Democrats are off to an early fundraising advantage in major Senate battlegrounds, with progressive members in safe seats also pulling in substantial sums. Meanwhile, several Republican incumbents are ramping up for possibly tough primary fights.

The 2026 midterm elections are already in full swing as fundraising reports filed Tuesday with the Federal Election Commission offer an early snapshot of the political landscape just a few months into President Donald Trump’s second term.

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The campaign finance reports from the first three months of the year come as Democrats are facing a challenging map with open Senate seats in Michigan, Minnesota, and New Hampshire while defending Sen. Jon Ossoff in Georgia. The GOP is hoping to hang on to key Senate seats in North Carolina and Maine.

Incumbents build campaign war chests

Ossoff, a first-term Democrat elected in a 2021 runoff election, raised $11 million in the first quarter of 2025, according to federal campaign finance reports. The Georgia Democrat is facing a tough reelection in the battleground, and his campaign said the haul is the most ever raised by an incumbent in the first quarter of an off-year. Ossoff faces no strong GOP challenger yet, as the field remains stalled while Georgia Gov. Brian Kemp considers entering the race.

Sen. Thom Tillis (R-NC) brought in $2.3 million last quarter, finishing with $4 million in the bank. With a possibly competitive primary ahead, and a tough general election if he advances, he’ll likely need every dollar. Democrats have placed a bullseye on his seat and are expected to pour millions into flipping it.  

Sen. Susan Collins (R-ME) starts the cycle with $842,000 and $3.2 million in the bank, figures that fall short of her early fundraising from the 2020 race, when she brought in $1.5 million and ended Q1 with $3.8 million on hand. Her seat is a high priority for Republicans, especially given that Maine backed Kamala Harris in 2024. Despite the stakes, Democrats have yet to recruit a candidate to take her on.

Competitive Republican primaries on the horizon

Texas is shaping up to host what’s likely to be the costliest Republican primary of the cycle, as Attorney General Ken Paxton mounts a challenge against incumbent Sen. John Cornyn (R-TX). On Tuesday, Cornyn reported a $2.5 million haul for the first quarter, but that topline number includes more than just his campaign funds. About $1.6 million went directly to his campaign, which now has $5.6 million on hand. The rest was split between his leadership PAC, which received $431,000, and a super PAC backing his reelection, which pulled in $254,000. Paxton announced his candidacy earlier this month, so figures for his fundraising are not out quite yet.

In Louisiana, Republican Sen. Bill Cassidy is also gearing up for a primary fight. He reported raising $1.36 million during the first quarter of 2025 with $7.5 million cash on hand, which his campaign said is the most ever by an incumbent Louisiana senator at this point in the campaign.

Cassidy was outraised by more than $1 million by state Treasurer John Fleming, who reported $2.2 million cash on hand, raising $263,194 in the first quarter and loaning his campaign $2 million.

Sen. Lindsey Graham (R-SC) fell far behind in fundraising this quarter, bringing in just over $1 million. In contrast, his Democratic challenger, businessman Mark Lynch, jumpstarted his campaign with a hefty $5 million personal investment. Despite the early gap, Graham enters the race with a sizable advantage: nearly $16 million already in the bank, while Lynch still faces a steep climb to catch up.

In the race to replace retiring Sen. Mitch McConnell (R-KY), Daniel Cameron, Kentucky’s former attorney general and the only declared candidate in the race so far, raised a modest $508,000. Rep. Andy Barr (R-KY) posted a strong fundraising performance, pulling in $1.8 million and closing the quarter with $5.3 million in cash.

After losing to Sen. Elissa Slotkin (D-MI) in the November Senate race, former Republican Rep. Mike Rogers entered the Michigan Senate race this week. He may also face a primary challenge from Rep. Bill Huizinga (R-MI), who raised $857,000 in his latest filing.

Democrats gain an early advantage for open seats

Democrats are facing a setback as senators retire in Michigan, Minnesota, and New Hampshire, forcing the party to spend precious financial resources in key battlegrounds. However, early support from members of the House could help to bridge this funding gap.

In Michigan, Democratic Rep. Haley Stevens, who is considering a Senate bid, raised nearly $1.2 million by the end of March and currently holds over $1.6 million in her campaign account. 

In New Hampshire, where Sen. Jeanne Shaheen (D-NH) is retiring, a primary showdown is simmering. Democratic Reps. Chris Pappas and Maggie Goodlander are attracting significant contributions. Pappas has already raised $655,500 after declaring his candidacy in the race. Goodlander, who is still weighing her own Senate run, brought in $532,600. On the Republican side, former Gov. Chris Sununu has decided not to run, while former Sen. Scott Brown (R-MA) has suggested he could enter the race.

In Minnesota, Democratic Rep. Angie Craig, who has yet to announce a Senate bid but is strongly considering it, raised $1.2 million, leaving her with $1 million in available funds. Meanwhile, Lt. Gov. Peggy Flanagan, who entered the race in mid-February, has already raised close to $452,000.

Sen. Dick Durbin (D-IL), 80, brought in only $43,000 during the first quarter of the year, fueling speculation that he may soon announce his retirement. Possible successors include three members of the House delegation, as well as Democratic Illinois Lt. Gov. Juliana Stratton.

VULNERABLE REPUBLICANS POST STRONG FUNDRAISING QUARTER IN FIGHT TO KEEP HOUSE

Progressive Democrats pick up traction

As Democrats face challenges countering President Donald Trump’s agenda in Washington, progressive members are capitalizing on their base’s frustration with both the president and the party, raking in substantial donations.

Sen. Bernie Sanders (I-VT), who is not up for reelection until 2031, raised $11.4 million in the first quarter and has over $19 million in available funds. This haul showcases the 83-year-old’s continued fundraising strength as he teams up with Rep. Alexandria Ocasio-Cortez (D-NY), holding town halls across the country. Ocasio-Cortez raised $9.6 million in the first three months of the year.