Large transnational corporations (TNCs) could use their considerable finances, labor, manufacturing infrastructure, and logistics expertise to play key roles in upscaling ecosystem restoration efforts, which are vital for achieving global biodiversity, climate, and development targets (1, 2). Many TNCs are positioning themselves as environmental leaders, carrying out restoration that goes far beyond legal obligations to offset their own environmental impacts. This promise of corporate-led progress is alluring, and has delivered benefits in some cases, but is also fraught with risks. Well-intentioned efforts can do more harm than good (3), and some corporations oversell their efforts for reputational enhancement (greenwashing). Our evaluation of sustainability reports of 100 of the world’s largest businesses reveals the extent to which TNCs are claiming to contribute to—but failing to report on—ecosystem restoration. Increased rigor, consistency, transparency, and accountability are needed to ensure that corporate-led restoration delivers quantifiable, beneficial, and equitable outcomes.