Overview
- The AFL-CIO’s Paywatch report, released in August 2026, found average S&P 500 CEO pay rose 21% to $22.8 million for 2025 when Elon Musk is excluded.
- Including Musk’s Tesla restricted‑stock award the report values at about $158 billion, the S&P 500 average jumps to $340.1 million for 2025.
- The CEO‑to‑worker pay ratio increased to 312:1 excluding Musk and to 5,387:1 when Musk’s Tesla award is included, with Musk’s single‑year award equal to roughly 2.5 million times the median Tesla employee’s pay.
- Investors continue to back most advisory “say‑on‑pay” votes—average support was about 90.6% through June—but one‑off retention and special awards drew stronger pushback in high‑profile cases such as Goldman Sachs (71% support) and Welltower (19% support).
- The report notes these figures use grant‑date fair values and performance conditions that may never pay out, and labor leaders warn the surge is fueling worker anger, higher union activity, and renewed political debate over inequality and corporate governance.