Cow-calf producers navigated a high-stakes market in 2025, according to the latest CattleFax survey. The latest survey reveals a paradox in the 2025 cattle market: while it has never been more expensive to keep a cow, it has also rarely been more profitable to sell a calf. With data representing 300,000 cows across 40 states, the report provides a definitive benchmark for producers navigating today’s volatile environment.
“Surging calf prices in 2025 far outpaced the increase in cow costs leading to the strongest cow-calf profits recorded since CattleFax has been conducting this survey,” says CattleFax Analyst Matthew McQuagge.
The average herd size within this sample increased to 391 cows, which McQuagge explains is primarily due to a decrease in participants with 100 or fewer head.
Record Cash Cow Costs vs. Surging Calf Revenue
Cash cow costs increased $27 per head to $780 for a new record in the CattleFax database. However, higher calf prices have continued to offset the elevated costs. Participants reported an average revenue of $2,246 per calf in 2025, up $631 from 2024. Adjusting for weaning percentages, average cow-calf profit margins increased by $614 per head compared to 2024. Steer weaning weights were 7 lb. higher at 563 lb. and heifers were also up 7 lb. to 528 lb. The weaned calf crop percentage saw a small improvement in 2025 with an average of 87.9%.
| U.S. Average | |
| 2025 Cow Costs vs. Calf Revenue | |
| Calf Value | $2,246 |
| Cow Cost (as reported) | $780 |
| Weaned Calf Crop % | 87.9% |
| Cow Cost (% calf crop adjusted) | $897 |
| Profit (% calf crop adjusted) | $1,361 |
| Estimated Cost for Unpaid Labor & Depreciation | $288 |
| Estimated Net Margin | $1,073 |
| Weaning Weights | |
| Steers | 563 |
| Heifers | 528 |
| Pounds Weaned per Exposed Female | 478 |
| Other Factors | |
| Cow Herd Size | 391 |
| Bull Purchase Price | $7,542 |
| Planned expansion from 2025 to 2026 | |
| Increase herd by 10% or more | 33% |
| Increase herd by less than 10% | 18% |
| No change or minimal change in herd size | 38% |
| Reduce herd by less than 10% | 6% |
| Reduce herd by 10% or more | 5% |
Benchmarking High-Return vs. Low-Return Operations
“Producer profitability continued to show wide ranges, driven by differences in costs, revenues, weaning rates and calf weights,” McQuagge says. “High-return producers consistently generate 10% more pounds weaned per exposed female than average and low-return operations. This is driven in large part by a tighter calving season length which, in turn, supports both heavier calf weights at weaning as well as a larger overall weaning percentage.”
Every year, CattleFax sorts survey responses into three equal-sized categories based on weaning-adjusted profit status to further evaluate what sets “high-return” producers apart from “average” or “low-return” operators. High-return operations recorded an average net return of $1,726 per head while low-return ones received an average of $1,001 per head, which McQuagge says is still a historically strong margin.
While the entire sector saw historically strong margins, “high-return” operations separated themselves through vaccination, weaning programs and superior calf crop percentages.
“The last two years have noted a more uniform spread of both cow costs and calf values between return groups, likely attributed to higher calf prices creating a greater, more even distribution in profits among operations,” he says. “High-return operations were characterized as placing greater emphasis on managerial practices that result in a larger weaned calf crop percentage of 90% compared to low- and average-return producers with 85% and 88% calf crops respectively.”
High-return producers were also more likely to implement value-added production practices such as vaccination and weaning programs.
Key Management Correlations for High Returns
McQuagge says other management practices that stand out across time for increasing an operations’ net margin is having two-plus rounds of vaccinations and weaning for over 45 days. The 2025 data identifies three critical areas where management directly impacts the bottom line:
- Calving Season Length: Shorter calving intervals (0 to 45 days) resulted in the highest weaning weights (averaging 555 lb.) compared to 90-plus day intervals (484 lb.).
- Vaccination Protocols: Calf value peaked for producers who vaccinated three to four times, adding hundreds of dollars in value compared to zero-vaccination programs.
- Bull Investment: There is a direct correlation between bull purchase price and calf revenue. Bulls purchased for more than $9,500 consistently produced the highest-value calves.
How Much Does it Cost to Keep a Cow?
Cash cow costs reached a new record in the CattleFax database.
- Average Cash Cow Cost: $780 per head (up $27 from the previous year).
- Cost Breakdown: Feed and hay remain the largest expenses (34%), followed by pasture (32%) and hired labor (14%).
- Regional Highs: The Northern Plains reported the highest cash costs at $861 per head, while the Southeast remained the lowest at $703.
Is the U.S. Cattle Herd Expanding?
The survey suggests a strong intent to grow the national herd through 2027:
- 2026 Expansion: 33% of U.S. producers plan to increase their herd by 10% or more.
- 2027 Outlook: 29% of producers expect to continue expanding by 10% or more, indicating long-term confidence in the market.
Regional Performance Benchmarks
The survey highlights significant differences in production across the U.S. regions:
- Northern Plains: Led the nation in steer weaning weights (576 lb.) and pregnancy percentage (93%).
- Southern Plains: Reported a 571-lb. steer weaning weight and a 55-day average calving interval.
- Southeast: While weaning weights were lower (536 lb. for steers), the region benefited from the lowest cash costs in the country.
- Corn Belt: Reported the smallest average herd size at 143 head, compared to the West’s 669 head.
Market Outlook: Will Tight Calf Supplies Maintain Producer Leverage?
Patrick Linnell, CattleFax director of market research, summarizes, “Ultimately, the current market environment has supported the average cow-calf producer in making record profits over the past few years with strong likelihood that this sector will continue to maintain favorable leverage over the next couple of years as domestic calf supplies remain tight.”
He adds, while every operation’s situation is unique, opportunities exist through increasing efficiencies or managing cost to improve profitability, regardless of the current market environment.
The CattleFax 2025 Cow-Calf Survey was sponsored by Crystalyx and Sweetlix. CattleFax will host a free webinar reviewing the survey as well as a market outlook on May 20 at 5:30 p.m. MT.
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