First quarter fundraising reports released this week are offering a glimpse into what to expect, both in next year’s midterms and beyond.

Candidates and incumbents alike report quarterly fundraising filings to the Federal Election Commission (FEC), where contenders report how much they’ve raised, spent and have left in the bank. This fundraising quarter spans Jan 1. to March 31, and candidates had until Tuesday to report their first quarter haul.

The FEC reports underscore how the 2026 midterms are already underway as Democrats look to flip the House and as states like Georgia and North Carolina tee up some closely watched Senate races.

Here are five takeaways from the fundraising reports:

Populist Dems rake in money

In the last few weeks, Sen. Bernie Sanders (I-Vt.) and Rep. Alexandria Ocasio-Cortez (D-N.Y.) have been crisscrossing the country to meet with voters in their “Fighting Oligarchy” tour, drawing in some cases tens of thousands of attendees.

Their FEC reports for this past quarter suggest that enthusiasm isn’t waning anytime soon. Sanders posted a whopping $11.5 million between January and March, while Ocasio-Cortez brought in $9.6 million during that same period. It’s an extraordinary amount of money for either a senator or House member to raise in one quarter, especially since it’s an off-cycle year.

Sen. Chris Murphy (D-Conn.), seen as a rising star within the party who has pushed for a more populist platform, also posted an $8 million haul. Progressive Rep. Ro Khanna (D-Calif.), floated as........

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