Accounting firm M&A had a record 2025, report finds

Accounting firm mergers and acquisitions broke records in 2025, with transaction volume rising 26% year-over-year and continuing to climb in 2026 primarily due to private equity, according to a new report from a middle-market investment banking firm.

There was a record 194 transactions announced or completed in 2025, according to the report, and M&A volume has continued to climb so far this year, rising 14.8% year-over-year to 62 deals.

Robust transaction activity has been supported by participants’ ability to showcase stable cash flows, significant client retention and strong financial projections, the firm said.

Buyers in the space have also increasingly rolled up accounting firms with specialized services and end-market expertise to bolster cross-selling opportunities for tax, audit and advisory offerings. See more key takeaways.