5 takeaways from first-quarter fundraising reports

WASHINGTON — New federal fundraising disclosures show vulnerable senators on both sides of the aisle amassing large war chests in advance of the 2026 elections, with Georgia Democrat Jon Ossoff leading the pack.

And on the House side, Republicans running in battleground districts, on average, outraised their Democratic counterparts in similarly competitive districts during the first three months of the year, an analysis of the Federal Election Commission filings show.

“Republicans in competitive [seats] are crushing out-of-touch Democrats in fundraising,” the National Republican Congressional Committee touted on social media.

Some of the largest individual fundraising tallies by Democrats or aligned lawmakers were notched by House members from safely blue districts or senators who won’t be on the ballot in 2026, with anger at the Trump administration appearing to fuel Democratic giving to some of the party’s loudest critics of the president.

Here are five takeaways from the fundraising reports filed by candidates in key races for the three-month period ended March 31.

Vulnerable senators build their war chests

Ossoff, the most vulnerable Senate Democratic incumbent in 2026, raised $11 million in the first quarter. He began April with an $11 million war chest as he seeks reelection in a state that Donald Trump won by 2 points last fall.

Republicans are trying to recruit term-limited Georgia Gov. Brian Kemp to challenge Ossoff, though a slew of House lawmakers have expressed interest in the race should Kemp take a pass.

Further north, North Carolina Republican Thom Tillis is also preparing for a competitive race. The two-term senator raised $2.3 million over the first three months of the year and ended March with $4 million on hand.

Tillis has already drawn a high-profile Democratic opponent in former Rep. Wiley Nickel, who launched his campaign last week and had already been raising money for a Senate race. While he raised just $21,000 in the first quarter, he began April with $522,000 on hand. Democrats are also awaiting a decision by former Gov. Roy Cooper, who has not ruled out a challenge to Tillis.

And in Maine, Susan Collins, the only Republican senator running for reelection next year in a state Kamala Harris carried, reported a first-quarter haul of $842,000 and ended March with $3.2 million in the bank. Collins, who is seeking a sixth term next year, has yet to draw a prominent Democratic challenger.

Inside Elections with Nathan L. Gonzales rates the Senate races in Georgia, North Carolina and Maine as Battleground states.

Two Republican senators in deep-red states have drawn high-profile primary challengers. Texas Sen. John Cornyn raised $1.6 million in the first quarter in his bid for a fifth term, closing March with $5.6 million on hand. His top challenger, state Attorney General Ken Paxton, didn’t launch his campaign until this month and won’t file his first fundraising reports with the Federal Election Commission until July. Rep. Wesley Hunt, who is reportedly considering a Senate run too, raised $510,000 during the first quarter and had $2.8 million banked at its close.

In Louisiana, GOP Sen. Bill Cassidy, who has drawn the ire of Trump allies over his vote to convict the president at his 2021 impeachment trial, raised $1 million in the first quarter and had $7.5 million on hand at the end of March. His main primary challenger, state Treasurer and former Rep. John Fleming, took in $263,000 and loaned his campaign $2 million, ending the quarter with $2.2 million on hand.

Big sums for vulnerable House Republicans

House Republicans in races that Inside Elections rates as competitive, on average, outraised Democratic incumbents in similarly competitive contests, according to a CQ Roll Call analysis.

Republicans in races rated as Toss-up or Tilt Republican raised, on average, $977,000 in the first quarter and had an average of $906,000 on hand. House Democrats in similarly rated races took in an average of $503,000 and averaged a bank balance of $489,000 on March 31.

The same Republican advantage also extended to Battleground races currently considered less competitive. GOP lawmakers in races Inside Elections rates as Lean Republican or Likely Republican raised an average of $794,000 during the first quarter and finished March averaging $1.9 million on hand. Democrats in races rated as Lean Democratic or Likely Democratic raised an average $547,000 last quarter and had $753,000 on hand.

Those averages don’t include Democratic Rep. Chris Pappas, who is running for Senate in New Hampshire, or GOP Rep. John James, who is running for governor in Michigan.

Also excluded are a trio of potentially vulnerable Ohio lawmakers — Democrats Marcy Kaptur, Emilia Sykes and Greg Landsman — whose races have not been rated by Inside Elections as the state awaits a new congressional map for the 2026 election.

Nine House Republicans in Battleground races raised more than $1 million in the first quarter: Reps. Ken Calvert and Young Kim of California, Juan Ciscomani and Eli Crane of Arizona, Brian Fitzpatrick of Pennsylvania, Jen Kiggans of Virginia, Mike Lawler of New York, Mariannette Miller-Meeks of Iowa and Derrick Van Orden of Wisconsin.

