The moult and annual cycle of Darwin's finches were studied at Academy Bay, Indefatigable Island, from February 1963 to June 1964. In 1963 the only heavy rainfall of the year fell on 23–24 February, and was immediately followed by nesting. The next breeding season began in December, following moderate rainfall in late November. It was found that in February 1963, before breeding began, a high proportion of the adult finches were undergoing a wing-moult. When breeding began, this moult was arrested, and it was resumed when breeding ended, in April. By August moult had finished. A smaller proportion of the adults began a wing-moult before the next breeding season began, and this moult was again arrested when breeding took place. The moult regime described is very different from that given in the literature for Darwin's finches, which are said to undergo a single post-breeding moult. Some possible reasons are suggested for the discrepancy. The moult of juveniles was followed in detail in 1963, when the young birds were all hatched in March or April. Body-moult took place in May and June, followed in July by moult of the innermost secondaries and the irregular replacement of other flightfeathers. Later, in the last three months of the year, another wing-moult began, after which the young females were indistinguishable from adults and some, at least, of the males were in partly black plumage.