{"license":"https://creativecommons.org/licenses/by/4.0/","dataset":"merger-activity","count":10,"source":{"id":"ftc-doj-hsr-report-2025","title":"48th Hart-Scott-Rodino Annual Report (FY 2025)","publisher":"Federal Trade Commission and U.S. Department of Justice","citationAuthor":"Federal Trade Commission and U.S. Department of Justice Antitrust Division","citationAuthorType":"organization","citationYear":2026,"url":"https://www.ftc.gov/reports/federal-trade-commission-bureau-competition-department-justice-antitrust-division-hart-scott-rodino-10","description":"Official annual report on the federal premerger notification program including reported transactions filings Second Requests early termination requests and fiscal-year 2025 transaction-size statistics.","sourceType":"agency_report","accessDate":"2026-07-18","citationText":"Federal Trade Commission and U.S. Department of Justice Antitrust Division, 48th Hart-Scott-Rodino Annual Report, Fiscal Year 2025, July 2026.","licenseNote":"Public federal government report","archivedUrl":null,"profileHref":"/sources/ftc-doj-hsr-report-2025","reportPdfUrl":"https://www.ftc.gov/system/files/ftc_gov/pdf/fy_2025_hsr_annual_report_for_transmittal_to_congress.pdf"},"temporalCoverage":"2016/2025","fiscalYearBasis":"October through September","guardrails":{"activity":"HSR transactions are notifications reported under the federal premerger program, not a census of every U.S. merger. A reported transaction can involve multiple filings, and the adjusted denominator removes matters for which the agencies could not issue a Second Request.","enforcement":"Second Requests and public enforcement actions are different stages with different timing rules. Their counts must not be treated as a finding that every reviewed or reported transaction was anticompetitive.","earlyTermination":"Early termination statistics reflect requests and agency action under the rules operating in each fiscal year. Policy and publication changes make this series unsuitable as a standalone measure of enforcement intensity.","industry":"The FY2023 and FY2024 acquired-entity tables classify adjusted HSR transactions by 3-digit NAICS. They describe the federal review pipeline, not industry-wide merger rates, market definitions, competitive harm, or agency performance. Published row shares are independently rounded to one decimal place and therefore sum to 100.3% and 101.5%, respectively, while each official table total remains 100.0%.","industryComparison":"Release-to-release sector shifts aggregate each edition's exact published rows inside stable broad NAICS sectors. They are descriptive changes in the federal review pipeline, not merger rates, market-power measures, or causal estimates. Industry codes and labels that enter, exit, or change between tables remain explicit rather than being silently crosswalked.","intraIndustry":"An intra-industry transaction means the acquiring and acquired persons both reported revenue in the same 3-digit NAICS code. It does not establish a horizontal overlap, relevant antitrust market, or competitive effect."},"summary":{"recordCount":137,"latestFiscalYear":2025,"latestTransactionsReported":2006,"latestSecondRequests":41,"latestSecondRequestRatePercent":2.1,"latestOverOneBillionPercent":31.8,"latestEnforcementActions":18},"rows":[{"fiscalYear":2016,"transactionsReported":1832,"filingsReceived":3674,"adjustedTransactions":1772,"secondRequestsFtc":25,"secondRequestsDoj":29,"secondRequestsTotal":54,"secondRequestRatePercent":3,"earlyTerminationRequested":1374,"earlyTerminationGranted":1102,"earlyTerminationNotGranted":272,"earlyTerminationGrantRatePercent":80.2,"sourceId":"ftc-doj-hsr-report-2025","sourceProfileHref":"/sources/ftc-doj-hsr-report-2025","observatoryHref":"/mergers/2016"},{"fiscalYear":2017,"transactionsReported":2052,"filingsReceived":4083,"adjustedTransactions":1992,"secondRequestsFtc":33,"secondRequestsDoj":18,"secondRequestsTotal":51,"secondRequestRatePercent":2.6,"earlyTerminationRequested":1552,"earlyTerminationGranted":1220,"earlyTerminationNotGranted":332,"earlyTerminationGrantRatePercent":78.6,"sourceId":"ftc-doj-hsr-report-2025","sourceProfileHref":"/sources/ftc-doj-hsr-report-2025","observatoryHref":"/mergers/2017"},{"fiscalYear":2018,"transactionsReported":2111,"filingsReceived":4188,"adjustedTransactions":2028,"secondRequestsFtc":26,"secondRequestsDoj":19,"secondRequestsTotal":45,"secondRequestRatePercent":2.2,"earlyTerminationRequested":1500,"earlyTerminationGranted":1170,"earlyTerminationNotGranted":330,"earlyTerminationGrantRatePercent":78,"sourceId":"ftc-doj-hsr-report-2025","sourceProfileHref":"/sources/ftc-doj-hsr-report-2025","observatoryHref":"/mergers/2018"},{"fiscalYear":2019,"transactionsReported":2089,"filingsReceived":4142,"adjustedTransactions":2030,"secondRequestsFtc":30,"secondRequestsDoj":31,"secondRequestsTotal":61,"secondRequestRatePercent":3,"earlyTerminationRequested":1507,"earlyTerminationGranted":1107,"earlyTerminationNotGranted":400,"earlyTerminationGrantRatePercent":73.5,"sourceId":"ftc-doj-hsr-report-2025","sourceProfileHref":"/sources/ftc-doj-hsr-report-2025","observatoryHref":"/mergers/2019"},{"fiscalYear":2020,"transactionsReported":1637,"filingsReceived":3249,"adjustedTransactions":1580,"secondRequestsFtc":23,"secondRequestsDoj":25,"secondRequestsTotal":48,"secondRequestRatePercent":3,"earlyTerminationRequested":1133,"earlyTerminationGranted":861,"earlyTerminationNotGranted":272,"earlyTerminationGrantRatePercent":76,"sourceId":"ftc-doj-hsr-report-2025","sourceProfileHref":"/sources/ftc-doj-hsr-report-2025","observatoryHref":"/mergers/2020"},{"fiscalYear":2021,"transactionsReported":3520,"filingsReceived":7002,"adjustedTransactions":3413,"secondRequestsFtc":43,"secondRequestsDoj":23,"secondRequestsTotal":66,"secondRequestRatePercent":1.9,"earlyTerminationRequested":2124,"earlyTerminationGranted":417,"earlyTerminationNotGranted":1707,"earlyTerminationGrantRatePercent":19.6,"sourceId":"ftc-doj-hsr-report-2025","sourceProfileHref":"/sources/ftc-doj-hsr-report-2025","observatoryHref":"/mergers/2021"},{"fiscalYear":2022,"transactionsReported":3152,"filingsReceived":6288,"adjustedTransactions":3029,"secondRequestsFtc":25,"secondRequestsDoj":22,"secondRequestsTotal":47,"secondRequestRatePercent":1.6,"earlyTerminationRequested":1345,"earlyTerminationGranted":5,"earlyTerminationNotGranted":1340,"earlyTerminationGrantRatePercent":0.4,"sourceId":"ftc-doj-hsr-report-2025","sourceProfileHref":"/sources/ftc-doj-hsr-report-2025","observatoryHref":"/mergers/2022"},{"fiscalYear":2023,"transactionsReported":1805,"filingsReceived":3515,"adjustedTransactions":1735,"secondRequestsFtc":26,"secondRequestsDoj":11,"secondRequestsTotal":37,"secondRequestRatePercent":2.1,"earlyTerminationRequested":780,"earlyTerminationGranted":0,"earlyTerminationNotGranted":780,"earlyTerminationGrantRatePercent":0,"sourceId":"ftc-doj-hsr-report-2025","sourceProfileHref":"/sources/ftc-doj-hsr-report-2025","observatoryHref":"/mergers/2023"},{"fiscalYear":2024,"transactionsReported":2031,"filingsReceived":4022,"adjustedTransactions":1973,"secondRequestsFtc":30,"secondRequestsDoj":29,"secondRequestsTotal":59,"secondRequestRatePercent":3,"earlyTerminationRequested":858,"earlyTerminationGranted":3,"earlyTerminationNotGranted":855,"earlyTerminationGrantRatePercent":0.3,"sourceId":"ftc-doj-hsr-report-2025","sourceProfileHref":"/sources/ftc-doj-hsr-report-2025","observatoryHref":"/mergers/2024"},{"fiscalYear":2025,"transactionsReported":2006,"filingsReceived":3851,"adjustedTransactions":1944,"secondRequestsFtc":20,"secondRequestsDoj":21,"secondRequestsTotal":41,"secondRequestRatePercent":2.1,"earlyTerminationRequested":911,"earlyTerminationGranted":265,"earlyTerminationNotGranted":646,"earlyTerminationGrantRatePercent":29.1,"sourceId":"ftc-doj-hsr-report-2025","sourceProfileHref":"/sources/ftc-doj-hsr-report-2025","observatoryHref":"/mergers/2025"}]}