Goldman Sachs Led M&A Deal Value at $687.6 Billion Through Q3 2026

Goldman Sachs led financial advisers by the value of M&A transactions they advised on during the first nine months of 2026, while Houlihan Lokey topped the deal count, separating the period’s largest-dollar adviser from its busiest dealmaker.

Goldman’s advised deals totaled $687.6 billion, up 52.3% from Q1-Q3 2025. The bank rose from second place in the year-earlier value ranking. It advised on 81 transactions valued at $1 billion or more, including 22 worth more than $10 billion.

Houlihan Lokey advised on 250 deals, retaining the top spot by volume from Q1-Q3 2025. The value and volume rankings measure different things: the total value of transactions advised on and the number of transactions, respectively. They do not measure advisory fees.

Morgan Stanley ranked second on both lists, with 212 deals valued at $659.9 billion. JPMorgan placed third by both measures, advising on 165 deals worth $492.5 billion.

Bank of America ranked fourth by deal value at $315.1 billion, followed by Evercore at $278.7 billion. By deal count, Goldman ranked fourth with 154 transactions, and Evercore followed with 133. The rankings cover Q1-Q3 2026.