This study reports on a small-scale, longitudinal investigation on L2 Spanish oral development by English-home language (EHL) learners in an English/Spanish Two-Way Immersion (TWI) program in rural, eastern United States. It examined EHL learners' oral ability in L2 Spanish based on longitudinal assessment data from Kindergarten, Grade 2, and Grade 5 in two ways: (a) ratings of students' speech samples and (b) linguistic analysis of the speech samples. Ratings of the students' speech samples were elicited with the SOPA/COPE rating scale and the FLOSEM. In addition, linguistic analyses of the speech samples were performed quantitatively and qualitatively. Findings indicate steady progress from one grade level to the next, along with a marked use of codemixing in Grades 2 and 5. This article provides empirical evidence to inform curriculum design, identify areas in need of future research, and reexamine L2 oral assessment tools.