Though dealmaking has endured numerous shocks over the past five years, there’s reason to believe the latest—tariffs—may play out differently. Today’s battle-hardened executives are learning how to live with turbulence and becoming more strategic in using disruption to their benefit. In our M&A Midyear Report, we share key insights and market data that shed light on this evolving landscape. This edition explores how dealmakers are building future-proof portfolios through scale, capability expansion, and strategic divestitures.