{"license":"https://creativecommons.org/licenses/by/4.0/","dataset":"merger-monthly","count":120,"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,"fiscalMonth":"October","monthOrder":1,"transactionsReported":168,"filingsReceived":345,"sourceId":"ftc-doj-hsr-report-2025","sourceProfileHref":"/sources/ftc-doj-hsr-report-2025","observatoryHref":"/mergers/2016#merger-year-monthly"},{"fiscalYear":2016,"fiscalMonth":"November","monthOrder":2,"transactionsReported":243,"filingsReceived":483,"sourceId":"ftc-doj-hsr-report-2025","sourceProfileHref":"/sources/ftc-doj-hsr-report-2025","observatoryHref":"/mergers/2016#merger-year-monthly"},{"fiscalYear":2016,"fiscalMonth":"December","monthOrder":3,"transactionsReported":157,"filingsReceived":314,"sourceId":"ftc-doj-hsr-report-2025","sourceProfileHref":"/sources/ftc-doj-hsr-report-2025","observatoryHref":"/mergers/2016#merger-year-monthly"},{"fiscalYear":2016,"fiscalMonth":"January","monthOrder":4,"transactionsReported":117,"filingsReceived":236,"sourceId":"ftc-doj-hsr-report-2025","sourceProfileHref":"/sources/ftc-doj-hsr-report-2025","observatoryHref":"/mergers/2016#merger-year-monthly"},{"fiscalYear":2016,"fiscalMonth":"February","monthOrder":5,"transactionsReported":127,"filingsReceived":249,"sourceId":"ftc-doj-hsr-report-2025","sourceProfileHref":"/sources/ftc-doj-hsr-report-2025","observatoryHref":"/mergers/2016#merger-year-monthly"},{"fiscalYear":2016,"fiscalMonth":"March","monthOrder":6,"transactionsReported":125,"filingsReceived":265,"sourceId":"ftc-doj-hsr-report-2025","sourceProfileHref":"/sources/ftc-doj-hsr-report-2025","observatoryHref":"/mergers/2016#merger-year-monthly"},{"fiscalYear":2016,"fiscalMonth":"April","monthOrder":7,"transactionsReported":129,"filingsReceived":249,"sourceId":"ftc-doj-hsr-report-2025","sourceProfileHref":"/sources/ftc-doj-hsr-report-2025","observatoryHref":"/mergers/2016#merger-year-monthly"},{"fiscalYear":2016,"fiscalMonth":"May","monthOrder":8,"transactionsReported":168,"filingsReceived":331,"sourceId":"ftc-doj-hsr-report-2025","sourceProfileHref":"/sources/ftc-doj-hsr-report-2025","observatoryHref":"/mergers/2016#merger-year-monthly"},{"fiscalYear":2016,"fiscalMonth":"June","monthOrder":9,"transactionsReported":150,"filingsReceived":304,"sourceId":"ftc-doj-hsr-report-2025","sourceProfileHref":"/sources/ftc-doj-hsr-report-2025","observatoryHref":"/mergers/2016#merger-year-monthly"},{"fiscalYear":2016,"fiscalMonth":"July","monthOrder":10,"transactionsReported":140,"filingsReceived":284,"sourceId":"ftc-doj-hsr-report-2025","sourceProfileHref":"/sources/ftc-doj-hsr-report-2025","observatoryHref":"/mergers/2016#merger-year-monthly"},{"fiscalYear":2016,"fiscalMonth":"August","monthOrder":11,"transactionsReported":166,"filingsReceived":339,"sourceId":"ftc-doj-hsr-report-2025","sourceProfileHref":"/sources/ftc-doj-hsr-report-2025","observatoryHref":"/mergers/2016#merger-year-monthly"},{"fiscalYear":2016,"fiscalMonth":"September","monthOrder":12,"transactionsReported":142,"filingsReceived":275,"sourceId":"ftc-doj-hsr-report-2025","sourceProfileHref":"/sources/ftc-doj-hsr-report-2025","observatoryHref":"/mergers/2016#merger-year-monthly"},{"fiscalYear":2017,"fiscalMonth":"October","monthOrder":1,"transactionsReported":163,"filingsReceived":329,"sourceId":"ftc-doj-hsr-report-2025","sourceProfileHref":"/sources/ftc-doj-hsr-report-2025","observatoryHref":"/mergers/2017#merger-year-monthly"},{"fiscalYear":2017,"fiscalMonth":"November","monthOrder":2,"transactionsReported":215,"filingsReceived":416,"sourceId":"ftc-doj-hsr-report-2025","sourceProfileHref":"/sources/ftc-doj-hsr-report-2025","observatoryHref":"/mergers/2017#merger-year-monthly"},{"fiscalYear":2017,"fiscalMonth":"December","monthOrder":3,"transactionsReported":148,"filingsReceived":297,"sourceId":"ftc-doj-hsr-report-2025","sourceProfileHref":"/sources/ftc-doj-hsr-report-2025","observatoryHref":"/mergers/2017#merger-year-monthly"},{"fiscalYear":2017,"fiscalMonth":"January","monthOrder":4,"transactionsReported":153,"filingsReceived":307,"sourceId":"ftc-doj-hsr-report-2025","sourceProfileHref":"/sources/ftc-doj-hsr-report-2025","observatoryHref":"/mergers/2017#merger-year-monthly"},{"fiscalYear":2017,"fiscalMonth":"February","monthOrder":5,"transactionsReported":153,"filingsReceived":298,"sourceId":"ftc-doj-hsr-report-2025","sourceProfileHref":"/sources/ftc-doj-hsr-report-2025","observatoryHref":"/mergers/2017#merger-year-monthly"},{"fiscalYear":2017,"fiscalMonth":"March","monthOrder":6,"transactionsReported":146,"filingsReceived":302,"sourceId":"ftc-doj-hsr-report-2025","sourceProfileHref":"/sources/ftc-doj-hsr-report-2025","observatoryHref":"/mergers/2017#merger-year-monthly"},{"fiscalYear":2017,"fiscalMonth":"April","monthOrder":7,"transactionsReported":150,"filingsReceived":290,"sourceId":"ftc-doj-hsr-report-2025","sourceProfileHref":"/sources/ftc-doj-hsr-report-2025","ob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