5 takeaways from 2025’s end-of-year campaign finance reports

President Trump stockpiled millions into his super PAC, while a handful of GOP groups outraised their Democratic counterparts in the last stretch of 2025 as Republicans brace for a midterm cycle shaping up to be much like the anti-Trump 2018 midterms. 

Trump’s super PAC, MAGA Inc., has more than $300 million in the bank to start off 2026, according to recent campaign filings, while the Republican National Committee (RNC) outraised the Democrats, who are working to pay off debt from the 2024 cycle. 

Yet there are some bright spots for Democrats, too: Many of the party’s Senate candidates have outperformed their Republican contenders as the party looks to make inroads in the upper chamber.

Here are five takeaways from the last campaign filing reports of 2025: 

Trump stockpiles millions 

The president’s super PAC is starting off the year with $304 million — an impressive sum of money that demonstrates Republicans will not be without resources as they look to keep their narrow House majority and retain control of the Senate. 

The super PAC’s latest filing, which covers Dec. 23 through Dec. 31, showed the president received $7.5 million from the pro-Trump dark money group Securing American Greatness Inc. and $1 million from businessman and Los Angeles Dodgers part-owner Todd Boehly, among others. 

Other prominent figures who have donated to Trump’s super PAC over the past year include $12.5 million each from OpenAI president and co-founder Greg Bockman and his wife, $11 million from entrepreneur and investor Konstantin Sokolov, and $4 million from defense contractor chief executive Michelle D’Souza.  

A number of prominent businesspeople and donors have given to Trump or his aligned entities, particularly for his construction of the East Wing ballroom, as different industries have looked to curry favor with the president. 

RNC holds large cash-on-hand advantage over DNC  

The RNC outraised the Democratic National Committee in 2025, $172 million compared to $146 million. In December, the RNC edged out its Democratic counterparts at $16 million to roughly $13 million. 

The Republican Party also starts off 2026 with a nearly $100 million cash-on-hand advantage over Democrats: The GOP has $95 million in the bank to start off the year, while Democrats have $14 million cash on hand, in addition to close to $18 million in debt. 

Democrats have steadily been trying to pay off debt that was accrued during former Vice President Kamala Harris’s presidential campaign in 2024. Donors in the aftermath of the 2024 election also curbed their spending to different groups amid frustration over how the presidential cycle played out and as the party looked to reset itself heading into 2026. 

Across the board, however, GOP groups like the House Republican and Senate Republican campaign arms posted larger 2025 hauls than their Democratic counterparts. However, the cash on hand for the House and Senate Democratic campaign arms are nearly equal to or have narrowly surpassed their GOP counterparts.

Democratic Senate candidates largely outraise GOP challengers 

If there’s one financial silver lining for Democrats right now, it’s that the party’s Senate challengers in competitive races have largely outraised their Republican contenders. 

In Georgia, Sen. Jon Ossoff (D-Ga.) — seen as the most vulnerable Senate Democrat up for reelection this cycle — raised close to $10 million between October and December from his campaign. He starts off 2026 with close to $26 million in the bank.  

His GOP opponents trail far behind. Former University of Tennessee football coach Derek Dooley’s campaign raised $1.1 million and has $2.1 million cash on hand. Rep. Buddy Carter’s campaign (R-Ga.) raised $1.7 million, which includes a $1 million loan to himself, and starts off this year with nearly $4.2 million. Rep. Mike Collins’s campaign (R-Ga.) raised about $825,000 and has $2.3 million cash on hand. 

In Ohio, former Sen. Sherrod Brown’s (D-Ohio) campaign raised $7.3 million in the last quarter of 2025 and has nearly $10 million in the bank. Meanwhile, Sen. Jon Husted’s (R-Ohio) campaign raised $1.5 million between October and December and starts off the year with close to $6 million in the bank. 

Musk starts spending ahead of midterms 

Elon Musk has resumed pumping money toward GOP groups heading into the midterms, less than a year after he signaled he would pull back from political spending. The Tesla CEO gave $5 million each to two super PACs helmed by House Republican and Senate Republican leadership. 

All told, Musk has given $20 million to the two political groups in 2025, highlighting how the former Trump adviser is poised to play an important role again in the upcoming election cycle for Republicans.  

Musk spent millions in last year’s Wisconsin Supreme Court races, yet the liberal candidate handily won the vacant seat on the state’s high court. However, his spending helped level the playing field for Republicans.  

While his spending will help the GOP, Democrats are sure to seize on his involvement, too. In the past, they have featured Musk in their advertising, such as showcasing his chainsaw-wielding appearance during last year’s Conservative Political Action Conference (CPAC), in an effort to boost turnout among their voters.

Filings offer insight into contested Senate primaries  

The campaign finance filings also offer some clues about the fundraising strength of candidates in contested Senate primaries.  

Progressive oyster farmer Graham Platner, who was mired in controversy last year over past social media posts, raised $4.6 million in the last quarter of 2025 from his campaign and has $3.7 million in the bank. Meanwhile, centrist Maine Gov. Janet Mills’s (D) campaign raised $2.7 million in the last quarter and starts off this year with $1.3 million. 

In Texas, Rep. Jasmine Crockett (D) and state Rep. James Talarico (D) posted similar fundraising hauls — $6.5 million and nearly $6.9 million, respectively. Most of Crockett’s haul came from transfers from her House campaign. Talarico’s campaign also posted a cash on hand advantage — $7.1 million to Crockett’s $5.6 million.