Candidates competing in this year’s midterm elections are stockpiling millions of dollars, new campaign fundraising reports show, including a growing number of well-funded challengers competing in primaries against incumbents.
The new reports, filed Saturday with the Federal Election Commission and spanning the last three months of 2025, underscore that this year’s midterm elections could be the most expensive yet.
While Democratic candidates generally continued to flex their fundraising muscles, Republicans also cheered strong fundraising from party committees and outside groups. And lawmakers in both parties are gearing up for primary fights, with several facing challengers who pulled in more money in the final fundraising quarter of 2025.
Here are five takeaways from the latest filings:
Republican Party groups tout a fundraising edge
Campaigns and outside groups combined to spend $4.4 billion on just advertising in House and Senate races alone in the 2024 cycle. As these groups ready for another spending onslaught, the Republicans have the fundraising edge both in their national party committees and super PACs.
Republicans raised $378 million in 2025 through the Republican National Committee, National Republican Congressional Committee and National Republican Senatorial Committee, compared to the $341 million raised by the comparable Democratic groups.
While the GOP House and Senate campaign arms both narrowly outraised the Democratic committees, the bulk of the difference comes from the national party committees. The RNC raised $172 million in 2025 to the Democratic National Committee’s $146 million, with the DNC carrying more than $17 million in debt.
There’s a similar gap among the House and Senate super PACs between the Republicans and Democrats. The Democratic-aliged House Majority PAC raised $69 million in 2025, just shy of its Republican rival, the Congressional Leadership Fund, which raised $72 million. But there was a significant fundraising discrepancy among the two Senate super PACS. Republicans’ Senate Leadership Fund raised $103 million compared to $59 million from Democrats’ Senate Majority PAC.
And then there’s President Donald Trump-aligned super PAC, MAGA Inc., which had $304 million banked at the end of 2025.
Senate Democratic candidates on the whole have been stronger fundraisers than Republicans in recent years, which will help cut into that gap. Republicans have to defend their majorities in the House and Senate in 2026 amid President Donald Trump’s sagging poll numbers.
The House incumbents who got outraised
Amid a flurry of energy on the left and the right, about a dozen House members were outraised by primary challengers making arguments for generational or ideological change.
In California’s 4th District, former venture capitalist Eric Jones outraised Democratic Rep. Mike Thompson again, continuing a trend. Jones raised almost $2.6 million last year, compared to Thompson’s $2 million, but Thompson closed the year with a slight edge in cash on hand.
A handful of progressives backed by notable outside groups and Sen. Bernie Sanders also outraised their incumbent opponents in the fourth quarter.
Ahead of their contested March Democratic primary, Durham County Commissioner Nida Allam outraised Rep. Valerie Foushee, $330,000 to $140,000. State Rep. Justin Pearson outraised Tennessee Democratic Rep. Steve Cohen, $730,000 to $85,000.
And state Rep. Donavan McKinney outraised Michigan Rep. Shri Thanedar in a unique case, as Thanedar’s campaign reported losing $1.9 million last quarter in what the campaign called investment losses related to its campaign investments in a cryptocurrency exchange-traded fund.
Former Hartford Mayor Luke Bronin also outraised Democratic Rep. John Larson in Connecticut last quarter, while Georgia Democrats Jasmine Clark, Everton Blair and Emanuel Jones — thanks to his own money — all outraised Rep. David Scott. In Florida, Rep. Sheila Cherfilus-McCormick, who is facing an ethics investigation and a federal indictment, raised less than one of her primary opponents, Dale Holness, the former Broward County mayor who unsuccessfully ran against the congresswoman before.
A handful of Republican incumbents were outraised too, most notably Rep. Thomas Massie, who is facing a Trump-backed primary challenger in Kentucky, military veteran Ed Gallrein. Gallrein almost doubled Massie’s fourth-quarter haul, raising $1.2 million to Massie’s $640,000.
Two more Republican incumbents facing challenges from their right, Rep. Tony Gonzales of Texas and Rep. Carol Miller of West Virginia, raised less than their most prominent opponents. Texan Brandon Herrera, a gun rights activist and social media commentator, more than doubled Gonzales’ $260,000 haul, while former West Virginia state Del. Derrick Evans — who unsuccessfully challenged Miller last cycle and was pardoned in 2025 by Trump for his role in the Jan. 6, 2021, Capitol riot — only outraised the incumbent by a few thousand dollars.
In Tennessee, former state Agriculture Commissioner Charlie Hatcher raised $410,000 for his bid to topple GOP Rep. Andy Ogles, who raised $150,000, in a primary.
Stockpiling cash on the House battlefield
Incumbents and top challengers are gearing up for an expensive battle for control of the House, where Democrats need to net just three seats to win the House majority.
Four Republican incumbents in districts rated as either “Toss-Up” or leaning toward either party by The Cook Political Report with Amy Walter raised at least $1 million: Rep. Tom Barrett of Michigan, Rep. Juan Ciscomani of Arizona, Rep. Mariannette Miller-Meeks of Iowa and Rep. Mike Lawler of New York. Two Democratic incumbents in those districts, Rep. Eugene Vindman of Virginia and Rep. Marcy Kaptur of Ohio, eclipsed $1 million as well.
Eight challengers in competitive districts outraised the incumbents in those “Toss-Up” and “Lean” seats, including seven Democrats and one Republican.
