SBC Research Report 2026  ·  Carver Edison

The 2026 State of Stock-Based Compensation Report.

We pulled the numbers across 1,703 US-listed companies that had material SBC expenses. Three things stood out:

• At 649 of these companies, stock compensation was larger than net income.
• At the median company, SBC runs about 9% of operating cash flow. In software, more than 40%. In semiconductors, more than a quarter.
• It is spreading well beyond Big Tech. Banks grew it 15% year over year; capital markets firms grew it 23%.

See the full breakdown, every sector, every percentile, and where your company lands.