In May 2026, Welltower Inc (WELL) handed Shankh Mitra the largest pay package on this list — $821.1M — after a year in which the stock rose 40%. Shareholders rejected it anyway: only 19% backed the company’s Say-on-Pay vote, among the most lopsided repudiations of a sitting CEO’s pay on record.
Months earlier, the verdict had run the other way on a far larger number. At Tesla Inc (TSLA)’s November 2025 meeting, shareholders approved a new award for Elon Musk worth as much as $878 billion — roughly $1 trillion if every milestone is met, the largest grant in corporate history — with about 75% support. Same season, opposite result: investors spurned the biggest package on this ranking and blessed one in a different universe of size.
That split is the year’s real lesson, and it is not about size. The fiscal-2025 club reached 207 U.S. public-company CEOs paid $25 million or more, up from 153, at a $33.3M median, with 14 one-time mega-grants stacked at the top. Investors pushed 27 of those packages below 70% support and failed 8 outright. What the revolts share is neither a dollar figure nor a stock chart — it is surprise.
What Shareholders Actually Punish
The instinct is to read these revolts as a backlash against big pay. The data says otherwise. The largest grants of the cycle sailed through: Tesla’s holders approved Musk’s award with about 75% support, Opendoor Technologies Inc (OPEN) cleared Kaz Nejatian’s $741.1M with 97%, and Rivian Automotive Inc (RIVN) backed Robert Scaringe’s $402.6M with 92%. Size, plainly, is not the trigger.
Neither is performance. Seven of the eight packages that failed outright belonged to CEOs whose stock rose over the year — Welltower (+40%), Snowflake (+16%), Thermo Fisher (+21%), Warner Bros. Discovery (+183%), Element Solutions (+92%), Palo Alto Networks (+38%) and IQVIA (+29%). Meanwhile Comcast Corp (CMCSA) fell 20% on the year and still drew 90% support; underperformance, on its own, did not provoke a revolt.
What the rejections share is surprise. They cluster on first-time or unexpected mega-grants at companies whose shareholder base wasn’t conditioned for them — a healthcare REIT suddenly writing a nine-figure check, a software firm front-loading a multi-year award. Musk’s package, however enormous, was negotiated in the open and tied to hard milestones a base of holders had pre-committed to. The line shareholders draw is about process and expectation, not the number at the end.
The One-Time Mega-Grants
Fourteen of the packages here are one-time mega-grants — founder, IPO, or multi-year awards that SEC rules record at grant-date value in the single year they are granted. An award meant to vest over a decade lands as one giant number, which is how a $25M-club ranking ends up topped by pay that isn’t annual at all. They are broken out here so they don’t distort the recurring-pay picture that follows.
Welltower Inc (WELL) at $821.1M and Opendoor Technologies Inc (OPEN) at $741.1M set the scale.
| Company | CEO | FY2025 total | Salary % | FY2024 | 1-yr TSR | Tenure |
|---|---|---|---|---|---|---|
| Welltower Inc (WELL) | Shankh Mitra | $821.1M | 0.2% | $20.2M | +40% | 6y |
| Opendoor Technologies Inc (OPEN) | Kaz Nejatian | $741.1M | +638% | 1y | ||
| Rivian Automotive Inc (RIVN) | Robert J Scaringe | $402.6M | 0.3% | $14.9M | -1% | 5y |
| Wayfair Inc (W) | Niraj Shah | $280.8M | 0.0% | $283K | +77% | 24y |
| Summit Therapeutics Inc (SMMT) | Maky Zanganeh | $246.0M | 0.3% | $1.2M | -32% | 4y |
| Broadcom Inc (AVGO) | Hock E Tan | $205.3M | 0.6% | $2.6M | +82% | 20y |
| Veeva Systems Inc (VEEV) | Peter P Gassner | $172.4M | 0.3% | $421K | -31% | 19y |
| Rubrik Inc (RBRK) | Bipul Sinha | $140.0M | 0.3% | $620K | -26% | 12y |
| Snowflake Inc (SNOW) | Sridhar Ramaswamy | $101.3M | 0.7% | +16% | 2y | |
| Intel Corp (INTC) | Lip Bu Tan | $93.0M | 0.8% | +488% | 1y | |
| Ionq Inc (IONQ) | Niccolo De Masi | $89.6M | 0.6% | +46% | 1y | |
| Hamilton Lane Inc (HLNE) | Erik R Hirsch | $80.2M | 0.4% | $3.9M | -49% | 2y |
| Hamilton Lane Inc (HLNE) | Juan Delgado-Moreira | $79.0M | 0.4% | $2.9M | -49% | 2y |
| Procore Technologies Inc (PCOR) | Ajei Gopal | $77.4M | 0.3% | -30% | 1y |
Where the $25M Pay Concentrates
Big pay tracks big companies: Technology and Financial Services hold the most $25M+ CEOs and the most total compensation — the two largest blocks. Real Estate’s outsized block is the exception, and a caution about reading totals: it is almost entirely two grants — Welltower’s $821.1M and Opendoor’s $741.1M — not a high-paying sector. Read the shade instead and the picture flattens: sector medians cluster in the low-to-mid $30 millions almost everywhere, from health care to industrials. What puts a CEO in this club is running a large company, not the industry they run it in.
