Global M&A recorded a historic year: There were 68 global M&A deals valued above $10 billion in 2025. This nearly doubled from the prior year and exceeded the combined total for 2023 and 2024. By comparison, the previous all-time high was set in 2015 at 62 deals. These large transactions drove broader M&A activity higher, pushing the average annual deal size up +62% YoY, to a record $227 million, surpassing the high seen in 1999 of $225 million. This also marks the 2nd annual increase in average M&A deal size. Corporate dealmaking is hotter than ever.