PwC reported that U.S. merger and acquisition (M&A) deal value reached $1.2 trillion over the first five months of 2026, an increase of 99% from $603 billion over the same period last year. Deal volume declined over the period. There were 4,653 M&A deals in the first five months of 2026, down from 4,851 deals announced over the period a year earlier. Thirty-nine transactions valued at $5 billion or higher have been announced so far in 2026.