The Pay-vs-Performance Red Zone
Sixty-eight CEOs cleared $25 million while their stock fell over the year. Thirty of them were underwater over three years too. This is recurring pay outrunning performance, not a grant-date mirage — the one-time mega-grants are excluded. The table shows the 15 largest such packages, the three-year return beside the one-year.
Some names recover over the longer horizon: Blackstone Inc (BX) paired $125.6M with a 14% three-year gain after a 14% one-year drop. Others don’t — Fiserv Inc (FISV) reported $70.3M as the stock fell 65% on the year and 21% over three. Weak boards cluster with the trouble: 47% of the red-zone names carry a Boardroom Alpha board grade of C or worse, against 29% of the club.
| Company | CEO | FY2025 pay | 1-yr TSR | 3-yr TSR | Board Rating |
Say-on-Pay |
|---|---|---|---|---|---|---|
| Blackstone Inc (BX) | Stephen A Schwarzman | $125.6M | -14% | +14% | B- | |
| Goldman Sachs Group Inc (GS) | David M Solomon | $118.1M | -3% | +6% | B+ | 71% |
| Microsoft Corp (MSFT) | Satya Nadella | $96.5M | -7% | +10% | B | 92% |
| Sable Offshore Corp (SOC) | James C Flores | $75.9M | -55% | +13% | C | |
| Aon PLC (AON) | Gregory C Case | $73.7M | -12% | +2% | C+ | 89% |
| Comcast Corp (CMCSA) | Michael J Cavanagh | $71.8M | -20% | -9% | C | 90% |
| Fiserv Inc (FISV) | Michael P Lyons | $70.3M | -65% | -21% | C | 78% |
| Paramount Skydance Corp (PSKY) | David Ferris Ellison | $63.2M | -9% | -9% | C- | |
| Grindr Inc (GRND) | George Arison | $56.2M | -46% | +29% | C+ | |
| Salesforce Inc (CRM) | Marc Benioff | $55.1M | -36% | -6% | C+ | 77% |
| Netflix Inc (NFLX) | Theodore A Sarandos | $53.9M | -29% | +32% | A- | 86% |
| Netflix Inc (NFLX) | Gregory K Peters | $53.2M | -29% | +32% | A- | 86% |
| Servicenow Inc (NOW) | William R McDermott | $51.6M | -47% | +0% | C+ | 86% |
| Adobe Inc (ADBE) | Shantanu Narayen | $51.2M | -42% | -17% | C- | 51% |
| T-Mobile Us Inc (TMUS) | G Michael Sievert † | $50.4M | -21% | +13% | B | 97% |
Every Say-on-Pay Revolt
Say-on-Pay is the annual non-binding vote on executive pay; below 70% reads as a serious rebuke, below 50% an outright failure. Twenty-seven club packages fell under 70% and 8 failed outright — each row links to the underlying 8-K results.
The pattern beneath the table is the tell. The deepest rejections hit outsized or first-time grants regardless of returns: Welltower (19% support, stock +40%), IQVIA (25%), Snowflake (30%, +16%), Thermo Fisher (32%) and Warner Bros. Discovery (41%, +183%). The milder dissents in the 55–69% band — Pfizer, UnitedHealth, Citigroup, Wells Fargo, BlackRock — are the more routine grumbles over pay quantum at large, closely-watched companies. Weak returns, on their own, rarely make the list.
| Support | Company | CEO | FY2025 pay | Board Rating |
Vote |
|---|---|---|---|---|---|
| 18.9% | Welltower Inc (WELL) | Shankh Mitra | $821.1M | A- | May 2026↗ |
| 24.8% | Iqvia Holdings Inc (IQV) | Ari Bousbib | $28.1M | C+ | Apr 2026↗ |
| 30.2% | Snowflake Inc (SNOW) | Sridhar Ramaswamy | $101.3M | C | Jul 2025↗ |
| 31.8% | Thermo Fisher Scientific Inc (TMO) | Marc N Casper | $79.9M | B- | May 2026↗ |
| 32.1% | Beyond Meat Inc (BYND) | Ethan Brown | $29.8M | C- | May 2026↗ |
| 40.5% | Warner Bros Discovery Inc (WBD) | David Zaslav | $165.0M | C | Jun 2025↗ |
| 41.4% | Element Solutions Inc (ESI) | Benjamin Gliklich | $26.5M | A- | May 2026↗ |
| 46.6% | Palo Alto Networks Inc (PANW) | Nikesh Arora | $99.7M | B | Dec 2025↗ |
| 50.4% | Wingstop Inc (WING) | Michael Skipworth | $35.3M | B+ | May 2026↗ |
| 50.7% | Adobe Inc (ADBE) | Shantanu Narayen | $51.2M | C- | Apr 2026↗ |
