VisR-RAG-Fin: Benchmarking Multimodal RAG over Visually Rich Financial Documents

Enterprise documents such as financial reports are increasingly processed by automated systems, yet they are primarily designed for human reading and exhibit complex visual structure, combining dense text with tables, charts, diagrams, and rich layouts. These characteristics pose significant challenges for Retrieval-Augmented Generation (RAG) systems, which must retrieve relevant pages and leverage visual and structural information during answer generation. Despite recent advances in multimodal retrieval and vision-language models, there remains a limited understanding of how design choices across retrieval and generation components affect end-to-end RAG performance on visually rich documents. In this paper, we present a comprehensive empirical study of multimodal RAG for page-level Question Answering (QA) over financial documents. We introduce VisR-RAG-Fin (Visually Rich RAG for Finance), an open-source benchmark constructed through a general pipeline for visually rich documents that preserves original layout and visual content. Using this benchmark, we systematically analyze retrieval and generation behavior under text-only, multimodal, and hybrid configurations, providing a foundation for rigorous evaluation of RAG systems on complex enterprise document collections. Overall, this work provides actionable insights for practitioners designing and evaluating multimodal RAG pipelines over complex, visually rich enterprise documents.