Goldman Sachs Reigns Supreme in 2025 M&A Market Amidst Political Drama

In 2025, Goldman Sachs led global dealmaking, topping league tables with $1.48 trillion in M&A deals. Despite not advising on the year's biggest deals, the firm excelled in volume and fee revenue. Key market drivers included technology and looser regulations under President Trump.

Goldman Sachs once again dominated the league tables for global dealmaking in 2025, taking market share and the top spot in a year marked by high-stakes political drama and increasingly bigger mergers. The rise of the $10 billion deal, of which there were 68 last year totaling $1.5 trillion, more than double the previous year, secured Goldman's No. 1 ranking, according to LSEG data. The firm advised on 38 of those deals, more than any other investment bank, with $1.48 trillion in total volume of deals advised on. It was the strongest period for mega deals, by number, since LSEG records began in 1980.

Calling 2025 an "exceptional M&A year," Goldman's Global Co-Head of M&A Stephan Feldgoise described it as an extraordinary M&A market, with activity driven by a "ubiquity of capital," according to the investment bank's 2026 M&A outlook. Goldman ranked No. 1 in both M&A fee revenue and overall deal value, gaining market share in both areas. It was paid $4.6 billion in M&A fees, followed by JPMorgan, Morgan Stanley, Citi, and Evercore. However, Goldman wasn't involved in the two biggest M&A transactions of the year: Union Pacific's $88.2 billion purchase of Norfolk Southern and the heated bidding war for Warner Bros Discovery.

Technology significantly drove deal volume in 2025, with looser regulatory scrutiny making once-prohibitive deals feasible across various sectors. President Donald Trump's more permissive antitrust oversight provided industry titans the confidence to merge in sectors such as railways, consumer products, media, and technology. While Goldman led with $1.48 trillion in deals, it was not part of the top two mergers, which included Union Pacific's purchase of Norfolk Southern and the Warner Bros Discovery acquisition. Goldman's notable advisors include Allen & Co. and Latham & Watkins, which saw a surge in large deals amid favorable market conditions.

(With inputs from agencies.)