The concept of preconditioning calves has been around for a long time, yet adoption of the practice has been slow. Current trends in the beef industry likely will increase interest in preconditioning programs. This research estimates premiums received for preconditioned calves and the expected returns from a preconditioning program. Preconditioned calves sold in the fall received a premium of approximately $4.50-$5.50/cwt relative to non-preconditioned calves. Premiums were lower for calves sold in the winter, heavier calves, and when cattle markets were strong. Based on a 45-day post-weaning preconditioning program, cow-calf producers can increase returns about $14/head compared to selling calves at weaning.