Despite dominating the airwaves, Texas’ senior senator has been neck and neck with Attorney General Ken Paxton in public polling, both falling well short of the support needed to avoid a runoff.
Sen. John Cornyn outraised his Republican primary opponents again in the last quarter of 2025, posting the biggest three-month fundraising haul of his career as he attempts to fend off a challenge from Attorney General Ken Paxton.
Campaign finance disclosures due Saturday showed Cornyn raising over $7 million from October through December between his campaign account and two joint fundraising committees, which allow candidates to raise money alongside other candidates or organizations and split the profits.
The National Republican Senatorial Committee — Senate Republicans’ campaign arm — recently pioneered a strategy to buy ad time at the discounted rate typically reserved for candidates through joint committees, like the one it set up with Cornyn. That means the money raised through the Cornyn Victory Committee can be used similarly to the funds raised directly by Cornyn’s campaign.
The Cornyn Lonestar Victory Fund, a joint committee with the NRSC, took in $5.4 million in the fourth quarter, accounting for most of his fundraising. Cornyn’s campaign raised $1.07 million directly, while another joint committee, the Cornyn Victory Committee, raised an additional $564,000.
Between his campaign and two committees, Cornyn has over $15 million in cash on hand, including nearly $5.9 million in his campaign account.
Paxton, who is challenging Cornyn from his right, has been outraised by Texas’ senior senator every quarter since his April launch, and the fourth quarter was no exception. He raised $1.1 million.
The Paxton campaign’s fundraising has weakened each quarter. In the second quarter of 2025, when he announced his Senate bid, Paxton raised $2.9 million. In the third quarter, he raised $1.3 million.
But Paxton has been close to silent on the airwaves and has nearly $3.7 million in cash on hand. However, about a quarter the money he raised last fall is earmarked for the general election. Donors can only give a maximum of $3,500 per election to a campaign, meaning that if an individual has given between $3,500 and $7,000, some of that money cannot be spent in the primary.
Despite Cornyn’s massive advantage in fundraising and ad spending, the incumbent has been running neck and neck with Paxton in public polling, with both candidates stuck at a ceiling of around 30% support. A January poll from Emerson College found 29% of GOP voters were undecided, with Paxton at 27% and Cornyn at 26%.
Houston Rep. Wesley Hunt, who launched a longshot Senate bid in October, raised about $790,000 between his campaign and its affiliated committee.
Hunt’s campaign raised about $429,000, while Wesley Hunt Victory Fund, his joint fundraising committee with groups including his leadership PAC, raised about $361,000.
The year-end reports are the last full filings due before the March 3 primary, though candidates will be required to periodically disclose contributions of $1,000 or more in the weeks leading up to Election Day.
With three major candidates, the race is likely to go to a May 26 runoff, meaning the two candidates that emerge will need to continue to pour money into the race — while attempting to keep a large enough war chest for the November general election. The winner will face either U.S. Rep. Jasmine Crockett of Dallas or state Rep. James Talarico of Austin, the two candidates competing for the Democratic Senate nomination.
Though Sen. Ted Cruz is not up for reelection until 2030, he outraised both Paxton and Hunt, taking in over $1.6 million in the fourth quarter.
In the super PAC fundraising battle, Cornyn allies are also raising and spending more than those backing Paxton.
The pro-Cornyn Texans for a Conservative Majority raised nearly $7.3 million from July through December — and put over $13.3 million toward independent expenditures both boosting Cornyn and attacking Paxton and Hunt. The group has already spent nearly $1.1 million against Paxton since the start of the year.
Lone Star Liberty PAC, the main outside group backing Paxton, has only spent about $374,000 on anti-Cornyn ads. The PAC raised $2 million in the second half of 2025 and has $2.8 million in cash on hand.
The pro-Cornyn PAC received large donations in the second half of the year from billionaires including Blackstone Group chairman Stephen Schwarzman, New Balance owner Jim Davis and Dallas oil and gas businessman Trevor Rees-Jones.
Large donors to the pro-Paxton PAC include Midland racehorse owner Douglas Scharbauer, medical device company CEO Jonathan Knutz and The Woodlands banker Robert Marling.
Hellfire PAC, a leadership PAC sponsored by Hunt, raised about $604,000 in the second half of 2025.
Pro-Cornyn groups and the Cornyn campaign have blanketed the state for months with nearly $50 million spent on ads boosting the senator, according to AdImpact, a media tracking firm. The ads depict Cornyn’s support for President Donald Trump and his key priorities, including border security.
Source: Gabby Birenbaum,
Photo Credit: Texas Attorney General Ken Paxton, U.S. Sen. John Cornyn, and U.S. Rep. Wesley Hunt of Houston. The Texas Tribune
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