2Q26 M&A Quarterly: On Track for a Record Year

Research evidence excerpt

2Q26 M&A Quarterly: On Track for a Record Year

Global Idea

July 9, 2026 07:59 AM GMT

Morgan Stanley & Co. LLCMGlobal Financials & Fixed Income Research Ryan Kenny, CFA

Equity Analyst

2Q26 M&A Quarterly: On Track Ryan.Kenny@morganstanley.comMorgan Stanley & Co. International plc+ +1 212 761-1664

Andrew Sheets

Strategistfor a Record Year Andrew.Sheets@morganstanley.com +44 20 7677-2905

Halfway through '26, global M&A announcements are tracking Morgan Stanley & Co. LLC

Manan Gosalia

Equity Analysttowards the highest volumes on record. Large strategic

Manan.Gosalia@morganstanley.com +1 212 761-4092

transactions are clearly leading the growth, with middle-market

Michael J. Cyprys, CFA, CPA

deals gradually improving. Expect further strength ahead, with Equity Analyst

Michael.Cyprys@morganstanley.com +1 212 761-7619

volumes/GDP still well below '98-00 and '06-07. Vishwas Patkar

Strategist

Key Takeaways Vishwas.Patkar@morganstanley.com +1 212 761-8041 Connell J Schmitz

Global M&A activity accelerated in 2Q26, with announcements +64% y/y and Research Associate

Connell.Schmitz@morganstanley.com +1 212 761-6252

completions +33% y/y, led by large strategic deals.

Morgan Stanley Europe S.E., Madrid Branch+

Adjusting for GDP growth, 2Q26 annualized announcements and completions are Alvaro Serrano

still running below 1998-00 and 2006-07 bull market levels. Equity Analyst

Alvaro.Serrano@morganstanley.com +44 20 7425-6942

We model 2026 global announced M&A volumes of $6.4T, surpassing 2021's

Morgan Stanley & Co. International plc+

$6.1T peak. We are already 52% of the way there in 1H26. Giulia Aurora Miotto, CFA

Middle-market (<$10B) deals improved a more gradual +22% y/y, w/ total Giulia.Aurora.Miotto@morganstanley.com +44 20 7425-5344

sponsor announcements growing at 10% y/y.