2026 M.D. Salary Guide: How Much Do Physicians Earn in the USA?

M.D. (Doctor of Medicine) physicians — along with D.O.s — are among the highest-paid professionals in the U.S., but salaries vary widely based on specialty, location, experience, practice setting (e.g., private vs. hospital-employed), and other factors like bonuses and incentives.

Data is drawn from major 2025 reports (reflecting 2024 earnings, the most recent comprehensive figures available in early 2026), including Doximity Physician Compensation Report 2025, Medscape Physician Compensation Report 2025, and sources like AMN Healthcare and SalaryDr. Overall compensation rose modestly (2.9–3.7%) amid reimbursement pressures and inflation.

What Is the Average M.D. Physician Salary in 2026?

The average total compensation for U.S. physicians (mostly M.D.s and D.O.s) ranges from $374,000 to $497,000 annually, depending on the source:

• Medscape 2025: ~$374,000–$376,000 (up 2.9–3.6% from prior year).
• Doximity 2025: Higher averages in many specialties, with overall growth of 3.7%.
• SalaryDr (live 2026 data from verified submissions): Median $449,000, average $497,631.
• BLS (general physicians/surgeons): Median ≥ $239,200 (conservative floor; many exceed this significantly).

Primary care physicians (e.g., family medicine, internal medicine) average $281,000–$287,000, while specialists earn $404,000+ on average. Self-employed or private-practice M.D.s often out-earn employed ones by $30,000–$40,000.

How Do Salaries Differ by Specialty?

Specialty is the biggest driver of pay. Surgical and procedural fields top the list, while primary care and some pediatric subspecialties lag. Here are key highlights from 2025 reports (Doximity/Medscape/AMN data):

• Highest-Paid Specialties (averages ~$500,000–$750,000+):
  • Neurosurgery: ~$749,000–$769,000
  • Thoracic Surgery: ~$690,000
  • Orthopedic Surgery: ~$564,000–$679,000
  • Plastic Surgery: ~$544,000–$621,000
  • Radiology: ~$526,000–$571,000
  • Cardiology: ~$470,000–$490,000
  • Anesthesiology: ~$485,000
• Mid-Range Specialties (~$300,000–$500,000):
  • Gastroenterology: High growth, often $500,000+
  • Hematology/Oncology: ~$490,000
  • General Surgery: ~$419,000
  • Emergency Medicine: ~$312,000–$400,000+
• Lower-Paid Specialties (often primary care or pediatrics-focused):
  • Family Medicine: ~$275,000
  • Internal Medicine: ~$330,000
  • Pediatrics: Lower, with some subspecialties under $300,000
  • Infectious Disease: ~$227,000–$300,000

High-demand areas like cardiology, radiology, and anesthesiology saw strong increases (up to 18.7% in some cases), while overall growth slowed compared to prior years.

How Does Location Affect M.D Salaries?

Geography plays a major role — higher cost-of-living (HCOL) areas or rural/underserved regions often pay more to attract talent.

• Top-paying metro areas (Doximity 2025): Rochester, MN (anchored by Mayo Clinic), and others in the Midwest/South often lead.
• Highest average states historically: Wisconsin, Indiana, Georgia, Connecticut (averages $390,000+ in recent years).
• Lower averages: Some coastal or saturated markets, though specialists still earn well.

Rural incentives, loan repayment, and signing bonuses can add $50,000–$100,000+ upfront.

Other Factors Influencing Take-Home Pay

• Gender Pay Gap: Persists at 23–26% (men averaged higher increases in recent data).
• Experience: Starting salaries ~$275,000–$485,000 (per AMN 2025 recruiting data); mid-career and senior M.D.s earn significantly more.
• Bonuses & Benefits: RVU-based incentives, performance bonuses, and benefits (health, retirement) often add 10–30% to base pay.
• Taxes & Debt: High earners face 30–50% effective tax rates; many M.D.s carry $200,000+ in student debt, impacting net income early on.

Physician compensation remains strong overall, with shortages driving demand in many fields. If you’re pursuing (or already in) an M.D. path, specialty choice and location offer the biggest levers for maximizing earnings.