Democrats hold money advantage over Republicans in 2 out of 3 state races: campaign finance reports
VENN
RICHMOND, Va. (WRIC) — Campaign cash is flowing in Virginia — and it's flowing fast.
In the weeks leading up to Election Day, Democrats hold a financial advantage over Republicans in two out of three key statewide races — the exception being the race for attorney general — according to campaign finance reports released on Tuesday, Oct. 28.
Both sides have also invested millions of dollars in political advertisements and independent expenditures — typically attack ads on TV, social media, direct mail or involve door-to-door canvassing — according to data from the Virginia Public Access Project.
Independent expenditures are money spent without coordinating with the candidates' campaigns. There are no limitations on such expenditures.
Attorney General race
From Oct. 1 to Oct. 23, Republican incumbent Jason Miyares outraised Democratic challenger Jay Jones 4-to-1, bringing in $8.6 million between Oct. 1 and Oct. 23. During the same period, Jones brought in $1.9 million, according to VPAP data.
Initial reports in mid-September showed Jones outfundraising Miyares in the previous filing period, though the incumbent still held a roughly $3.4 million cash-on-hand advantage before early voting began last month.
Miyares is ending the October period with nearly $2.5 million in the bank, while Jones' ending balance on Oct. 23 was little more than $685,000.
In October, Miyares received a total $6.5 million from his top donor, the Republican Attorneys General Association (RAGA) Action Fund, on three separate occasions — Oct. 7, Oct. 10 and Oct. 17 — all after Jones' text scandal was reported on Oct. 3. In that same period, the Democratic Attorneys General Association (DAGA) has committed $730,000 to support Jones.
Combined, both nominees have spent more than $23 million in political ads this election cycle. Roughly $16.76 million went toward pro-Miyares or anti-Jones communication, and the remaining $16.76 million went toward pro-Jones or anti-Miyares communication.
Political advertisement spending from the 2025 attorney general race totals $23.8 million. (Chart: Virginia Public Access Project)
Combined, both sides have spent more than $2.9 million in independent expenditures this election cycle. Roughly $1.8 million of those expenses was spent against Jones.
Gubernatorial race
In the first 22 days of October, Democratic gubernatorial nominee Abigail Spanberger raised $11.7 million, a roughly $2.2 million lead over Republican Lt. Gov. Winsome Earle-Sears' $9.5 million raised in that same period.
As of Oct. 23, Spanberger had about $4.1 million to spend, while Earle-Sears had $1.2 million on hand.
As for both campaigns' biggest donors, the Democratic Governors Association (DGA) added $2.79 million to Spanberger's campaign between Oct. 1 and Oct. 27. Earle-Sears received $2 million from the Republican Governors Association (RGA) in that same period.
Since the week of May 19, both candidates have spent more than $40 million in political ads. Roughly $27 million of those ads are pro-Spanberger or anti-Earl-Sears, and the remaining $13.4 million is pro-Earle-Sears or anti-Spanberger.
Political advertisement spending from the 2025 gubernatorial race totals $40.6 million. (Chart: Virginia Public Access Project)
From Aug. 25 to Oct. 13, more than $2 million was spent each week for Spanberger or against Earle-Sears.
Independent expenditures totaled $4.67 million from both sides. More than $3.8 million of those expenses were spent against Spanberger.
Lieutenant Governor race
As of Oct. 23, State Sen. Ghazala Hashmi, the Democratic candidate for lieutenant governor, had $335,000 in cash on hand, while Republican John Reid had $350,955. In September, Hashmi had a sizeable cash-on-hand lead, with $3 million to Reid's $388,000.
The democratic state senator has also outraised Reid 4-to-1 in the first three weeks of October. From Oct. 1 to Oct. 23, Hashmi received $1.85 million while Reid brought in over $454,000.
Hashmi's top donor for the month was Clean Virginia Fund, with $100,000. Dominion Energy contributed $50,000 to Reid's campaign in the same period.
In the race for lieutenant governor, about $3.4 million was spent on political ads — over $2.9 million was for Hashmi or against Reid.
Independent expenditures have totaled about $4,000 and were all spent in favor of Hashmi over the last couple of months.
Early voting in Virginia ends this weekend, on Saturday, Nov. 1. Voters can cast their ballots on Election Day next week on Tuesday, Nov. 4.
