In this study, cow/calf Standardized Performance Analysis (SPA) data for Texas, Oklahoma, and New Mexico are used to analyze how total cost, production, and profitability are affected by management choices. Total cost is the financial cost associated with raising a calf through the weaning stage; profits are measured using the rate of return on assets; production is determined by pounds weaned per exposed female. Variables such as herd size, pounds of feed fed, calving percentage, death loss, length of breeding season and investment in asset groups are used in regressions. Key factors contributing to a cow/calf operation's costs, production, and profitability are identified.