Trends towards the marketisation of the schooling sector have led to suggestions that state-funded schools in England will soon be allowed to operate on a for-profit basis. This article has two aims: to contribute to understanding of the regulation and characterisation of existing for-profit schools in England; and to assess the claim that for-profit schools 'significantly outperform' all independent schools by exploring the use of large scale databases including the National Pupil Database (NPD). This study highlights the growth of the for-profit sector, and the scarcity of legislation detailing the financial governance, educational oversight and staffing requirements of schools in the for-profit schooling sector. The for-profit schooling sector is found to be underperforming in terms of school inspection ratings at a level of statistical significance in comparison to the state funded schooling sector. Furthermore, performance indicators relating to GCSE and A level results suggest that the for-profit sector is underperforming compared to the not-for-profit independent sector. As such, the findings of this research have implications in undermining the neoliberal argument that has driven significant change in the schooling landscape in recent times.