A Comparative Study of Evaluation Metrics for Long-Document Financial Narrative Summarization with Transformers

Summarization ships in countless production systems, making model selection a routine decision that depends on measuring summary quality. Existing metrics struggle to support this: ROUGE captures only surface overlap, while LLM-as-judge scores saturate to near-identical values that fail to rank models effectively. We observe this saturation across three public datasets, two proprietary datasets, and multilingual settings. Motivated by this, we introduce Semantic Scaffold, an evaluation framework that extracts a hierarchical representation of facts, questions, and entity attributes from a source text, labeling each as a main point or supporting detail, and reusing this structure as a fixed reference for scoring summaries. From this representation, we derive three diagnostic metrics: Fact Preservation Score (FPS), Question Preservation Score (QPS), and Entity Preservation Score (EPS), designed to reward the preservation of essential information while penalizing detail overload, and position them as interpretable diagnostics that remain informative where holistic axes collapse. Finally, we analyze four recurring failure modes of ROUGE and LLM-as-judge scores, demonstrating that scaffold-based evaluation remains informative where conventional metrics collapse.

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.

Long documents often distribute important information across extensive narrative passages and multiple tables, making faithful summarization particularly challenging. Existing methods may generate individually supported quantitative facts and analytical statements yet associate them incorrectly, producing quantitatively plausible yet analytically unfaithful summaries. In this work, we propose LOOMSUM, a training-free framework that extracts source-grounded atomic evidence, explicitly links table-derived facts with supporting narrative analyses, and plans the discourse structure before generation. We also introduce Table-Grounded Faithfulness (TGF), a claim-level metric that separately evaluates Numeric Grounding, Analysis Support, and Relation Consistency. Experiments on the text--table summarization benchmarks FINDSum and USTT show that LOOMSUM improves analytical faithfulness while maintaining strong summarization quality. Human evaluation finds positive component-level associations with the corresponding human judgments. Our Relation Consistency metric further shows stronger agreement with human relation judgments than generic factuality metrics, indicating that explicit cross-modal linking helps reduce errors in which supported quantities are paired with incorrect narrative interpretations. Together, these findings show that faithful long text--table summarization requires not only grounding individual facts, but also preserving the relations between them.