Peanut yield, quality, and net return to irrigation were analyzed from commercial peanut fields in the southeastern U.S. during the 1987 through 1994 crop years. The average amount of irrigation water applied ranged from 2.51 to 28.22 cm/ha. Yields in the irrigated peanut fields averaged 569 kg/ha higher than in the nonirrigated fields. Means for farmer stock grade, jumbo shelling outturn, and seed germination also were significantly higher in the irrigated fields. Conversely, aflatoxin contamination was 140 ppb lower in the nonedible oil stock category from the irrigated fields. Yearly comparisons were made to examine significant differences in irrigation associated peanut yield and quality changes in individual crop years as well as across year comparisons for nonirrigated and irrigated practices. The net return for irrigation was examined at the quota support price, weighted average farmer stock price, and contract additional price. Average net return over total irrigation cost were $236.99, $149.22, and -$22.64 per ha, respectively.