$100M-$150M61 transactions
3.1%
Clearance11.5%
Second Request0.0%
Enforcement observatory
Economic observatory / federal merger review
Federal merger observatory
Explore HSR transaction notifications, review activity, and size bands by fiscal year. These administrative records are not a census of all mergers or findings of competitive harm.
Federal review horizon
Ten official fiscal years at a glance
y = transactions
Released annual valueSame measure10-year mean
- FY2025 transactions
- 2,006-1.2% from FY2024
- Second Request rate
- 2.1%41 investigations / adjusted base
- Value above $1B
- 31.8%618 adjusted transactions
- Public records
- 13710 annual / 120 monthly / 7 size
Research path
Move from filings to market-structure risk.
Each stop opens an exact public-data lens, so the hero chart becomes a working route into the HSR record.Source dossierNotifications, not every mergerReported transactions are federal HSR notifications, not a census of all mergers. A matter can involve multiple filings.
Review signals, not findingsSecond Request rates use the adjusted review universe. Early termination rules changed, and neither series is a finding of competitive harm.
Analytical lens
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Fiscal year
Ten-year federal series
Reported transactions
1,832FY2016 / reported
FY20252,006-1.2% YoY
Ten-year peak3,520FY2021
Ten-year average2,224Reported transactions
FY2025 value$2.5TAggregate reported value
Selected-year review funnel
Fiscal year 2016
Reported transactions
HSR notifications counted as transactions
Adjusted review universe
Second Request-eligible denominator
Second Request investigations
25 FTC / 29 DOJ
- Second Request rate
- 3.0%
- Early grants
- 80.2%
- Peak month
- November
- Peak volume
- 243
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.
Fiscal-month cadence
Notification volume across 120 months
Reported transactions
- ≤ 137
- 138–241
- 242–356
- 357–471
- ≥ 472
Fiscal month
October
November
December
January
February
March
April
May
June
July
August
September
Selected cadenceFY20161,832 transactions / 3,674 filings
Highest monthNovember243 reported transactions
Fiscal-year boundaryOct-SepNot calendar-year merger activity
Transaction-size composition
FY2025 adjusted transactions by reported size
$150M-$200M286 transactions
14.7%
Clearance4.5%
Second Request1.4%
$200M-$300M195 transactions
10.0%
Clearance3.6%
Second Request0.0%
$300M-$500M236 transactions
12.1%
Clearance10.2%
Second Request2.1%
$500M-$1B548 transactions
28.2%
Clearance7.8%
Second Request2.2%
$1B-$10B599 transactions
30.8%
Clearance14.2%
Second Request2.7%
Over $10B19 transactions
1.0%
Clearance52.6%
Second Request21.1%
Latest composition
31.8%618 adjusted FY2025 transactions were valued above $1 billion.
- Adjusted total
- 1,944
- Over $10B
- 19
- Clearances
- 189
- Second Requests
- 41
Size-table percentages use the adjusted FY2025 universe of 1,944 transactions, not all 2,006 reported transactions.
Public data packets
Reuse every published grain
10
Annual activity
10 fiscal-year review records
120
Monthly activity
120 fiscal-month observations
7
Transaction sizes
Seven FY2025 value bands
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.