SRS Acquiom Barometer:
2026 M&A Outlook

Between December 2 and 9, 2025, SRS Acquiom surveyed 100 M&A professionals with experience in U.S., non-U.S., and cross-border deals, to uncover their outlook on the industry for 2026. Here’s what they had to say.

SRS Acquiom Barometer^TM Highlights

A year ago, respondents were highly optimistic for the year ahead. As we enter 2026, optimism remains high yet tempered by the uncertainty that M&A professionals have come to expect over the past several months.

Key insights for what M&A experts have to say heading into 2026, include:

• 47% of respondents cite current deal volume to be greater than one year ago
• 74% of respondents expect deal volume to increase in the coming year
• 82% of those surveyed say they are closing one or more deals in the next six months
• 82% of respondents are cautiously optimistic about 2026 or see it as a year of recovery

Deal Volume and Pipeline: Growth Amid Uncertainty

Of this year’s survey respondents nearly half (47%) cite current deal volume equal to or greater than what they were experiencing one year ago—in line with the 49% who said the same in the 2025 M&A Outlook. The pursuit of new exits, acquisitions, or clients is on the rise: 94% of respondents signal that their current efforts to develop pipelines are equal to or exceeding those of the prior year and, further, 42% note more often than a year ago.

Looking ahead, 74% of respondents expect deal volume to increase in the coming year. Still, this optimism has softened meaningfully from last year’s 93% consensus, as 20% of respondents now report too much volatility to forecast growth.

Deal Size: Volatility Clouds the Picture

When it comes to deal size, 41% of respondents expect a moderate increase from current levels, a decline from last year, when 66% predicted moderate growth in 2025. While only 11% see deal size decreasing heading into 2026, a more revealing finding is the sizeable 44% who are uncertain—31% say deal size is too volatile to predict, and 13% don’t know.

Closings: Strong and Steady

Survey respondents are staying busy as 82% of those polled say they are closing at least one deal in the next six months—47% are expecting multiple closings. Tellingly, only 8% don’t expect to close any deals during that time—a slight drop from 12% in 2024.

Macro Forces: A Mix of Factors in Play

Respondents were not aligned on a single or primary sources of market influence regarding macro forces. With 18% of respondents citing interest rates, alongside 16% citing international trade conditions, 11% signaling consumer spending/confidence, and a notable 13% selected “all of the above”—there are a wide array of macro forces are affecting how respondents see growth in 2026.

Industry Forces: A Complicated Combination

As for the most influential industry forces, survey results again underscore a level of complexity. At 28% and 26%, respectively, valuation pressures and access to/cost of capital are neck and neck for the top spot. Availability of credit and deployable dry powder follow, both at 10% of responses. Compared to last year’s survey results, in which dry powder (47%) and access to/cost of capital (32%) dominated, this leveling of factors tells a more multifaceted story heading into 2026.

Credit Volume: More Stability

On the topic of financing deals in the year to come, respondents indicate a better credit market with credit volume increasing in their favor or remaining the same. Up slightly from 23% a year ago, 27% expect credit volume to increase substantially and to be readily available while 27% (up from 13%) anticipate credit volume to be level with that of 2025. A marked change in survey results: 24% of respondents (down from 54%) say credit volume will be up moderately but will be expensive.

Bottom Line: Optimism with a Dash of Unpredictability

Despite coming off a year of unpredictable market forces and M&A activity falling short of the more optimistic predictions for 2025, overall sentiment for 2026 is optimistic. A strong 62% of respondents are cautiously optimistic for increased activity in 2026, with 20% going so far as to suggest a year of recovery. This sentiment is more aligned with the steady growth in M&A that characterized 2025—as opposed to the excitement felt heading into 2025.

Want to see the full results? Explore the data here.