Editor’s Note: May 2026 delivered 235 HSR premerger notifications — a fiscal year 2026 high, the strongest month since December 2021, and a 58.8 percent jump over May 2025. This update tracks a filing pipeline running 22.2 percent ahead of last fiscal year against an economy that grew just 1.6 percent in the first quarter, per the BEA’s second estimate, with corporate profit growth slowing sharply. The regulatory backdrop remains unsettled: May was the second full month under the restored legacy form, and the FTC-DOJ comment docket on the form’s future closed May 26 with a new rulemaking possible.
For eDiscovery and legal operations leaders, the arithmetic is direct — sustained filing volume at this level points to a heavier Second Request docket in the second half of 2026. Use this month’s numbers to pressure-test capacity plans, vendor commitments, and review technology budgets before the pipeline converts. Monthly comparisons in this update are based on FTC “transactions reported” data; recent figures are preliminary and subject to revision in the agencies’ annual HSR report.
Content Assessment: HSR Filings Hit 235 in May 2026, the Highest Monthly Total Since December 2021
Information - 92%
Insight - 91%
Relevance - 93%
Objectivity - 93%
Authority - 92%
92%
Excellent
A short percentage-based assessment of the qualitative benefit expressed as a percentage of positive reception of the recent article from ComplexDiscovery OÜ titled, "HSR Filings Hit 235 in May 2026, the Highest Monthly Total Since December 2021."
Industry News – Antitrust Beat
HSR Filings Hit 235 in May 2026, the Highest Monthly Total Since December 2021
ComplexDiscovery Staff
The FTC’s Premerger Notification Office logged 235 Hart-Scott-Rodino transactions in May 2026 — a fiscal year 2026 high and the busiest filing month since December 2021, when the agency recorded 279 at the tail of the post-pandemic deal boom. No month in the intervening four and a half years topped 233. The preliminary figure exceeds May 2025’s total by 58.8 percent and arrives just as federal data show a softer-than-initially-reported first-quarter expansion, weaker investment and consumer spending revisions, and sharply slower corporate profit growth.
A FY2026 Pace Built for Roughly 2,500 Filings
May’s 235 filings followed April’s 185, a 27 percent sequential jump that broke a three-month plateau in the 180-to-203 range. Data from the FTC’s Premerger Notification Program page shows fiscal year 2026 filings reached 1,665 through May, the eighth month of a fiscal year that runs October through September, compared with 1,362 over the same stretch of FY2025 — a 22.2 percent gain.
The running average now sits at 208 filings per month. Sustained through September, that pace would put FY2026 near 2,500 reportable transactions, well above the 2,031 transactions (1,973 adjusted) the agencies recorded in the FY2024 HSR Annual Report, the most recent full-year accounting. The FTC flags every monthly count as preliminary until final figures appear in the annual report.
The year-over-year comparison carries a caveat. May 2025’s 148 filings came during the market’s adjustment to the expanded HSR form that took effect in February 2025, a period when monthly counts collapsed to 89 in March 2025 before recovering through the summer. Part of May 2026’s 58.8 percent gain reflects that depressed baseline rather than pure deal-market acceleration.
HSR Act Merger Transactions Reported - FY 2026 - May 2026
HSR Act Merger Transactions Reported - FY 2025 - 041226
Second Full Month Under the Restored Legacy Form
May was the second full calendar month after the restored legacy HSR form became the operative default, although the agencies continued to accept voluntary submissions using the February 2025 form materials. A federal district court vacated the expanded form on Feb. 12, 2026, and after a brief administrative stay, the U.S. Court of Appeals for the Fifth Circuit denied the FTC’s motion for a stay pending appeal on March 19, restoring the legacy form immediately, according to notices posted by the Premerger Notification Office.
Whether the lighter filing burden is pulling deals forward is the open analytical question. Law firm assessments of the expanded form consistently described multiples of additional preparation time and cost; its removal lowered the price of notifying a transaction. Two months of legacy-form data — 185 filings in April, 235 in May — are consistent with that thesis but do not prove it, and the FTC has published no analysis attributing the increase to the form change.
The comment docket on what comes next closed May 26. The joint FTC and DOJ request for information on the premerger notification form drew submissions from the American Hospital Association, the Computer & Communications Industry Association, the Information Technology and Innovation Foundation, and the Small Business & Entrepreneurship Council, among others. The agencies have said they are weighing a new rulemaking intended to reduce burden for non-problematic transactions while preserving the screening value that the 2025 form was designed to add.
