{"license":"https://creativecommons.org/licenses/by/4.0/","dataset":"reports","count":2,"filters":{"source":"ftc-doj-hsr-report-2025","sourceMatched":true,"sourceId":"ftc-doj-hsr-report-2025","sourceTitle":"48th Hart-Scott-Rodino Annual Report (FY 2025)","sourcePublisher":"Federal Trade Commission and U.S. Department of Justice","sourceProfileHref":"/sources/ftc-doj-hsr-report-2025"},"rows":[{"id":"rep-us-competition-landscape-2026","slug":"us-competition-landscape-2026","title":"The U.S. Competition Landscape","subtitle":"State of Competition 2026: five evidence systems, no single score","summary":"A national briefing that aligns defined-market signals, industry structure, state and local geographic concentration screens, merger activity, and enforcement records without collapsing their different scopes.","body":"Public evidence does not support a single national competition score. The clearest picture comes from five bounded systems. Among eight curated markets, four current profiles publish highly concentrated readings while four withhold HHI because public shares are incomplete or aggregate. The 2022 Economic Census publishes revenue-based HHI for 679 of 899 detailed six-digit industries, with a median of 284 among published rows; strict 2017-2022 comparisons remain a separate history lens. KFF's 2024 individual-market data place median state HHI at 3,414 and 36 of 51 jurisdictions above 2,500. A separately bounded 2025 FDIC screen places median statewide branch-deposit HHI at 903, with 5 of 51 jurisdictions above 2,500. A deeper FDIC layer publishes 3,104 county and county-equivalent branch-deposit screens with a median HHI of 2,826; 1,792 exceed 2,500 and 187 contain one reported organization. Banking markets are often local, but county boundaries may not match them, so both FDIC layers remain screens rather than legal market definitions. USDA's historical national beef-packer CR4 adds a buyer-side concentration anchor while remaining distinct from individual packer shares, regional cattle procurement markets, and the related Census slaughtering-industry revenue screen. The FY2025 HSR report records 2,006 reported transactions and a 2.1% Second Request rate among adjusted transactions. Dated enforcement records add procedure and institutional context, not causal proof. Read together, these systems identify where scrutiny and public disclosure are most valuable. Read as one composite, they would erase market definition, geography, vintage, and legal meaning. This report therefore presents a national competition landscape with explicit handoffs to the underlying markets, industries, state and local screens, merger series, policy records, and source dossiers.","coverImageUrl":"/generated-assets/report-cover-us-competition-landscape.png","publishedAt":"2026-07-19","relatedMarketIds":["mkt-wireless","mkt-airlines","mkt-housing","mkt-search","mkt-browser","mkt-pbm","mkt-ai-chatbot","mkt-meatpacking"],"sourceIds":["fcc-2024-cmr","bts-transtats-2026","jchs-rental-housing-2026","statcounter-search-us-2026","statcounter-browser-us-2026","ftc-pbm-interim-2024","statcounter-ai-chatbot-us-2026","usda-ers-meatpacking-2024","census-ecnsize-concentration-2022","census-ecnsize-concentration-2017","kff-individual-insurance-market-2024","fdic-sod-2025","ftc-doj-hsr-report-2025","doj-google-search-case-2020"],"sourceBasis":"2022 and 2017 U.S. Economic Census industry concentration tables, USDA ERS historical meatpacking CR4, KFF 2024 state individual-market HHI, FDIC 2025 statewide and county Summary of Deposits screens, the FY2025 FTC/DOJ HSR report, and source-backed market and enforcement records.","tableOfContents":["Executive synthesis","Defined market signals","Industry structure","Geographic concentration","Merger pipeline","Enforcement record","Public evidence agenda"],"preview":"A source-backed state-of-competition briefing across markets, industries, state systems, local banking screens, mergers, and enforcement, with every system kept in its own analytical universe.","publicationType":"state_of_competition","seriesTitle":"State of Competition","seriesNumber":"AR-SC-2026-01","authorName":"Antitrust Radar Research