How did transaction mix, clearance, adjusted denominators, and agency review practice change alongside the observed rate?
Second Request rate moved from 3.0% in FY2024 to 2.1% in FY2025 (-0.90 percentage points). The latest reported review rate is lower than the prior fiscal year. This is a program-activity comparison, not a finding about merger harm or enforcement effectiveness.
- Second Request rate
- 2.1%
- Evidence context
- Q45 / Review / 2025