Shapiro raises $10M – and other takeaways from Pennsylvania’s newest campaign finance reports

New campaign finance reports in Pennsylvania’s 2026 race for governor show Democratic Gov. Josh Shapiro with a sizable fundraising advantage over his presumed GOP opponent, Treasurer Stacy Garrity, with Shapiro outraising Garrity 10 to 1 in the first quarter of 2026.

Below, City & State examines highlights from the new campaign finance reports, which cover contributions and expenses from Jan. 1, 2026, to March 30, 2026, as well as some of the top donors boosting the campaigns of Shapiro and Garrity. 

Cash is king

Heading into 2026, Shapiro already held a fundraising advantage over Garrity, with the incumbent having raised $23.2 million in 2025 and ending the year with over $30 million in cash on hand. 

Shapiro continued to outraise Garrity in the first three months of 2026, with the governor pulling in $10.4 million in the first three months of the year, while Garrity raised a little over $1 million. Shapiro finished the period with $36.1 million in cash on hand; Garrity had $1.5 million in the bank at the end of March. 

Top donors in the gubernatorial race

The largest contribution to Shapiro’s campaign – $1 million – came from Ripple executive Chris Larsen. Half-million-dollar contributions came from the Greater PA Carpenters PAC, the Local Union #98 IBEW Committee on Political Education and ICBD Holdings Chairman Christopher Barnett. 

Other notable contributions for Shapiro include $100,000 from Illinois Gov. JB Pritzker, $100,000 from Yahoo! co-founder Jerry Yang, $100,000 from Revolution Cooking co-founder Bruce Levenson, $50,000 from Philadelphia Phillies owner John Middleton, $10,000 from Wayfair CEO Niraj Shah, and $5,000 from Arkansas Men’s Basketball Coach John Calipari, among others. 

Garrity received $25,000 from the Building Together PAC, $20,000 from Asher’s Chocolate board co-chair Robert Asher, $10,000 from the Citizens Alliance of PA PAC, $10,000 from the Commonwealth Leaders Fund, $10,000 from the Montgomery County Republican Committee, and $10,000 from Birchwood Estates Realty developer George Dunbar, among others.

Garrity also received $6,000 from U.S. Rep. Dan Meuser’s political committee and $5,000 from Pennsylvania House GOP Leader Jesse Topper, as well as $5,000 from the Operators for Skill PAC, which is associated with the skill game industry.

A look back at this moment in 2022

At this time in Pennsylvania’s last gubernatorial race, Shapiro had raised $4.5 million in the first three months of 2022, leaving him with a little over $16 million in the bank. 

In the 2022 GOP primary race, GOP gubernatorial hopeful Dave White was the most successful fundraiser from January through March, raising $1.79 million and finishing the quarter with $171,000 in cash on hand. Shapiro’s eventual 2022 general election opponent, state Sen. Doug Mastriano, raised $372,554.80 in the first three months of 2022 and had just over $1 million on hand in a competitive GOP primary that featured 13 candidates at the beginning of the year.

Garrity has both raised more and has more money on hand than Mastriano did at this point in 2022, though the state of the GOP field is drastically different in 2026. Garrity effectively cleared the GOP field in the 2026 contest and faces no primary opponents. In 2022, more than a dozen candidates were seeking the party’s nomination in January, with voters ultimately electing Mastriano the Republican nominee in that year’s primary.