Wall Street is preparing for another year of massive deals, following a record-breaking 2025 that saw 68 transactions, each surpassing $10 billion.
The Wall Street dealmakers played a significant role in blockbuster mergers in 2025. This activity pushed global M&A volume to its highest level since the pandemic, indicating a resurgence of confidence in corporate boardrooms.
The average transaction size in 2025 was close to $227 million, the highest since 1980. “Large deals are driving the market. And when you see big deals, it’s a sign of CEO and boardroom confidence,” Ivan Farman, global co-head of M&A at Bank of America told The New York Post.
High-profile deals included a $72 billion acquisition of Warner Bros. Discovery’s studios and HBO Max streaming service by Netflix, and a $72 billion merger between Union Pacific and Norfolk Southern.
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Electronic Arts also announced its intention to go private in a $55 billion deal, underlining the increasing involvement of private capital in major transactions.
Despite apprehensions about President Trump’s tariff regime, dealmaking barely slowed down, even during the traditionally quiet Thanksgiving period. Farman anticipates this momentum to carry on into 2026 across various industries.
The record-breaking number of high-value deals in 2025 signifies a strong rebound in the M&A market after the economic downturn caused by the pandemic. The surge in mega-deals indicates a renewed confidence in corporate boardrooms, suggesting a positive outlook for the market in 2026.
The involvement of private capital in major transactions also highlights a shift in the market dynamics, potentially leading to more private deals in the future.
Despite potential geopolitical risks, the dealmaking momentum is expected to continue, signaling a robust M&A market in the coming year.
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