Activist investors set record number of campaigns in 2025, Barclays data shows

• Elliott Investment Management led all activists with 18 campaigns and nearly $20 billion in capital deployed, winning 17 board seats including two at Phillips 66
• U.S. campaigns jumped 23% year-over-year to 141 total, while Japan saw a record 56 campaigns, representing half of all non-U.S. activity
• A record 32 CEOs resigned within one year of activist campaigns in 2025, up from 27 in 2024, reflecting activists' declining patience with underperforming executives

Summary: Activist Investors Hit Record Campaign Numbers in 2025

Activist investors launched a record 255 campaigns globally in 2025, marking a nearly 5% increase from 2024 and surpassing the previous 2018 record of 249 campaigns, according to Barclays data. Market volatility, favorable financing conditions, and increased M&A activity created optimal conditions for activist engagement.

Key Players and Targets:

Elliott Investment Management dominated the landscape, launching 18 campaigns and deploying nearly $20 billion in capital. The firm won 17 board seats throughout the year, including two at Phillips 66. High-profile targets included Lululemon Athletica, Lyft, PepsiCo, Yeti, and Barrick Mining.

Geographic Distribution:

The United States remained the primary focus with 141 campaigns (over half of global activity), representing a 23% year-over-year increase. Japan saw record activity with 56 campaigns, accounting for half of all non-U.S. global campaigns.

CEO Turnover:

A record 32 CEOs resigned within one year of activist campaigns in 2025, up from 27 in 2024 and 24 in 2023, reflecting activists' diminishing patience with underperforming executives.

Market Context:

According to Barclays' Jim Rossman, the year began with "maximum uncertainty" but saw M&A markets and private equity interest rebound in the second half, creating a sense that "everything is possible." Activist investors have gained broader acceptance among corporate management as their returns improved and approaches became more collaborative, though pressure on leadership remains intense.

The data underscores activists' growing influence in corporate governance and their willingness to pursue operational improvements, board changes, and strategic alternatives including potential sales.