Research · 2026 Edition · The State of ESPPs
A reference dataset on how ESPPs are actually designed: the discount, the lookback, the offering and purchase periods, the contribution limits, and what companies disclose about participation. 2,099 active plans, 1,556 with a purchase discount verified in the filing text, each tied to a primary filing on www.sec.gov. Sortable and searchable across every issuer.
Key Findings · 2,099 public-company ESPPs
2,099
US public companies found operating an employee stock purchase plan, each tied to a primary SEC filing. 1,556 have a purchase discount we could verify in the filing text.
83%
Of the 1,556 plans with a stated discount, 1,296 price shares at 85% of fair market value, the maximum a Section 423 plan can offer. Matches the NASPP/Deloitte 2023 benchmark of 85%.
78%
Plans that price off the lower of the offering-date and purchase-date value, the single most valuable design feature for employees. 1,080 of 1,376 plans with a determinable answer.
38%
Across US ESPPs, per the NASPP/Deloitte 2023 survey: fewer than 4 in 10 eligible employees enroll. Company-level enrollment is rarely disclosed in filings; this is the industry benchmark.
Plan Design · Distribution
Purchase discount
The two levers that matter
A 15% discount with a lookback can be worth far more than 15% when the share price rises during the offering period. It is the single most valuable feature in plan design.
By Sector · Design
Across 25 sectors with at least 15 plans, the share offering the maximum 15% discount and a lookback varies widely. Technology and life-sciences plans cluster at the maximum; financials run more conservative.
| Sector | Plans | Offer 15% (max) | Include lookback |
|---|---|---|---|
| Biotech & Pharma | 443 | 97% | 98% |
| Banking & Finance | 163 | 59% | 61% |
| Industrials & Manufacturing | 158 | 78% | 67% |
| Software | 145 | 94% | 95% |
| Medical Devices | 113 | 93% | 86% |
| Business Services | 99 | 73% | 69% |
| IT Services & Software | 94 | 81% | 84% |
| Retail & Consumer | 81 | 79% | 68% |
| Real Estate & Investment | 73 | 79% | 76% |
| Insurance | 67 | 64% | 64% |
| Semiconductors | 59 | 98% | 85% |
| Utilities | 45 | 59% | 45% |
| Healthcare Services | 45 | 88% | 74% |
| Professional Services | 38 | 61% | 48% |
Disclosed Participation · A Rare Look
Company-level ESPP participation is not a required disclosure, so it is nearly absent from filings. The handful of issuers that volunteer it land in a wide band, and even the strong numbers sit far below full take-up. The NASPP/Deloitte 2023 median across all US ESPPs is 38%.
88% of eligible employees participated in the most recent offering period
Filing ↗Approximately 58% of employees participated in 2025, 59% in 2024, 69% in 2023. Subject to certain exclusions, all employees eligible.
Filing ↗58% of eligible employees participated in most recent offering period; 7.1M of 7.5M total reserved shares have been purchased; 0.4M remain
Filing ↗57% of employees participating as of December 31, 2025; total value of matching shares awarded to participants valued at EUR 62 million.
Filing ↗Approximately 45% of eligible employees participating; current period began December 2, 2025 and will end November 23, 2026.
Filing ↗Approximately 45% of employees participated in 2025; 44% in 2024; 45% in 2023.
Filing ↗36% of eligible employees participate. Approximately 11% of employees receive equity grants.
Filing ↗The Full Table · 2,509 ESPPs
| Company | Sector | Discount | Lookback | Offering (mo) | Purchase (mo) | Max % Pay | §423 | Source |
|---|
Blank cells mean the value was not disclosed in the filings we parsed, not that the feature is absent. Discount, lookback, periods and limits are extracted from 10-K footnotes and, where available, proxy and S-8 plan exhibits.
The Participation Problem
Across these 2,099 plans, the median ESPP enrolls fewer than 4 in 10 eligible employees, and participation skews toward higher earners who can spare the payroll deduction. Cashless Participation® removes the deduction barrier, so the employees who need the benefit most can finally use it. Bring us your plan and we will show you the participation and shareholder-value math on your actual numbers.
Methodology
Every plan-design figure is pulled directly from filings on SEC EDGAR. No third-party aggregators. No pre-trained estimates.
Cross-validation: our distributions are checked against the NASPP / Deloitte Tax 2023 ESPP Survey (85% offer a 15% discount, 83% a lookback, 84% are Section 423 qualified). Headline figures track the survey closely.