The Standardized Performance Analysis method was used to perform total farm financial analysis and enterprise performance for dryland and irrigated cotton producers in the Texas High Plains over the period 1995 through 1999. The results indicate that dryland cotton production was profitable in three of the five years, while irrigated cotton production was profitable each year. However, revenues from the sale of cotton lint were only sufficient to cover the total cost of production in two years for dryland and one year for irrigated production.