"How much does a software engineer make?" has two correct answers that differ by about $60,000. Here's why, and what actually moves your number in 2026.

Two numbers, both right

$135,980 : the median US software developer wage (BLS, May 2025). It covers every employer, from banks and hospitals to small agencies, and counts base pay and bonuses but not stock . The middle half earned $105,210 to $171,980.

$198,000 : the median total compensation reported to Levels.fyi (Oct 23, 2026, 47,830 reports). That includes stock and bonuses, and skews toward the companies that pay the most.

The gap between the two is mostly equity and the type of employer. Whether a company grants stock can matter as much as your city.

Has pay kept up with inflation? Barely. The BLS median rose 2.2% from May 2024 to May 2025, while prices rose 2.4%.…