M&A deal counts in H1 2026 ran slightly below last year’s pace, with full-year activity tracking toward 16,478 transactions compared to the 17,637 deals recorded in 2025. Valuations increased, with the median EV/EBITDA multiple expanding to 13.1x due to deal sizes increasing from a median of $56M in 2025 to $126M in H1 2026. That pricing strength was present across many sectors in the first half of the year, with Chemicals, Distribution, Industrials, Energy, and Materials & Building Products all seeing multiples and deal sizes expand relative to prior years.
Despite volatility stemming from geopolitical uncertainty, including the ongoing U.S.-Iran conflict, the U.S. economy continues to perform above expectations, with moderating inflation and a steady labor market signaling broad-based resilience and easing recessionary fears. With this backdrop, strategic investors have begun to deploy capital more aggressively, creating a promising deal environment for the second half of 2026, especially for premium assets
