Agency report
48th Hart-Scott-Rodino Annual Report (FY 2025)
Federal Trade Commission and U.S. Department of Justice
- Rows
- 10
- Years
- 2016-2025
- Accessed
- Jul 18, 2026
Canonical indicator / hsr-second-request-rate
HSR Second Request rate
Second Request investigations as a share of adjusted HSR transactions.
Federal merger activityPercentFederal fiscal yearFY2016-FY2025
FY2025 latest
2.1%-0.9% from FY2016- Observations
- 10
- 1 bounded entity
- Coverage
- 2016-2025
- 10 observed periods
- Sources
- 1
- Federal Trade Commission and U.S. Department of Justice
- Exact pair
- r -0.680
- 10 entity-period matches
Indicator dossierSecond Request rate10 observations / 2016-2025
01 / Measurement contract
Definition before comparison
The unit, universe, period, and source boundary travel with every observation.
What this series measures
Second Request investigations as a share of adjusted HSR transactions.
HSR transactions are federal premerger notifications, not a census of every U.S. merger. Second Requests are review-stage counts, not findings that a transaction was anticompetitive.
- Indicator ID
- hsr-second-request-rate
- Unit
- Percent
- Observation dimension
- Fiscal year
- Grouping field
- No separate grouping field
- Period basis
- Federal fiscal year
- Ranking contract
- Compare observed periods within one bounded series
02 / Observed variation
Fiscal-year range and trajectory
FY2016-FY2025; absent and withheld values do not enter the distribution.
- Minimum
- 1.6%
- 25th percentile
- 2.1%
- Median
- 2.4%
- 75th percentile
- 3.0%
- Maximum
- 3.0%
Selected interval2.9% to 3.0%4 observations / 40.0% of the snapshot
Ranked reference rowsPercent
03 / Coverage and quality
Where the series has evidence
Observed rows are counted explicitly by period, group, verification status, and confidence level.
Period ledger10 observed periods
FY20161 entity11 source
FY20171 entity11 source
FY20181 entity11 source
FY20191 entity11 source
FY20201 entity11 source
FY20211 entity11 source
FY20221 entity11 source
FY20231 entity11 source
FY20241 entity11 source
FY20251 entity11 source
Evidence stateAll indicator observations
Data status
100.0%Verified / 10Confidence
100.0%High / 10Series groupingLatest bounded snapshot, largest groups first
| Group | Rows | Average | Range |
|---|---|---|---|
| Federal premerger | 10 | 2.5% | 1.6% to 3.0% |
04 / Exact paired lens
HSR volume and Second Request rate
Reported HSR transactions and Second Request rate for the same federal fiscal year.
Same entity + same period-0.680Pearson correlation across 10 exact pairs
-1 inverse 0 +1 aligned
- Pairing rule
- Same HSR program and federal fiscal year
- Companion indicator
- HSR transactions
- Matched current-series rows
- 10 / 10 (100.0%)
- Unpaired current-series rows
- 0; excluded from correlation
Interpretation boundaryHSR transactions are federal premerger notifications, not a census of every U.S. merger. Second Requests are review-stage counts, not findings that a transaction was anticompetitive. The relationship does not show that filing volume causes review intensity.
05 / Source custody
Evidence behind the series
1 source family, 0 contextual references, and 1 encoded methodology note.
Reusable indicator packetExact rows, stable identifier, and explicit route contract
- Canonical URL
- /indicators/hsr-second-request-rate
- Indicator filter
- indicator=hsr-second-request-rate
- License
- Antitrust Radar compilation: CC BY 4.0; upstream terms remain in force
Method notes encoded on rowsNo inferred methodology is substituted
- 01
FTC and DOJ Second Requests as a share of the report's adjusted transaction denominator for the fiscal year.
Indicator evidence guardrail
One measure, one contract
This profile documents one bounded indicator at a time. Its ranks, distributions, histories, and paired views remain inside the stated universe, period basis, source, unit, and methodology; they are descriptive research screens, not legal findings or components of a composite score.
HSR transactions are federal premerger notifications, not a census of every U.S. merger. Second Requests are review-stage counts, not findings that a transaction was anticompetitive.