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The annual Equilar 100 study provides an early look at the largest CEO pay packages among U.S. companies with $1 billion or more in revenue. Featured in Barron’s, the 2025 edition analyzes companies that filed proxy statements by March 31, 2025—the midpoint of proxy season. The findings in this study offer an early snapshot of CEO pay trends. As thousands more companies file their annual proxy statements in April, a more comprehensive analysis will be released in the coming weeks once all data has been collected and processed.
The introductory page highlights the top 10 highest-paid CEOs among Equilar 100 companies in 2024. Below the table, a link provides access to the full Equilar 100 list in an interactive chart, sortable by total compensation, revenue and other company metrics. A summary of key findings from the report is also included on this page.
| EXECUTIVE NAME
COMPANY NAME (TICKER) |
TOTAL COMPENSATION | CHANGE IN PAY | FYE 2024 REVENUE ($M) | |||
| 1 |
|
$101,497,009 | N/A | $4,707 | ||
| 2 |
|
$95,801,676 | N/A | $36,176 | ||
| 3 |
|
$87,393,876 | 538% | $38,702 | ||
| 4 |
|
$79,106,183 | 63% | $245,122 | ||
| 5 |
|
$74,609,802 | 18% | $391,035 | ||
| 6 |
|
$65,554,845 | 271% | $22,486 | ||
| 7 |
|
$58,036,875 | -62% | $8,027 | ||
| 8 |
|
$52,390,182 | 17% | $21,505 | ||
| 9 |
|
$51,143,711 | 244% | $2,148 | ||
| 10 |
|
$46,983,855 | 29% | $3,055 |
Key Trends and Takeaways
CEO compensation growth moderates. In 2024, the median compensation for Equilar 100 CEOs reached $25.6 million, representing a 9.5% increase from the previous year. This marks a slight drop from last year’s early look Equilar 100 study, when total compensation for CEOs on the list grew by 11.4%. Topping this year’s list is Coherent CEO Jim Anderson, who received a total compensation package of $101.5 million. Close behind is Starbucks CEO Brian Niccol, awarded $95.8 million after assuming the role in September 2024. In both cases, long-term equity awards accounted for more than 90% of total pay.
Stock awards continue to accelerate in value. The median value of stock awards for Equilar 100 CEOs surged 40.5% year over year, rising from $13.2 million in 2023 to $18.6 million in 2024. As stock awards typically represent the largest portion of CEO compensation, shifts in their value significantly impact total pay. In 2024, stock awards accounted for approximately 73% of median total compensation among Equilar 100 CEOs. It’s imperative to note that these figures reflect grant date values—compensation that executives will only realize in the future if specific performance goals set by compensation committees are achieved.
Cash compensation, by contrast, saw a modest 2% increase, reaching a median of $5.7 million. Within that total, base salary declined slightly by 0.5%, while cash bonuses edged up 0.2%. However, the most significant movement within cash compensation came from perquisites, which rose 16.9%—from a median of $378,390 in 2023 to $452,730 in 2024. This jump may be linked to increased CEO security measures following the tragic murder of UnitedHealthcare CEO Brian Thompson in December. Enhanced security provisions could remain a key area to watch as companies continue to respond to evolving risk concerns.
The CEO Pay Ratio remains large. The median CEO Pay Ratio among Equilar 100 companies remained unchanged at 300:1 in 2024. The median compensation for employees across these companies was $90,288. It’s important to recognize that CEO pay is predominantly composed of long-term stock awards—compensation that may not be realized for several years. In contrast, median employee compensation typically consists of salary and bonus, making direct comparisons challenging.
Starbucks reported the highest CEO Pay Ratio in 2024 at 6,666:1. While the figure is eye-catching, it reflects specific factors. CEO Brian Niccol received a $90.3 million long-term stock award, accounting for 94% of his total compensation. At the same time, Starbucks reported a median employee pay of $14,674—significantly lower than other companies due to its large base of hourly and part-time workers, which can considerably skew the ratio.
Six women made the highest-paid list.The 2025 Equilar 100 list features six women, whose median compensation was $24.5 million in 2024. Jane Fraser, CEO at Citigroup, was the highest-paid woman on the list, earning a total compensation package of $31.1 million.
Walmart overtakes Apple in revenue.Walmart ended Apple’s five-year streak as the highest-revenue company on the Equilar 100 list, reporting $648.1 billion in fiscal year-end revenue for 2024—outpacing Apple’s $391 billion by roughly two-thirds. Meanwhile, median revenue among Equilar 100 companies declined for the third consecutive year, falling to $24.7 billion in 2024. This compares to $25.1 billion in 2023 and $28.5 billion in 2022.
*Methodology Notes: The Equilar 100 includes the largest pay packages awarded to CEOs from U.S.-based or listed companies with more than $1 billion in revenue that filed proxy statements for the most recent fiscal year by March 31, 2025. The figures represent what was awarded to a CEO in the most recent fiscal year, and include salary, cash bonuses, stock and options awards valued at grant date, and other compensation (including benefits and perks). These numbers exclude change in pension values and above market earnings on deferred compensation. While many of the companies in the Equilar 100 are consistent from year to year, due to changes in revenue the list is not the same every year.
Senior Director of Content at Equilar
Amit Batish, Senior Director of Content & Communications at Equilar, authored this post. Courtney Yu, Director of Research, provided data and analysis. Please contact Amit Batish at abatish@equilar.com.
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