The First Annual Reports of the LLM Era

Abstract

We analysed 150 SEC 10-K filings across 50 of the largest US public companies, comparing FY2019, FY2022, and FY2024. Six dimensions of language change were scored on a 0 to 2 scale, with extracts, quotations, word counts, section attributions, and absence claims mechanically verified against source filings and scored using a stated rubric.

Across the sample, FY2024 filings show a consistent shift toward more generic, templated, and structurally flattened language relative to earlier periods. This paper documents the pattern and its distribution across companies and sections, without attributing cause.

Keywords: Corporate disclosure, , Annual reports, Annual reports SEC 10-K, Narrative reporting, Textual analysis, Generative AI, Corporate governance