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The upward trajectory of CEO compensation moderated in 2025 amid ongoing economic uncertainty. The median total compensation* for S&P 500 chief executives reached $17.7 million in 2025, representing a 5.9% increase from the previous year. While pay continues to climb, this single-digit uptick marks the smallest annual growth rate since 2022, when median pay grew by just 0.9%. Last year’s study recorded a 9.7% increase, in line with the typical annual change in CEO compensation.
For the 16th year, Equilar and the Associated Press have partnered to analyze CEO compensation across the S&P 500. This annual study tracks pay trends for CEOs who have led their companies for at least two consecutive fiscal years. To be included in the 2026 study, companies must have filed their proxy statements between January 1 and April 30, 2026
Tesla’s Musk Leads Surge in Mega Equity CEO Pay Packages
Companies entered 2025 amid significant uncertainty, as tariffs introduced by the Trump administration added a new layer of complexity to an already fragile economic environment. Several companies adjusted their executive compensation plans in response to tariff-related pressures and market volatility. Despite concerns surrounding tariffs, persistent inflation and other macroeconomic headwinds, the U.S. economy remained resilient throughout the year, helping support CEO compensation levels that are often closely tied to broader market trends.
Long-term stock awards remain the primary driver of top-tier pay packages, aligning executive wealth directly with performance milestones. In 2025, the median value of stock awards climbed 11.5% year over year to $10.9 million. Among all pay components, perks saw the sharpest increase, rising 17.7% to $310,369. The uptick in perks is closely tied to the murder of UnitedHealthcare CEO Brian Thompson, as companies have increased investments in security measures to better protect their chief executives.
Topping this year’s study is Elon Musk of Tesla, whose reported compensation package reached $132.3 billion in 2025. This historic package consists entirely of a long-term stock award that requires the complete achievement of highly ambitious market capitalization and operational targets. Welltower CEO Shankh Mitra followed on the list with an $813.2 million package.
Notably, this year’s study recorded five chief executives with compensation packages exceeding $100 million, the highest concentration of nine-figure awards in the history of the study.
The Pay Gap Widens as Executive Gains Outpace Employees
The workforce experienced steady wage growth in 2025, but the acceleration of executive pay continued to stretch the gap between CEOs and the typical employee. The compensation for the median S&P 500 employee rose to $89,744 in 2025, up from $85,691 in 2024, marking a 4.7% increase year over year. Since CEO compensation packages outpaced general wage growth, the median CEO Pay Ratio climbed to 200:1 in 2025, a notable increase from the 189:1 ratio reported in 2024.
Jane Fraser of Citigroup Secures Historic Pay Package
Among the 337 chief executives qualified for the study, only 27 are women—matching the exact figure from last year’s report. However, female CEOs outpaced the broader index at the median, pulling in $18.1 million in 2025 compared to the overall median of $17.7 million.
Jane Fraser of Citigroup made history as the highest-paid woman in the study, securing a $95.8 million package that ranks her sixth overall on this year’s study. Fraser’s compensation represents the highest single-year package ever recorded for a female CEO since the inception of this study. The previous milestone was held by Lisa Su of AMD, who brought in $58.5 million in 2019. Su remains a top earner in this year’s study, ranking as the second-highest-paid woman with $55.2 million in total compensation.
CEO Pay in the Communication Services Sector Outpaces Tech and Finance
For the seventh consecutive year, communication services led all sectors, securing the highest median compensation at $33.9 million in 2025. The technology sector followed in second place with a median of $22.5 million, while financial services ranked third at $21.3 million.
While financial services trailed in median pay, the sector maintained the heaviest footprint in the index, accounting for 55 chief executives in this year's study. Conversely, the real estate sector recorded the lowest median compensation at $13.6 million, breaking a multi-year trend where utilities typically occupied the bottom spot.
New York and California Boast the Highest-Paid CEOs
When evaluating states with a representative sample of at least five chief executives, New York retained its position as home to the highest-paid CEOs. The median compensation for New York-based CEOs reached $26.6 million in 2025. California ranked second at $24.9 million, followed by Massachusetts at $19.7 million.
The Golden State continues to lead the nation in sheer volume, with California home to 44 S&P 500 chief executives. Texas claimed the second-highest concentration with 33 CEOs, closely followed by New York with 32. Illinois (23) and Massachusetts (16) rounded out the top five states with the highest chief executive counts.
*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).
Sr. Director of Content & Communications at Equilar
Amit Batish, Senior Director, Content & Communications at Equilar, authored this post. Courtney Yu, Director of Research, conducted the data and analysis for this study. Please contact Amit Batish at abatish@equilar.com for more information or commentary on Equilar research and data analysis.
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