Carl E. Bailey Democratic Homer Martin Adkins Democratic The 1940 Arkansas gubernatorial election was held on November 5, 1940.

Democratic nominee Homer Adkins defeated Republican nominee Harley C. Stump with 91.36% of the vote.

The Democratic primary election was held on August 13, 1940.

The anti-Bailey "federal faction" coalesced around Homer Adkins in early 1940.

[1] Loathing the idea of turning the statehouse over to Adkins, Bailey decided to break Arkansas tradition and seek a third term.