Benson Tops Fundraising In Final 2025 Filings, Cox Holds Biggest Campaign War Chest

Michigan Advance

February 4, 2026

Of all of Michigan’s 2026 gubernatorial candidates, Secretary of State Jocelyn Benson, a Democrat, raised the most money — just under $1 million — in the last two months of 2025, according to campaign finance disclosures spanning Oct. 21 to Dec. 31.

Former Attorney General Mike Cox, a Republican, finished the year with the most cash on hand, over $4.1 million, compared to Benson’s $3.5 million.

Benson’s earnings and cash reserves put her on much surer footing than her only competitor for the Democratic nomination, Genesee County Sheriff Chris Swanson, who raised just over $87,000 and spent over twice that amount during the time period in question.

“She’s the only candidate in this race who won’t bend the knee to anyone, no matter how powerful they are, who threatens the rights and freedoms of our citizens,” said Benson’s campaign manager Nikki Goldschein in a press release from the campaign. “Michiganders are looking for their next governor to be someone who understands the economic struggles people are facing and has a plan to do something about it. That’s why they’re investing in Jocelyn Benson.”

Finances would seem to indicate that the Democratic nomination is Benson’s to lose, with Swanson so far behind her in both fundraising and cash on hand.

But independent candidate Mike Duggan — who served as mayor of Detroit as a part of the Democratic Party for over a decade — raised nearly $644 thousand dollars in this fundraising period, leaving him with just over $2.6 million in cash on hand. He won’t face Benson in the primary, but fundraising shows him to continue to be a potential threat to pulling voters from Benson’s camp in the general.

“Michigan is ready for an end to the ‘us versus them’ politics. This is what coalition building looks like, not that the politicians of the broken system would recognize it,” Duggan said in a press release from his campaign. “You can see it yourself in the amount of donors from the state of Michigan we’re getting. It’s a movement that hasn’t slowed down since the day it started.”

On the Republican side, U.S. Rep. John James and Senate Minority Leader Aric Nesbitt have $2.4 million and $2.2 million in their coffers, respectively, while the rest of the GOP field sits solidly below the million-dollar mark. James raised the most of the Republicans in this fundraising period, bringing in $838,000 to Cox’s $525,000 and Nesbitt’s $336,000.

“John James is the frontrunner in the Michigan governor’s race, in fundraising, in the polls, and in real grassroots support,” said Jackson Gross, James’ campaign manager in a press release. “Michigan voters and donors see what the data confirms: John is the only Republican who can defeat the Democrats in November and govern effectively from day one.”

Cox’s campaign filings also show debts in the form of $3.5 million that he loaned to himself, but Cox’s campaign manager, Teemu Garrity, told the Detroit News that the report shows positive momentum for the campaign.

“Republicans want to win. They don’t deserve candidates who are lazy, disorganized or cannot raise the money to beat Democrats in the fall,” he said. “Mike’s fundraising shows he is in it to win it in August and November.”

The entry of businessman Perry Johnson — who promised to spend $9 million of his own money over the first 60 days of his campaign — into the race at the end of January has also been a shakeup on the GOP side of the race. His campaign finance disclosures show around $5,200 on hand, but he entered the race about a month after the end of the period covered by these filings.

These campaign filings will be the last released under Michigan’s campaign finance law until the end of July — just days before the August primary.

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