CFIUS Annual Report for 2025: Key takeaways

August 11, 2026

On August 7, the Committee on Foreign Investment in the United States (CFIUS) released its Annual Report to Congress covering calendar year 2025 (Annual Report). The report, which captures the first year of the second Trump administration, shows that CFIUS remained active across transaction reviews and monitoring and enforcement activities, with many trends largely consistent with those reported in 2024.

This consistency is notable given the prolonged US government shutdown in late 2025, the longest in US history, which significantly disrupted CFIUS operations for about six weeks. Several data points likely reflect the effects of the shutdown, including a decline in non-notified inquiries, an increase in withdrawals and refilings, and a rise in the number of case extensions. Beyond the formal statistics, the shutdown also delayed the CFIUS process for numerous transactions.

Total CFIUS filings increased in 2025 after decreases in the previous two years, driven by a spike in declarations. However, a higher percentage of declarations resulted in requests for a full notice than in recent years. Encouragingly for transaction parties, the lower rate of mitigation required to clear transactions in 2024 continued in 2025. At the same time, the number of transactions effectively blocked by CFIUS increased, potentially reflecting a rise in more sensitive filings. Consistent with US policy to remain the world’s premier destination for foreign capital, CFIUS continued to clear most transactions without mitigation.

Download the breifing below to explore our key takeaways from the Annual Report.

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