{"license":"https://creativecommons.org/licenses/by/4.0/","dataset":"merger-activity","count":1,"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},"filters":{"year":"2021","yearMatched":true},"rows":[{"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"}]}