Antitrust Radar

U.S. premerger notification program / fiscal-year profile

Federal merger review FY2018

October 2017 through September 2018

2,111 reported transactions, 2,028 in the adjusted review universe, and 45 FTC and DOJ Second Requests. This is a record of federal procedure, not a census of all mergers or a finding of competitive harm.

Ten-year positionReported HSR transactions
10 official fiscal years
Reported HSR transactions by fiscal yearTen published annual observations from fiscal year 2016 through 2025. The active fiscal year is highlighted and every point links to its permanent profile.16172,1111819202122232425
FY2016Federal fiscal year: October through SeptemberFY2025
Reported transactions
2,111
+2.9% vs FY2017
Adjusted universe
2,028
Second Request denominator
Second Requests
45
2.2% of adjusted transactions
Profile coverage
13
1 annual / 12 monthly

Annual review pipeline

Eight measures, kept in their own procedural lanes

FY2018 / exact published counts and rates

Reported transactions, filings, adjusted transactions, in-depth review, and early termination are related administrative fields. They are not sequential conversion stages and do not form an agency performance score.

Notification fieldPublished transaction and filing counts
Reported transactions2,111+2.9% vs FY2017Rank 3 of 10 by volume
Filings received4,188+105 vs FY2017Individual filings; not a transaction count
Adjusted review universe2,028+36 vs FY2017Rank 4 of 10 by adjusted count
In-depth review fieldSecond Requests and their exact denominator
Second Requests45-6 vs FY2017Rank 8 of 10 by count
Second Request rate2.2%-0.4 pp vs FY2017Rank 3 of 10; adjusted denominator
Early termination fieldPolicy-sensitive requests and grants
Requests1,500330 not grantedRules and publication practices vary by year
Grants1,170-50 vs FY2017Administrative action, not an outcome measure
Grant rate78.0%-0.6 pp vs FY2017Grants divided by requests

Agency composition

FTC and DOJ Second Requests

45 combined
Federal Trade Commission
26
57.8% of combined requests
Department of Justice
19
42.2% of combined requests

Fiscal-month field

October through September cadence

12 / 12 monthly records
Peak monthAugust223 transactions
Monthly average176reported transactions
Lowest monthSeptember139 transactions
FY2018 monthly HSR activityGrouped bars compare reported transactions and filings received for each federal fiscal month from October through September.October: 174 reported transactionsOctober: 336 filings receivedOctNovember: 207 reported transactionsNovember: 417 filings receivedNovDecember: 160 reported transactionsDecember: 319 filings receivedDecJanuary: 170 reported transactionsJanuary: 316 filings receivedJanFebruary: 141 reported transactionsFebruary: 304 filings receivedFebMarch: 178 reported transactionsMarch: 338 filings receivedMarApril: 140 reported transactionsApril: 285 filings receivedAprMay: 222 reported transactionsMay: 424 filings receivedMayJune: 177 reported transactionsJune: 365 filings receivedJunJuly: 180 reported transactionsJuly: 364 filings receivedJulAugust: 223 reported transactionsAugust: 433 filings receivedAugSeptember: 139 reported transactionsSeptember: 287 filings receivedSepPublished count
Exact FY2018 monthly ledger
Fiscal monthTransactionsTransaction shareFilingsFiling share
01October1748.24%3368.02%
02November2079.81%4179.96%
03December1607.58%3197.62%
04January1708.05%3167.55%
05February1416.68%3047.26%
06March1788.43%3388.07%
07April1406.63%2856.81%
08May22210.52%42410.12%
09June1778.38%3658.72%
10July1808.53%3648.69%
11August22310.56%43310.34%
12September1396.58%2876.85%

Transaction-size field

Reported value-band coverage

No size-band table for this year
Published coverage gap

No transaction-size table for FY2018

The source release provides ten years of annual and monthly HSR activity, but its transaction-size table covers FY2025 only. Antitrust Radar does not infer or backfill value bands for this profile.

Open FY2025 size field

Evidence custody

Coverage, source, and reproducible rows

One official source release
Annual field1 recordComplete for FY2018
Monthly field12 recordsOctober through September
Transaction-size fieldNot publishedAvailable for FY2025 only
Official source

48th Hart-Scott-Rodino Annual Report (FY 2025)

Federal Trade Commission and U.S. Department of Justice

Source reviewed
Jul 18, 2026
Fiscal-year basis
October through September
Ten-year transaction share
9.5%
Interpretation boundary

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.

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.

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.

Continue the fiscal-year series

Place FY2018 beside its neighbors

The comparison keeps counts, rates, months, and FY2025-only size coverage in separate fields.