| 52.6% | Applied Digital Corp (APLD) | Wes Cummins | $27.7M | C | Nov 2025↗ |
| 53.8% | Costar Group Inc (CSGP) | Andrew C Florance | $36.4M | C | Jun 2025↗ |
| 54.7% | Pfizer Inc (PFE) | Albert Bourla | $27.6M | C- | Apr 2025↗ |
| 55.2% | Instacart (Maplebear Inc) (CART) | Chris Rogers | $29.8M | C+ | May 2025↗ |
| 56.6% | Omnicom Group Inc (OMC) | John Wren | $69.9M | C | May 2026↗ |
| 56.7% | Docusign Inc (DOCU) | Allan C Thygesen | $26.0M | C- | May 2025↗ |
| 58.1% | Somnigroup International Inc (SGI) | Scott L Thompson | $45.9M | B | May 2026↗ |
| 59.9% | Willis Lease Finance Corp (WLFC) | Charles F Willis † | $52.1M | B | May 2026↗ |
| 60.1% | Unitedhealth Group Inc (UNH) | Stephen J Hemsley | $60.9M | C+ | Jun 2025↗ |
| 60.4% | Citigroup Inc (C) | Jane N Fraser | $95.8M | C+ | May 2026↗ |
| 60.5% | Coursera Inc (COUR) | Gregory M Hart | $39.4M | C- | May 2025↗ |
| 61.8% | Nabors Industries Ltd (NBR) | Anthony G Petrello | $29.6M | C | Jun 2025↗ |
| 64.2% | Ionq Inc (IONQ) | Niccolo De Masi | $89.6M | B | Jun 2025↗ |
| 65.0% | Blackrock Inc (BLK) | Laurence Fink | $37.7M | B- | May 2026↗ |
| 65.9% | Wells Fargo & Company (WFC) | Charles W Scharf | $94.5M | B | Apr 2026↗ |
| 66.4% | Broadcom Inc (AVGO) | Hock E Tan | $205.3M | B+ | Apr 2026↗ |
| 69.0% | Zoominfo Technologies Inc (GTM) | Henry Schuck | $33.3M | C- | May 2026↗ |
The Quiet Exits
One in ten of the highest-paid is already gone. Of the 207 CEOs ranked here, 22 — 10.6% no longer run the company as of publication (marked † throughout). The turnover reads like ordinary succession and dealmaking, not a shareholder purge: Walmart’s Doug McMillon handed off to John Furner, Coca-Cola’s James Quincey to Henrique Braun, and Nike’s John Donahoe to Elliott Hill, while Exact Sciences’ Kevin Conroy left when Abbott acquired the company. Just 1 of the 22 had drawn a Say-on-Pay revolt — below the rate for the club as a whole — so for this cohort the exit has had little to do with the pay backlash. It is a turnover rate worth watching: more than a tenth of the best-paid seats changed hands inside a single year.
Year-Over-Year: Raises and Cuts
Read the year-over-year extremes as timing before reading them as raises and cuts. A sign-on or multi-year equity award booked in full one year and gone the next can swing reported pay by hundreds of percent while ongoing pay barely moves — the rows marked ‡ are mostly that effect.
Iren Ltd (IREN) shows the upside, reported pay up 989% to $72.6M; Starbucks Corp (SBUX) the reverse, down 68% to $31.0M as Brian Niccol’s first-year sign-on award rolled off. Neither is a clean read on recurring compensation.
The Full $25 Million Club — All 207
| # | Ticker | Company | CEO | FY2025 pay | YoY | 1-yr TSR | Board Rating |
Say-on-Pay |
|---|---|---|---|---|---|---|---|---|
| 1 | WELL | Welltower Inc | Shankh Mitra | $821.1M ◆ | ↑3,965% | +40% | A- | 19% ’26 |
| 2 | OPEN | Opendoor Technologies Inc | Kaz Nejatian | $741.1M ◆ | +638% | C- | 97% ’25 | |
| 3 | RIVN | Rivian Automotive Inc | Robert J Scaringe | $402.6M ◆ | ↑2,604% | -1% | D | 92% ’25 |
| 4 | W | Wayfair Inc | Niraj Shah | $280.8M ◆ | ↑99,088% | +77% | C- | 80% ’26 |
| 5 | SMMT | Summit Therapeutics Inc | Maky Zanganeh | $246.0M ◆ | ↑21,092% | -32% | B+ | 97% ’25 |
| 6 | AVGO | Broadcom Inc | Hock E Tan | $205.3M ◆ | ↑7,692% | +82% | B+ | 66% ’26 |
| 7 | VEEV | Veeva Systems Inc | Peter P Gassner | $172.4M ◆ | ↑40,875% | -31% | C+ | 91% ’24 |
| 8 | WBD | Warner Bros Discovery Inc | David Zaslav | $165.0M | ↑218% | +183% | C | 40% ’25 |
| 9 | RBRK | Rubrik Inc | Bipul Sinha | $140.0M ◆ | ↑22,466% | -26% | B- | |
