Pennsylvania Gov. Josh Shapiro announced Tuesday that his campaign for governor ended 2025 with more than $30 million on hand as Shapiro, a potential 2028 Democratic presidential contender, ramps up his re-election bid.
Shapiro’s campaign reported having raised more than $10 million in the fourth quarter of 2025 and north of $23 million throughout last year.
His campaign said he was beginning 2026 “in a position of unprecedented strength,” noting that he is reporting the most money raised and the most cash on hand heading into an election year of any campaign for governor in Pennsylvania history.
Shapiro is likely to face state Treasurer Stacy Garrity as his Republican opponent in the fall. Much of the Pennsylvania Republican infrastructure has already lined up behind Garrity in an effort to stave off a costly and divisive primary before a match-up with Shapiro, who enjoys high favorability and approval ratings in the pivotal battleground state.
Garrity has not yet published her fundraising numbers ahead of the Jan. 31 deadline.
“We already knew Josh Shapiro spent the better part of 2025 traveling to Nantucket, Aspen, and L.A. to raise money from left-wing donors, so it doesn’t surprise us one bit that he has their millions sitting in his bank account," Matt Beynon, a Garrity campaign spokesman, said in a statement. "The truth is that Josh Shapiro ignored the problems facing hardworking Pennsylvanians to gallivant around the country to raise money from liberal billionaires."
In October, a Quinnipiac University survey found 60% of Pennsylvania voters approved of Shapiro’s job performance, while 58% viewed him favorably. That survey showed him with a 16-point edge over Garrity.
Shapiro is also seeking to boost several Democratic candidates in battleground House races in the state that could determine control of the House. And he is playing in a handful of contested state Senate seats that will decide whether he will have the opportunity to work with a Democratic-controlled Legislature — something he has not had so far during his governorship.
Pennsylvania Democrats scored a number of key victories last year, including in special elections, three judicial retention races and a series of down-ballot contests.
