Physical climate risks are on the rise but progress on adapting to them still varies, leaving some financial and non-financial corporates vulnerable. Only about one-fifth of companies in the sample disclosed an adaptation plan. Some companies are not prioritizing adaptation planning, which could ultimately increase the cost to adapt, and the amount of change required. Sectors indirectly exposed to physical climate risks--such as communications services, information technology, and consumer discretionary--could see rising exposure, absent adaptation. Regulation and disclosure requirements could speed up climate adaptation planning.