Tim Walz banks $1 million heading into possible third campaign for Minnesota governor

Minnesota Gov. Tim Walz is sitting on more than $1 million in campaign funds if he chooses to seek a third term as governor in 2026.

The two-term Democrat reported his haul from donors in year-end campaign finance reports released over the weekend. Most of the money was raised before he jumped into the national race last summer as the Democratic vice presidential nominee, but he also hosted fundraisers late last year after the campaign ended and he returned home to the state.

“Governor Walz is humbled by the support he’s received from people across the state and across the country who see Minnesota as a model for the nation,” Walz spokesman Teddy Tschann said in a statement.

“Regardless of the chaos unfolding in Washington, D.C., Governor Walz will continue working with Republicans and Democrats at the State Capitol to balance the budget and make Minnesota the best place to live, work and raise a family.”

Walz also reported spending roughly $560,000 on campaign-related expenses during the course of the year.

The governor has said he’ll decide on whether to seek a third term this summer, sometime after the 2025 legislative session is over. Walz has had to pivot politically since returning home, facing a narrowly divided Legislature and a looming deficit in the 2028-29 biennium.

He’s kept his options open following his vice presidential bid, which raised his national profile and ability to raise cash.

First elected in 2018, Walz was handily re-elected in 2022 following the pandemic. He spent more than $9.8 million on his 2022 race. While Minnesota doesn’t impose term limits on its governors, most have not sought a consecutive third term in the office.

Walz’s fundraising haul could give him an early advantage over any Republican candidate considering a run. No one has announced a bid for governor yet, but some conservatives have been quietly considering jumping into the race, including Kendall Qualls, an activist who ran for the party’s endorsement in 2022.

Chris Madel, the attorney for state trooper Ryan Londregan, who faced criminal charges in the shooting death of Ricky Cobb II that were later dismissed, has also been rumored to be considering a run. He would not confirm or deny his interest in the job when contacted by a Star Tribune reporter.

Republican U.S. Rep. Tom Emmer, who holds the number three position in Congress, ruled out a run for governor in a recent Wall Street Journal profile.

It’s also unclear if Walz would seek another term alongside Lt. Gov. Peggy Flanagan, a former state legislator who has run as a ticket with Walz for the last two campaigns.

The relationship between the two was reportedly on ice late last year over Walz’s possible ascension to the White House and Flanagan’s planning for a possible 2026 run for governor herself.

Flanagan said she and Walz haven’t talked about whether she’ll be his running mate if he decides to run again and that are both focused right now on working together.

“We’re doing the work, we’re focused on that every day and so no one has made any announcements about campaigns, or [re-election], and so, I don’t know what the future will look like, but we’re here right now, doing the work and I think that’s what Minnesotans expect of us,” she said.

After not appearing together in public for weeks, the pair recently appeared together to roll out the administration’s two-year budget proposal.

Sydney Kashiwagi, Ryan Faircloth and Rochelle Olson of the Minnesota Star Tribune contributed to this story.