Sen. Jeff Merkley (D-OR) has raised approximately $8.56 million for his 2026 reelection campaign, compared with $290,738 raised by Republican challenger David Brock Smith. That gives Merkley a fundraising advantage of approximately 29-to-1 in a race rated Solid Democratic. ​

Merkley also holds a substantial cash advantage. As of Sept. 30, his campaign reported approximately $6.82 million on hand with no outstanding debt, compared with Smith's $50,029 in cash and no debt. Smith had less than 1% as much cash available as Merkley.

The candidates' reported donor occupations reflect different fundraising patterns. Lawyers contributed about $244,000 to Merkley, followed by physicians ($57,000), CEOs ($48,000), and professors ($36,000). Smith's largest reported occupational groups were business owners at $13,801, farmers at $3,643, real estate investors at $2,061, and managers at $1,750. Lawyers alone contributed more to Merkley than Smith's four largest occupational groups combined.

Retired and not-employed contributors accounted for approximately $2.4 million, or 61%, of Merkley's reported itemized individual donations, compared with $21,000, or 28%, of Smith's. Political committee contributions accounted for approximately 7% of Merkley's receipts and 4% of Smith's.

Merkley's cash balance gives his campaign substantially more resources for advertising and voter outreach ahead of the Nov. 3 election. Outside spending has been limited. According to an FEC-derived race tracker, independent expenditures totaled approximately $25,120 through Oct. 16, all during the primaries. No general-election independent expenditures were reported for either candidate during that period.

Smith enters the final weeks with approximately $50,000 available, compared with Merkley's $6.82 million. The disparity leaves the Republican challenger with significantly fewer resources for campaign operations and voter outreach.

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