Third Quarter 2025 Key Findings
In partnership with our Exclusive Data Partner, Equilar, our latest analysis of the Russell 3000 shows that women continue to hold 30.1% of corporate board seats, unchanged from the previous quarter and slightly below the Q1 2025 peak of 30.4% (based on 2024 company data). In Q3, the index included 2,918 active companies, reflecting a drop of 43 companies—the largest quarterly decline to date, compared to the typical attrition of around 30 companies. Of the 448 new board seats added this quarter, only 22.5% were filled by women, marking the lowest rate in the past decade. At this pace, the overall percentage of women on boards may begin to decline in upcoming quarters.
Notably, 42% of companies in the index still have two or fewer women directors, underscoring the persistent underrepresentation of women at the board level. Women of color hold 7.6% of all board seats, a modest increase from 7.4% in Q2, yet below the 7.7% recorded in Q1 2025.
of board seats are held by women.
of board appointments were women; a decline from 28.4% for the first half of 2025, and 32% for all of 2024.
of newly filled seats by women were seats added to boards.
Our state-level data reports on the percentage of women on boards and gender-balanced publicly traded companies. Of the states with at least 25 companies, Washington and Minnesota continue to lead with 33.5% and 33.3% women on boards, respectively (a 0.6 percentage point increase for Washington and no change for Minnesota from the previous quarter). Washington has 21.8% gender-balanced companies, while Minnesota has 17.9% gender-balanced companies. Nevada has the fewest women on boards at 23.1% followed by Utah at 26.8% and Pennsylvania at 26.9%.
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.
