LANSING, Mich. — Democrat Jocelyn Benson raised the most money of the candidates running to be Michigan's next governor over the final two months of 2025, while Republican Mike Cox had the most cash still available to spend, according to disclosures that were due Monday.

The new reports detailed fundraising from Oct. 21 through Dec. 31 and showed an evolving race for Michigan's top political office, with some candidates building financial stockpiles, a sign of strength, and others now spending more money than they're bringing in, a potential signal of weakness.

Benson, the current secretary of state from Detroit, collected $995,495 — the most of the gubernatorial candidates — and spent $422,644 over the final reporting period of 2025. Her campaign had $3.6 million available to spend to start 2026.

"Michiganders are rallying behind Jocelyn Benson to fight for the future of our state,” said Nikki Goldschein, Benson's campaign manager. "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."

The primary election, in which Democrats and Republicans will pick their nominees, will take place Aug. 4. The general election will be Nov. 3.

Benson's lone primary opponent, Genesee County Sheriff Chris Swanson of Fenton, raised $87,412 and spent $202,227 — double what he brought in — during the reporting period.

Cox, the Republican former attorney general from Livonia, reported having the largest war chest to start the new year: $4.1 million.

Cox's campaign reported raising $525,481 and spending $176,342 in its new report. Cox previously loaned his campaign $3.5 million, boosting its financial position.

"This report shows we’re building the kind of campaign that wins statewide in Michigan," said Teemu Garrity, Cox's campaign manager. “Republicans want to win. They don’t deserve candidates who are lazy, disorganized or cannot raise the money to beat Democrats in the fall. Mike’s fundraising shows he is in it to win it in August and November."

There is a crowded field of eight GOP candidates for governor, including Cox.

U.S. Rep. John James of Shelby Township reported raising the most among the Republican contenders in the new disclosures: $838,505. The James campaign spent $661,297 and had $2.4 million on hand to start 2026.

"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," said Jackson Gross, the manager of the James campaign.

State Senate Minority Leader Aric Nesbitt, R-Porter Township, reported raising $335,798 and spending $231,524. His campaign had $2.2 million available to start the year.

Other Republicans were further behind in fundraising. Former state House Speaker Tom Leonard of DeWitt raised $90,841, Pastor Ralph Rebandt of Farmington Hills raised $45,397, and conservative activist and businesswoman Karla Wagner of Kent County raised $1,217.

A report wasn't available early Monday evening for former U.S. House candidate and truck driver Anthony Hudson of Grand Blanc Township. The eighth GOP candidate, businessman Perry Johnson of Bloomfield Hills, who has vowed to spend millions of dollars of his own money on his campaign, launched his bid on Jan. 26 after the new reporting period ended.

Former Detroit Mayor Mike Duggan, an independent candidate for governor, raised $643,827 and spent $456,509 over the last two months of 2025. Duggan's campaign had $2.7 million available to the start the new year.

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