The Numbers Are In: Which Gubernatorial Candidate Leads the Field in Fundraising
October 28, 2025
Article written by SBAM’s Advocacy Team
Background
Monday marked the most recent filing deadline for statewide candidates in Michigan, meaning voters have new insight into the candidates vying for their votes next November. Campaign filings are available to the public through reports filed with the Secretary of State. These numbers help tell the story of the campaign trail, from funding lulls and inflection points to windfalls and opportunities to capitalize on momentum. With a little over one year until Michigan selects its next governor, the field of eight major candidates reported varying levels of fundraising success over the last quarter.
Democrat
Jocelyn Benson, the current Secretary of State, has emerged as a clear frontrunner for the Democratic nomination. She led the field for Democratic candidates with $1.2 Million raised this quarter, bringing her to nearly $3 million cash on hand – second amongst all candidates in the race.
Lieutenant Governor Gilchrist raised $358 Thousand this cycle, and has just over $378 thousand cash on hand.
Sheriff Chris Swanson, the sheriff of Genessee county, raised $296 Thousand this cycle. Swanson’s cash advantage edges out Gilchrist, with $385 thousand available.
These fundraising numbers seem to track with recent internal polls released by the Benson campaign, which show Benson holding a commanding 39% lead over her two Democratic challengers
Independent
Despite running as an independent candidate, Detroit Mayor Mike Duggan raised $1.1 Million this period, bringing him up to $2.4 Million cash on hand. That fundraising haul places him with the top earners in this race, and he ranks third in total cash on hand.
Republican
On the Republican side of the ticket, the race is more tightly contested. Former Attorney General Mike Cox leads all candidates in total cash on hand. Cox raised $2.1 Million this quarter with $2 Million of that coming from personal funds loaned to the campaign. Cox has invested $3 million of his own personal funds into his candidacy, amassing over $3.7 million in cash on hand as he hopes to prevail in a toss-up Republican primary.
John James, the current congressman from Michigan’s 10th Congressional District, has increased his cash on hand to $2.3 million – fourth among all candidates. James raised the most donor money this quarter, bringing in nearly $1.4 million.
Senate Minority Leader, Aric Nesbitt raised $424 thousand this cycle, bringing him up to $2.1 million cash on hand.
Meanwhile, former Speaker of the House Tom Leonard raised $290 thousand this period with $709 thousand cash on hand.
Conclusion
The 2026 campaign for Michigan’s next governor is well underway, and SBAM’s Advocacy Team will continue to monitor all candidates running for the state’s top job.
SBAM is hosting a series of events to provide members with the opportunity to interface with these candidates. Visit https://www.sbam.org/gubernatorial-candidate-series/ to learn more.
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