Antitrust Radar

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

Federal merger review FY2025

October 2024 through September 2025

2,006 reported transactions, 1,944 in the adjusted review universe, and 41 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.1617181920212223242,00625
FY2016Federal fiscal year: October through SeptemberFY2025
Reported transactions
2,006
-1.2% vs FY2024
Adjusted universe
1,944
Second Request denominator
Second Requests
41
2.1% of adjusted transactions
Profile coverage
20
1 annual / 12 monthly / 7 size

Annual review pipeline

Eight measures, kept in their own procedural lanes

FY2025 / 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 transactions2,006-1.2% vs FY2024Rank 7 of 10 by volume
Filings received3,851-171 vs FY2024Individual filings; not a transaction count
Adjusted review universe1,944-29 vs FY2024Rank 7 of 10 by adjusted count
In-depth review fieldSecond Requests and their exact denominator
Second Requests41-18 vs FY2024Rank 9 of 10 by count
Second Request rate2.1%-0.9 pp vs FY2024Rank 4 of 10; adjusted denominator
Early termination fieldPolicy-sensitive requests and grants
Requests911646 not grantedRules and publication practices vary by year
Grants265+262 vs FY2024Administrative action, not an outcome measure
Grant rate29.1%+28.8 pp vs FY2024Grants divided by requests

Agency composition

FTC and DOJ Second Requests

41 combined
Federal Trade Commission
20
48.8% of combined requests
Department of Justice
21
51.2% of combined requests

Fiscal-month field

October through September cadence

12 / 12 monthly records
Peak monthNovember225 transactions
Monthly average167reported transactions
Lowest monthMarch75 transactions
FY2025 monthly HSR activityGrouped bars compare reported transactions and filings received for each federal fiscal month from October through September.October: 184 reported transactionsOctober: 343 filings receivedOctNovember: 225 reported transactionsNovember: 432 filings receivedNovDecember: 172 reported transactionsDecember: 325 filings receivedDecJanuary: 177 reported transactionsJanuary: 341 filings receivedJanFebruary: 213 reported transactionsFebruary: 403 filings receivedFebMarch: 75 reported transactionsMarch: 162 filings receivedMarApril: 106 reported transactionsApril: 213 filings receivedAprMay: 140 reported transactionsMay: 264 filings receivedMayJune: 141 reported transactionsJune: 274 filings receivedJunJuly: 181 reported transactionsJuly: 335 filings receivedJulAugust: 191 reported transactionsAugust: 382 filings receivedAugSeptember: 201 reported transactionsSeptember: 377 filings receivedSepPublished count
Exact FY2025 monthly ledger
Fiscal monthTransactionsTransaction shareFilingsFiling share
01October1849.17%3438.91%
02November22511.22%43211.22%
03December1728.57%3258.44%
04January1778.82%3418.85%
05February21310.62%40310.46%
06March753.74%1624.21%
07April1065.28%2135.53%
08May1406.98%2646.86%
09June1417.03%2747.12%
10July1819.02%3358.70%
11August1919.52%3829.92%
12September20110.02%3779.79%

Transaction-size field

Reported value-band coverage

7 exact size bands

FY2025 is the one year in this ten-year release with a transaction-size table. Counts use the adjusted review universe; value bands are not extended backward to earlier years.

$100M-$150M61
3.1% of adjusted transactions0 Second Requests / 0.0%
$150M-$200M286
14.7% of adjusted transactions4 Second Requests / 1.4%
$200M-$300M195
10.0% of adjusted transactions0 Second Requests / 0.0%
$300M-$500M236
12.1% of adjusted transactions5 Second Requests / 2.1%
$500M-$1B548
28.2% of adjusted transactions12 Second Requests / 2.2%
$1B-$10B599
30.8% of adjusted transactions16 Second Requests / 2.7%
Over $10B19
1.0% of adjusted transactions4 Second Requests / 21.1%
Exact FY2025 transaction-size ledger
Reported sizeTransactionsShareFTC clearancesDOJ clearancesSecond RequestsRequest rate
$100M-$150M613.1%6100.0%
$150M-$200M28614.7%6741.4%
$200M-$300M19510.0%6100.0%
$300M-$500M23612.1%121252.1%
$500M-$1B54828.2%1924122.2%
$1B-$10B59930.8%4144162.7%
Over $10B191.0%73421.1%

Evidence custody

Coverage, source, and reproducible rows

One official source release
Annual field1 recordComplete for FY2025
Monthly field12 recordsOctober through September
Transaction-size field7 recordsComplete for FY2025
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
9.0%
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 FY2025 beside its neighbors

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