2025 Equilar | Associated Press CEO Pay Study

S&P 500 CEO Compensation Saw a Near 10% Rise in 2024

May 29, 2025

Amit Batish

The corner offices of corporate America are home to some of the most influential executives in business today, notably chief executive officers (CEOs). The CEO’s position is the most pivotal for any corporation, driving strategy and financial growth, particularly during periods of uncertainty and transition. The leadership and steady guidance of top-performing CEOs often come at a premium, and companies have seldom shied away from offering generous compensation, despite ongoing public scrutiny.

Equilar and the Associated Press have partnered for 15 years to examine CEO compensation packages across the S&P 500. The annual study identifies trends in compensation awards for CEOs who served in that role at an S&P 500 company for at least two years as of the most recent fiscal year end. To qualify for inclusion in this year’s study, companies must have filed a proxy between January 1 and April 30, 2025.

CEO Compensation Climbed 9.7% in the Latest Increase

The impact of current economic conditions and the ongoing trade war on CEO compensation remains unclear. However, CEO pay is typically influenced by broader market trends, and in 2024, the U.S. economy remained relatively strong. The median total compensation* for S&P 500 CEOs was $17.1 million in 2024, marking a 9.7% increase from the previous year. While the uptick in compensation is substantial, it is a decline from 12.6% recorded in last year’s study.

Stock awards remain the largest component of CEO compensation, accounting for 71.6% of the median pay package in this year’s study. In 2024, the median value of stock awards rose 14.7% to $10.3 million. Notably, the sharpest increase among all pay components was in perks, which surged 21.5% to a median of $286,343. This rise may be tied to enhanced security measures companies are implementing in the wake of the tragic murder of UnitedHealthcare CEO Brian Thompson in December. Equilar data indicates that many companies are increasing their security perks in response to evolving risk concerns.

The highest-paid CEO in this year’s study is Patrick W. Smith of Axon Enterprise, whose total compensation package was $164.5 million in 2024. Smith’s pay package was almost twice as large as that of H. Lawrence Culp, Jr. of General Electric, who was awarded $87.4 million in 2024. Nearly all of Smith’s compensation came in the form of a long-term stock award. This year’s top 10 highest-paid CEOs list can be found in the table below.

CEO Pay Ratio Continues Steady Rise

In 2024, the median CEO Pay Ratio among S&P 500 companies rose to 192:1, up 3.2% from 186:1 in 2023. The median employee earned $85,419, reflecting a 1.7% increase year over year. CEO compensation growth continues to outpace median employee pay, a trend that shows no signs of slowing.

Compensation for Women Outpaces the Index

Among the 344 S&P 500 CEOs featured in the study, 27 are women, up from 25 in last year’s study. The women in this year’s study earned a median total compensation of $20 million, 17.4% higher than the overall index median. For the first time in more than five years, Lisa Advanced Micro Devices CEO Lisa T. Su was not the highest-paid woman in 2024. That distinction went to Judith Fran Marks of Otis Worldwide, who earned $42.1 million in 2024. Jane Nind Fraser of Citigroup ranked second at $31.1 million, followed closely by Su at $31 million.

Communication Services CEOs Remain the Highest Paid

For the sixth consecutive year, the communication services industry collectively had the highest-paid S&P 500 CEOs, as median compensation within the industry was $25.2 million in 2024. CEOs leading healthcare companies came in second at $20.2 million, followed by technology companies ($19.3 million). The financial services industry had the most CEOs with 55, and median compensation for those executives was $18.8 million. Repeating a trend seen in recent years, the utilities industry had the lowest median compensation at $12.2 million.

New York Reclaims its Spot as Home to the Highest-Paid CEOs

After being toppled by Indiana two years ago, New York is once again home to the highest-paid S&P 500 CEOs (among states with at least five CEOs). CEOs in the Empire State earned $21.7 million at the median in 2024. Florida is second on the list at $20.8 million, and Indiana drops to third at $20 million.

Once again, California had the highest count of S&P 500 CEOs in 2024 at 43, though the number dropped from 47 in 2023. Texas had the second highest count at 33, followed by New York at 31. Illinois (23) and Massachusetts (16) rounded out the top five.

*Total compensation includes information disclosed in company proxy statements including salary, bonus, stock and options valued at grant date, above market earnings on deferred compensation, and other compensation (including benefits and perks).

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