| 10 | BX | Blackstone Inc | Stephen A Schwarzman | $125.6M | ↑50% | -14% | B- | |
| 11 | GS | Goldman Sachs Group Inc | David M Solomon | $118.1M | ↑278% | -3% | B+ | 71% ’26 |
| 12 | SNOW | Snowflake Inc | Sridhar Ramaswamy | $101.3M ◆ | +16% | C | 30% ’25 | |
| 13 | PANW | Palo Alto Networks Inc | Nikesh Arora | $99.7M | ↑72% | +38% | B | 47% ’25 |
| 14 | MSFT | Microsoft Corp | Satya Nadella | $96.5M | ↑22% | -7% | B | 92% ’25 |
| 15 | C | Citigroup Inc | Jane N Fraser | $95.8M | ↑208% | +69% | C+ | 60% ’26 |
| 16 | WFC | Wells Fargo & Company | Charles W Scharf | $94.5M | ↑212% | +8% | B | 66% ’26 |
| 17 | INTC | Intel Corp | Lip Bu Tan | $93.0M ◆ | +488% | C+ | 87% ’26 | |
| 18 | IONQ | Ionq Inc | Niccolo De Masi | $89.6M ◆ | +46% | B | 64% ’25 | |
| 19 | KKR | Kkr & Co Inc | Joseph Y Bae | $84.3M | ↑15% | -18% | B- | |
| 20 | BNY | Bank Of New York Mellon Corp | Robin A Vince | $83.5M | ↑258% | +9% | B+ | 94% ’25 |
| 21 | KKR | Kkr & Co Inc | Scott C Nuttall | $80.4M | ↑25% | -18% | B- | |
| 22 | HLNE | Hamilton Lane Inc | Erik R Hirsch | $80.2M ◆ | ↑1,958% | -49% | C+ | 76% ’25 |
| 23 | TMO | Thermo Fisher Scientific Inc | Marc N Casper | $79.9M | ↑162% | +21% | B- | 32% ’26 |
| 24 | HLNE | Hamilton Lane Inc | Juan Delgado-Moreira | $79.0M ◆ | ↑2,667% | -49% | C+ | 76% ’25 |
| 25 | PCOR | Procore Technologies Inc | Ajei Gopal | $77.4M ◆ | -30% | C | 83% ’25 | |
| 26 | SOC | Sable Offshore Corp | James C Flores | $75.9M | ↑4,349% | -55% | C | |
| 27 | AAPL | Apple Inc | Timothy D Cook | $74.3M | flat | +57% | B | 91% ’26 |
| 28 | AON | Aon PLC | Gregory C Case | $73.7M | ↑181% | -12% | C+ | 89% ’25 |
| 29 | IREN | Iren Ltd | Daniel John Roberts | $72.6M | ↑989% | +593% | B- | |
| 30 | CMCSA | Comcast Corp | Michael J Cavanagh | $71.8M | ↑154% | -20% | C | 90% ’25 |
| 31 | HWM | Howmet Aerospace Inc | John C Plant | $70.5M | ↑215% | +53% | B+ | 71% ’26 |
| 32 | FISV | Fiserv Inc | Michael P Lyons | $70.3M | -65% | C | 78% ’26 | |
| 33 | OMC | Omnicom Group Inc | John Wren | $69.9M | ↑222% | +4% | C | 57% ’26 |
| 34 | TKO | Tko Group Holdings Inc | Ariel Emanuel | $67.4M | ↑272% | +28% | C+ | 71% ’24 |
| 35 | VOR | Vor Biopharma Inc | Jean-Paul Kress | $65.0M | +333% | C | ||
| 36 | COF | Capital One Financial Corp | Richard D Fairbank | $65.0M | ↑111% | +6% | B | 84% ’26 |
| 37 | KKR | Kkr & Co Inc | George R Roberts † | $63.8M | ↑41% | -18% | B- | |
| 38 | PSKY | Paramount Skydance Corp | David Ferris Ellison | $63.2M | -9% | C- | ||
| 39 | CACC | Credit Acceptance Corp | Vinayak Hegde | $62.6M | +14% | C+ | 98% ’25 | |
| 40 | KKR | Kkr & Co Inc | Henry R Kravis † | $62.6M | ↑34% | -18% | B- | |
| 41 | UNH | Unitedhealth Group Inc | Stephen J Hemsley | $60.9M | +33% | C+ | 60% ’25 | |
| 42 | NET | Cloudflare Inc | Matthew Prince | $60.6M | ↑2,810% | +41% | B | 89% ’25 |
| 43 | CDNS | Cadence Design Systems Inc | Anirudh Devgan | $56.7M | ↑194% | +16% | B | 87% ’26 |
| 44 | GRND | Grindr Inc | George Arison | $56.2M | ↑759% | -46% | C+ | |
| 45 | AMD | Advanced Micro Devices Inc | Lisa T Su | $55.2M | +352% | B+ | 93% ’26 | |
| 46 | CRM | Salesforce Inc | Marc Benioff | $55.1M | ↑39% | -36% | C+ | 77% ’25 |
| 47 | NFLX | Netflix Inc | Theodore A Sarandos | $53.9M | ↓13% | -29% | A- | 86% ’25 |
| 48 | NFLX | Netflix Inc | Gregory K Peters | $53.2M | ↓12% | -29% | A- | 86% ’25 |
| 49 | RKT | Rocket Companies Inc | Varun Krishna | $52.9M | ↑104% | +10% | C+ | 99% ’24 |
| 50 | CSCO | Cisco Systems Inc | Charles Robbins | $52.8M | ↑33% | +90% | B- | 89% ’25 |
| 51 | WLFC | Willis Lease Finance Corp | Charles F Willis † | $52.1M | ↑268% | +37% | B | 60% ’26 |
| 52 | NOW | Servicenow Inc | William R McDermott | $51.6M | ↑37% | -47% | C+ | 86% ’26 |
