Deloitte has released findings from its 2026 M&A Trends Survey, highlighting rising confidence among corporate and private equity leaders despite ongoing market uncertainty. The survey, which gathered views from 1,500 U.S.-based corporate and PE executives, shows that 90% of private equity respondents and 80% of corporate respondents expect an increase in the number of deals their organizations will pursue in 2026. Expectations around deal value also remain positive, with a strong majority anticipating higher aggregate transaction values over this year. However, optimism is more measured than last year, reflecting a cautious approach as firms factor in volatility when planning deals.
The survey also points to key structural shifts shaping the M&A environment. Uncertain market conditions are now the top challenge to deal success, cited by 29% of respondents, while high capital costs continue to drive reliance on private credit and non-bank lenders. At the same time, the use of cash as a financing tool has increased notably. According to Adam Reilly, National Managing Partner for Mergers, Acquisitions, and Restructuring Services at Deloitte, dealmakers are becoming more effective at executing disciplined strategies in a mixed economic environment. He added, “We’re seeing signs of a potential ‘two market’ dynamic — where value realization opportunities in small and medium-sized deals,” a trend CFOs should closely monitor as capital allocation decisions evolve.
