An empirical equation relating O2 consumption (power input) to pressure production during jet-propelled swimming in the squid (Illex illecebrosus) is compared with hydrodynamic estimates of the pressure-flow power output also calculated from pressure data. Resulting estimates of efficiency and stress indicate that the circularly arranged obliquely striated muscles in squid mantle produce maximum tensions about half those of vertebrate cross-striated muscle, that "anaerobic" fibers contribute to aerobic swimming, and that peak pressure production requires an instantaneous power output higher than is thought possible for muscle. Radial muscles probably contribute additional energy via elastic storage in circular collagen fibers. Although higher rates of aerobic power consumption are only found in terrestrial animals at much higher temperatures, the constraint on squid performance is circulation, not ventilation. Anaerobic power consumption is also among the highest ever measured, but the division of labor between "aerobic" and "anaerobic" fibers suggests a system designed to optimize the limited capacity of the circulation.