Abstract: This report examines performance, demographics, satisfaction, and the financial impact of the 192 open-enrollment charter schools operating in Texas in 2004-05. Academic comparisons of charters and traditional public schools generally favored traditional public schools. For campuses rated under standard procedures, small percentages of charter campuses received Exemplary (2%) or Recognized (13%) status. Traditional public school campuses, in contrast, had higher percentages of Exemplary and Recognized ratings (a combined 30%). Proportionally more charter campuses earned Academically Unacceptable ratings (21% vs. 3%). The researchers, however, found that continuous enrollment in charter schools had a significant positive effect on achievement. Controlling for students' prior academic and social backgrounds, they found that consecutive years spent in a charter school was a positive predictor of language arts and math scores.