The landscape of mergers and acquisitions (M&A) on Wall Street witnessed extraordinary momentum throughout 2025, culminating in a record number of colossal transactions. With 68 deals each exceeding the $10 billion mark, the scale of activity was unprecedented in recent decades, signaling a renewed trust among corporate leadership and a vigorous appetite for consolidation across multiple sectors.
This upswing propelled the total global M&A volume to its highest point since the economic disruptions caused by the COVID-19 pandemic, reflecting a robust rebound in corporate dealmaking appetite. Notably, the average value per transaction soared to nearly $227 million, marking the largest average deal size recorded since 1980, indicative of a market dominated by high-value mergers.
Industry insiders attribute this trend to a resurgence in confidence at the executive and board levels. Ivan Farman, serving as the global co-head of M&A at Bank of America, emphasized the connection between large-scale transactions and corporate assurance. According to Farman, "Large deals are driving the market. And when you see big deals, it's a sign of CEO and boardroom confidence." Indeed, such declarations underscore the strategic mindset fueling this wave of major deals.
The year featured headline-making transactions, including Netflix's acquisition of Warner Bros. Discovery's studios alongside the HBO Max streaming platform for $72 billion, reshaping the entertainment sector's competitive landscape. Similarly, a $72 billion merger between major railroads Union Pacific and Norfolk Southern stood as one of the largest industrial consolidations, signaling transformative moves in transportation infrastructure.
Moreover, the private investment sphere made its presence felt notably in Electronic Arts' announcement of plans to transition to private ownership through a $55 billion deal. This development highlights increasing private equity engagement in deals of significant size, potentially signaling a shift toward more private transactions in the market's evolving structure.
Despite challenges such as uncertainties regarding the tariff policies implemented under the Trump administration, dealmaking persevered with minimal interruption, even during periods traditionally marked by reduced activity such as the Thanksgiving holiday. Such resilience further reflects the strong underlying demand for acquisition opportunities among corporate actors.
Looking ahead, Farman projects this vigorous level of deal activity to sustain across a diverse range of industries as 2026 unfolds. The breadth and scale of transactions from the previous year suggest that confidence among CEOs and boards remains entrenched, positioning the M&A market for continued momentum.
The implications of the 2025 M&A surge extend beyond mere volume and value; the composition of dealmakers, including both public companies and growing private capital involvement, may also influence the strategic directions and operational frameworks in the marketplace. While the current enthusiasm drives optimism, the persistence of geopolitical and economic uncertainties underscores the importance of gauging potential risks as firms navigate this active environment.
In sum, the record-breaking number of high-value transactions last year demonstrates a restoration of dealmaking dynamism in the post-pandemic economic recovery. As corporate leaders demonstrate sustained confidence and transaction sizes reach historic heights, the merger and acquisition market is poised to remain a central feature of strategic corporate growth in 2026 and beyond.