Happy Election Day! This special version of the AdVantage recaps this cycle's spending, breaks down who was on the airwaves in the final week, and more.  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­    ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­  
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ELECTION DAY SPECIAL

 

The $11.87B Midterm

 The AdVantage is written by Ethan Mort

SIGNALS & TRENDS

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Total Cycle:

Aired: $11.87B (⬆️33% from 2021-2022 | ⬆️6% from 2023-2024)
Highest Spending Advertiser: SLF PAC ($365.9M)
Republican vs. Democratic Spending: 🔴$5.4B  🔵$5.0B 
Top States: California ($1.3B), Texas ($1.1B), Ohio ($888.8M)
Top Markets: New York ($476.7M), Los Angeles ($453.6M), Washington DC ($319.8M)
Broadcast Airings: 8.7M (⬆️ 24% from 2021-2022 | ⬆️ 8% from 2023-2024)
Most Aired Broadcast Ad: Click Here
Top Issues in Broadcast Ads (Republicans):
Taxation, Immigration, Trump

Top Issues in Broadcast Ads (Democrats): Healthcare, Trump, Taxation

Election Day Insight Center

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AdImpact is proud to share our Election Day Insight Center! 

Check out the fully interactive website to explore which states saw the most political ad spending, who is winning the broadcast ad wars across the most competitive Senate, House, and gubernatorial races, and more.
Check it out here!

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More Election Day Insights on X

Follow our X/Twitter account for ad spending and messaging recaps of all the battleground races!

The conversation will go into the night as we share ad spending insights as key elections are called by the Associated Press!

This Edition's Trivia: What state saw the least political ad spending this cycle?

— The Most Expensive Cycle Ever

At $11.87B in ad spending, 2025-2026 is the most expensive political cycle of all time. It's seen $670M more than the 2023-2024 cycle which saw $3.2B in ad spending targeting the Presidential race.  

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The 2025–2026 cycle has set new spending records across Senate, House, and downballot elections. Among the biggest milestones, Texas Senate has become the most expensive non-presidential race in history at $594.1M, surpassing the previous record of $542.7M set by Ohio Senate in 2024.

Three of the ten most expensive Senate races on record are from this cycle: Texas ($594.1M), Ohio ($525.5M), and Michigan ($382.1M).

Nine of the ten most expensive House races on record are from this cycle: MI-07 ($66.1M), NC-01 ($60.2M), NY-17 ($59.7M), FL-25 ($55.7M), CO-08 ($54.9M), CA-22 ($54.1M), WI-03 ($51.2M), MI-10 ($49.4M), and FL-14 ($48.7M).

Eight of the ten most expensive gubernatorial races on record are also from this cycle: California ($350.3M), Georgia ($310.5M), Ohio ($226.5M), New Jersey ($205.9M), Texas ($149.6M), Florida ($142.7M), Wisconsin ($138.9M), and Michigan ($129.3M).

— Who's Winning the Airwaves in the Final Week

In the final week before Election Day, Republicans outspent Democrats on broadcast in seven of the eleven Senate races The Cook Political Report rate as Toss Up or Lean, and ran more broadcast airings in nine. 

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In Nebraska, Republicans outspent independent candidate Dan Osborn and his allies $9.9M to $5.3M on broadcast advertising, airing 2.4K more ads.

Michigan saw one of the widest disparities between broadcast spending and airings. Democrats aired more ads than Republicans (9.4K to 8.0K), despite Republicans outspending them $23.6M to $14.6M. Outside groups accounted for 85% of Republican broadcast spending in the final week, compared to 53% for Democrats. This disparity is particularly significant during the election window, when candidates benefit from lower unit rates on broadcast advertising, allowing their campaigns to secure airtime at lower costs than outside groups.

Interested in how this dynamic played out in some of the most competitive House races? Check out our Election Day Insight Center.

— Republicans End With a Congressional Ad Advantage

Republicans finish the cycle with the ad spending advantage in eight of the eleven Senate races rated Toss Up or Lean by The Cook Political Report. Across these contests, Republican advertisers spent $1.2B, compared to $891.1M for Democrats.

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House general election spending is much closer, with Republicans outspending Democrats by just $6.4M nationwide. Among the 18 House races rated Toss Up by The Cook Political Report, Republicans hold the spending advantage in ten.

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FROM OUR DESK

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Battleground Kansas: Senate Ad Spending Up 3,332% From 2022

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Texas Senate Ad Spending Hits $573M: Most Expensive Non-Presidential Race on Record

IN THE NEWS

(Washington Post) Shelling out millions, anti-robotaxi group is D.C.’s top political ad spender
READ MORE

(CNN) The top 11 Senate seats most likely to flip in the midterms
READ MORE

(NYT) Where the Parties Are Outspending Each Other in the Midterm Ad War
READ MORE

 

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Trivia answer: Delaware ($3.4M)

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