American companies are buying each other at a pace that hasn’t been seen before. US M&A deal value hit $1.89 trillion over the trailing four quarters, a record that nearly triples the levels recorded back in Q2 2023.
The numbers behind the boom
The rebound is especially striking when measured against the dealmaking drought of 2023. By Q2 of that year, M&A activity had cratered. Fast forward to now, and the trailing four-quarter total has roughly tripled from that trough.
Globally, the picture looks similar. LSEG data showed a 30% year-over-year increase in M&A value for the first half of 2025, confirming this isn’t just an American phenomenon.
Here’s the wrinkle, though. While aggregate deal value is at record highs, deal count is actually down about 11% year-over-year. In English: fewer deals are getting done, but each one is significantly larger. The megadeals are back.
