Many farmers throughout the country are facing significant financial problems. Financial conditions vary, however, by type of commodity produced, size of farm and region of the country. This paper presents the results of using the USDA's Farm Costs and Returns Survey for 1984 to describe the financial condition of cotton farmers. Compared to the average U.S. farm, the average cotton farm did better that year. Cotton farms generated higher returns than other farms and cotton farmers were, on average, more wealthy than other farmers. Conditions did vary widely by size and region, however. Large cotton farms in the Delta states were doing substantially better, while small cotton farms on the South Plains were doing substantially worse.