Goldman Sachs Predicts Second-Best Year Ever for M&A

Goldman Sachs expects this year to rank as the second-biggest in history for announced mergers and acquisitions (M&A) across all industries. According to finance chief Denis Coleman, this high level of activity provides an encouraging outlook for 2026.

Coleman’s comments, made at an investor conference hosted by Goldman, echo optimism found across Wall Street, including at rival firms like Morgan Stanley, that the M&A landscape is improving. Dealmaking has picked up pace in the U.S., driven by a resilient economy, lower financing costs, and renewed confidence among corporations.

Deals Resurgence and Underwriting Outlook

“Our outlook and visibility on M&A is … very encouraging for aggregate overall levels of activity heading into 2026,” Coleman stated.

A wave of large Initial Public Offerings (IPOs) this year has also bolstered investor confidence. Companies are seizing improving market conditions to go public and attract capital. Coleman projects that the overall outlook and expectation for the equity underwriting calendar “remains very positive” and anticipates continued strong activity in 2026.

• Financial Sponsor Deals: The volume of deals led by financial sponsors (private equity firms, etc.) has surged, with Coleman citing a roughly 40% jump industrywide.
• Megadeal Record: A total of 63 deals worth $10 billion or more have been announced so far this year. This exceeds the previous annual high set in 2015, establishing a new all-time megadeal record.

Goldman, which consistently ranks as the top M&A adviser, has benefited from its involvement in major transactions this year. The firm previously exceeded third-quarter profit expectations due to higher advisory fees and rallying markets.

Goldman’s Appetite for Acquisitions

Coleman stated that Goldman’s bar for “transformative acquisitions” remains very high. He added that the opportunity to deploy sizable capital into acquisition financing is “a very attractive activity for Goldman Sachs,” especially given the conducive market environment.

In recent months, the Wall Street bank has been active:

• It announced plans to buy the active exchange-traded fund sponsor Innovator Capital Management in a deal valued at about $2 billion.
• In October, it also reached an agreement to acquire Industry Ventures, a venture capital firm managing $7 billion of assets.

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