| 53 | ADBE | Adobe Inc | Shantanu Narayen | $51.2M | ↓2% | -42% | C- | 51% ’26 |
| 54 | TMUS | T-Mobile Us Inc | G Michael Sievert † | $50.4M | ↑68% | -21% | B | 97% ’23 |
| 55 | NVDA | Nvidia Corp | Jen Hsun Huang | $49.9M | ↑46% | +58% | B+ | 93% ’24 |
| 56 | EXAS | Exact Sciences Corp | Kevin T Conroy † | $49.5M | ↑219% | +137% | 94% ’25 | |
| 57 | CLSK | Cleanspark Inc | Zachary Bradford † | $48.8M | ↑216% | +84% | D | 76% ’25 |
| 58 | MTCH | Match Group Inc | Spencer M Rascoff | $47.0M | +23% | C- | 97% ’25 | |
| 59 | LITE | Lumentum Holdings Inc | Alan S Lowe † | $46.4M | ↑284% | +998% | B+ | 89% ’25 |
| 60 | AXP | American Express Co | Stephen J Squeri | $46.2M | ↑24% | +8% | C+ | 93% ’26 |
| 61 | SGI | Somnigroup International Inc | Scott L Thompson | $45.9M | ↑320% | +8% | B | 58% ’26 |
| 62 | DIS | Walt Disney Co | Robert A Iger | $45.8M | ↑12% | -7% | C- | 86% ’26 |
| 63 | GE | GE Aerospace | H Lawrence Culp Jr | $45.6M | ↓49% | +33% | B+ | 96% ’26 |
| 64 | CLSK | Cleanspark Inc | S Matthew Schultz | $44.9M | ↑223% | +84% | D | 76% ’25 |
| 65 | SNEX | Stonex Group Inc | Sean Michael Oconnor † | $44.7M | ↑141% | +92% | A | 90% ’26 |
| 66 | THC | Tenet Healthcare Corp | Saumya Sutaria | $43.1M | ↑75% | +5% | B+ | 93% ’25 |
| 67 | CXM | Sprinklr Inc | Rory P Read | $42.0M | -35% | C- | 96% ’25 | |
| 68 | JPM | Jpmorgan Chase & Co | James Dimon | $40.6M | ↑8% | +5% | B | 93% ’26 |
| 69 | NXST | Nexstar Media Group Inc | Perry A Sook | $39.5M | ↑10% | +10% | B | 96% ’25 |
| 70 | WULF | Terawulf Inc | Paul B Prager | $39.4M | ↑470% | +570% | C- | 74% ’25 |
| 71 | COUR | Coursera Inc | Gregory M Hart | $39.4M | -38% | C- | 60% ’25 | |
| 72 | FWONA | Liberty Media Corp | Derek Chang | $39.3M | -6% | C | 88% ’24 | |
| 73 | IBM | International Business Machines Corp | Arvind Krishna | $38.0M | ↑51% | +3% | B- | 94% ’26 |
| 74 | BLK | Blackrock Inc | Laurence Fink | $37.7M | ↑23% | +9% | B- | 65% ’26 |
| 75 | LBTYA | Liberty Global Ltd | Michael T Fries | $37.7M | ↓17% | +18% | C- | 58% ’23 |
| 76 | LASR | Nlight Inc | Scott H Keeney | $37.3M | ↑626% | +411% | C+ | 93% ’25 |
| 77 | MS | Morgan Stanley | Edward N Pick | $37.2M | ↑49% | +6% | B+ | 96% ’26 |
| 78 | INTU | Intuit Inc | Sasan K Goodarzi | $36.8M | flat | -58% | C+ | 93% ’26 |
| 79 | LLY | Eli Lilly & Co | David A Ricks | $36.7M | ↑25% | +56% | B+ | 96% ’26 |
| 80 | AEP | American Electric Power Co Inc | William Fehrman | $36.6M | ↑176% | +28% | B- | 82% ’26 |
| 81 | CSGP | Costar Group Inc | Andrew C Florance | $36.4M | ↓3% | -57% | C | 54% ’25 |
| 82 | FICO | Fair Isaac Corp | William J Lansing | $36.0M | ↑1% | -14% | B | 85% ’26 |
| 83 | OCUL | Ocular Therapeutix Inc | Pravin Dugel | $35.9M | ↑94% | +32% | C+ | 75% ’25 |
| 84 | PAY | Paymentus Holdings Inc | Dushyant Sharma | $35.6M | ↑2,847% | -38% | B | |
| 85 | UBER | Uber Technologies Inc | Dara Khosrowshahi | $35.6M | ↓10% | -20% | B- | 94% ’26 |
| 86 | TMUS | T-Mobile Us Inc | Srini Gopalan | $35.4M | -21% | B | 97% ’23 | |
| 87 | MA | Mastercard Inc | Michael Miebach | $35.4M | ↑18% | -14% | C | 96% ’25 |
| 88 | BKNG | Booking Holdings Inc | Glenn D Fogel | $35.4M | ↓21% | -22% | B | 88% ’25 |
| 89 | WING | Wingstop Inc | Michael Skipworth | $35.3M | ↑281% | -53% | B+ | 50% ’26 |
| 90 | BKKT | Bakkt Inc | Akshay Sudhir Naheta | $35.2M | -4% | C- | 81% ’25 | |
| 91 | CRWD | Crowdstrike Holdings Inc | George Kurtz | $35.2M | ↓25% | +42% | B | 86% ’24 |
| 92 | MC | Moelis & Co | Kenneth Moelis | $35.2M | ↑361% | +19% | C+ | 77% ’25 |
| 93 | CMCSA | Comcast Corp | Brian L Roberts | $35.1M | ↑4% | -20% | C | 90% ’25 |
