Business and financial records for 2014 from 173 New York dairy farm businesses are summarized and analyzed. This analysis uses cash accounting with accrual adjustments to measure farm profitability, financial performance, and costs of producing milk. Traditional methods of analyzing dairy farm businesses are combined with evaluation techniques that show the relationship between good management performance and financial success. The farms in the project averaged 695 cows per farm and 25,448 pounds of milk sold per cow, which represent above average size and management level for New York dairy farms. An average New York dairy has a herd size per farm of 124 according to the New York Agricultural Statistics Service. The New York Agricultural Statistics Service reports 22,330 pounds milk production per cow for New York. Net farm income excluding appreciation, which is the return to the operator's labor, management, capital, and other unpaid family labor, averaged $1,164,071 per farm. The rate of return to all capital invested in the farm business including appreciation averaged 16.70 percent. Differences in profitability between farms continue to widen. Average net farm income excluding appreciation of the top 10 percent of farms was $4,016,078, while the lowest 10 percent was $34,576. Rates of return on equity with appreciation ranged from positive 41 percent to negative 5 percent for the highest decile and the lowest decile of farms, respectively. Large freestall farms averaged the highest milk output per cow and per worker, and the lowest total cost of production. In 2014 they averaged the highest returns to labor, management and capital. Farms milking three times a day (3X) were larger, produced more milk per cow and had higher net farm incomes in 2014 than herds milking two times per day (2X). Operating costs per hundredweight of milk were $0.31 per hundredweight lower for 3X than 2X milking herds, while output per cow was 4,621 pounds higher. Farms adopting intensive grazing generally produced less milk per cow than non-grazing farms and in 2014 averaged lower labor and management incomes per operator. One should not conclude that adoption of these technologies alone were responsible for differences in performance.