A new analysis spanning nearly two decades of corporate data has revealed that companies with strong LGBTQ+ inclusive policies consistently perform better financially than those without.
The study, conducted by Whistle Stop Capital and the America’s Human Rights Campaign (HRC) Foundation, examined 15 years of data from HRC’s Corporate Equality Index (CEI) – the leading benchmarking tool for LGBTQ+ workplace inclusion in the United States.
The findings clearly show that LGBTQ+ inclusion is not just a values-driven decision but a long-term business strategy.
Key findings: Inclusion boosts revenue, profit, and stability
The research highlighted several significant outcomes for companies with high CEI scores:
- Stronger revenue growth: High-scoring companies experienced greater cumulative revenue growth over 15 years than their low-scoring peers.
- Higher profits: Over 10 years, top-scoring companies reported average net income more than eight times higher than those with low scores.
- More stable market performance: Companies with inclusive policies enjoyed steadier stock price performance, reflecting greater investor confidence.
- Stronger transparency: Businesses that openly communicated their inclusive policies signalled accountability to stakeholders and achieved better results.
“This new data confirms what we have long known: fairness and inclusion power innovation and growth,” said Kelley Robinson, President of the Human Rights Campaign.
“When businesses embrace LGBTQ+ equality in their policies and practices, they’re not just doing the right thing for their employees and consumers – they’re positioning themselves to outperform, out-innovate, and outlast their competitors.”
A response to anti-DEI attacks
The report comes amid growing political backlash against diversity, equity, and inclusion (DEI) efforts, with critics arguing that such policies harm business.
But the new analysis proves otherwise. “We view a company’s CEI score as an indicator of management quality,” explained Meredith Benton, Founder of Whistle Stop Capital. “The data supports a thesis that we consider intuitive: companies don’t grow by excluding talent or consumers.”
The timing is crucial. Recent surveys show that only half of workers believe their company’s LGBTQ+ protections have remained intact under the current US administration. At the same time, nearly one in five Gen Z adults identify as LGBTQ+ – making inclusive policies a necessity for attracting and retaining the next generation of workers.
Inclusion is good for people – and profits
The business case for inclusion is also being reinforced by shareholders and customers in many major companies. These include the likes of Marriott, Costco, MasterCard, and JPMorgan Chase who have publicly affirmed their commitment to LGBTQ+ equality.
Consumers are also holding companies accountable. According to HRC, businesses that retreat from inclusive policies face boycotts, loss of trust, and reputational damage. A 2024 HRC Foundation survey found that 93.5% of LGBTQ+ adults view a company’s perfect CEI score as a sign of genuine support.
The evidence is clear: businesses that embed LGBTQ+ inclusion into their workplace culture are better positioned for growth, stability, and innovation.
Or as Robinson summed it up: “Workplace fairness is not a short-term PR play. It’s a proven long-term business strategy.”
