# Evaluating Large Language Models on Financial Report Summarization: An Empirical Study

arXiv: https://arxiv.org/abs/2411.06852 · HTML: https://mlsanity.com/paper/2411.06852/

## Key facts

- Cited by 3 papers in the map (data through 14 Oct 2026).
- Builds on 27 of its 33 references that are in the map.
- First posted on arXiv 11 Nov 2024.

## Builds on (most cited first, 27 of 27)

- [Language Models are Few-Shot Learners](https://mlsanity.com/paper/2005.14165/) (2020)
- [GPT-4 Technical Report](https://mlsanity.com/paper/2303.08774/) (2023)
- [Training language models to follow instructions with human feedback](https://mlsanity.com/paper/2203.02155/) (2022)
- [LoRA: Low-Rank Adaptation of Large Language Models](https://mlsanity.com/paper/2106.09685/) (2021)
- [LLaMA: Open and Efficient Foundation Language Models](https://mlsanity.com/paper/2302.13971/) (2023)
- [BERTScore: Evaluating Text Generation with BERT](https://mlsanity.com/paper/1904.09675/) (2019)
- [Mamba: Linear-Time Sequence Modeling with Selective State Spaces](https://mlsanity.com/paper/2312.00752/) (2023)
- [DistilBERT, a distilled version of BERT: smaller, faster, cheaper and lighter](https://mlsanity.com/paper/1910.01108/) (2019)
- [BioBERT: a pre-trained biomedical language representation model for biomedical text mining](https://mlsanity.com/paper/1901.08746/) (2019)
- [Phi-3 Technical Report: A Highly Capable Language Model Locally on Your Phone](https://mlsanity.com/paper/2404.14219/) (2024)
- [MiniLM: Deep Self-Attention Distillation for Task-Agnostic Compression of Pre-Trained Transformers](https://mlsanity.com/paper/2002.10957/) (2020)
- [BloombergGPT: A Large Language Model for Finance](https://mlsanity.com/paper/2303.17564/) (2023)
- [Gemma: Open Models Based on Gemini Research and Technology](https://mlsanity.com/paper/2403.08295/) (2024)
- [A Survey on Multimodal Large Language Models](https://mlsanity.com/paper/2306.13549/) (2023)
- [Prompt Programming for Large Language Models: Beyond the Few-Shot Paradigm](https://mlsanity.com/paper/2102.07350/) (2021)
- [ClinicalBERT: Modeling Clinical Notes and Predicting Hospital Readmission](https://mlsanity.com/paper/1904.05342/) (2019)
- [FinGPT: Open-Source Financial Large Language Models](https://mlsanity.com/paper/2306.06031/) (2023)
- [PIXIU: A Large Language Model, Instruction Data and Evaluation Benchmark for Finance](https://mlsanity.com/paper/2306.05443/) (2023)
- [Multilingual Machine Translation with Large Language Models: Empirical Results and Analysis](https://mlsanity.com/paper/2304.04675/) (2023)
- [Scaling Proprioceptive-Visual Learning with Heterogeneous Pre-trained Transformers](https://mlsanity.com/paper/2409.20537/) (2024)
- [Large Language Models in Law: A Survey](https://mlsanity.com/paper/2312.03718/) (2023)
- [Pretrained Language Models for Text Generation: A Survey](https://mlsanity.com/paper/2201.05273/) (2022)
- [Text Classification via Large Language Models](https://mlsanity.com/paper/2305.08377/) (2023)
- [Text Summarization Using Large Language Models: A Comparative Study of MPT-7b-instruct, Falcon-7b-instruct, and OpenAI Chat-GPT Models](https://mlsanity.com/paper/2310.10449/) (2023)
- [Financial Statement Analysis with Large Language Models](https://mlsanity.com/paper/2407.17866/) (2024)
- [DialogueLLM: Context and Emotion Knowledge-Tuned Large Language Models for Emotion Recognition in Conversations](https://mlsanity.com/paper/2310.11374/) (2023)
- [AdaptEval: Evaluating Large Language Models on Domain Adaptation for Text Summarization](https://mlsanity.com/paper/2407.11591/) (2024)

## Built on by (most cited first, 3 of 3)

- [Structuring the Unstructured: A Multi-Agent System for Extracting and Querying Financial KPIs and Guidance](https://mlsanity.com/paper/2505.19197/) (2025)
- [Agentic Retrieval of Topics and Insights from Earnings Calls](https://mlsanity.com/paper/2507.07906/) (2025)
- [LIDS: LLM Summary Inference Under the Layered Lens](https://mlsanity.com/paper/2603.00105/) (2026)

## Abstract (arXiv)

In recent years, Large Language Models (LLMs) have demonstrated remarkable versatility across various applications, including natural language understanding, domain-specific knowledge tasks, etc. However, applying LLMs to complex, high-stakes domains like finance requires rigorous evaluation to ensure reliability, accuracy, and compliance with industry standards. To address this need, we conduct a comprehensive and comparative study on three state-of-the-art LLMs, GLM-4, Mistral-NeMo, and LLaMA3.1, focusing on their effectiveness in generating automated financial reports. Our primary motivation is to explore how these models can be harnessed within finance, a field demanding precision, contextual relevance, and robustness against erroneous or misleading information. By examining each model's capabilities, we aim to provide an insightful assessment of their strengths and limitations. Our paper offers benchmarks for financial report analysis, encompassing proposed metrics such as ROUGE-1, BERT Score, and LLM Score. We introduce an innovative evaluation framework that integrates both quantitative metrics (e.g., precision, recall) and qualitative analyses (e.g., contextual fit, consistency) to provide a holistic view of each model's output quality. Additionally, we make our financial dataset publicly available, inviting researchers and practitioners to leverage, scrutinize, and enhance our findings through broader community engagement and collaborative improvement. Our dataset is available on huggingface.