# HC-RAG: Evidence-Centric Retrieval-Augmented Generation over Heterogeneous Financial Filings

arXiv: https://arxiv.org/abs/2608.12335 · HTML: https://mlsanity.com/paper/2608.12335/

## Key facts

- No citing papers in the map yet (data through 14 Oct 2026).
- Placed in Legal and financial RAG, one of 15 directions in Retrieval-augmented generation.
- Builds on 24 of its 31 references that are in the map.
- First posted on arXiv 3 Jun 2026.

## Placed in

- Retrieval-augmented generation / [Legal and financial RAG](https://mlsanity.com/rag/legal-and-financial-rag/)

## Builds on (most cited first, 24 of 24)

- [Learning Transferable Visual Models From Natural Language Supervision](https://mlsanity.com/paper/2103.00020/) (2021)
- [Retrieval-Augmented Generation for Knowledge-Intensive NLP Tasks](https://mlsanity.com/paper/2005.11401/) (2020)
- [Representation Learning with Contrastive Predictive Coding](https://mlsanity.com/paper/1807.03748/) (2018)
- [Dense Passage Retrieval for Open-Domain Question Answering](https://mlsanity.com/paper/2004.04906/) (2020)
- [Lost in the Middle: How Language Models Use Long Contexts](https://mlsanity.com/paper/2307.03172/) (2023)
- [Retrieval-Augmented Generation for Large Language Models: A Survey](https://mlsanity.com/paper/2312.10997/) (2023)
- [Self-RAG: Learning to Retrieve, Generate, and Critique through Self-Reflection](https://mlsanity.com/paper/2310.11511/) (2023)
- [From Local to Global: A Graph RAG Approach to Query-Focused Summarization](https://mlsanity.com/paper/2404.16130/) (2024)
- [DocVQA: A Dataset for VQA on Document Images](https://mlsanity.com/paper/2007.00398/) (2020)
- [Leveraging Passage Retrieval with Generative Models for Open Domain Question Answering](https://mlsanity.com/paper/2007.01282/) (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)
- [RAPTOR: Recursive Abstractive Processing for Tree-Organized Retrieval](https://mlsanity.com/paper/2401.18059/) (2024)
- [LayoutLMv3: Pre-training for Document AI with Unified Text and Image Masking](https://mlsanity.com/paper/2204.08387/) (2022)
- [TAPAS: Weakly Supervised Table Parsing via Pre-training](https://mlsanity.com/paper/2004.02349/) (2020)
- [TAT-QA: A Question Answering Benchmark on a Hybrid of Tabular and Textual Content in Finance](https://mlsanity.com/paper/2105.07624/) (2021)
- [FinBERT: Financial Sentiment Analysis with Pre-trained Language Models](https://mlsanity.com/paper/1908.10063/) (2019)
- [TAPEX: Table Pre-training via Learning a Neural SQL Executor](https://mlsanity.com/paper/2107.07653/) (2021)
- [Chain-of-Table: Evolving Tables in the Reasoning Chain for Table Understanding](https://mlsanity.com/paper/2401.04398/) (2024)
- [UniTAB: Unifying Text and Box Outputs for Grounded Vision-Language Modeling](https://mlsanity.com/paper/2111.12085/) (2021)
- [Hierarchical multimodal transformers for Multi-Page DocVQA](https://mlsanity.com/paper/2212.05935/) (2022)
- [A Comprehensive Survey of Retrieval-Augmented Generation (RAG): Evolution, Current Landscape and Future Directions](https://mlsanity.com/paper/2410.12837/) (2024)
- [FinGPT: Instruction Tuning Benchmark for Open-Source Large Language Models in Financial Datasets](https://mlsanity.com/paper/2310.04793/) (2023)
- [Structure-aware Visualization Retrieval](https://mlsanity.com/paper/2202.05960/) (2022)

## Abstract (arXiv)

Financial question answering over annual reports requires more than retrieving semantically similar passages. It often involves identifying relevant companies and fiscal years, locating standardized filing sections, collecting textual and tabular evidence, and checking answers against the original documents. Existing RAG systems, however, usually flatten long filings into unordered chunks, pay limited attention to the typed structure of financial reports, and use fixed text-table fusion strategies without considering query intent. To address these limitations, we propose HC-RAG, a hierarchical cross-modal retrieval-augmented generation framework for evidence-centric financial QA. HC-RAG organizes filings into a typed financial evidence graph with documents, sections, text units, table units, and metadata nodes. It retrieves evidence through document-section-unit paths, aligns textual and tabular evidence in a shared retrieval space, and routes evidence according to four semantic intents: calculation, trend, fact, and comparison. We further introduce Multi-Doc-2025, a benchmark containing 2,327 expert-verified QA pairs from 179 SEC 10-K filings of 87 S&P 500 companies across fiscal years 2022--2024, with labels for intent, difficulty, and structural evidence attributes. Experiments on public financial QA benchmarks and Multi-Doc-2025 show that HC-RAG improves both answer quality and evidence localization, especially in long-document, table-related, and cross-document settings. HC-RAG outperforms RAPTOR by 6.6 F1 points on DocFinQA and GraphRAG by 10.9 F1 points on Multi-Doc-2025. Evidence-level analysis and ablation studies show that the improvements mainly come from more accurate section localization, table grounding, cross-document evidence aggregation, and intent-aware text-table routing.