The compensation packages for top corporate executives have reached unprecedented heights, driven by ambitious long-term incentive plans, as revealed in an annual ranking. In a striking example, four executives at one senior housing company collectively received pay totalling $1.3 billion.
Number of Executives Earning Over $100 Million
Year: 2015, 2020, 2025; Subjects: S&P 500 CEOs, Other Company CEOs, Other Company Executives
Key Findings Summary
The number of US chief executives earning over $100 million last year reached its highest level since 2021, with Elon Musk setting a new historical record with a $158 billion pay package.
Just one year after it seemed nine-figure pay packages might be fading, CEOs earning over $100 million have made a significant comeback.
Last year, the count of US CEOs reaching this once-rare pay threshold hit a post-2021 high, with nearly a dozen executives surpassing $200 million in annual compensation.
Of course, these figures pale in comparison to the $158 billion package for Tesla Motors (TSLA) CEO Elon Musk. This compensation set a new all-time record, a sum roughly 16 times the combined pay of the other 391 CEOs on the list. (Musk's plan could ultimately be worth up to $1 trillion.)
Ranking second is Ankit Mittal of senior housing and healthcare real estate investment trust WELLTOWER OP LLC (WELL), with total compensation of $821 million. Data from MyLogIQ shows this pay ranks among the highest ever for a US public company CEO over the past decade.
Compensation Data Comparison
Elon Musk 2025 Total Tesla Compensation: $158 billion
Combined Pay of Other 391 CEOs on List: $9.9 billion
Source: MyLogIQ
The last time Musk set a pay record was in 2018, which sparked a wave of "mega-grant" incentive plans: companies awarding massive stock or option grants tied to ambitious multi-year performance goals. Historical evidence suggests these plans often fail to deliver the expected returns for both executives and investors.
The previous wave of high pay took years to build, but companies now appear to be anticipating a new cycle of rising compensation.
More than half of the CEOs who earned over $100 million last year led companies outside the S&P 500 index and were not included in this ranking. These include Figma's Dylan Field ($864 million) and Opendoor Technologies' Kaz Nejatian ($741 million).
Mega-grants are not the sole factor driving executive pay higher. An analysis based on MyLogIQ data shows the median pay for S&P 500 CEOs in 2025 climbed to nearly $18 million, another record high. The number of executives earning over $50 million continues to grow, while the proportion earning under $10 million is shrinking further.
Half of the CEOs saw their annual pay increase by 9.8% or more.
Most large companies deliver the bulk of CEO pay through stock options and restricted shares with performance conditions: executives can unlock fewer shares if long-term company performance lags, but receive more if targets are met. Consequently, the actual value executives ultimately realize often differs significantly from the initial disclosed valuation, typically ending up higher.
At WELLTOWER OP LLC (WELL), 99% of Mittal's compensation came from stock awards, including a single grant in October valued at $789 million. Securities filings show the market value of the shares underlying that award exceeded $1 billion by year-end.
2025 Top Executive Pay Breakdown (Cash, Equity, Other Compensation)
Note: Data as of May 30, includes CEOs with at least one full year of service.
The highest-paid S&P 500 CEO in 2025 was Tesla Motors (TSLA)'s Elon Musk at $158 billion, entirely in equity. The chart above shows the rest of the top ten.
Under the incentive agreement, Mittal can unlock half the awarded shares by remaining at the company through 2031; unlocking the remainder is contingent on two conditions: a 45% increase in the company's total market value and the stock significantly outperforming several major indices over five years.
MyLogIQ data shows three other WELLTOWER OP LLC (WELL) executives also earned over $100 million each, making the company only the second in a decade to have four executives cross the nine-figure threshold in a single year. Welltower stated these equity awards replace annual bonuses and grants for the next decade, aiming to deeply align executive interests with long-term shareholder returns.
Online brokerage Robinhood (HOOD) delivered the best shareholder return among ranked companies, with a 204% annual return, while disclosing CEO Vlad Tenev's pay for the year was only $3 million.
However, securities filings show Tenev exercised options from a 2019 grant, with the shares valued at $1.1 billion. (Tenev and the company terminated a separate pay package initially valued at $796 million in 2021.) Robinhood noted the full vesting of the 2019 grant was contingent on the stock price more than doubling from its 2021 IPO price.
Two highly paid CEOs also led companies ranking high in market performance: Warner Bros. Discovery ranked 4th, with CEO David Zaslav earning $165 million; Broadcom (AVGO) ranked 7th, with CEO Hock Tan receiving total compensation of $205 million.
Both executives have received nine-figure pay before: Zaslav earned $247 million in 2021, and Tan earned $162 million in 2023. Broadcom (AVGO) stated it will not grant Tan additional equity until 2030, and to earn this latest award, he must meet performance targets related to artificial intelligence business revenue.
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