HSR Report: Stable Merger Filings, More Billion-Dollar Deals in FY 2025
In fiscal 2025, 2,006 HSR filings were stable with 31.8% over $1 billion in value.
Why it matters: This data helps legal teams assess the current merger landscape and anticipate regulatory scrutiny, especially for large deals.
- 2,006 transactions notified under the HSR Act in fiscal year 2025
- 31.8% of transactions valued at more than $1 billion
- 18 merger enforcement actions taken by FTC and DOJ in fiscal year 2025
- Size-of-transaction threshold increased to $133.9 million in 2026, effective February 17
The Federal Trade Commission (FTC) and the Department of Justice (DOJ) revealed in their fiscal year 2025 Hart-Scott-Rodino (HSR) annual report that the number of merger filings under the HSR Act remained stable, with 2,006 transactions notified to the agencies.
Notably, the share of high-value deals increased: about 31.8% of these transactions were valued at more than $1 billion, signaling heightened activity in large-scale mergers and acquisitions. This trend suggests greater focus on significant transactions that often face closer regulatory scrutiny.
The agencies also took 18 enforcement actions during the fiscal year, underlining their continued vigilance in monitoring competitive impacts of mergers.
Adding to the regulatory framework, the FTC approved updated jurisdictional thresholds for premerger notifications, which take effect for transactions closing on or after February 17, 2026. The size-of-transaction threshold increased from $126.4 million to $133.9 million in 2026, as announced in a January 2026 release.
These figures are critical for legal teams advising on mergers and acquisitions, helping them gauge market conditions and regulatory trends, especially for large deals requiring close compliance with HSR filing requirements.
By the numbers:
- 2,006 — number of transactions notified under the HSR Act in fiscal year 2025
- 31.8% — share of transactions valued over $1 billion in fiscal year 2025
- 18 — merger enforcement actions taken by FTC and DOJ in fiscal year 2025
What's next: The revised HSR filing thresholds will be enforced starting February 17, 2026, affecting future merger notification requirements.