In a year marked by not-insignificant change — geopolitical, economic, technological, regulatory and market — 2025 has been a year of much increased M&A activity, in the United States and around the world. M&A deal volume in the United States is on pace to reach approximately $2.3 trillion, up 49% from 2024, and global M&A deal volume is expected to increase by over 25%. Notably, the number of very large M&A deals in the U.S. this year — four $40 billion-plus deals year to date, up from zero such deals in 2024 — reflects a substantial increase in bolder transactions that may have been viewed as too risky in prior regulatory and market environments. Notwithstanding concerns around tariffs, inflation and ongoing global conflicts, the M&A market ends the year energized across numerous industries. With many deals, of all sizes, in the pipeline, we expect that 2025’s momentum will continue into 2026, even with a continued undercurrent of economic and political uncertainty. We review some key themes from 2025 and expectations of what may come in 2026.

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