Did the Adobe CEO Get a Raise?
No — pay fell. Shantanu Narayen's total compensation dropped 2% to $51.2M in 2025, from $52.4M in 2024, per Adobe's SEC DEF 14A filings.
This page answers a common executive-compensation question: Did the Adobe CEO Get a Raise?. The answer draws on SEC DEF 14A proxy statements, the public disclosure mechanism for U.S. public-company executive pay. Every public company must file an annual proxy statement disclosing CEO and named-executive-officer compensation in detail. Why this matters for shareholders: executive compensation is the single most-disclosed governance metric at U.S. public companies, and the Dodd-Frank-mandated say-on-pay vote gives shareholders an explicit channel to express approval or dissent. Reading pay data well — including pay-versus-performance, peer-group selection, and time-vesting structures — is a basic part of stock-by-stock fundamental analysis.
The detailed answer below uses the actual proxy-statement filings, explains how to read them, and translates the executive-compensation accounting into the shareholder-relevant interpretation.
Shantanu Narayen Pay: 2024 → 2025
- 2025 total comp
- $51,173,935
- 2024 total comp
- $52,390,182
- Change ($)
- −$1,216,247
- Change (%)
- -2%
Source: Adobe SEC DEF 14A proxy statements, 2024 and 2025 Summary Compensation Tables.
In its latest proxy statement, Adobe reported Shantanu Narayen's 2025 total compensation at $51,173,935 — down $1,216,247 (2%) from $52,390,182 in 2024. The biggest single driver was stock awards, which fell $NaN.
Across the disclosed history, Shantanu Narayen's total pay has run: 2021, $36.1M; 2022, $31.6M; 2023, $44.9M; 2024, $52.4M; 2025, $51.2M. CEO compensation is lumpy year to year because equity grants — the largest component — are often awarded in multi-year blocks rather than evenly, so a single year's jump or drop can reflect grant timing as much as a change in pay philosophy.
Whether a raise is warranted ties back to performance: Adobe posted a 8.6% three-year total shareholder return on 10.7% revenue growth, and the package carries a CEOPay Pay-for-Performance grade of C (55/100).
Compensation Detail
| Component | Amount |
|---|---|
| Total Compensation | $51,173,935 |
| Base Salary | $NaN |
| Stock Awards | $NaN |
| Option Awards | $NaN |
| Non-Equity Incentive | $NaN |
| CEO-to-Worker Pay Ratio | 320:1 |
| Pay-Performance Grade | C |
Other Software CEOs
Frequently Asked Questions
No — pay fell. Shantanu Narayen's total compensation dropped 2% to $51.2M in 2025, from $52.4M in 2024, per Adobe's SEC DEF 14A filings.
Shantanu Narayen, CEO of Adobe, earned $51.2M in total compensation in 2025, including $NaNM in stock awards and $NaN in base salary.
In 2025, total compensation of $51,173,935 was composed of $NaN base salary, $NaN cash bonus, $NaN stock awards, $NaN option awards, and $NaN in non-equity incentive compensation.
Our Pay-for-Performance Score rates Adobe as C (55/100), based on three-year total shareholder return of 8.6%, revenue growth of 10.7%, and shareholder say-on-pay vote approval.
Shantanu Narayen is the chief executive officer of Adobe (ADBE).
More about Adobe
No — pay fell. Shantanu Narayen's total compensation dropped 2% to $51.2M in 2025, from $52.4M in 2024, per Adobe's SEC DEF 14A filings.
Source: SEC EDGAR DEF 14A proxy statements, 2026.