Antitrust Radar

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

Federal merger review FY2020

October 2019 through September 2020

1,637 reported transactions, 1,580 in the adjusted review universe, and 48 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.161718191,637202122232425
FY2016Federal fiscal year: October through SeptemberFY2025
Reported transactions
1,637
-21.6% vs FY2019
Adjusted universe
1,580
Second Request denominator
Second Requests
48
3.0% of adjusted transactions
Profile coverage
13
1 annual / 12 monthly

Annual review pipeline

Eight measures, kept in their own procedural lanes

FY2020 / 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 transactions1,637-21.6% vs FY2019Rank 10 of 10 by volume
Filings received3,249-893 vs FY2019Individual filings; not a transaction count
Adjusted review universe1,580-450 vs FY2019Rank 10 of 10 by adjusted count
In-depth review fieldSecond Requests and their exact denominator
Second Requests48-13 vs FY2019Rank 6 of 10 by count
Second Request rate3.0%0.0 pp vs FY2019Rank 1 of 10; adjusted denominator
Early termination fieldPolicy-sensitive requests and grants
Requests1,133272 not grantedRules and publication practices vary by year
Grants861-246 vs FY2019Administrative action, not an outcome measure
Grant rate76.0%+2.5 pp vs FY2019Grants divided by requests

Agency composition

FTC and DOJ Second Requests

48 combined
Federal Trade Commission
23
47.9% of combined requests
Department of Justice
25
52.1% of combined requests

Fiscal-month field

October through September cadence

12 / 12 monthly records
Peak monthNovember206 transactions
Monthly average136reported transactions
Lowest monthMay57 transactions
FY2020 monthly HSR activityGrouped bars compare reported transactions and filings received for each federal fiscal month from October through September.October: 151 reported transactionsOctober: 298 filings receivedOctNovember: 206 reported transactionsNovember: 413 filings receivedNovDecember: 164 reported transactionsDecember: 329 filings receivedDecJanuary: 154 reported transactionsJanuary: 309 filings receivedJanFebruary: 138 reported transactionsFebruary: 269 filings receivedFebMarch: 136 reported transactionsMarch: 270 filings receivedMarApril: 72 reported transactionsApril: 145 filings receivedAprMay: 57 reported transactionsMay: 137 filings receivedMayJune: 117 reported transactionsJune: 212 filings receivedJunJuly: 110 reported transactionsJuly: 208 filings receivedJulAugust: 170 reported transactionsAugust: 336 filings receivedAugSeptember: 162 reported transactionsSeptember: 323 filings receivedSepPublished count
Exact FY2020 monthly ledger
Fiscal monthTransactionsTransaction shareFilingsFiling share
01October1519.22%2989.17%
02November20612.58%41312.71%
03December16410.02%32910.13%
04January1549.41%3099.51%
05February1388.43%2698.28%
06March1368.31%2708.31%
07April724.40%1454.46%
08May573.48%1374.22%
09June1177.15%2126.53%
10July1106.72%2086.40%
11August17010.38%33610.34%
12September1629.90%3239.94%

Transaction-size field

Reported value-band coverage

No size-band table for this year
Published coverage gap

No transaction-size table for FY2020

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 FY2020
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
7.4%
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 FY2020 beside its neighbors

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