For 21 years, Dykema’s Annual M&A Outlook Survey has tracked the pulse of dealmaking in the U.S., consistently affirming a central truth: the M&A market reflects the health of the broader economy. From the lows of 2008 to the post-COVID rebound, and through cycles of regulatory shifts, election-year volatility, and interest rate fluctuations, dealmakers have adapted to changing conditions. This year’s survey—fielded in August and September 2025—gathers insights from 216 professionals, including executives, attorneys, bankers, and private equity leaders, offering a comprehensive view of the current landscape.

Despite ongoing economic uncertainty, respondents express cautious optimism. Strategic acquisitions, AI integration, and operational efficiency have emerged as top priorities. Private equity is expected to drive deal activity, with increased emphasis on due diligence and ESG risk screening. AI is no longer a future consideration—it’s actively reshaping how deals are sourced, evaluated, and executed. While challenges remain, including tariffs and valuation gaps, the data suggests that dealmakers are recalibrating rather than retreating. The M&A market continues to evolve, and its resilience remains a defining feature.

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For the second year in a row, energy, financial services, and healthcare were seen as the sectors most likely to see M&A activity in the next 12 months. But there was one notable difference—healthcare and energy swapped first and third place, while financial services remained in second. Consumer products were a newcomer to the top five, while the tech sector fell one spot to fifth. 

In August and September 2025, national law firm Dykema in partnership with INSIGHTS2PROFIT distributed its M&A Outlook Survey via email and online panel to a group of CEOs, CFOs, and other senior company officers and executives, as well as bankers, private equity professionals, and advisors engaged in M&A. A total of 216 respondents completed the survey, representing more than a dozen sectors, including financial services, technology, media, telecoms, healthcare, industrial/manufacturing, retail, energy and natural resources, real estate and construction, consumer products, education, logistics, automotive, transportation and mobility, food and beverage, and life sciences. To allow for crosstabulation analysis, a higher proportion of respondents were engaged in the automotive, transportation and mobility, healthcare, and energy and natural resources sectors. Respondents included public and private companies located throughout the U.S. and represented companies with annual revenues from less than $10 million to more than $1 billion. All responses were collected via an anonymous online survey and analyzed in aggregate.