Arizona’s 2026 Quarter 2 campaign finance reports are out, and Republican gubernatorial candidates are filing how much they’ve earned — and spent — campaigning against their Democrat opponent, Gov. Katie Hobbs.

U.S. Rep. Andy Biggs, the Republican frontrunner most likely to contend against incumbent governor Hobbs come November, raised just over $915,000 during the Q2 filing period between April 1 and June 30, 2026. The lion’s share of that — nearly $800,000 — came from individual contributions, with the rest coming from small contributions and political committees. To date, the Biggs for Arizona campaign has collected nearly $3.7 million to flip Arizona’s Executive Branch red.

Just the same, the Biggs campaign spent just over $770,000 during Q2 on operating expenses, elevating the campaign’s total amount spent to just over $2.4 million. So far, 99% of those expenditures have been spent on operating expenses, with the remainder split between other miscellaneous small expenses and contributions to committees and businesses. Biggs reports $1.2 million in readily available cash for next quarter.

“Our campaign is growing and getting stronger every day as we run through the finish line of next Tuesday’s Primary Election,” Biggs wrote in a X post on Wednesday, highlighting the earnings. “Thanks to Arizonans across our great state, we are the strongest and most prepared campaign to defeat Katie Hobbs in November.”

Meanwhile, Biggs’s biggest Republican primary competitor, David Schweikert, has filed just a fraction of those earnings. He reports nearly $127,000 in total income for Q2, including $125,550.28 in individual contributions and $2,500 in business contributions. He also loaned his campaign nearly $1200. Schweikert’s total expenditures amounted to $170,878.63 in Q2, with 100% reportedly spent on operating expenses. That equates to a loss of over $43,000 for the quarter, and a cumulative loss of around $55,000 since the start of his campaign.

Still, both candidates must fight against the growing coffers of their incumbent challenger, Hobbs, who reports earning over $2.6 million in the same Q2 period, nearly $1.7 million more than Biggs and $2.5 million more than Schweikert. That includes just over $1.1 million in individual contributions and over $1.4 million in small contributions.

Hobbs’ total expenditures amounted to nearly $7.5 million, with $7,412,840.20 spent on operating expenses, $30,318.66 on small expenses, and $250 on committee contributions. To date, her campaign has spent slightly over $11.5 million, while raising $10.4 million.

Whether or not that fundraising plays to Hobbs’ advantage in November is yet to be decided. While recent polling from Noble Predictive Insights suggests Biggs will dominate the Republican primaries on July 21, the actual election will be far closer, with Hobbs estimated to beat Biggs by about five points — despite her significant financial advantage.