Among House Democrats in Battleground races, just three raised more than $1 million in the first quarter of 2025. Virginia Rep. Eugene Vindman brought in $2.1 million, while Reps. Pat Ryan of New York and Angie Craig of Minnesota each raised $1.2 million.

One Democratic challenger outraised a House Republican incumbent during the first quarter. Colorado state Rep. Manny Rutinel, who is challenging GOP freshman Gabe Evans in the 8th District, reported raising $1.2 million to the incumbent’s $811,000. Evans flipped the seat last fall by unseating Democrat Yadira Caraveo, who announced Tuesday that she was seeking a rematch. Inside Elections rates the race a Toss-up.

In New York, Rep. Elise Stefanik spent most of the quarter as Trump’s designee to be U.S. ambassador to the United Nations until the president pulled her nomination late last month. She raised just $138,000 last quarter, although she ended March with $8.5 million in the bank. Democrat Blake Gendebien, who was running to succeed her in the not-to-be special election, raised $3.1 million and spent $1.3 million in the first three months of the year. He had $2 million on hand at the end of March as he now looks ahead to next year’s elections.

Senate campaigns-in-waiting take shape

Several House members are running or have been open about weighing bids for Senate this cycle.

Pappas didn’t announce his Senate campaign until earlier this month, after the second quarter had already begun. But the four-term Democrat raised $656,000 over the first three months of the year and ended March with a House account balance of $857,000, which he can transfer to his Senate campaign fund.

Fellow New Hampshire Democratic Rep. Maggie Goodlander, who is also considering a Senate run, raised $533,000 during the first quarter and closed March with $446,000 on hand.

In Michigan, Democratic Rep. Haley Stevens, who is considering a campaign to succeed retiring Sen. Gary Peters, raised $1.2 million in the first quarter and had $1.7 million in the bank as of March 31. Rep. Bill Huizenga, a Republican weighing his own Senate bid, raised $857,000 and had $866,000 on hand.

Minnesota’s Craig is also considering a Senate bid after fellow Democrat Tina Smith announced her plans to retire. She ended the quarter with $1.1 million on hand after a quarterly haul of $1.2 million.

The Michigan, Minnesota and New Hampshire races are all rated as Battlegrounds by Inside Elections.

In Republican-leaning Kentucky, GOP Rep. Andy Barr is weighing a bid to succeed retiring former Senate Majority Leader Mitch McConnell. He reported raising $1.9 million in the first quarter and had $5.4 million on hand as of March 31.

All eyes on Illinois

Illinois Sen. Richard J. Durbin, the No. 2 Democrat in the chamber, has been the subject of retirement rumors, and his reported $43,000 quarterly fundraising haul will likely continue to stoke speculation that the longtime lawmaker won’t seek a sixth term next year.

Waiting in the wings are a trio of House Democrats from the Chicago area who could seek to succeed Durbin if he retires. They include Rep. Raja Krishnamoorthi, who reported raising $3.1 million in the first quarter and had a staggering $19.4 million banked at the end of March.

Rep. Lauren Underwood raised $393,000 and had $1.1 million on hand, while Rep. Robin Kelly brought in $186,000 during the first quarter and closed with $2 million on hand.

The resistance rises

A pair of progressive lawmakers who have been holding rallies across the country in recent months raised large sums during the first quarter.

New York Rep. Alexandria Ocasio-Cortez, who has joined Vermont independent Sen. Bernie Sanders on his “Fighting Oligarchy” tour, reported raising $9.6 million in the first quarter and had $8.3 million on hand at the end of March. Ocasio-Cortez has been considered a potential candidate for higher office, including the Senate seat held by Minority Leader Charles E. Schumer, who’s not up for reelection until 2028.

Sanders, who was just reelected to a fourth term in November, raised $11.6 million during the first quarter of the year and ended March with $19.1 million in his Senate campaign account. After two unsuccessful presidential campaigns and at age 83, his future political aspirations are unclear.

Connecticut Sen. Christopher S. Murphy, who has emerged as a leading Democrat in pushing back on Trump administration policies, hauled in $8 million in the first quarter. Murphy, whose seat isn’t up until 2030, had $9.6 million banked at the end of March.

Two other House progressives with growing profiles also had big fundraising quarters. California Rep. Ro Khanna raised $3.7 million and ended the quarter with $13.4 million, while Texas Rep. Jasmine Crockett, who represents a safe, Dallas-area seat, raised $1.7 million and had $2.6 million on hand at the end of the quarter.