BATON ROUGE — Campaign finance reports filed this week show that incumbent U.S. Sen. Bill Cassidy had more than $7 million on hand ahead of next month's primary election while challengers Julia Letlow and John Fleming each had more than $2 million available.

The Federal Election’s Commission’s deadline for federal campaigns to file their first quarter financial reports arrived at midnight Wednesday. Those financial reports shed light on how the race has developed in the first three months of 2026.

The three, along with Mark Spencer of Belle Chasse, will face off May 16 in a Republican Party primary. If no candidate receives more than 50 percent of the vote, a runoff will be held June 27. 

Nick Albares and Gary Crockett of New Orleans and Jamie Davis of Ferriday are seeking the Democratic Party nomination.

The winners will meet in the Nov. 3 general election.

According to public filings for the campaigns, the incumbent remains the top money earner and spender. According to the FEC filings for his official campaign for Senate, “Bill Cassidy for Senate,”  Cassidy’s campaign took in $691,305.09, in contributions and ended March $7,128,536.90 cash on hand.

Letlow's campaign filed financial records showing her official campaign, “Letlow for Louisiana” received $622,996.28 in contributions and had a total $2,274,04.33 cash on hand.

Fleming, whose campaign “Fleming for Louisiana” took in $45,407.55 in contributions, ended the reporting period with $2,169,403.67 cash on hand.

Fleming has loaned his campaign the bulk of the money raised for the race. So far this year, he has loaned his campaign $2.5 million. For the entire election cycle, he has loaned his campaign $10.655 million.

Cassidy and Letlow reported no loans. 

The FEC filings show the incumbent campaign has also spent the most this quarter as well, including for television ads. Cassidy’s FEC’s filings show his campaign disbursed $4,352,106.85 through March 31st of this year. By contrast Letlow’s filings show her campaign only spent $1,639,379.99 this quarter. The FEC records show that’s Letlow’s official Senate campaign’s entire spending since she entered the race.

By contrast, the records show Fleming’s campaign spent $2,941,988.31 this first quarter of 2026 and $9,094,152.58 during the entire campaign.

Cassidy’s campaign reports spending $8,131,516.61 since this race began.

After Cassidy voted to convict Trump following his 2021 impeachment, Louisiana lawmakers shifted Cassidy's seat, among others, into a closed primary. In an open primary, he would only have to finish among the top two candidates to reach the general election; a closed primary puts him up against only Republicans. 

Though Letlow received an endorsement from President Donald Trump on his social media platform TruthSocial, these financial numbers show the race may be shaping up differently than many first imagined.

Political consultant Mary-Patricia Wray says Louisiana's move to a closed primary system has likely changed the way campaigns like this will play out financially.

The closed-party primary limits candidates on a voter's ballot to those of the voter's party. Wray says that changes how candidates have sought out voters.

"It is a very expensive process, like it or not, that's part of how American politics has evolved, specifically in federal races," Wray said. "I hope that people aren't confused about this election, about whether they're eligible to vote and who they're going to be eligible to vote for."

When it comes to how candidates spend that money, Wray says they ought to spend wisely, trying to capture candidates who are formerly in the Independent Party and now recognized as “no party.” That’s because the “no party” candidates will have to choose whether to vote in the Republican or Democratic primary.

Hartman says the bulk of fundraising has likely happened, as he expects one of the three republican candidates will ultimately win the race.

"Whoever ultimately prevails in the June primary is not going to need to do a whole lot of fundraising for the remaining five months of the campaign," Hartman said.

A weeklong early voting period opens May 2.