Democrats are off to an early fundraising lead in key Senate battlegrounds. Progressives in uncompetitive seats raised big money. And some GOP incumbents are gearing up for tough primary challenges.
Facing a brutal Senate map, Democrats have an extremely difficult path back to the majority. They have to defend Sen. Jon Ossoff (D-Ga.) and three open seats in Michigan, Minnesota and New Hampshire. Republicans are looking to hold onto North Carolina and Maine.
Voters won’t head to the polls for more than 560 days, but the 2026 midterms are well underway, and fundraising reports filed Tuesday with the Federal Election Commission help provide a clearer picture of where things stand a few months into President Donald Trump’s second term.
Here are five takeaways from the campaign finance reports from the first three months of the year.
Democrats have a head start in open seats
Democrats are off to an early fundraising lead in possibly competitive states with open Senate seats in 2026. Democratic senators are retiring in Michigan, Minnesota and New Hampshire, depriving their party of their large bank accounts in states that are key to their hopes of winning back the majority. But early interest from House members has helped Democrats start to make up that gap.
Rep. Haley Stevens, the Michigan Democrat who is taking steps toward a Senate run, leads that charge, raising just under $1.2 million through the end of March. She has over $1.6 million in the bank.
In Minnesota, Democratic Rep. Angie Craig, who is seriously considering running for Senate but has made no announcement, also raised $1.2 million. She ended with $1 million in cash on hand. Lt. Gov. Peggy Flanagan is already in the race and raised nearly $452,000 after launching her campaign in mid-February.
In New Hampshire, Democratic Reps. Chris Pappas and Maggie Goodlander are both raising money at a clip that could put them on a primary collision course, with only about a $100,000 difference in their fundraising totals. Pappas, who has already launched his Senate bid, raised $665,500. Goodlander raised $532,600. She is still deciding whether to run for Senate — and it’s not likely that Pappas’ numbers will scare her off.
Republicans have been slower to land recruits, though former Rep. Mike Rogers launched a bid this week in Michigan after losing the Senate race in November to now-Sen. Elissa Slotkin. He could face a primary challenge from Rep. Bill Huizinga, who posted $857,000 in his report. In New Hampshire, former Republican Gov. Chris Sununu has passed on a run, while former Sen. Scott Brown (R-Mass.) has hinted he might get in.
Progressives show signs of momentum
While Democrats struggle to combat Trump’s agenda in Washington, progressives are using their base’s dissatisfaction with the president — and the Democratic Party — to haul in big sums.
Vermont Sen. Bernie Sanders raised $11.4 million in the first quarter and has more than $19 million on hand, a strong showing for the 83-year-old independent, whose term does not end until 2031.
Meanwhile, Sanders’ fellow progressive, Rep. Alexandria Ocasio-Cortez (D-N.Y.), raised $9.6 million in the first three months of the year. That figure comes as Ocasio-Cortez is being encouraged by progressives to take on Senate Minority Leader Chuck Schumer, who raised only $144,700 in the first quarter (although he’s sitting on $9 million in the bank). Schumer is not up for reelection this cycle.
Sanders and Ocasio-Cortez have been criss-crossing the country for their “Fighting Oligarchy” tour, railing against Trump and his billionaire adviser Elon Musk.
Incumbents stockpile cash
With formidable challengers yet to emerge in some battleground states, the first few months of the year provided an opportunity for incumbents to stuff their coffers — and some of them did.
Ossoff ran circles around the other vulnerable Senate incumbents, raising $11.2 million last quarter. He has no formidable GOP opponent in a field that’s frozen while Georgia Gov. Brian Kemp weighs a bid.
In Maine, Republican Sen. Susan Collins raised just $842,000 and has $3.2 million in the bank. That’s not a particularly impressive sum for a senator whose reelection — in a state Kamala Harris won in 2024 — is considered key for the GOP. And it trails her fundraising in the first quarter of 2019, at the start of her last campaign. She raised $1.5 million then, but she also ended the quarter with $3.8 million banked. Democrats have no one yet to run against her.
Sen. Thom Tillis (R-N.C.) raised $2.3 million and ended the quarter with $4 million in cash on hand. He will likely need funds to get through both a contested primary and, if he makes it, the general election. He is a top target for Democrats, who are sure to funnel millions into their effort to unseat him
Messy GOP primaries loom
But not every incumbent is in great shape — some Republicans are facing tough challenges from within their own party.
In Louisiana, Sen. Bill Cassidy has had a target on his back ever since his vote to convict Trump in his second impeachment trial. He was outraised in the first quarter by state Treasurer John Fleming by more than $1 million, but Cassidy still has a good chunk on hand, with more than $7 million in the bank.
Sen. Lindsey Graham (R-S.C.) was also outraised by a significant margin. His opponent, business owner Mark Lynch, dropped $5 million of his own money into the race, while Graham raised a bit over $1 million. Still, it’s a long road ahead for Lynch, as Graham is sitting on nearly $16 million in cash-on-hand.
In Kentucky, GOP Rep. Andy Barr raised an impressive $1.8 million and ended the quarter with $5.3 million in the bank. He is considering a run to replace retiring Sen. Mitch McConnell (R-Ky.). Former Lt. Gov. Daniel Cameron, who has already launched a bid, raised only $508,000.
But the most expensive primary will almost certainly take place in Texas, where the state’s attorney general, Ken Paxton, is primarying Sen. John Cornyn. Cornyn said Tuesday morning that he raised $2.5 million in the first quarter, though that figure is slightly misleading. He raised nearly $1.6 million for his campaign account, which has $5.6 million in cash on hand. His joint fundraising committee also raised $431,000 for his leadership PAC and $254,000 for a super PAC supporting his bid.
All eyes on Durbin
Sen. Dick Durbin (D-Ill.), 80, raised a mere $43,000 in the first quarter of the year, a sum that does nothing to quell suspicion that he might announce his retirement imminently. Three members of the House delegation are considered possible candidates to replace him — as is Illinois Lt. Gov. Juliana Stratton.
Rep. Raja Krishnamoorthi (D-Ill.) has been stockpiling cash for years, and this past quarter is no exception. He raised $3 million, bringing his war chest up to $19.4 million. The other potential contenders posted far less impressive numbers. Rep. Lauren Underwood raised $393,000 and has $1.1 million banked, while Rep. Robin Kelly raised $186,000 and has $2 million on hand.
Stratton has begun telling Illinois Democrats that she plans to run — and that Illinois Gov. JB Pritzker will bankroll her bid.