Q3 2025 Finance Industry Trends

Q3 2025 KEY HIGHLIGHTS

The largest deal in Q3 2025 was Corpay’s announced acquisition of Alpha Group International, a leading provider of B2B cross-border FX solutions to corporations and investment funds in the UK and Europe, for $2.2 billion.

Capital Markets was the most active market segment year-to-date with 148 transactions.

Seven of the industry’s top ten highest value deals year-to-date were completed by strategic acquirers.

Q3 2025 KEY TRENDS

Total transaction volume in Q3 2025 decreased by 7 percent over Q2 2025, from 148 to 138.

Total transaction value in Q3 2025 decreased more than 3x over Q2 2025, from $56.8 billion to $16.7 billion. This decline is due to the two largest deals year-to-date, with a combined value of $37.8 billion, occurring in Q2 2025. The Q3 2025 transaction value returns closer to Q1 2025 value of $16.3 billion.

MULTIPLES & VALUE TRENDS

The median revenue multiple from 2024 through the 1st 3 Quarters of 2025 rose 35 percent, from 2.6x to 3.5x.

The EBITDA multiple from 2024 through the 1st 3 Quarters of 2025 increased 18 percent from 14.0x to 16.5x.

TOP TEN DEALS THROUGH Q3 2025

The top ten deals by value have seen two new additions since our half year report: the previously mentioned announced acquisition of Alpha Group International by Corpay, and Centerbridge Capital Partners’ announced acquisition of Meridianlink, a leading provider of modern software platforms for financial institutions and consumer reporting agencies, for $2.09 billion.