Shareholder activism activity has continued at elevated levels in 2025, with activists undeterred by economic and geopolitical uncertainty. Regardless of industry, size or performance, no company is too large, too popular, too new or too successful to consider itself immune from activism. Although poor stock price performance and operational and strategic missteps can increase vulnerability, even companies that are respected industry leaders and have outperformed the market and their peers have been and are being targeted by activists.

In addition to campaigns from a single activist, companies are susceptible to attacks from multiple activists at once, whether from a “wolf pack” of activist funds acting together or independent activists “swarming” the company at the same time. Activists are also increasingly prone to waging multi-year campaigns, for example at companies with classified boards of directors or at companies where their campaigns were only partially successful. Even companies that have effectively fended off activism may still find themselves targeted by the same or a different activist in subsequent years. These trends, and the increasing willingness of activists to approach a company not only in the lead-up to a company’s nomination deadline and annual meeting proxy, but even shortly after the annual meeting date, contribute to a sense that there is no longer an “offseason” for activism.

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