Pennsylvania Treasurer Stacy Garrity, the likely Republican candidate for governor, raised $1 million during the first three months of 2026, campaign finance reports show. That’s significantly less than the $10 million raised by Gov. Josh Shapiro in the same period.

That leaves Garrity with $1.5 million on hand — she spent $500,000 — as she prepares to take on Shapiro, a popular first-term governor who could consider a potential 2028 bid for president.

“The Garrity Campaign is humbled by the support she has received from her supporters all across our Commonwealth,” Matt Beynon, campaign spokesman, said in a statement.

The campaign finance report was the first one released since last year — at that point Garrity had $1 million on hand; Shapiro had $30 million.

Last week, the Shapiro campaign announced the governor had raised $10 million so far this year, setting a new Pennsylvania record for fundraising in this period. A campaign finance report filed Tuesday shows Mr. Shapiro now has $36 million on hand; he spent $4.6 million.

“That’s not a small change,” Christopher Borick, a political scientist at Muhlenberg College in Lehigh County, said of Ms. Garrity’s report. But compared to Shapiro, “it’s not in the ballpark of what he has and that is, at this stage of the race, a major challenge.”