Goldman Sachs leads global M&A rankings with $1.48 trillion in deals

LSEG data shows Goldman Sachs advised on $1.48 trillion of deals in 2025 and topped M&A fee revenue, while 68 transactions of $10 billion or more helped make 2025 a strong year for mega deals.

Goldman Sachs again topped global dealmaking tables for 2025, advising on $1.48 trillion in transactions, according to LSEG data. The year featured a marked increase in very large deals, with 68 transactions of $10 billion or more totaling about $1.5 trillion. Market participants cited abundant capital and looser regulatory scrutiny as factors that made some previously difficult deals possible. LSEG said this was the strongest period for mega deals by number since its records began in 1980. Key facts: - Goldman Sachs advised on $1.48 trillion of deals in 2025, about 32% of the market by value, according to LSEG data. - The firm earned $4.6 billion in M&A fees, ranking first by fee revenue. - There were 68 deals worth $10 billion or more in 2025, totaling roughly $1.5 trillion; Goldman advised on 38 of those deals. - The article mentions Union Pacific's $88.2 billion purchase of Norfolk Southern and the competitive bids for Warner Bros Discovery among the year's largest transactions. - For announced M&A with any involvement of Europe, the Middle East and Africa, Goldman's market share was 44.7% in 2025, a level only exceeded once before, in 1999. Summary: These results point to a concentration of advisory value around a small number of very large transactions and reflect increased megadeal activity across sectors, led in part by technology. The article notes that league-table positions could change after Warner Bros selects a winning bidder; the outcome is undetermined at this time.