# LEDGER: A Long-Context Benchmark of Corporate Annual Reports for Grounded Financial Retrieval and Extraction

arXiv: https://arxiv.org/abs/2606.13100 · HTML: https://mlsanity.com/paper/2606.13100/

## Key facts

- Cited by 1 papers in the map (data through 14 Oct 2026).
- Builds on 17 of its 28 references that are in the map.
- First posted on arXiv 11 Jun 2026.

## Builds on (most cited first, 17 of 17)

- [RoBERTa: A Robustly Optimized BERT Pretraining Approach](https://mlsanity.com/paper/1907.11692/) (2019)
- [Sentence-BERT: Sentence Embeddings using Siamese BERT-Networks](https://mlsanity.com/paper/1908.10084/) (2019)
- [Lost in the Middle: How Language Models Use Long Contexts](https://mlsanity.com/paper/2307.03172/) (2023)
- [gpt-oss-120b & gpt-oss-20b Model Card](https://mlsanity.com/paper/2508.10925/) (2025)
- [RULER: What's the Real Context Size of Your Long-Context Language Models?](https://mlsanity.com/paper/2404.06654/) (2024)
- [ColBERT: Efficient and Effective Passage Search via Contextualized Late Interaction over BERT](https://mlsanity.com/paper/2004.12832/) (2020)
- [MPNet: Masked and Permuted Pre-training for Language Understanding](https://mlsanity.com/paper/2004.09297/) (2020)
- [BloombergGPT: A Large Language Model for Finance](https://mlsanity.com/paper/2303.17564/) (2023)
- [FinQA: A Dataset of Numerical Reasoning over Financial Data](https://mlsanity.com/paper/2109.00122/) (2021)
- [TAT-QA: A Question Answering Benchmark on a Hybrid of Tabular and Textual Content in Finance](https://mlsanity.com/paper/2105.07624/) (2021)
- [SPLADE: Sparse Lexical and Expansion Model for First Stage Ranking](https://mlsanity.com/paper/2107.05720/) (2021)
- [ConvFinQA: Exploring the Chain of Numerical Reasoning in Conversational Finance Question Answering](https://mlsanity.com/paper/2210.03849/) (2022)
- [EmbeddingGemma: Powerful and Lightweight Text Representations](https://mlsanity.com/paper/2509.20354/) (2025)
- [Nemotron 3 Nano: Open, Efficient Mixture-of-Experts Hybrid Mamba-Transformer Model for Agentic Reasoning](https://mlsanity.com/paper/2512.20848/) (2025)
- [DeepSeek-OCR 2: Visual Causal Flow](https://mlsanity.com/paper/2601.20552/) (2026)
- [DocFinQA: A Long-Context Financial Reasoning Dataset](https://mlsanity.com/paper/2401.06915/) (2024)
- [EuroBERT: Scaling Multilingual Encoders for European Languages](https://mlsanity.com/paper/2503.05500/) (2025)

## Built on by (most cited first, 1 of 1)

- [FinGREAT: Evaluating LLMs on Financial Graph-guided Retrieval And Typing](https://mlsanity.com/paper/2610.19240/) (2026)

## Abstract (arXiv)

Finance reporting is a natural proving ground for large language models, and the very-long-context capabilities of recent models across all sizes make rigorous evaluation in this domain an increasingly pressing need. Yet most public financial resources reduce the task to plain-text SEC 10-K filings paired with a handful of question-answer items. We release LEDGER (Long-context Evaluation of Documents for Grounded Extraction and Retrieval), a corpus of 4,999 digitized corporate annual reports - full documents with figures, tables, and narrative, not just regulatory filings. Each report is labeled with 31 consolidated financial KPIs to be extracted and linked to the market's reaction at the earnings date. From this data we derive three evaluation benchmarks spanning the difficulty spectrum: a pure page-level KPI retrieval task with TREC-style relevance judgments over 118,048 questions in natural language, a conversational "needle-in-a-haystack" single-value lookup, and a full KPI extraction task, both from long, numerically dense reports. We additionally provide human OCR-quality annotations with inter-annotator agreement and the complete extraction, validation, and scoring toolchain. We further demonstrate the dataset's research utility with a case study linking CEO-letter rhetoric to post-publication market impact.