In a survey released by Deloitte, dealmakers from corporate and private equity sectors are expressing renewed confidence in mergers and acquisitions (M&A) activity for the coming year, despite ongoing economic uncertainties. The “2026 M&A Trends Survey: A tale of two markets,” conducted among 1,500 US-based leaders, reveals a strong anticipation of increased deal pursuits in 2026 compared to the previous year.
This optimism builds on patterns observed in late 2025, where larger transactions began to surge, potentially setting the stage for a bifurcated market landscape.A striking majority of respondents foresee growth in both the number and value of deals.
Specifically, 90% of private equity executives and 80% of their corporate counterparts predict their organizations will engage in more transactions over the next 12 months.
Similarly, expectations for aggregate deal values are high, with 87% of private equity leaders and 81% of corporate ones anticipating rises.
However, this enthusiasm is tempered by a more realistic assessment of the economic climate.
Compared to surveys from late 2024, fewer participants now expect a “significant increase” in deal volumes, with that figure dropping by 16 percentage points.
This shift reflects a broader recognition of persistent volatility and mixed market signals.
One of the most notable challenges highlighted is the uncertainty in market conditions, which has emerged as the top barrier to successful M&A, cited by 29% of respondents—a 10-point jump from the prior year.
Dealmakers are adapting by refining their strategies to account for these fluctuations, emphasizing agility in execution.
Adam Reilly, Deloitte’s national managing partner for mergers, acquisitions, and restructuring services, noted that executives are growing more skilled at operating in a varied economic setting, allowing them to push forward with well-planned deals even amid instability.
Financing trends also underscore this cautious approach. With capital costs remaining high, private credit and non-bank lenders continue to dominate as preferred options, accounting for 47% of deals in 2025.
Meanwhile, the use of cash for funding has risen noticeably, climbing from 33% in 2024 to 40% in 2025, signaling a preference for more straightforward and less debt-dependent methods in uncertain times.
The survey points to an evolving “two-market” scenario, where opportunities for value creation in smaller and mid-sized deals could coexist with the momentum from bigger transactions seen in the second half of 2025.
Reilly elaborated that while there’s a fresh wave of positivity among dealmakers, growth projections are more moderate, aligning with current market realities.
This balanced perspective suggests that 2026 could mark a pivotal year for M&A, where strategic adaptability will be key to capitalizing on emerging opportunities.
Overall, the research findings indicate that while economic headwinds persist, the M&A landscape is poised for expansion. Leaders are not only reflecting on past deals but also preparing for a year that demands resilience and precision. As the global economy continues to navigate complexities, this survey serves as a roadmap for dealmakers aiming to thrive in an increasingly all-digital environment.