Wednesday was the last FEC filing day of 2025, offering a trove of fundraising data that helps bring the midterms into focus.
We’ll be dissecting these latest reports in the coming days. But today we’ll start with two main takeaways for you.
First, Senate Democrats are absolutely dominating the dash-for-cash in most key swing states. The good news for the GOP is that they often have the edge in super PAC spending. And Republican candidates are increasingly relying on joint fundraising committees to air TV ads. Neither are reflected in these totals.
Second, the Q3 reports, which cover from July 1 to Sept. 30, put an exclamation point on the generational battles happening inside the Democratic Party.
Senate battlegrounds. Democratic incumbents and candidates massively outraised Republicans in three of the top four 2026 Senate races. Let’s look at the numbers.
In Georgia, Democratic Sen. Jon Ossoff raised $12 million in Q3 and has $21 million banked. Ossoff’s three GOP opponents, Reps. Buddy Carter (R-Ga.) and Mike Collins (R-Ga.), and former football coach Derek Dooley, each raised less than $2 million. These GOP hopefuls will also have to spend some of that fighting each other to win the nomination while Ossoff is free to continue stockpiling.
In Maine, Sen. Susan Collins raised $1.9 million in Q3. Maine Gov. Janet Mills said she raised more than half of that total during her first 24 hours in the race. And oysterman Graham Platner raised $3.2 million. But Collins — seeking a sixth Senate term — already has $6.7 million on hand, while Platner and Mills will have to spend against each other.
In North Carolina, former Democratic Gov. Roy Cooper raised $10.9 million. Former RNC Chair Michael Whatley raised just $1.4 million. A joint fundraising committee for Whatley, which can run TV ads on his behalf, did raise $4.5 million.
Michigan is the rare bright spot for the GOP. Former Rep. Mike Rogers (R-Mich.) reported raising $2.2 million. Rep. Haley Stevens (D-Mich.), state Sen. Mallory McMorrow and former public health official Abdul El-Sayed raised between $1.7 million and $1.9 million each.
Texas isn’t a top battleground quite yet. But it’s worth noting that incumbent GOP Sen. John Cornyn was outraised by Texas Attorney General Ken Paxton, $1.3 million to $910,000. Cornyn does have twice as much cash-on-hand with $6 million in the bank. Rep. Wesley Hunt (R-Texas), who just entered the race, raised $366,000 in Q3.
Democrats in the Texas race outraised them all, however. Former Rep. Colin Allred (D-Texas) raised $4.9 million. State Rep. James Talarico raised $6.3 million.
Generational uprising. Older House Democrats have been bombarded by an onslaught of younger primary challengers calling for a new generation of party leaders.
In a sure sign this uprising has momentum, several longtime Democratic incumbents were outraised last quarter. Let’s take a look:
– Rep. John Larson (D-Conn.) raised $809,000 in Q3. Former Hartford Mayor Luke Bronin raised $1.2 million. Bronin also has more cash-on-hand than the 14-term Larson.
– Rep. Mike Thompson (D-Calif.) raised $612,000 in Q3. Former venture capitalist Eric Jones raised $1.5 million, including a $150,000 candidate contribution. Thompson was first elected to the House in 1998.
– Longtime Memphis Rep. Steve Cohen (D-Tenn.) raised just $41,000 in Q3. Cohen’s opponent, state Rep. Justin J. Pearson, didn’t enter the race until Q4. But Pearson said in a press release that he raised $200,000 in the first 36 hours. The 76-year-old Cohen has been in office since 2007.
– Rep. Brad Sherman (D-Calif.) raised $323,000. His challenger, former Biden official Jake Levine, raised $694,000. But Sherman, who first won election to the House in 1996, has $4.3 million in the bank versus just $552,000 for Levine.
– Del. Eleanor Holmes Norton (D-D.C.), 88, is facing a growing crowd of Democratic challengers. Norton raised just $3,227 in Q3, and she has less than $6,500 cash on hand. Norton has also loaned her reelection committee $90,000. One Norton opponent, Kinney Zalesne, raised $436,000 and has $357,000 in the bank.
