The University of Phoenix is often derided by traditional academics for caring more about its bottom line than about academic quality, and every year, the annual report issued by its parent company focuses more on profits than student performance. This article reports that the institution that has become the largest private university in North America is releasing its first "Annual Academic Report." The university's leaders say the findings show that its educational model is effective in helping students succeed in college, especially those who are underprepared. Freshmen at the University of Phoenix enter with reading, writing, and mathematical skills that are, on average, below those of other college students, but according to data from standardized tests, Phoenix students appear to improve in those skills at a greater rate than do students at other colleges. And in a comparison of students who enter college with "risk factors" that often contribute to their dropping out, Phoenix's rates of completion for a bachelor's degree were substantially higher than for institutions over all.