What annual reports say about AI, year by year
In short: in fiscal 2021, 27% of these companies' annual reports named AI at least once, and the median report did not name it. In fiscal 2025, 91% did, and the median report named it in 10 sentences; 51% named it in ten or more, against 4% in fiscal 2021.
1,827 of the 1,827 US-listed companies with 1,000 or more employees in the Workforce AI Index, every annual report since fiscal 2021, read from EDGAR. Naming AI is not using it: a sentence counts whether it describes a product, a risk, a rule or a plan. Counted, never judged.
By fiscal year
| Fiscal year | Reports | Name AI | Median sentences | Ten or more |
|---|---|---|---|---|
| 2021 | 1,685 | 27% | 0 | 4% |
| 2022 | 1,709 | 31% | 0 | 5% |
| 2023 | 1,742 | 61% | 1 | 18% |
| 2024 | 1,782 | 80% | 4 | 31% |
| 2025 | 1,825 | 91% | 10 | 51% |
A fiscal year ending January to May is named for the year before (a year to January 31, 2026 is fiscal 2025). Earlier years hold fewer reports because some companies listed later; the newest year shows once four fifths of the companies have filed for it; fiscal 2026 (97 reports so far) fills in as companies with later year ends file.
By sector
The companies with a report for both fiscal 2021 and fiscal 2025, by the sector their listing gives them, most AI sentences first.
- Technology (287)Name AI 61% to 98%; median 2 to 35 sentences
- Communication Services (62)Name AI 27% to 95%; median 0 to 16 sentences
- Financial Services (241)Name AI 29% to 96%; median 0 to 13 sentences
- Healthcare (160)Name AI 29% to 93%; median 0 to 11 sentences
- Real Estate (40)Name AI 15% to 100%; median 0 to 9 sentences
- Consumer Cyclical (267)Name AI 16% to 87%; median 0 to 6 sentences
- Consumer Defensive (96)Name AI 13% to 85%; median 0 to 6 sentences
- Industrials (308)Name AI 23% to 87%; median 0 to 6 sentences
- Utilities (48)Name AI 6% to 90%; median 0 to 6 sentences
- Basic Materials (94)Name AI 7% to 83%; median 0 to 4 sentences
- Energy (80)Name AI 11% to 88%; median 0 to 4 sentences
The reports that name AI most
The 15 annual reports for fiscal 2025 with the most sentences naming AI, beside the same company's report for fiscal 2021. Each count links its filing; a company the Index has read links its page.
- Tempus AI, Inc. (TEM)not filed in 2021, 181 in 2025
- Figma, Inc. (FIG)not filed in 2021, 180 in 2025
- CoreWeave, Inc. Class A Common Stock (CRWV)not filed in 2021, 176 in 2025
- ExlService Holdings, Inc. (EXLS)45 in 2021, 160 in 2025
- NIQ Global Intelligence Plc (NIQ)not filed in 2021, 149 in 2025
- Snowflake Inc. (SNOW)6 in 2021, 143 in 2025
- Sprinklr, Inc. (CXM)55 in 2021, 143 in 2025
- Elastic N.V. (ESTC)3 in 2021, 134 in 2025
- Innodata Inc. (INOD)68 in 2021, 134 in 2025
- NVIDIA Corporation (NVDA)60 in 2021, 133 in 2025
- Advanced Micro Devices, Inc. (AMD)11 in 2021, 124 in 2025
- SentinelOne, Inc. (S)54 in 2021, 123 in 2025
- Five9, Inc. (FIVN)15 in 2021, 118 in 2025
- Hewlett Packard Enterprise Company (HPE)65 in 2021, 118 in 2025
- JFrog Ltd. (FROG)0 in 2021, 118 in 2025
Any company in the Index
Each of the 1,827 companies' annual reports by fiscal year, beside the median report that year. Each count links its filing.
How it is counted
- Each annual report on Form 10-K, as filed on EDGAR, with the annual report to shareholders when the 10-K incorporates it by reference (Exhibit 13). The text is split into sentences and each sentence is counted once. A sentence counts when it names AI as written: “AI” in capitals, “artificial intelligence”, “generative AI”, “gen AI”, “machine learning” or “large language model”.
- The latest report comes from the Index's dated snapshot of the filing; the earlier ones were read from EDGAR on October 2, 2026 by the same rule.
- Naming AI is not using it, and a count is not a measure of how much a company does with AI: a risk factor, a product, a regulation and a plan each count the same. Nothing here says what a company will do.
- A later filing adds its year; a count already stored is never changed. Free to use with credit (CC BY 4.0): workforce-ai-index-ai-in-annual-reports.csv, one row per company and report, with the filing's link.