2025 short-term incentive (STI) pay outcomes
In 2025, the share of CEOs and CFOs at S&P 100 companies receiving STI payouts at or above target rose sharply relative to the prior three years. By contrast, among S&P 500 companies outside the S&P 100, the percentage of executives receiving at or above target payouts remained broadly in line with recent years.
2025 STI payout analysis | S&P 100
After subdued STI payouts in 2022 and 2023, S&P 100 companies saw a sharp rebound in 2025. Both CEOs and CFOs experienced strong recoveries, with at least 70% receiving awards at or above target — a signal that performance-based pay is functioning as designed at the largest US companies. See the following slide for S&P 500 (less S&P 100) data.
2025 STI payout analysis | S&P 500 (less S&P 100)
Among S&P 500 companies outside the S&P 100, STI payouts have been notably steadier over the past four years. After a 2021 peak, when nearly 80% of CEOs and CFOs received at or above target payouts, results have remained in the mid-to-upper 50s since 2022 — including about 57% in 2025 — pointing to more modest performance outcomes or tighter plan calibration compared to their larger-cap peers.
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