Key Points:

• Three candidates for governor in 2026 have raked in over a million in campaign donations in 2025

• Gov. Katie Hobbs continues to outraise her GOP opponents

• U.S. Rep. David Schweiker does not have any donations to report yet

Next year’s gubernatorial race is shaping up to be a costly affair as candidates on both sides of the aisle continue to raise millions of dollars in the lead up to the 2026 elections. 

Gov. Katie Hobbs announced on Oct. 15 that her campaign is already breaking fundraising records, bringing in a total of $12 million since she was elected in 2022. Hobbs raised more than $4 million in 2025 alone, the biggest haul of any Arizona gubernatorial candidate in a nonelection year.

“Arizonans are rallying behind Katie Hobbs because they know she’s focused on delivering results – lowering costs, securing the border, and solving problems,” said Nicole DeMont, Hobbs’ campaign manager, in a statement. “While her opponents are locked in a contest for desperate approval from Washington, Katie Hobbs is bringing Republicans, Democrats, and Independents together to move Arizona forward.”

In the most recent campaign finance filing period, which covers July through September, Hobbs raised nearly $1.5 million. That brings her warchest up to $5.4 million in cash on hand. 

Hobbs’ political action committee, Copper State Values, has also raised over $2.7 million to support the governor’s reelection campaign. 

On the Republican side, U.S. Rep. Andy Biggs is slowly but steadily seeing an increase in fundraising over the course of 2025, bringing in over $560,000 in the third quarter. That leaves him with around $630,000 in cash on hand and around $1.2 million raised this cycle. 

Biggs’ campaign noted that it received contributions from 4,000 new donors in quarter three alone, which could be attributed to the outpouring of support from conservatives after the shooting death of Turning Point USA’s Charlie Kirk on Sept. 10. Kirk endorsed Biggs’ campaign for governor in May and campaign finance reports show an uptick in donations following Kirk’s death.

“As I continue to travel across Arizona and share my vision of freedom for our state, more and more voters are coming on board to show their support,” Biggs said in a statement. “It’s clear we deserve better than the weak leadership and petty vetoes Katie Hobbs has built her office around, but it will take someone with the relationships and experience at the State Capitol and beyond to lead our state from Day One.”

Turning Point’s political action committee has also been providing support to Biggs’ campaign, spending nearly $500,000 on media for Biggs in 2025 so far. 

Businesswoman and former lobbyist Karrin Taylor Robson, known for self-funding her campaigns, has around $970,000 in cash on hand at the end of quarter three and has brought in a total of $4 million in 2025. However, only $1.9 million of her funds have come from donors, while the rest comes from loans Robson has made to her campaign. 

Robson is also a big spender, having already dropped $3 million in 2025 alone. $2 million of that was spent on media buys promoting her own endorsement from President Trump, which she shares with Biggs. 

“I am grateful for every Arizonan who has invested in our mission to Make Arizona Strong Again,” Robson said in a statement. “With President Trump’s endorsement and the backing of thousands of conservatives, we will build an unstoppable ground game, win the primary, defeat Katie Hobbs, and get our state back on track.”

Building a Better Arizona, the PAC supporting Robson, also spent around $72,000 in independent expenditures on behalf of her campaign in the third quarter, according to campaign finance reports. Most of that money went toward consulting costs and voter outreach efforts. 

U.S. Rep. David Schweikert, the newest entrant in the race, does not have any donations to report given his late start to the campaign. But, Schweikert does have around $1.1 million in cash on hand from his congressional campaign that could be rolled over to his gubernatorial committee. 

As the candidates gear up to hit the ground running in early 2026, Hobbs continues to lead the pack in cash on hand. While her Republican opponents will use the money they have to battle it out in the Aug. 4 primary, the governor will be able to rest on her warchest for most of 2026.