| 94 | JHG | Janus Henderson Group PLC | Ali Dibadj | $35.0M | ↑164% | +41% | B+ | 98% ’25 |
| 95 | TSN | Tyson Foods Inc | Donnie King | $34.5M | ↑51% | +15% | C | 82% ’26 |
| 96 | AN | Autonation Inc | Michael Mark Manley | $34.4M | ↑116% | +4% | B+ | 94% ’26 |
| 97 | VZ | Verizon Communications Inc | Daniel H Schulman | $34.3M | +18% | C+ | 87% ’26 | |
| 98 | VLO | Valero Energy Corp | R Lane Riggs | $34.2M | ↑53% | +92% | B- | 95% ’24 |
| 99 | DOMH | Dominari Holdings Inc | Anthony Hayes | $34.0M | ↑1,124% | -9% | C+ | |
| 100 | TDG | Transdigm Group Inc | Michael Lisman | $33.9M | ↑37% | -7% | B | 97% ’26 |
| 101 | SEMR | Semrush Holdings Inc | William Raymond Wagner | $33.9M | +16% | 100% ’25 | ||
| 102 | BAC | Bank Of America Corp | Brian T Moynihan | $33.7M | ↑17% | +10% | B- | 95% ’26 |
| 103 | MSCI | Msci Inc | Henry A Fernandez | $33.3M | ↑112% | +12% | C+ | 94% ’26 |
| 104 | SRRK | Scholar Rock Holding Corp | David Hallal | $33.3M | +64% | C- | 96% ’25 | |
| 105 | GTM | Zoominfo Technologies Inc | Henry Schuck | $33.3M | ↑432% | -67% | C- | 69% ’26 |
| 106 | WSM | Williams Sonoma Inc | Laura Alber | $33.3M | ↑20% | +25% | C+ | 86% ’25 |
| 107 | EXEL | Exelixis Inc | Michael Morrissey | $33.2M | ↑161% | +19% | B- | 97% ’25 |
| 108 | CB | Chubb Ltd | Evan G Greenberg | $33.2M | ↑10% | +11% | B | 94% ’24 |
| 109 | INTC | Intel Corp | Michelle Johnston Holthaus † | $33.1M | ↑162% | +488% | C+ | 87% ’26 |
| 110 | FOXA | Fox Corp | Lachlan K Murdoch | $33.0M | ↑39% | +17% | A- | 96% ’25 |
| 111 | JNJ | Johnson & Johnson | Joaquin Duato | $32.8M | ↑35% | +54% | B+ | 95% ’26 |
| 112 | LYV | Live Nation Entertainment Inc | Michael Rapino | $32.6M | ↓1% | +17% | C+ | 74% ’25 |
| 113 | ABBV | Abbvie Inc | Robert A Michael | $32.5M | ↑76% | +22% | B | 95% ’26 |
| 114 | AIG | American International Group Inc | Peter Zaffino | $32.5M | ↑32% | -9% | B- | 78% ’26 |
| 115 | UAL | United Airlines Holdings Inc | J Scott Kirby | $32.3M | ↓5% | +47% | B- | 94% ’26 |
| 116 | TSCO | Tractor Supply Co | Harry A Lawton III | $32.3M | ↑174% | -36% | B | 86% ’26 |
| 117 | BLCO | Bausch & Lomb Corp | Brent L Saunders | $32.2M | ↑35% | +32% | C+ | 100% ’26 |
| 118 | MRVL | Marvell Technology Inc | Matthew J Murphy | $32.2M | ↓29% | +222% | B+ | 83% ’25 |
| 119 | INCY | Incyte Corp | William Meury | $32.1M | +49% | C- | 92% ’25 | |
| 120 | V | Visa Inc | Ryan McInerney | $31.6M | ↑21% | -9% | C+ | 94% ’26 |
| 121 | KO | Coca Cola Co | James Quincey † | $31.2M | ↑11% | +15% | B- | 91% ’26 |
| 122 | VZ | Verizon Communications Inc | Hans Erik Vestberg † | $31.2M | ↑29% | +18% | C+ | 87% ’26 |
| 123 | LVS | Las Vegas Sands Corp | Robert G Goldstein † | $31.1M | ↑42% | +25% | C- | 91% ’26 |
| 124 | SBUX | Starbucks Corp | Brian R Niccol | $31.0M | ↓68% | +19% | C | 89% ’26 |
| 125 | MU | Micron Technology Inc | Sanjay Mehrotra | $30.9M | ↑3% | +861% | B | 84% ’25 |
| 126 | AMP | Ameriprise Financial Inc | James M Cracchiolo | $30.8M | ↑10% | -14% | B- | 91% ’26 |
| 127 | IKT | Inhibikase Therapeutics Inc | Mark T Iwicki | $30.6M | 0% | C+ | ||
| 128 | EA | Electronic Arts Inc | Andrew Wilson | $30.5M | ↑19% | +38% | B- | 90% ’25 |
| 129 | EAT | Brinker International Inc | Kevin Hochman | $30.5M | ↑296% | -15% | B+ | 96% ’25 |
| 130 | CWH | Camping World Holdings Inc | Marcus Lemonis | $30.4M | ↑226,565% | -53% | C- | 95% ’26 |
| 131 | SOFI | Sofi Technologies Inc | Anthony Noto | $30.3M | ↑8% | +27% | B- | 77% ’25 |
| 132 | CSTM | Constellium Se | Jean-Marc Germain † | $30.2M | ↑240% | +179% | B | |
| 133 | T | AT&T Inc | John T Stankey | $29.9M | ↑13% | -5% | C+ | 93% ’26 |
