Revenue Growth and Investment Rebound Signal Renewed Momentum in the Middle Market
After a period of slowing growth and heightened caution mid-year, the U.S. middle market closed 2025 with a rebound in year-over-year revenue growth and renewed willingness to invest in the business. Revenue growth accelerated to 11.7%, driven largely by core and upper middle market companies, while investment appetites returned to levels last seen at the close of 2024. At the same time, employment growth and economic confidence remained flat, underscoring a continued focus on productivity and efficiency rather than aggressive workforce expansion. Middle market leaders report increasing reliance on technology to support growth objectives, with artificial intelligence emerging as both the leading destination for investment dollars and a growing operational challenge. While cost pressures and economic uncertainty persist, fewer companies cite tariffs and geopolitical instability as major concerns. Overall, the year-end results reflect a middle market that is selectively re-accelerating growth, leaning into technology, and positioning for opportunity amid a still-uncertain economic environment.
Year-End 2025 On-Demand Webinar
Catch up on the latest data insights and trends from the year-end middle market indicator. In this on-demand webinar, Doug Farren, Managing Director of the NCMM, breaks down the key findings from the research. Download the slide deck to explore the charts, data points, and insights shared during the presentation.
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Whether you operate a middle market business, run an organization that serves middle market companies or are otherwise invested in the middle market’s success, the National Center for the Middle Market welcomes and values your contributions. The center offers several ways for organizations to partner with us. Learn more below about the ways you can work with the center and play a vital role in advancing the middle market’s prosperity.
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