Key Messages • Small-scale aquaculture in Malawi is profitable, despite the challenges faced by fish farmers such as a lack of access to high quality feed, fingerlings, relevant extension services, and well-structured output markets. • On average, fish farms make a profit of MK 116,258 (median = MK 25,500). Although this value is likely too low to attract many new entrants to fish farming, the average productivity in terms of profit per hectare is MK 3.2 million per hectare or approximately USD 3,888 per hectare, which exceeds the average productivity per hectare of crop farming. • Commercial and homemade feed account for the largest share (54.9%) of the cost of production. • There is potential to improve the profitability of small-scale aquaculture by investing in feed and fingerling production, identifying lower cost alternatives to conventional fish feed (such as insects), investing in aquaculture extension services, and promoting best practices in fish farming.