Pennsylvania Treasurer Stacy Garrity, the likely Republican candidate for governor, raised $1 million during the first three months of 2026, campaign finance reports show. That’s significantly less than the $10 million raised by Gov. Josh Shapiro in the same period.

That leaves Ms. Garrity with $1.5 million on hand — she spent $500,000 — as she prepares to take on Mr. Shapiro, a popular first-term governor who could consider a potential 2028 bid for president.

“The Garrity Campaign is humbled by the support she has received from her supporters all across our Commonwealth,” Matt Beynon, campaign spokesman, said in a statement.

The campaign finance report was the first one released since last year — at that point Ms. Garrity had $1 million on hand; Mr. Shapiro had $30 million.

Last week, the Shapiro campaign announced the governor had raised $10 million so far this year, setting a new Pennsylvania record for fundraising in this period. A campaign finance report filed Tuesday shows Mr. Shapiro now has $36 million on hand; he spent $4.6 million.

“That’s not a small change,” Christopher Borick, a political scientist at Muhlenberg College in Lehigh County, said of Ms. Garrity’s report. But compared to Mr. Shapiro, “it’s not in the ballpark of what he has and that is, at this stage of the race, a major challenge.”

Ms. Garrity — who has served as state treasurer since 2021 and who set the record for the most votes received in a statewide election, surpassing a record Mr. Shapiro had set in 2022 — is still the lesser-known candidate. A Susquehanna Polling & Research poll released last week showed Mr. Shapiro with a 22-point lead over Ms. Garrity. In that poll, given to 705 likely voters between March 9-17, 58% said they would support Mr. Shapiro while 36% chose Ms. Garrity.

Still, she did secure donations from wealthy Pennsylvania Republicans. Her largest donation in the first three months was $25,000 from the Building Together PAC.

And she received almost 20 individual $10,000 donations from organizations such as the Commonwealth Leaders Fund, a group supported by GOP megadonor Jeffrey Yass. Robert Asher, a former member of the Republican National Committee who is registered as a lobbyist for the skill games company Pace-O-Matic, donated $20,000.

Ms. Garrity also recently held a fundraising event at Mar-a-Lago, a Palm Beach, Fla., estate owned by President Donald Trump, who endorsed the treasurer in January.

And she received hundreds of smaller donations from across the state.

Those numbers, Mr. Borick said, show that Ms. Garrity has support as she aims for the state’s top seat. And her history of running past statewide elections gives her a degree of name recognition.

In his statement, Mr. Beynon said Ms. Garrity’s “support comes from hardworking Pennsylvanians who donated because they recognize that Pennsylvania needs a turnaround. Josh Shapiro has never faced an opponent like Stacy Garrity, and it is clear that she will have the resources to hold him accountable for his failures and ethical scandals that have hurt Pennsylvania families.”

Mr. Shapiro, like in 2025, garnered support from donors nationwide. He received 12 separate donations of $100,000 and nine donations of $10,000. Donors include PACs — the Northeastern PA Trial Lawyers Association PAC and the Keystone Seniors PAC — as well as several individuals.

He also received funds from smaller Pennsylvania donors, as well as contributions from individuals nationwide.

In addition to having fewer dollars than Mr. Shapiro, Ms. Garrity is running in a difficult year for Republicans. Some of Trump’s policies and actions are unpopular, including the war in Iran and the economy, and the GOP has recently lost in special elections across the country.

And Pennsylvania, Mr. Borick said, is an expensive state to run in with big media markets.

“She’s got the headwinds of a midterm election that’s usually hard for the party in the White House,” Mr. Borick said. “That’s her party. She’s got this formidable challenger in the form of Josh Shapiro — name recognition, solid approval numbers and enormous resources.

“She’s trying to fight that battle, and that’s going to take lots of resources, and the numbers that are there right now seem to be fairly limited in terms of where she might need to be in this race.”

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