Abstract The performance of beef cows managed in two overwintering environments, bale-grazed pasture or dry lot pens, was evaluated in a study conducted over four winters, from 2016 to 2019. Non-lactating pregnant Angus cows (2016, n = 32, body weight [BW] = 599 ± 68 kg; 2017, n = 40, BW = 620 ± 59 kg; 2018, n = 40, BW = 643 ± 47; 2019, n = 40, BW = 624 ± 30) were divided into four groups of similar body weight and randomly assigned to either bale grazing paddocks or dry lot pens. Cows in both housing scenarios were fed the same hay (7.5% CP; 51.7% TDN). Two-day body weights were taken at the start and end of the study. Two independent observers assigned body condition score (BCS) using a 9-point system (1 = emaciated, 9 = obese at the start and end of the study. Keeping cows on pasture or in dry lot pens did not influence (P > 0.05) final BW and BCS. However, daily gains and BCS change were greater (P ≤ 0.05) in bale-grazed cows relative to cows kept in dry lot pens. Birth weights, weaning weights and daily gains of calves from cows kept in the two overwintering environments were similar (P > 0.05). This study suggests that there are no advantages to keeping cows in dry lot pens in winter as long as cows are protected from wind and have adequate access to water and feed. In certain situations, such as in blizzards, it may be an advantage to keep cows on pasture where they can access feed since challenging weather conditions can prevent access to cows in dry lot pens.