Global antitrust fines surge to USD7.7 billion as regulators embrace “soft” enforcement tools alongside record penalties

Global antitrust fines reached USD7.7bn in 2025—the highest figure since 2021—yet the total number of infringement decisions fell to 279, down from 341 the previous year, according to A&O Shearman's Global antitrust enforcement report 2026.

The firm’s analysis of data from over 30 jurisdictions shows a shift in regulatory strategy as authorities worldwide deploy resources more selectively amidst a preference for greater efficiency and procedural streamlining. Regulators were found to increasingly deploy “soft” enforcement tools, such as settlements, commitments, and informal guidance to achieve faster compliance, while “hard” fines were reserved for cases where signaling deterrence was paramount.

Europe leads global fines

Europe dominated enforcement, accounting for 91% of global fines and the two largest penalties in 2025.

However, in a reflection of regulators’ changing approach, the continent saw just 29% of decisions.

Globally, investigation timelines also tightened significantly, with the average length dropping to 948 days from 1,045 in 2024, indicating efforts to improve efficiency.

Sectors under pressure: food, energy, transport, and pharmaceuticals

The report found that cost-of-living pressures are shaping enforcement priorities, with food, energy, housing, pharmaceuticals, and transport all firmly under the regulatory microscope. In fact, the consumer and retail sector accounted for 61 infringement decisions and 97% of all fines for vertical conduct violations.

Immie Carr, antitrust partner at A&O Shearman, commented:

“This year's data reveals a more strategic enforcement landscape. Regulators are not pulling punches, but they are becoming smarter about where they strike. The rise of soft enforcement, from commitment decisions to informal guidance, shows authorities increasingly seeking outcomes that reshape markets quickly over protracted investigations that deliver headlines often years down the track.

For businesses, this creates both opportunity and risk: constructive engagement with regulators could avoid formal findings but ignoring or obstructing compliance may result in severe penalties. With geopolitics now actively shaping case selection and timing, companies operating across borders must treat antitrust risk as a board-level strategic priority.”

A&O Shearman’s Global antitrust enforcement report 2026 is available to view here.