The In-Pond Raceway System (IPRS) is a promising technology that addresses issues that have troubled the U.S. catfish industry for decades. This case study evaluated hybrid and Channel Catfish growth performance and economic efficiency in two sizes of floating IPRS units using two stocking density approaches. Each IPRS unit was placed into a 0.4 ha pond. In year 1, hybrids were raised in the IPRS and net yields ranged from 12,848 kg/ha to 15,330 kg/ha, with survival from 75%–97%. Individual hybrid Catfish harvest weights ranged from 671 to 825 g (268 days of production) with 90–97% of the fish in the premium size class (0.454–1.82 kg) and had a feed conversion ratio (FCR) of 1.50–1.64. In year 2, Channel Catfish were raised in the IPRS, with net yields from 7,416 to 9,819 kg/ha, and survival from 67% to 94%. The average Channel Catfish weight at harvest ranged from 525 to 861 g (217 days of production) with 79–94% in the premium size class and a FCR range from 1.78 to 2.40. Total investment for each 63 m3 raceway was US$34,570 in year 1, plus an additional US$2,280 for year 2. Total investment for each 45 m3 raceway was US$14,949 in year 1, plus an additional US$2,280 for year 2. Income above variable cost was positive for all four raceways in year 1, though negative for large raceways when fixed costs were included. In year 2, all four raceways had negative incomes above variable costs and net returns. This IPRS study showed better performance and economic results for hybrid over Channel Catfish and further research is needed to assess more efficient management strategies for Channel Catfish and, also, to lower initial investment and production costs.