M&A market outlook 2026: What slowed, what surged, and what’s coming
How capital, clarity, and AI defined dealmaking
Deals slowed. GenAI didn’t. In 2025, uncertainty loomed while innovation led. With technology opening growth paths and trade tensions forcing hard pivots, acquirers with vision made strategic, clear-headed moves. Explore the lessons, themes, and shifts defining the year—and what’s coming next.
In 2025, trade uncertainty and tech acceleration tested M&A
2025 was marked by corporate resilience as companies navigated heightened global trade uncertainty. While capital allocation and M&A decisions faced complexity, investment ramped up in GenAI technologies. Rather than a resurgence from the previous year, this year’s M&A activity across industries reflected an ability to adapt in the face of unpredictable regulatory environments, slower private equity dealmaking, and valuation gaps. Acquirers with strategic clarity leaned on healthy balance sheets, prioritizing technology transformation and operational efficiency.
Looking ahead to the forces shaping M&A in 2026
In 2026, dealmaking enters a pressure cooker of renewed capital flow, technological urgency, and geopolitical drag. Private equity is back in motion as interest rates ease and exits reopen, unlocking fresh sponsor activity—but volatility still clouds deal financing. Corporates, flush with cash and facing fewer lending constraints, are poised for strategic moves, especially where GenAI and infrastructure acceleration demand speed over in-house buildouts. Yet, behind the momentum lie persistent challenges. Valuation mismatches, unstable tariff regimes, and global uncertainty continue to challenge alignment and execution. Winning acquirers will move fast, think ahead, and plan for disruption.
Get the full picture behind 2025’s biggest M&A shifts and what comes next
Get deeper analysis on the forces reshaping dealmaking, plus strategic recommendations for middle-market CEOs and a closer look at 2025’s headline transactions.
