Dealmakers hold their nerve on M&A despite tariff turbulence, Deloitte finds

Corporate and private equity leaders are approaching mergers and acquisitions with renewed but measured confidence heading into the second half of 2026, according to a new Deloitte survey that finds deal appetite holding firm even as macro conditions continue to test boardroom resolve.

The firm's midyear M&A Trends Pulse Survey, which gathered responses from 500 senior dealmakers across corporate and PE firms in April, points to broadly positive expectations for deal flow over the coming six months, while also revealing how sharply sentiment has moderated from the more bullish mood of late 2025.

Sixty-seven percent of respondents said they expect the number of deals they complete to grow over the next six months, with 69% anticipating a rise in total deal value. Those headline figures suggest continued momentum. But dig beneath them and the picture is more nuanced.

Deal volume expectations showed a 19-point decline in the "increase somewhat" category compared with the fall 2025 survey, dropping from 67% to 48%. More dealmakers indicated they now expect their M&A activity to remain flat rather than accelerate.

Adam Reilly, national managing partner for merger and acquisition services at Deloitte, described the mood as disciplined rather than cautious to the point of paralysis.

"Our new M&A Pulse Survey indicates cautious optimism is persisting in the market, and while dealmakers are still leaning in, they're doing so with more discipline," he said. "Cross-border activity tells a similar story: interest is strong, but realizing value will depend on managing execution risks — particularly around compliance, supply chain, tax and revenue synergy capture."

Transactions

Cross-border transactions emerge as one of the more closely watched elements of the report.

Sixty-five percent of dealmakers said they expect international activity to increase over the next 12 months, even as enthusiasm is far from uniform. Only 20% of survey respondents described themselves as having significant interest in pursuing cross-border transactions, while 35% were more neutral or pessimistic — anticipating either no change or a decline in their firms' international dealmaking.

For those actively pursuing cross-border opportunities, growth and market expansion remain the dominant rationale, with 75% of respondents citing this goal as a high or medium priority. Financial optimization ranked second at 65%, followed by risk diversification at 60%.

The United Kingdom ranked as the top destination for both corporate and private equity leaders scouting international expansion, cited by 52% of corporate respondents and 43% of PE leaders.

The concentration of value at the top of the deal market that defined the second half of 2025 has persisted into 2026, with the ten largest transactions accounting for 43% of total deal value in the first quarter. That dynamic reinforces the view that scale and execution discipline, rather than volume alone, are what separate successful dealmakers in the current environment.

The survey covered companies with revenues above $250 million and PE firms whose executives have direct involvement in their organization's M&A activity. Respondents spanned technology, media and telecom, consumer, energy, financial services, and life sciences sectors.