Deloitte Survey: Corporate and PE Leaders Signal Cautious Optimism for M&A Activity in 2026
Dealmakers remain optimistic but have turned more disciplined: expectations for a deal-volume increase fell sharply from fall 2025, and cross-border M&A is seen as a growth lever whose value depends on managing execution risk rather than on appetite.
Summary
Deloitte surveyed 500 senior corporate and PE M&A leaders in April 2026. Sixty-seven percent expect to close more deals and 69% expect higher aggregate deal value over six months, yet "increase somewhat" responses on volume fell from 67% to 48% since fall 2025. Only 20% report significant interest in cross-border deals while 35% are neutral or pessimistic, though 75% rate growth and capability expansion a high or medium priority for such deals, and the UK is the top target market. Deloitte flags compliance, supply chain, tax and synergy capture as the main execution risks, and notes the ten largest Q1 deals made up 43% of value.
Editor's opinion
Dealmaker sentiment has cooled from its fall-2025 peak — a 19-point drop in "increase somewhat" deal-volume expectations — but cross-border M&A remains a structurally favored growth lever, with
Key concepts
M&A Trends Pulse Survey · cross-border M&A · tale of two markets · execution risk · value realization