nature and are intended to demonstrate our experience and capabilities in these areas; however, due to independence restrictions that may apply to audit clients (including affiliates) of Deloitte & Touche LLP, we may be unable to provide certain services based on individual facts and circumstances.

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