Deal teams calibrating 2026 notifications continue to work against the thresholds that took effect Feb. 17: a $133.9 million minimum size-of-transaction test, up from $126.4 million in 2025, according to the FTC’s current thresholds page. The maximum civil penalty for HSR violations remains $53,088 per day under Commission Rule 1.98, which the eCFR shows was last adjusted effective Jan. 17, 2025; law firm alerts, including Orrick’s January summary, anticipate an inflation adjustment to $54,540 once the FTC publishes a new rule in the Federal Register, which had not occurred as of this writing.
Filings Climb While GDP Cools and Profits Slow
The filing surge runs against the macro grain. Real gross domestic product grew at a 1.6 percent annual rate in the first quarter of 2026, according to the BEA’s second estimate released May 28 — a 0.4 percentage point downward revision from the advance estimate, though still an acceleration from the fourth quarter’s 0.5 percent. The revision primarily reflected weaker investment and consumer spending.
Real final sales to private domestic purchasers, the demand measure that strips out trade and inventory swings, rose 2.4 percent in the same estimate. Inflation stayed elevated: the PCE price index climbed 4.5 percent in the first quarter, with the core index up 4.4 percent. Corporate profits from current production rose $40.4 billion, a sharp deceleration from the $246.9 billion fourth-quarter gain — a margin signal that typically tempers boardroom appetite for large acquisitions.
The monthly data points in the same direction. The BEA’s April Personal Income and Outlays release, also published May 28, showed personal income essentially flat, real consumer spending up 0.1 percent, and the personal saving rate at 2.6 percent. The PCE price index rose 3.8 percent from a year earlier, 3.3 percent excluding food and energy.
HSR Act Merger Transactions Reported - May 2026
FY2024 reflects the FTC’s adjusted figure (1,973) per the 47th Annual HSR Report. FY2025 and FY2026 are preliminary monthly-sum totals and will be revised downward when the corresponding Annual Reports are issued.
What the Pipeline Means for Second Request Planning
Dealmakers appear to be looking past the soft patch. EY’s April 2026 M&A activity report found transactions above $100 million rose 65 percent in value and 17 percent in volume from February through April compared with the same period in 2025, driven by a rebound in megadeals above $5 billion.
For eDiscovery and legal operations teams, filing volume is the leading indicator of Second Request exposure. In FY2024, the agencies issued 59 Second Requests — 3 percent of adjusted transactions — and deals above $10 billion drew a Second Request 47.1 percent of the time, per the FY2024 Annual Report. If FY2026 closes near 2,500 filings and issuance rates hold, the arithmetic implies roughly 70 to 75 Second Requests, each among the most document-intensive engagements in the legal services market.
Three dates matter next. The BEA releases its third estimate of first-quarter GDP and the May personal income report on June 25. The FTC will post June’s preliminary filing count in early July. And the agencies’ next procedural move on the notification form — a proposed rule or further guidance — could land at any point now that the comment record is closed.
With filings running 22 percent ahead of last year and the merger review framework itself under reconstruction, how is your organization sizing Second Request capacity — people, process, and technology — for the second half of 2026?
News sources
- Premerger Notification Program | Federal Trade Commission
- GDP (Second Estimate) and Corporate Profits, 1st Quarter 2026 | U.S. Bureau of Economic Analysis
- Personal Income and Outlays, April 2026 | U.S. Bureau of Economic Analysis
- FTC and DOJ Seek Public Comment on the Premerger Notification and Report Form | FTC Press Release, March 25, 2026
- Current Thresholds | Federal Trade Commission
- FY2024 Hart-Scott-Rodino Annual Report | FTC and DOJ
- HSR Filing Thresholds, Filing Fees and Penalties to Increase for 2026 | Orrick
- FTC Announces Annual Updates to US HSR Thresholds | White & Case
- 16 CFR 1.98 — Adjustment of Civil Monetary Penalty Amounts | eCFR (current)
- M&A Activity Insights: April 2026 | EY
- FTC and DOJ Launch Public Inquiry Into Future of HSR Premerger Reporting | Norton Rose Fulbright
- FTC and DOJ Seek Public Comments on Potential Changes to HSR Premerger Notification Process | Sullivan & Cromwell
- AHA Comments to FTC, DOJ on Improvements to Premerger Notification and Report Form | American Hospital Association, May 26, 2026
Assisted by GAI and LLM Technologies
Additional Reading
- HSR Act Reporting: A ComplexDiscovery Chronology
- FTC Annual Competition Reports (Hart-Scott-Rodino Act Reports)
Source: ComplexDiscovery OÜ

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