{
 "sample": true,
 "what_this_is": "A real run of deal-activity on 2026-11-08, through the same code a paid run uses, on a fixed example input. Shown free so you can see exactly what a paid run returns. It is not an answer to your question, and its figures hold only as of its date.",
 "recipe": "deal-activity",
 "input": {
  "sector": "cybersecurity"
 },
 "ran_at": "2026-11-08T20:26:55.931Z",
 "sound": true,
 "result": {
  "run_id": "da_20261108_307d503b6b",
  "recipe": "deal-activity",
  "ran_at": "2026-11-08T20:26:55.931Z",
  "sector": "cybersecurity",
  "sector_label": "Cybersecurity",
  "phrase": "cybersecurity",
  "industry_codes": [
   "7372",
   "7373"
  ],
  "quarters": 8,
  "window": "2024-Q4 to 2026-Q3",
  "question": "Is M&A activity in Cybersecurity rising or falling, 2024-Q4 to 2026-Q3, and who is doing it?",
  "by_quarter": [
   {
    "quarter": "2024-Q4",
    "all": 1121,
    "sector": 75,
    "share": "6.69%",
    "by_code": null,
    "by_code_note": "code(s) 7373 not in the top 30 returned"
   },
   {
    "quarter": "2025-Q1",
    "all": 1095,
    "sector": 80,
    "share": "7.31%",
    "by_code": 81,
    "by_code_share": "7.40%"
   },
   {
    "quarter": "2025-Q2",
    "all": 1008,
    "sector": 74,
    "share": "7.34%",
    "by_code": null,
    "by_code_note": "code(s) 7373 not in the top 30 returned"
   },
   {
    "quarter": "2025-Q3",
    "all": 1262,
    "sector": 116,
    "share": "9.19%",
    "by_code": 41,
    "by_code_share": "3.25%"
   },
   {
    "quarter": "2025-Q4",
    "all": 1166,
    "sector": 131,
    "share": "11.23%",
    "by_code": 60,
    "by_code_share": "5.15%"
   },
   {
    "quarter": "2026-Q1",
    "all": 1132,
    "sector": 96,
    "share": "8.48%",
    "by_code": 46,
    "by_code_share": "4.06%"
   },
   {
    "quarter": "2026-Q2",
    "all": 1242,
    "sector": 129,
    "share": "10.39%",
    "by_code": null,
    "by_code_note": "code(s) 7373 not in the top 30 returned"
   },
   {
    "quarter": "2026-Q3",
    "all": 1281,
    "sector": 110,
    "share": "8.59%",
    "by_code": null,
    "by_code_note": "code(s) 7373 not in the top 30 returned"
   }
  ],
  "direction_by_phrase": {
   "direction": "rising",
   "basis": "2025-Q4\u20132026-Q3 against 2024-Q4\u20132025-Q3",
   "earlier_share": "7.69%",
   "later_share": "9.67%",
   "change_in_share": "+26%",
   "earlier_count": 345,
   "later_count": 466
  },
  "direction_by_code": {
   "direction": "not measured",
   "why": "at least one quarter could not be measured this way"
  },
  "directions_agree": null,
  "most_active_filers": [
   {
    "company": "Paramount Skydance Corp",
    "ticker": "PSKY",
    "documents": 21,
    "latest": {
     "file_date": "2026-09-30",
     "url": "https://www.sec.gov/Archives/edgar/data/2041610/000110465926112347/tm2626659d1_8k.htm"
    }
   },
   {
    "company": "INTERPUBLIC GROUP OF COMPANIES, INC.",
    "ticker": "IPG",
    "documents": 20,
    "latest": {
     "file_date": "2025-10-30",
     "url": "https://www.sec.gov/Archives/edgar/data/51644/000119312525258827/d939731dex991.htm"
    }
   },
   {
    "company": "Star Equity Holdings, Inc.",
    "ticker": "HSON",
    "documents": 18,
    "latest": {
     "file_date": "2026-09-22",
     "url": "https://www.sec.gov/Archives/edgar/data/1210708/000121070826000084/strr-ataglancexsept2026.htm"
    }
   },
   {
    "company": "HUNTINGTON BANCSHARES INC /MD/",
    "ticker": "HBAN",
    "documents": 13,
    "latest": {
     "file_date": "2026-01-23",
     "url": "https://www.sec.gov/Archives/edgar/data/49196/000114036126002118/ny20061696x1_8k.htm"
    }
   },
   {
    "company": "OMNICOM GROUP INC.",
    "ticker": "OMC",
    "documents": 12,
    "latest": {
     "file_date": "2025-10-30",
     "url": "https://www.sec.gov/Archives/edgar/data/29989/000121390025104221/ea026311901ex99-1_omnicom.htm"
    }
   }
  ],
  "most_active_note": "From the first 100 sector documents of each quarter: a quarter had more, so the ranking is indicative.",
  "headline": "811 8-K merger documents mentioned \"cybersecurity\", 2024-Q4 to 2026-Q3. Direction of their share of all 8-K merger documents: rising (7.69% to 9.67%); the industry-code count could not be compared. Most active: Paramount Skydance Corp, INTERPUBLIC GROUP OF COMPANIES, INC., Star Equity Holdings, Inc..",
  "controls": {
   "null_control": {
    "query": "\"agreement and plan of merger\" \"qzvxkjwplm cultmath null control\"",
    "expected": 0,
    "documents": 0
   },
   "denominator": {
    "passed": true,
    "note": "every quarter above 0 and below 10,000"
   },
   "subset": {
    "passed": true
   },
   "passed": true
  },
  "limits": [
   "It counts documents EDGAR full-text search returns, not deals: an 8-K and its exhibits can each count, and buyer and target can both file. Read it as a share and a direction, not a deal count.",
   "A sector phrase in a merger document is not proof the deal is in that sector: the phrase can describe a customer, a risk or a product line. The most active filers are listed so you can check.",
   "Industry codes (SIC) are coarse and assigned per filer: 7372 covers cybersecurity, games and ERP alike. The code count is a cross-check, not the measure.",
   "Agreements filed under other wording (\"merger agreement\", \"share purchase agreement\", tender offers) are missed, and private deals that are never filed are not counted. No deal values are given.",
   "The current quarter is excluded: the run ends with the last complete quarter."
  ],
  "source": {
   "name": "U.S. Securities and Exchange Commission, EDGAR full-text search",
   "url": "https://efts.sec.gov/LATEST/search-index?q=%22agreement%20and%20plan%20of%20merger%22%20%22cybersecurity%22&forms=8-K",
   "citation": "U.S. Securities and Exchange Commission, EDGAR full-text search, 8-K documents containing \"agreement and plan of merger\" and \"cybersecurity\", 2024-Q4 to 2026-Q3.",
   "license": "U.S. government work; public domain. Filings are the companies\u2019 own statements."
  },
  "cite_as": "CULT+MATH, deal-activity run da_20261108_307d503b6b (2026-11-08): 8-K merger agreements mentioning \"cybersecurity\" as a share of all 8-K merger agreements, 2024-Q4 to 2026-Q3, from SEC EDGAR full-text search. https://cultmath.com/run/deal-activity"
 }
}