First Quarter 2025 Key Findings
As of March 31, 2025, using data from our Exclusive Data Partner, Equilar, women hold 30.4% of board seats on Russell 3000 companies, virtually unchanged from the previous quarter. Women filled 30.6% of new appointments, a modest increase from Q4 2024, with 81% of those appointments through board expansion, not by replacing men. At the same time, gender-balanced boards declined by 19 companies, and progress remains uneven across sectors and states. Women of color continue to hold just 7.7% of all board seats, with no quarter-over-quarter gain.
As our data consistently proves, companies led by women—whether as CEO, Board Chair, or Nominating Chair—consistently outperform on board diversity. Structural change happens when women lead. Now is the time to scale that leadership.
of board seats are held by women.
of board appointments were women as compared to 26.3% in Q4 2024.
of women joined through board expansion, not by replacing men.
Our state-level data tracks the percentage of women on boards and the number of gender-balanced publicly traded companies. Among the states with 25 or more publicly traded companies, California—home to the largest number at 470 companies—continues to lead in with 33.6% women on boards. While Nevada has the lowest ranking, 26%, of women on boards.
50/50 Women on Boards Gender Diversity Index ™ reports on the gender composition of corporate boards on the Russell 3000 Index. Using the data provided by our Exclusive Data Partner Equilar, we analyze, track, and publish data on our website in our Gender Diversity Directory. This report reflects data as of December 31, 2025, with 2,878 active companies on the Russell 3000 Index.
Advocate: Highlight and share your expertise for boards.
Invest: Request employer-funded programs to advance your board journey.
Network: Volunteer, join non-profit boards, attend events, and outreach to your contacts to ensure they are aware of the board opportunity you are seeking.
Be Intentional: Leverage our GDI directory to narrow down your board search.
Advocate: Highlight and share your expertise for boards.
Invest: Request employer-funded programs to advance your board journey.
Network: Volunteer, join non-profit boards, attend events, and outreach to your contacts to ensure they are aware of the board opportunity you are seeking.
Be Intentional: Leverage our GDI directory to narrow down your board search.
Advocate: Highlight and share your expertise for boards.
Invest: Request employer-funded programs to advance your board journey.
Network: Volunteer, join non-profit boards, attend events, and outreach to your contacts to ensure they are aware of the board opportunity you are seeking.
Be Intentional: Leverage our GDI directory to narrow down your board search.
