Cornyn and Talarico lead in Senate fundraising battle
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U.S. Sen. John Cornyn (R-Texas) and state Rep. James Talarico (D-Austin) finished 2025 with far more cash on hand than their party rivals in the race for U.S. Senate in Texas, per campaign finance reports filed over the weekend.
Why it matters: A stunning upset by Democrat Taylor Rehmet in a special Texas Senate election in a deep-red Tarrant County district on Saturday could attract more national money to the U.S. Senate race as Democrats seek to win back the Senate majority.
- No Democrat has won statewide in Texas since 1994.
The big picture: The Republican and Democratic nominations remain up in the air, despite Cornyn's and Talarico's fundraising advantages.
By the numbers: Cornyn and political action committees that support him remain a money-raising machine, far outraising Texas Attorney General Ken Paxton and U.S. Rep. Wesley Hunt (R-Houston), his opponents for the Republican nomination.
- Cornyn's campaign and affiliated PACs, including a joint committee with the National Republican Senatorial Committee, raised more than $7 million in the last three months of 2025, per the federal campaign reports filed on Saturday.
- Collectively, the Cornyn campaign and two committees that support him finished the year with more than $15 million on hand — money Cornyn will lean on as he buys ads ahead of the primary and a possible runoff.
By comparison, Paxton raised $1.1 million during the most recent quarter — finishing with about $3.7 million on hand.
- Hunt finished the same period with close to $800,000 on hand. A PAC that supports him— Wesley Hunt Victory Fund — finished the period with about $325,000 on hand.
Yes, but: Paxton and Cornyn are tight in the polls, and Paxton is a favorite of the MAGA faithful.
What they're saying: "The fundamental question in this race is 'Does John Cornyn's money matter?'" Joshua Blank, research director of the Texas Politics Project at the University of Texas, tells Axios.
- Because of his years in Senate leadership, "Cornyn was always going to have a fundraising advantage," Blank says. "He has a donor network that extends far beyond anything Ken Paxton could imagine."
The other side: Talarico raised nearly $7 million in the last three months of 2025 — and finished the year with $7.1 million on hand.
- U.S. Rep. Jasmine Crockett (D-Dallas) who entered the race on Dec. 8, finished the period with $4.5 million on hand, having raised $1.3 million during the quarter.
- "As much attention and energy as Crockett entered the race with, Talarico appears to at least have the resources to match going into the final stretch," Blank says.
What's next: Primary day is March 3. Early voting starts Feb. 17.