HSR Filings Hit 235 in May 2026, the Highest Monthly Total Since December 2021

Key Takeaways

• May 2026 saw 235 HSR filings, up 58.8% YoY.
• FY2026 on track for ~2,500 filings, surpassing FY2024.
• Restored legacy HSR form may be driving filing surge.
• Second Request demand could rise to 70‑75 cases in H2 2026.
• GDP grew 1.6% Q1 2026 while corporate profits slowed sharply.

Pulse Analysis

The May 2026 filing surge reflects a confluence of regulatory and market dynamics that merit close attention from M&A professionals. After a federal court restored the legacy Hart‑Scott‑Rodino (HSR) form in February, filing thresholds fell and the administrative burden eased, prompting deal teams to accelerate notifications. While the underlying deal flow may be modest, the reduction in paperwork cost appears to have unlocked a backlog of transactions that were previously delayed under the expanded form, pushing monthly filings to their highest level in over four years.

For legal operations and eDiscovery leaders, the numbers translate into concrete capacity challenges. Historically, roughly 3% of HSR filings trigger a Second Request, a resource‑intensive antitrust inquiry. Extrapolating the FY2026 projection of 2,500 filings suggests 70 to 75 Second Requests, a sizable increase over the 59 issued in FY2024. Organizations must therefore reassess staffing, technology investments, and vendor contracts now, before the second half of the year when the docket is expected to swell.

The broader economic backdrop adds nuance to the picture. The Bureau of Economic Analysis reported a 1.6% annualized GDP growth in Q1 2026, accompanied by stagnant personal income and a sharp deceleration in corporate profit gains. Despite this softer macro environment, megadeal activity above $100 million surged 65% in value through April, indicating that large‑scale strategic moves continue despite slower overall growth. Companies that align their merger‑review strategies with these divergent signals—regulatory form shifts, heightened Second Request risk, and uneven economic momentum—will be better positioned to navigate the evolving antitrust landscape.