2026 M&A Trends: Navigating a rapidly rebounding market
By McKinsey & Company ·
McKinsey's annual M&A report finds global deal value rose 43 percent to $4.7 trillion in 2025, driven by large deals. In financial services, deal value reached $499 billion, fintech M&A more than doubled to $64 billion across 55 deals, and McKinsey expects 2026 fintech and payments deals to centre on fraud prevention, identity and embedded finance.
Key figures
| Figure | Value | Source |
|---|---|---|
| Global M&A deal value, 2025 | up 43 percent to $4.7 trillion, from $3.3 trillion | p. 4 |
| Financial services M&A deal value, 2025 | $499 billion, up roughly 40 percent; 612 transactions (605 in 2024) | p. 47 |
| Fintech M&A, 2025 | 55 deals, $64 billion (up 108 percent), average about $1.2 billion | p. 48 |
| Commercial and retail banking M&A, 2025 | 179 deals, $190 billion (up 129 percent) | p. 48 |
| Cross-border share of banking deals, 2025 | about 33 percent (19 percent average in other sectors) | p. 47 |
- Global