Antitrust Radar

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

Federal merger review FY2023

October 2022 through September 2023

1,805 reported transactions, 1,735 in the adjusted review universe, and 37 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.161718192021221,805232425
FY2016Federal fiscal year: October through SeptemberFY2025
Reported transactions
1,805
-42.7% vs FY2022
Adjusted universe
1,735
Second Request denominator
Second Requests
37
2.1% of adjusted transactions
Profile coverage
13
1 annual / 12 monthly

Annual review pipeline

Eight measures, kept in their own procedural lanes

FY2023 / 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 transactions1,805-42.7% vs FY2022Rank 9 of 10 by volume
Filings received3,515-2,773 vs FY2022Individual filings; not a transaction count
Adjusted review universe1,735-1,294 vs FY2022Rank 9 of 10 by adjusted count
In-depth review fieldSecond Requests and their exact denominator
Second Requests37-10 vs FY2022Rank 10 of 10 by count
Second Request rate2.1%+0.5 pp vs FY2022Rank 4 of 10; adjusted denominator
Early termination fieldPolicy-sensitive requests and grants
Requests780780 not grantedRules and publication practices vary by year
Grants0-5 vs FY2022Administrative action, not an outcome measure
Grant rate0.0%-0.4 pp vs FY2022Grants divided by requests

Agency composition

FTC and DOJ Second Requests

37 combined
Federal Trade Commission
26
70.3% of combined requests
Department of Justice
11
29.7% of combined requests

Fiscal-month field

October through September cadence

12 / 12 monthly records
Peak monthNovember207 transactions
Monthly average150reported transactions
Lowest monthApril114 transactions
FY2023 monthly HSR activityGrouped bars compare reported transactions and filings received for each federal fiscal month from October through September.October: 172 reported transactionsOctober: 346 filings receivedOctNovember: 207 reported transactionsNovember: 467 filings receivedNovDecember: 170 reported transactionsDecember: 287 filings receivedDecJanuary: 139 reported transactionsJanuary: 273 filings receivedJanFebruary: 150 reported transactionsFebruary: 226 filings receivedFebMarch: 122 reported transactionsMarch: 243 filings receivedMarApril: 114 reported transactionsApril: 225 filings receivedAprMay: 139 reported transactionsMay: 273 filings receivedMayJune: 145 reported transactionsJune: 301 filings receivedJunJuly: 146 reported transactionsJuly: 279 filings receivedJulAugust: 162 reported transactionsAugust: 319 filings receivedAugSeptember: 139 reported transactionsSeptember: 276 filings receivedSepPublished count
Exact FY2023 monthly ledger
Fiscal monthTransactionsTransaction shareFilingsFiling share
01October1729.53%3469.84%
02November20711.47%46713.29%
03December1709.42%2878.17%
04January1397.70%2737.77%
05February1508.31%2266.43%
06March1226.76%2436.91%
07April1146.32%2256.40%
08May1397.70%2737.77%
09June1458.03%3018.56%
10July1468.09%2797.94%
11August1628.98%3199.08%
12September1397.70%2767.85%

Transaction-size field

Reported value-band coverage

No size-band table for this year
Published coverage gap

No transaction-size table for FY2023

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 FY2023
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
8.1%
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 FY2023 beside its neighbors

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