Team","version":"1.0","updatedAt":"2026-07-19","publicationStatus":"current","revisionNote":"Initial public edition.","canonicalCitation":"Antitrust Radar Research Team. (2026, July 19). The U.S. Competition Landscape: State of Competition 2026: five evidence systems, no single score. State of Competition, AR-SC-2026-01 (Version 1.0). Antitrust Radar. https://antitrustradar.org/reports/us-competition-landscape-2026","citationDownloads":{"bibtex":"/reports/us-competition-landscape-2026/citation/bibtex","ris":"/reports/us-competition-landscape-2026/citation/ris"},"sourceProfileHrefs":["/sources/fcc-2024-cmr","/sources/bts-transtats-2026","/sources/jchs-rental-housing-2026","/sources/statcounter-search-us-2026","/sources/statcounter-browser-us-2026","/sources/ftc-pbm-interim-2024","/sources/statcounter-ai-chatbot-us-2026","/sources/usda-ers-meatpacking-2024","/sources/census-ecnsize-concentration-2022","/sources/census-ecnsize-concentration-2017","/sources/kff-individual-insurance-market-2024","/sources/fdic-sod-2025","/sources/ftc-doj-hsr-report-2025","/sources/doj-google-search-case-2020"]},{"id":"rep-federal-merger-review","slug":"federal-merger-review-2016-2025","title":"The Federal Merger Review Pipeline, 2016-2025","subtitle":"Notification volume swung widely while annual Second Request rates stayed between 1.6% and 3.0%","summary":"A source-backed research brief tracing ten fiscal years of HSR notifications, monthly activity, in-depth review, and the FY2025 transaction-size field without treating federal procedure as a finding of competitive harm.","body":"Across FY2016-FY2025, the federal HSR program recorded 22,235 reported transactions, 44,014 filings, and 21,496 adjusted transactions. Annual reported volume ranged from 1,637 in FY2020 to 3,520 in FY2021. FY2025 recorded 2,006 reported transactions, down 1.2 percent from FY2024. The annual Second Request rate among adjusted transactions ranged from 1.6 percent to 3.0 percent; 509 Second Requests across the ten-year adjusted denominator produce a descriptive pooled rate of 2.4 percent. FY2025 recorded 41 Second Requests, or 2.1 percent, down 0.9 percentage point from FY2024. Its transaction-size table covers all 1,944 adjusted transactions: 618, or 31.8 percent, were valued at $1 billion or more and accounted for 20 Second Requests. The corresponding 3.2 percent rate and the 1.6 percent rate below $1 billion are descriptive pipeline shares, not causal estimates. Monthly timing, clearance, Second Requests, public enforcement actions, remedies, abandonments, and later competitive outcomes remain distinct. HSR records do not cover every U.S. merger and do not by themselves show whether a reported transaction harmed competition.","coverImageUrl":null,"publishedAt":"2026-07-20","relatedMarketIds":[],"sourceIds":["ftc-doj-hsr-report-2025"],"sourceBasis":"Federal Trade Commission and U.S. Department of Justice 48th Hart-Scott-Rodino Annual Report, including FY2016-FY2025 annual and fiscal-month tables and the FY2025 transaction-size table.","tableOfContents":["Annual pipeline","Fiscal-month field","Transaction-size field","Exact annual ledger","Public research agenda","Methodology and limits"],"preview":"A ten-year map of federal merger notifications and review procedure with exact monthly and transaction-size evidence, source custody, and permanent outcome guardrails.","publicationType":"research_brief","seriesTitle":"Competition Research Briefs","seriesNumber":"AR-RB-2026-05","authorName":"Antitrust Radar Research Team","version":"1.0","updatedAt":"2026-07-20","publicationStatus":"current","revisionNote":"Initial public edition.","canonicalCitation":"Antitrust Radar Research Team. (2026, July 20). The Federal Merger Review Pipeline, 2016-2025: Notification volume swung widely while annual Second Request rates stayed between 1.6% and 3.0%. Competition Research Briefs, AR-RB-2026-05 (Version 1.0). Antitrust Radar. https://antitrustradar.org/reports/federal-merger-review-2016-2025","citationDownloads":{"bibtex":"/reports/federal-merger-review-2016-2025/citation/bibtex","ris":"/reports/federal-merger-review-2016-2025/citation/ris"},"sourceProfileHrefs":["/sources/ftc-doj-hsr-report-2025"]}]}