The purpose of this paper is to compare costs and returns of the top dairy producers in the Upper Midwest to those in other major dairy regions of the U.S. The analysis is based on the 1989 Farm Costs and Returns Survey conducted by the U.S. Department of Agriculture. The top dairy farmers are defined in several ways, including: (1) highest returns to capital and management, (2) lowest total cash costs, and (3) highest milk marketings per cow.