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.
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