While campaign finance is not the only factor in electoral outcomes, successful fundraising can provide a candidate with advantages during a campaign. Fundraising can also indicate party momentum.

This article details the five candidates who raised the most money and lost their election. In the 2022 election cycle, 25 of 30 general elections were contested. The losing candidates are shown along with the percentage of the vote they received compared to the winner. In cases where the race was pushed to a runoff, vote percentages for both advancing candidates are included.

Elections for all 30 seats in the Arizona State Senate took place on Nov. 8, 2022. Of the 30 districts up for election in 2022, 25 had a general election with more than one candidate.