CEO compensation saw a significant increase in 2025, according to the newly released 2026 Equilar 100 study. The study, which offers an early look at the highest-paid CEOs at U.S. public companies with at least $1 billion in revenue, finds that median CEO pay reached $29.4 million in 2025, up 23.2% year over year.
This marks the sharpest rise since 2021, when compensation jumped 30.8% amid widespread post-pandemic incentives. The latest surge likely reflects heightened expectations for chief executives as companies navigate rapid technological change, particularly around artificial intelligence, alongside broader economic pressures.
Equity compensation remains the primary driver of CEO pay. The median value of stock awards climbed 38.8% year over year, rising from $15.7 million in 2024 to $21.9 million in 2025. Meanwhile, cash compensation also increased, with base salaries rising 5.3% and bonuses up 17.2%. Perquisites climbed 24.2% year over year to $391,991, driven by growing investment in executive security following the killing of UnitedHealthcare CEO Brian Thompson in December 2024.
At the top end, five CEOs earned more than $100 million in total compensation, including two exceeding $200 million. Wayfair CEO Niraj Shah led the list with $280.8 million, followed by Broadcom CEO Hock Tan at $205.3 million. In both cases, long-term stock awards tied to multi-year performance goals comprised the majority of total pay.
On the corporate performance front, Walmart maintained its position as the largest company by revenue for the second consecutive year at $681 billion, followed by Apple at $416.2 billion. Median revenue across the Equilar 100 rose to $25.7 billion, marking a rebound after three years of decline among the nation’s largest corporations.
View the full Equilar 100 list for more findings on total compensation, company revenue and more.
About the Report
The Equilar 100 ranks the highest-paid CEOs at U.S.-listed companies with at least $1 billion in revenue, based on the most recent fiscal year and limited to those that filed annual proxy statements by March 31. While many of the companies in the Equilar 100 are consistent from year to year, due to changes in revenue and floating filing dates, the list is not the same every year. The findings in this study are a snapshot of CEO pay trends, and with thousands of more companies filing annual proxy statements in April, a more comprehensive look will be forthcoming in several weeks after all the data is processed.
About Equilar
Equilar is the leading provider of executive data solutions, serving more than 1,000 organizations, including a majority of the Fortune 500. The company’s comprehensive suite of platforms offers authoritative executive profiles, in-depth board and leadership research, and advanced compensation and governance analytics. Public company HR and governance teams depend on Equilar’s flagship offerings, including Equilar Insight and ExecAtlas, to benchmark executive compensation, guide board composition and recruitment efforts, and enhance shareholder engagement. Learn more at www.equilar.com.
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