Ohio Democratic governor candidate Amy Acton, left. (Campaign photo). Ohio Republican governor candidate Vivek Ramaswamy, right. (Getty Images.)
Ohio’s candidates for governor have filed their first campaign finance reports, offering a glimpse of two starkly different campaigns.
Democratic candidate Amy Acton raised $1.35 million — a record, her campaign said, for a non-incumbent Democratic governor this far from election day.
Republican candidate Vivek Ramaswamy dramatically out-raised his opponent, bringing in $9.7 million over the same stretch. Also last week, a super-PAC supporting Ramaswamy reported almost double that amount, led by a $10 million contribution from Pennsylvania billionaire businessman Jeff Yass.
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Ramaswamy, whose net worth is about $1 billion, has yet to put any of his own money behind his bid.
“Raising this historic amount in just four months sends a powerful message: Ohioans are eager for bold, transformative leadership that will propel our state to new heights,” Ramaswamy Campaign Manager Jonathan Ewing said in a press release.
More than a year out from election day, Ramaswamy has largely cleared the Republican field. He’s picked up endorsements from President Donald Trump,Vice President JD Vance, and the Ohio Republican Party. Prominent Republicans including Attorney General Dave Yost and Treasurer Robert Sprague saw the writing on the wall and abandoned their own bids for governor.
Former Morgan County school board president Heather Hill is still in the race. Lt. Gov. Jim Tressel has previously said he is considering running.
Acton is the only Democrat to declare her candidacy for governor at this point.
Acton’s campaign touted the number of small dollar donations they received and the fact that they got checks from all 88 of Ohio’s counties. Although the campaign couldn’t match Ramaswamy’s fundraising totals, they cast that as a positive.
“While Vivek Ramaswamy continues to rely on personal wealth and billionaire donors to fund his race, Amy is proud of the tens of thousands of small-dollar donations from grassroots supporters in all 88 counties,” Acton Campaign Manager Philip Stein said. “We’re excited to continue to bring people together from all sides of the political spectrum who know she’s the right choice for Governor.”
On social media, Acton emphasized the contrast between the campaign’s expenditures as well.
Acton said she’s been driving around Ohio in a union-worker built Jeep “like a normal person,” while Ramaswamy “has given $160,000 of campaign funds to what appears to be one of his own companies (“V Leasing LLC”) for a private jet to fly in.”
The Ohio Capital Journal reached out to Ramaswamy’s campaign about V Leasing but got no response. The address listed for the company, however, is a residence owned by Ramaswamy and his wife.
In addition to the V Leasing expenses, Ramaswamy’s campaign racked up another $66,500 in travel expenses with two private airfare companies.
What to make of it
University of Cincinnati Political Scientist David Niven stressed that this far out, there’s no way to know what issues will define the race. But the early presence of a super-PAC means “a lot more money,” and a more “nationalized” race. Niven warned that’s a double-edged sword.
“(Ramaswamy) is nationalizing the race, but he’s going to nationalize it in both directions,” Niven said, “which means he’s going to inject national interest in his campaign, but he’s also going to inject national interest in his opponent’s campaign.”
In 2022, Peter Thiel poured $15 million into then-U.S. Sen. candidate JD Vance’s campaign. That helped Vance make it out of a crowded primary field, but probably not as much as Donald Trump’s endorsement.
After the primary, Vance’s Democratic opponent former U.S. Rep. Tim Ryan, out-raised Vance significantly. But when it came to outside spending, from groups like super-PACs, Republicans ended up with a distinct advantage. The same pattern played out in last year’s U.S. Senate race between then-Democratic incumbent U.S. Sen. Sherrod Brown and Republican challenger Bernie Moreno.
One way or another, Niven thinks Ramaswamy leading the money race is a near certainty: But with a reputation for harsh rhetoric and a “massive personality” the Republican candidate might rub some voters the wrong way, which could give Democrats an opening, but only if their candidate can get the campaign off the ground.
In contrast, Niven pointed to pollsters finding large shares of voters who didn’t know who former Dayton Mayor Nan Whaley was shortly before she faced Gov. Mike DeWine in the 2022 election. Even if Acton is running a solid fundraising operation, Niven argued the campaign needs to figure out how to convert that into attention before voters head to the polls.
“She hasn’t had a moment to seize Ohioans attention,” Niven explained. “She hasn’t had a moment where, you know, everyone in Ohio is thinking about what she had to say or what she did. That’s a very high standard. That’s what she’s got to be working for.”
“I mean, I don’t know that a Democrat’s done that in Ohio in the last 20 years,” he added, “But that’s the goal right now.”
The 2026 Election
In addition to the statewide race for Ohio governor in 2026, all of Ohio’s other statewide executive offices are up for election as open seats, and the state also has one Ohio Supreme Court race and another U.S. Senate race.
Ohio Republican U.S. Sen. Jon Husted, who was appointed by DeWine to fill Vance’s seat after he was elected vice president, will face his first election cycle for the seat.
Gaming and technology businessman Chris Volpe of Columbus is the only announced Democratic candidate for U.S. Senate in 2026. Recently former Sen. Sherrod Brown met with U.S. Senate Democratic Leader Chuck Schumer, fueling speculation Brown might make a 2026 run.
Republican lawmakers made Ohio Supreme Court races partisan in 2022. The sole remaining Democratic justice on the 6-1 court, Jennifer Brunner, faces a challenge from Republican Justice Patrick F. Fischer, as Fischer would be, by law, too old to run for reelection to his own seat in 2028.
Current Republican Ohio Auditor Keith Faber is running for attorney general in 2026; current Republican Ohio Treasurer Robert Sprague is running for secretary of state in 2026; and current Republican Ohio Secretary of State Frank LaRose is running for auditor in 2026.
Bryan Hambley, a cancer doctor with University of Cincinnati Health, is the only announced Democratic candidate for Ohio Secretary of State. Former state representative Elliot Forhan has announced his candidacy for the Democratic nomination for Ohio Attorney General. No Democrats have yet announced their candidacy in 2026 for Ohio auditor or treasurer.
Follow Ohio Capital Journal Reporter Nick Evans on X or on Bluesky.
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