Goldman Sachs hits $1.1T in 2026 M&A deals as activity jumps 35%

Goldman Sachs has already surpassed $1 trillion in advised M&A transactions this year, with total deal volume hitting $1.1 trillion through the first half of 2026. The tally marks a 71% increase from the same period in 2025, according to league table data published Tuesday.

Global M&A activity has jumped 35% year-over-year overall. Goldman's share of that market reflects its dominant position in cross-border transactions and large-cap advisory work. The bank advised on some of the year's biggest deals including the $67 billion combination of two European industrial conglomerates and the $43 billion take-private of a U.S. healthcare firm.

The surge comes as corporate balance sheets remain flush with cash and private equity firms push to deploy record dry powder. The average deal size across Goldman's mandate book has risen to $2.8 billion, up from $2.1 billion in the 2025 period.

Goldman Sachs Group Inc. shares have gained 18% year-to-date as the advisory pipeline filled faster than most analysts expected. The firm's Alpha Score sits at 55 out of 100, a mixed assessment that balances strong revenue momentum against ongoing cost pressures from compensation and technology spending.

M&A bankers at rival firms have reported a more mixed experience. Dealogic data shows that while top-tier bulge bracket banks have captured 72% of the fee pool this year, second-tier advisory shops have seen only a 14% gain in aggregate – suggesting the boom is concentrated at the very top of the market.

Regulatory approval timelines have lengthened in several jurisdictions, particularly in Brussels and Washington. Goldman's senior M&A bankers said the firm has built dedicated regulatory strategy teams to handle the extended review cycles, which has helped maintain win rates on contested transactions.

The pipeline for the second half includes several large mandated sells that have not yet been announced, people familiar with the bank's deal book said. The first half included 17 deals valued at more than $10 billion each, compared with 11 such transactions in the 2025 period. For the full story including league table rankings, analysts said Goldman is on track to finish 2026 with its highest M&A market share since 2021.