| 134 | TPG | Tpg Inc | Jon Winkelried | $29.9M | ↓9% | -9% | C | |
| 135 | GM | General Motors Co | Mary T Barra | $29.9M | ↑1% | +74% | B- | 91% ’25 |
| 136 | CART | Instacart (Maplebear Inc) | Chris Rogers | $29.8M | -15% | C+ | 55% ’25 | |
| 137 | BYND | Beyond Meat Inc | Ethan Brown | $29.8M | ↑495% | -74% | C- | 32% ’26 |
| 138 | BAX | Baxter International Inc | Andrew P Hider | $29.8M | -37% | C | 91% ’26 | |
| 139 | QCOM | Qualcomm Inc | Cristiano R Amon | $29.7M | ↑15% | +68% | C | 92% ’26 |
| 140 | AMAT | Applied Materials Inc | Gary E Dickerson | $29.6M | ↑7% | +180% | A | 93% ’26 |
| 141 | NBR | Nabors Industries Ltd | Anthony G Petrello | $29.6M | ↑144% | +250% | C | 62% ’25 |
| 142 | LEN | Lennar Corp | Stuart A Miller | $29.5M | flat | -15% | C+ | 90% ’26 |
| 143 | PNC | Pnc Financial Services Group Inc | William S Demchak | $29.5M | ↑32% | +29% | C+ | 94% ’26 |
| 144 | OWL | Blue Owl Capital Inc | Douglas I Ostrover | $29.2M | ↑22% | -43% | C- | 96% ’25 |
| 145 | OWL | Blue Owl Capital Inc | Marc S Lipschultz | $29.2M | ↑22% | -43% | C- | 96% ’25 |
| 146 | PM | Philip Morris International Inc | Jacek Olczak | $29.1M | ↑44% | +3% | B+ | 96% ’26 |
| 147 | EBAY | Ebay Inc | Jamie Iannone | $28.5M | ↑40% | +57% | B | 87% ’25 |
| 148 | JEF | Jefferies Financial Group Inc | Richard B Handler | $28.4M | ↑26% | +9% | B- | 88% ’26 |
| 149 | NKE | Nike Inc | John J Donahoe † | $28.4M | ↓3% | -23% | C- | 94% ’25 |
| 150 | GILD | Gilead Sciences Inc | Daniel P O'Day | $28.4M | ↑20% | +28% | B- | 92% ’26 |
| 151 | LRCX | Lam Research Corp | Timothy Archer | $28.3M | ↓6% | +282% | B | 91% ’24 |
| 152 | SO | Southern Co | Christopher C Womack | $28.2M | ↑18% | +6% | B- | 95% ’26 |
| 153 | IQV | Iqvia Holdings Inc | Ari Bousbib | $28.1M | ↑5% | +29% | C+ | 25% ’26 |
| 154 | MP | Mp Materials Corp | James H Litinsky | $28.0M | ↑363% | +256% | B- | 90% ’25 |
| 155 | LNC | Lincoln National Corp | Ellen Cooper | $28.0M | ↑76% | +10% | C- | 94% ’25 |
| 156 | DE | Deere & Co | John C May II | $27.9M | flat | +7% | B | 92% ’26 |
| 157 | COGT | Cogent Biosciences Inc | Andrew R Robbins | $27.8M | ↑465% | +625% | B | 99% ’25 |
| 158 | APLD | Applied Digital Corp | Wes Cummins | $27.7M | ↑857% | +554% | C | 53% ’25 |
| 159 | HLT | Hilton Worldwide Holdings Inc | Christopher J Nassetta | $27.7M | ↓1% | +34% | B | 93% ’26 |
| 160 | LITE | Lumentum Holdings Inc | Michael E Hurlston | $27.7M | +998% | B+ | 89% ’25 | |
| 161 | PFE | Pfizer Inc | Albert Bourla | $27.6M | ↑12% | +18% | C- | 55% ’25 |
| 162 | MLI | Mueller Industries Inc | Gregory L Christopher | $27.6M | ↑21% | +65% | A | 95% ’26 |
| 163 | F | Ford Motor Co | James D Farley | $27.5M | ↑11% | +69% | B- | 96% ’26 |
| 164 | ADI | Analog Devices Inc | Vincent Roche | $27.5M | ↑22% | +96% | B- | 90% ’26 |
| 165 | TTD | Trade Desk Inc | Jeffrey Terry Green | $27.4M | ↑306% | -72% | C- | 75% ’26 |
| 166 | CACC | Credit Acceptance Corp | Kenneth Booth † | $27.4M | ↑2,592% | +14% | C+ | 98% ’25 |
| 167 | WMT | Walmart Inc | Doug McMillon † | $27.4M | ↑2% | +23% | A- | 95% ’25 |
| 168 | VIRT | Virtu Financial Inc | Douglas A Cifu † | $27.3M | ↑177% | +21% | C | 100% ’25 |
| 169 | TT | Trane Technologies PLC | David S Regnery | $27.3M | ↓3% | +5% | A- | 90% ’25 |
| 170 | CNR | Core Natural Resources Inc | Paul A Lang † | $27.2M | +30% | B- | 98% ’26 | |
| 171 | DDOG | Datadog Inc | Olivier Pomel | $27.1M | ↑36% | +92% | C+ | 96% ’25 |
| 172 | STOK | Stoke Therapeutics Inc | Ian F Smith | $27.0M | +244% | C+ | 91% ’25 | |
| 173 | TRV | Travelers Companies Inc | Alan D Schnitzer | $27.0M | ↑17% | +8% | B | 93% ’26 |
| 174 | CVX | Chevron Corp | Michael K Wirth | $26.8M | ↓18% | +38% | B- | 97% ’26 |
