We use CUPA-HR data to analyze representation and pay equity for women and racial/ethnic minorities in higher education full-time faculty from 2016-17 to 2022-23, across tenure status, rank, discipline, and total operating expenses of institutions. Results indicate that, despite some growth in the representation of women and faculty of color in tenure-track positions, advancement to higher ranks remains a significant barrier across all faculty disciplines. In addition, women, Black, and Hispanic or Latina/o faculty are better represented in non-tenure-track than in tenure-track positions, indicating that these groups are best represented in the lowest-paid full-time faculty positions. Furthermore, Black and Hispanic or Latina/o non-tenure-track faculty and White women, regardless of tenure status, continue to face pay disparities compared to their White male counterparts. The report offers targeted recommendations to improve faculty equity, including a critical evaluation of promotion processes and underlying bias.