Nevada’s first campaign finance deadline for the 2026 election cycle arrived Thursday, with reports showing Republican incumbent Joe Lombardo with a commanding lead in the governor’s race.

Lombardo reported more than $9 million in the bank — a record-breaking amount for a Nevada gubernatorial candidate at this point in the election cycle — and fundraising that outstripped his closest opponent 5 to 1.

In a press release Thursday, Lombardo’s campaign highlighted that the two political action committees associated with him also have $5.9 million in cash-on-hand, setting the governor’s war chest at $15 million. 

Attorney General Aaron Ford, a Democrat widely considered Lombardo’s top challenger, reported raising more than $2.2 million through his official campaign in the last year, with his Forward Nevada political action committee separately bringing in nearly half a million dollars. 

In a Thursday press release, Ford’s campaign noted that it has more than $2 million in cash on hand across the official campaign account and the political action committee.

Although non-judicial candidates cannot officially file for races until March, campaign finance reports released this week cover all fundraising and spending throughout calendar year 2025 and provide the first extensive look into the fiscal strength of campaigns for statewide, legislative and local government races.

Campaign funds help candidates reach voters and can serve as a signal to donors, political insiders and media outlets about who is running a strong operation and who might be vulnerable to defeat. In two-thirds of the closest legislative races from 2016 through 2022, the candidate who raised more money in the year before an election was ultimately victorious, The Indy found.

Ford’s Democratic primary opponent, Washoe County Commission Chair Alexis Hill, posted fundraising totals that lagged behind the two other candidates — raising more than $283,000, with $110,000 coming in the form of a loan to her campaign.

In a press release Thursday, Hill called her campaign a “people-powered” movement, and criticized her opponents' focus on money.

“I'm not like my opponents,” Hill said in the release. “I don’t think you should be able to buy your way into office.”

Other highlights

Nevada’s most crowded statewide race so far — an open attorney general contest consisting of Democratic Treasurer Zach Conine, Senate Majority Leader Nicole Cannizzaro (D-Las Vegas), Republican Douglas County Commissioner Danny Tarkanian and Lombardo-endorsed attorney Adriana Guzmán Fralick — showed Democrats with a wide fundraising and cash-on-hand advantage.

Conine led the fundraising with more than $457,000 last year through his official campaign account and $1 million via his political action committee, Let’s Get to Work Nevada. The $1 million came from Blockchains founder and CEO Jeffrey Berns. 

Berns has donated to a host of Democratic and Republican candidates in the past, including former Gov. Steve Sisolak, Cannizzaro, the Nevada State Democratic Party and former state Sen. Ben Kieckhefer (R-Reno). During the 2021 legislative session, Berns made headlines in Nevada for his “Innovation Zones” proposal to allow companies to form their own municipal government and build a city run on cryptocurrency. He also served as the lead attorney on a successful lawsuit representing half a million borrowers challenging Wells Fargo’s mortgage practices in 2010.

Conine’s campaign has more than $657,000 in cash on hand.

Last year, Cannizzaro raised almost $642,000 and has more than $815,000 in cash on hand. Two political action committees registered to Cannizzaro also raised nearly $50,000. 

Tarkanian led Guzmán Fralick in fundraising by more than $120,000 after removing loans. In total, Guzmán Fralick, who formerly chaired the Cannabis Compliance Board, has about $175,000 in cash on hand heading into the primary and Tarkanian has roughly $340,000.

In the race for treasurer, Assm. Joe Dalia (D-Las Vegas) raised $176,000 and has slightly less than that amount in cash on hand. Meanwhile, Drew Johnson, a Republican who narrowly lost Nevada’s 3rd Congressional District race in 2024, brought in about $62,000 and has $47,500 in cash on hand.

In the race for secretary of state, incumbent Cisco Aguilar has a commanding fundraising advantage. The Democrat raised about $390,000 in 2025 and has more than $540,000 in cash on hand.

One Republican challenger, former Nevada Assm. Sharron Angle (R-Reno), brought in about $26,000 and has $4,600 in cash on hand.

Republican Lt. Gov. Stavros Anthony has a narrow lead over his top Democratic challenger.

He raised $173,000 and has $232,000 in cash on hand. Meanwhile, Assembly Majority Leader Sandra Jauregui (D-Las Vegas) brought in $159,000 and has $225,000 in cash on hand. However, a PAC affiliated with Jauregui raked in an additional $61,000.

GOP Controller Andy Matthews has a significant fundraising lead. His $153,000 raised is more than $130,000 more than his one known challenger, Democrat Michael MacDougall, a teacher who brought in about $20,000.