Shapiro Campaign Ends 2025 With Record $30M Cash on Hand Ahead of Reelection Bid

HARRISBURG, PA. (VINnews) — Democratic Governor Josh Shapiro announced Tuesday that his reelection campaign ended 2025 with more than $30 million in cash on hand, setting a new Pennsylvania record as he prepares for a likely matchup against Republican state Treasurer Stacy Garrity.

Shapiro’s campaign raised more than $10 million in the fourth quarter of 2025 and over $23 million for the year, drawing contributions from all 67 counties in the state and all 50 states.

The campaign described the fundraising as placing Shapiro in a “position of unprecedented strength,” with the highest amount raised and the largest cash balance heading into an election year of any gubernatorial campaign in Pennsylvania history. The total dwarfs Shapiro’s previous record of $13.4 million on hand entering 2022, when he went on to spend more than $70 million en route to victory.

Shapiro, viewed as a potential 2028 Democratic presidential contender, is expected to face Garrity in the general election. Pennsylvania Republicans have largely united behind Garrity to avoid a divisive primary.

Garrity has not yet released her 2025 fundraising figures 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,” said Matt Beynon, a spokesman for Garrity’s campaign. “The truth is that Josh Shapiro ignored the problems facing hardworking Pennsylvanians to gallivant around the country to raise money from liberal billionaires.”

A Quinnipiac University poll from October showed 60% of Pennsylvania voters approving of Shapiro’s job performance and 58% viewing him favorably, with Shapiro leading Garrity by 16 points in a hypothetical matchup.

Shapiro is also supporting Democratic candidates in key U.S. House races that could influence control of Congress, as well as contested state Senate seats that may determine whether Democrats gain a legislative majority during a potential second term.

Pennsylvania Democrats notched several victories in 2025, including special elections, judicial retention races and down-ballot contests.