Reported transactions3,520+115.0% vs FY2020Rank 1 of 10 by volume
Filings received7,002+3,753 vs FY2020Individual filings; not a transaction count
Adjusted review universe3,413+1,833 vs FY2020Rank 1 of 10 by adjusted count
U.S. premerger notification program / fiscal-year profile
Federal merger review FY2021
October 2020 through September 20213,520 reported transactions, 3,413 in the adjusted review universe, and 66 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 transactions
- 3,520
- +115.0% vs FY2020
- Adjusted universe
- 3,413
- Second Request denominator
- Second Requests
- 66
- 1.9% of adjusted transactions
- Profile coverage
- 13
- 1 annual / 12 monthly
Annual review pipeline
Eight measures, kept in their own procedural lanes
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.
Second Requests66+18 vs FY2020Rank 1 of 10 by count
Second Request rate1.9%-1.1 pp vs FY2020Rank 5 of 10; adjusted denominator
Requests2,1241,707 not grantedRules and publication practices vary by year
Grants417-444 vs FY2020Administrative action, not an outcome measure
Grant rate19.6%-56.4 pp vs FY2020Grants divided by requests
Agency composition
FTC and DOJ Second Requests
- Federal Trade Commission
- 43
- 65.2% of combined requests
- Department of Justice
- 23
- 34.8% of combined requests
Fiscal-month field
October through September cadence
Peak monthNovember400 transactions
Monthly average293reported transactions
Lowest monthOctober202 transactions
| Fiscal month | Transactions | Transaction share | Filings | Filing share |
|---|---|---|---|---|
| 01October | 202 | 5.74% | 454 | 6.48% |
| 02November | 400 | 11.36% | 825 | 11.78% |
| 03December | 204 | 5.80% | 364 | 5.20% |
| 04January | 210 | 5.97% | 399 | 5.70% |
| 05February | 278 | 7.90% | 564 | 8.05% |
| 06March | 322 | 9.15% | 616 | 8.80% |
| 07April | 261 | 7.41% | 524 | 7.48% |
| 08May | 299 | 8.49% | 623 | 8.90% |
| 09June | 299 | 8.49% | 573 | 8.18% |
| 10July | 329 | 9.35% | 659 | 9.41% |
| 11August | 353 | 10.03% | 717 | 10.24% |
| 12September | 363 | 10.31% | 684 | 9.77% |
Transaction-size field
Reported value-band coverage
Published coverage gap
Open FY2025 size field No transaction-size table for FY2021
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.
Evidence custody
Coverage, source, and reproducible rows
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
- 15.8%
Profile-scoped data
Exact JSON and CSV packets
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