New York Democrat Peter Chatzky outraised Lawler in New York’s 17th District too, but he did so primarily thanks to a $5 million loan. North Carolina Republican Laurie Buckhout relied on a $2 million loan to outraise Democratic Rep. Don Davis. New Jersey’s Brian Varela also self-funded much of his haul through a personal loan in his campaign against GOP Rep. Tom Kean Jr.
Two Republicans finished at the top of their competitive open seats — Michigan Mike Bouchard in the 10th District and Arizona’s John Trobough in the 1st — while Nebraska Democrat John Cavanaugh leads the fundraising pack in the open 2nd District.
Senators gear up for primaries, too
A handful of senators are also facing challengers from their own party this year, and a few were even outraised in the most recent fundraising quarter.
Rep. Seth Moulton, D-Mass., raised more than twice as much as Democratic Sen. Ed Markey, pulling in more than $2.1 million in the final three months of the year to Markey’s $874,000, as the congressman makes his case for a “new generation” of Democratic leaders. Moulton also ended the year with more money in his campaign account, with $3.1 million on hand to Markey’s $2.8 million.
Markey was the only Democratic senator outraised by a primary opponent, but Democratic Sen. John Hickenlooper could be gearing up for a fight in Colorado. State Sen. Julie Gonzales, who launched a primary challenge against Hickenlooper in mid-December, raised $179,000 in the first three weeks of her primary, ending the year with $161,000 on hand. Hickenlooper maintains a significant financial advantage, raising $1.1 million in the fourth quarter of 2025 and ending the year with nearly $3.9 million in his campaign account.
There are also some hotly contested primaries against Senate Republicans, including Sen. Bill Cassidy, who is facing multiple Louisiana primary opponents challenging his pro-Trump credentials. Cassidy is one of three GOP senators still in Congress who voted to convict Trump on impeachment charges after his first term.
Three primary challengers — state Treasurer John Fleming, state Sen. Blake Miguez and St. Tammany Parish Councilmember Kathy Seiden — outraised Cassidy thanks to sizable personal loans to their campaigns. But Cassidy ended the year with $10.1 million left to spend, far more than any other challenger.
It’s not yet clear how much money GOP Rep. Julia Letlow could raise as she runs against Cassidy with Trump’s endorsement, since she launched her campaign after the quarter ended on Dec. 31. Letlow’s House campaign reported $2.4 million in its account as of the end of the year, which could be transferred to her Senate campaign.
Texas GOP Sen. John Cornyn’s campaign was narrowly outraised last quarter by one of his primary opponents, state Attorney General Ken Paxton, with each raising over $1 million, while GOP Rep. Wesley Hunt raised $429,000.
But Cornyn’s campaign had the most to spend, with $5.9 million banked compared to Paxton’s $3.7 million and Hunt’s $779,000. Cornyn’s and Hunt’s campaigns have also both touted fundraising totals from other groups aligned with their campaigns.
Sen. Lindsey Graham, R-S.C., has two primary opponents who are pouring their own money into their campaigns, but Graham still has a financial advantage, after raising $874,000 and ending the year with $13.4 million in his campaign account.
Paul Dans, one of the architects of the GOP policy platform known as Project 2025, raised $328,000 in his race against Graham, including a $217,000 loan, ending the year with $304,000 in his account. Businessman Mark Lynch raised $149,000 but had nearly $4.6 million left to spend thanks to a $5 million loan to his campaign earlier in the year.
Graham was outraised by his top Democratic opponent, pediatrician Annie Andrews, who raised nearly $1.5 million in the last three months of the year.
Democratic Senate candidates continue to rake in millions
Republicans have some built-in advantages as they defend their 53-47 majority in the Senate, since several states with competitive races typically lean toward the GOP. But Democrats are continuing to flex their fundraising muscles ahead of a bid to net the four seats they would need to take the majority.
Democrats in the 10 most competitive Senate races raised $58 million combined in the final fundraising quarter, with a combined $81.9 million left to spend. Republicans in these races raised $21.1 million combined and had $53.7 million combined in their campaign accounts at the end of 2025.
Five Democratic Senate candidates raised more than $5 million in the most recent fundraising quarter, led by Sen. Jon Ossoff of Georgia, who raised $9.9 million. The other top fundraisers include former Ohio Sen. Sherrod Brown, former North Carolina Gov. Roy Cooper, and two candidates in Texas who are competing in the March 3 primary, state Rep. James Talarico and Rep. Jasmine Crockett.
Ossoff also ended 2025 with $25.5 million in his campaign account, the most of any Senate candidate and three times more than the combined total of his three GOP opponents.
The top-raising Republican Senate candidate was former RNC Chairman Michael Whatley, who raised $3.8 million as he looks to replace retiring GOP Sen. Thom Tillis in North Carolina.
All but two GOP Senate candidates in competitive races, Rep. Ashley Hinson of Iowa and Sen. Dan Sullivan of Alaska, were outraised by their Democratic opponents. Sullivan’s chief Democratic opponent, former Rep. Mary Peltola, announced her campaign after the fundraising quarter ended.
The GOP contenders who were outraised include Sen. Susan Collins, who has yet to formally launch her campaign in Maine but said last month that she is “still planning to run for re-election.” Collins raised $2.2 million, while Democrat Graham Platner, a military veteran and oyster farmer, raised $4.6 million and Gov. Janet Mills raised $2.7 million.
But Collins still has a much larger war chest than her opponents, who also are competing in a primary. Collins ended 2025 with $8 million in her account.