| 175 | H | Hyatt Hotels Corp | Mark Samuel Hoplamazian | $26.7M | ↑61% | +41% | C+ | 100% ’26 |
| 176 | BETR | Better Home & Finance Holding Co | Vishal Garg | $26.7M | ↑3,455% | +110% | C- | |
| 177 | ROKU | Roku Inc | Anthony J Wood | $26.6M | ↓4% | +82% | C+ | 79% ’25 |
| 178 | ESI | Element Solutions Inc | Benjamin Gliklich | $26.5M | ↑283% | +92% | A- | 41% ’26 |
| 179 | HCA | Hca Healthcare Inc | Samuel N Hazen | $26.5M | ↑11% | +2% | B+ | 94% ’26 |
| 180 | FISV | Fiserv Inc | Frank Bisignano † | $26.4M | ↑11% | -65% | C | 78% ’26 |
| 181 | ROP | Roper Technologies Inc | Laurence Neil Hunn | $26.2M | ↑11% | -44% | C | 94% ’26 |
| 182 | WAB | Westinghouse Air Brake Technologies Corp | Rafael Santana | $26.2M | ↑25% | +29% | B+ | 92% ’26 |
| 183 | WDAY | Workday Inc | Carl M Eschenbach † | $26.2M | ↑938% | -46% | C- | 86% ’25 |
| 184 | DOCU | Docusign Inc | Allan C Thygesen | $26.0M | ↑14% | -43% | C- | 57% ’25 |
| 185 | NKE | Nike Inc | Elliott Hill | $26.0M | -23% | C- | 94% ’25 | |
| 186 | GD | General Dynamics Corp | Phebe N Novakovic | $25.9M | ↑9% | +27% | B- | 98% ’26 |
| 187 | REXR | Rexford Industrial Realty Inc | Howard Schwimmer | $25.9M | ↑97% | +4% | C | 88% ’26 |
| 188 | REXR | Rexford Industrial Realty Inc | Michael S Frankel | $25.9M | ↑97% | +4% | C | 88% ’26 |
| 189 | BNTC | Benitec Biopharma Inc | Jerel A Banks | $25.9M | ↑719% | -19% | C | 78% ’25 |
| 190 | CP | Canadian Pacific Kansas City Ltd | Keith Edward Creel | $25.7M | ↑9% | +13% | C | 88% ’26 |
| 191 | LNG | Cheniere Energy Inc | Jack A Fusco | $25.6M | ↑6% | +0% | C+ | 91% ’26 |
| 192 | LHX | L3Harris Technologies Inc | Christopher E Kubasik | $25.6M | ↑23% | +29% | C+ | 95% ’26 |
| 193 | VERX | Vertex Inc | Christopher Young | $25.6M | ↑205% | -68% | C- | 100% ’24 |
| 194 | AI | C3Ai Inc | Thomas M Siebel | $25.5M | ↑3% | -57% | D | 86% ’25 |
| 195 | CCOI | Cogent Communications Holdings Inc | Dave Schaeffer | $25.4M | ↑100% | -58% | C- | 96% ’24 |
| 196 | NOC | Northrop Grumman Corp | Kathy J Warden | $25.4M | ↑4% | +20% | C+ | 95% ’26 |
| 197 | MGM | Mgm Resorts International | William Hornbuckle | $25.3M | ↑60% | +34% | C | 93% ’26 |
| 198 | PYPL | Paypal Holdings Inc | Alex Chriss † | $25.2M | ↑279% | -37% | C- | 90% ’26 |
| 199 | ADSK | Autodesk Inc | Andrew Anagnost | $25.2M | ↑22% | -20% | C+ | 88% ’25 |
| 200 | TDG | Transdigm Group Inc | Kevin Stein † | $25.2M | ↑18% | -7% | B | 97% ’26 |
| 201 | DHI | Horton D R Inc | Paul J Romanowski | $25.1M | flat | +22% | B- | 93% ’26 |
| 202 | META | Meta Platforms Inc | Mark Zuckerberg | $25.1M | ↓8% | -1% | B- | 90% ’25 |
| 203 | KLAC | Kla Corp | Richard P Wallace | $25.1M | ↑10% | +146% | A- | 92% ’25 |
| 204 | MRSH | Marsh & Mclennan Companies Inc | John Q Doyle | $25.1M | ↑10% | -30% | C+ | 88% ’26 |
| 205 | AFL | Aflac Inc | Daniel P Amos | $25.0M | ↑30% | +11% | B | 96% ’26 |
| 206 | NDAQ | Nasdaq Inc | Adena T Friedman | $25.0M | ↑16% | +11% | B- | 96% ’25 |
| 207 | SSNC | Ss&C Technologies Holdings Inc | William C Stone | $25.0M | ↓3% | -17% | B+ | 84% ’26 |
What’s Next
The 2026 proxy calendar still has hundreds of votes to come, and the early returns have set the terms. Tesla’s holders showed that magnitude is no barrier when a package is expected and tied to hard targets; Welltower’s showed that a surprise nine-figure grant can be rejected even after a 40% year. The contests to watch are the next first-time mega-grants at companies whose investors aren’t primed for them. Boardroom Alpha tracks every Say-on-Pay vote, director election, and pay disclosure as it is filed — this club will keep moving.