Pageantry has historically rewarded women who pursue normative standards of beauty. With neoliberal feminism focusing on women’s empowerment, United States pageantry is marketed to women as a space that awards well-rounded competitors with scholarships and other monetary rewards. Using the frameworks of neoliberalism and embodied capital, we investigate how pageant participants conceptualize confidence in the pageant context. Through an analysis of in-depth interviews with pageant stakeholders, we conclude that participants perceive confidence as a resource gained from competing on the pageant stage and a trait that is necessary for competing in pageants. Confidence is embodied capital obtained through self-investment that helps women construct and maintain the ideal pageant femininity. However, confidence is mostly available to middle-class and wealthy women, resulting in reproduction of the class and gender systems. These findings also reveal that pageantry instills and rewards neoliberal principles and postfeminist sensibility, specifically the notion that women’s social mobility in the U.S. is connected to individual effort and investment through capitalism. As such, the values of pageantry overlook systemic barriers to achievement for marginalized women.