It’s looking like 2026 is going to be a big year for mergers and acquisitions.
We’re just one month into the new year and already we’ve seen major deals, including Netflix’s (NFLX) announced $82.7 billion acquisition of Warner Bros. Discovery (WBD), whose terms were updated in January, Global Payments’ completed $24.25 billion bid for Worldpay, and Boston Scientific’s (BSX) planned $14.5 billion purchase of Penumbra (PEN).
Deloitte, EY, and Bain have all recently released surveys of corporate executives and private-equity leaders on this year’s M&A activity, and overall, sentiment has turned more positive.
All three firms advise corporate and private-equity clients on transactions and strategy, and the surveys reflect executive expectations for 2026, rather than confirmed transactions.
Deloitte’s 2026 M&A survey of 1,500 U.S. corporate and private-equity leaders took a page from Charles Dickens’ classic novel to describe “a tale of two markets.”
The firm defined “very large” deals as transactions of at least $1 billion and “mega” deals as transactions of $10 billion or more, while labeliung all transactions below $1 billion as smaller deals.
Netflix is looking to acquire Warner Bros. Discovery for $82.7 billion.
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Deloitte: 90% of executives expect more deals in 2026
“Going into 2026, we’re seeing a level of confidence return among dealmakers as they become more adept at navigating a mixed economic environment — executing well-developed strategies and factoring in volatility to get deals done,” Adam Reilly, national managing partner for mergers, acquisitions, and restructuring services at Deloitte & Touche LLP, said in a statement.
90% of corporate respondents expect their organization to complete more deals in 2026. In addition, 87% of PE respondents and 81% of corporate respondents anticipate increases in the aggregate value of their deals.
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However, while respondents’ expectations for deal volume to “increase somewhat” jumped 17 points from last year, the answer “increase significantly” fell almost as much, by 16 points from the survey in late 2024.
Uncertain market conditions also jumped to the top of the list as the greatest challenge to M&A and deal success, rising 10 points to 29% over the prior year.
Reilly noted that the survey’s findings, along with M&A activity and overall market conditions, point to a renewed sense of optimism among dealmakers, while also recognizing that expectations around the extent of that growth are more balanced.
He said the firm sees signs of a potential “two market” dynamic — where value realization opportunities in small and medium-sized deals are poised to complement the surge in larger transactions recorded in the latter half of 2025.
America’s CEOs are feeling more bullish about this year’s M&A situation than their global counterparts, according to the latest EY-Parthenon CEO Outlook Survey.
The quarterly study found that 62% of U.S. chief executives plan to actively pursue M&A deals over the next 12 months, up from 35% recorded in September 2025. In contrast, global M&A intent stood at 53%.
“U.S. CEOs are moving from a defensive posture to a proactive growth strategy,” Mitch Berlin, EY Americas Vice Chair, EY-Parthenon, said. “The dramatic rise in M&A intent suggests that leaders are no longer waiting for perfect market conditions.”
“Instead, they are leveraging transactions to acquire the technology, talent, and scale necessary to advance their enterprise-wide transformation agenda and outpace competitors in an increasingly complex environment.”
AI playing bigger role in M&A, Bain says
Geopolitical and trade policy developments continue to influence strategy, with 85% of leaders reporting changes to their strategic investment plans over the past 12 months.
46% accelerated a planned investment, 39% delayed it, and 11% stopped it entirely due to global tensions.
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The survey showed that 53% of CEOs planning acquisitions over the next 12 months are seeking outcomes aligned with their transformation agendas.
Half of the CEOs said streamlining operations and boosting productivity — including digitalization — was the primary objective of an acquisition. This underscores the view that M&A accelerates change and embeds advanced capabilities faster than organic investment alone.
Global M&A is positioned to continue momentum in 2026 after rising 40% to $4.9 trillion in 2025, the second-highest deal value on record, according to Bain & Co.’s annual survey.
Eighty percent of M&A executives expect to sustain or increase deal activity in 2026 after a near-record rebound in 2025.
Adoption of artificial intelligence in M&A more than doubled last year, the firm said. One in three dealmakers is deploying AI systematically or redesigning processes for it.
Bain’s survey also found that 45% of executives used AI tools in M&A in 2025, more than double the prior year. About one-third of dealmakers are systematically using AI in M&A or redesigning processes for it, and more than half expect AI to significantly impact how deals are done.
“AI is quickly becoming indispensable to M&A,” said Suzanne Kumar, executive vice president of Bain & Company’s global M&A and Divestitures practice. “Early adopters are gaining a concrete advantage when it comes to dealmaking.”
“Leading companies are now using AI to create value across the deal cycle — including later stages like transaction execution, integration, and learning.”
The firm said that one significant hurdle for M&A in 2026 is the high demand for capital.
Despite robust dealmaking activity in 2025, the proportion of capital allocated to M&A hit a 30-year low. Recently, companies have increased reinvestment through capex and R&D.
“As competing demands for capital raise the bar for deals, disciplined reinvention and value creation are essential,” Bain said.
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